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Workers are dissatisfied with the status quo Talent Market.
Job seeker confidence fell to its lowest level in more than two years in the second quarter of 2024, quarterly reports show poll Published by ZipRecruiter, which has been tracking this metric since the first quarter of 2022. The decline indicates workers are becoming more pessimistic about their ability to find a job they like.
Two or three years ago, workers had reason to rejoice: the job market fiery And, by many metrics, its historical performance has been strong.
Already left very elastic Even in the face of aggressive interest rate hikes Activity The Federal Reserve takes measures to curb high inflation.
However, the labor market has gradually slowed down. Economists say workers are having a hard time finding jobs, and while the labor market remains stable, it could be in trouble if it continues to cool.
“The data now actually make sense as to why job seekers are feeling a little frustrated,” said Julia Pollak, chief economist at ZipRecruiter. “The labor market is really deteriorating, and job seekers are noticing.”
Demand for workers surged in 2021 as Covid-19 vaccines rolled out and the U.S. economy fully reopened.
Vacancies beat Record highs provide workers with ample options. Enterprises strive for talents through the following methods: improve The pay comes quickly. By January 2023, the unemployment rate move 3.4%, the lowest level since 1969.
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workers can Resign Their jobs were easily replaced by better, better paid people, and this period later became as. Either a big resignation or a big reshuffle. In 2022, the number of people who have quit smoking will exceed 50 million, reaching a record high.
Despite a sharp decline in inflation, the U.S. economy has avoided the recession predicted by many economists. However, many Americans remain pessimistic about the economy, with the so-called “Weiwei inheritance“——an emotion persist in This is despite the overall economy being relatively strong.
However, many employment indicators have fallen back to crude pre-pandemic levels. The employer’s hiring rate is at its lowest Since 2017.
“The post-pandemic glut in the U.S. job market has largely subsided,” Morningstar Research Services senior U.S. economist Preston Caldwell wrote recently.
As of June 2024, the unemployment rate has also risen to 4.1%. Nick Bunker said.
Bunker said the broad adjustment in the labor market was “very welcome” as it returned to its pre-pandemic equilibrium. But he said any further cooling “is a riskier proposition”.
“For now, the labor market remains strong, but the future is uncertain,” he wrote after the federal government released its latest batch of monthly employment data. “Today’s report shows that temperatures in the labor market remain pleasant, but if current trends continue, the weather could become uncomfortable.”
Pollack said if the Fed starts cutting interest rates, worker sentiment could rebound, which could help households by lowering borrowing costs.
“People seized on the good news and got very excited,” she said.
