One labor market indicator that’s been drawing more attention lately is the hiring rate.
with the S&P 500 setting a closing high of 5,762.48 on Monday. For the week, the S&P rose 0.2% to end at 5,751.07. The index is now up 20.6% year to date and up 60.4% from its October 12, 2022
Unless you’re facing a major business or economic calamity, you probably don’t want to take a hatchet to the headcount. Because what if business activity quickly turns around and you need those workers?For starters, companies can reduce or freeze hiring, which means not filling new job openings or backfilling roles vacated by former employees. It’s a relatively easy way to keep expenses contained.
While the major metrics continue to reflect job growth and low unemployment, the labor market isn’t as hot as it used to be.. Average hourly earnings rose by 0.4% month-over-month in September, up from the 0.5% pace in August. On a year-over-year basis, this metric is up 4.0%., employers had 8.04 million job openings in August, up from 7.71 million in July. While this remains slightly above prepandemic levels, it’sDuring the period, there were 7.
Keep in mind that during times of perceived stress, soft survey data tends to be more exaggerated than hard data.: “U.S. service sector businesses reported a strong end to the third quarter, with output continuing to grow at one of the fastest rates seen over the past two-and-a-half years. After GDP rose at a 3.0% rate in the second quarter, a similar strong performance looks likely in the three months to September.
Economic Cycle Labor Market Hiring Freeze Workers
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