Bidenomics at work!!!
https://www.cnn.com/2024/07/08/economy/americans-harder-to-find-job/index.html
Job seekers have been calling the shots for nearly four years as employers struggled to fill millions of openings to meet an onslaught of demand coming out of the pandemic.
Many employers couldn’t even require that workers return to offices, fearing they would quit. And if those workers did end up leaving, they’d most likely find another job that suited their preferences pretty quickly. Plus, there was a good chance they’d even earn more money by switching jobs, too.
But the tide is starting to turn. Suddenly, the red-hot labor market is feeling closer to lukewarm for job seekers.
The unemployment rate rose to a three-year high of 4.1% in June, with 6.8 million people unemployed. At that time a year ago, the unemployment rate was at 3.6% and 6 million people were unemployed.
The rising unemployment rate — driven primarily by more people entering the workforce — means that it’s getting more competitive for job hunters to get hired. It’s just one of several signs of the changing narrative in the labor market.
“We went from, ‘How is the job market defying gravity?’ to ‘Let’s hope it doesn’t hit the ground any faster,’” Luke Pardue, policy director at the Aspen Institute’s economic strategy group, told CNN.
https://www.cnn.com/2024/07/08/economy/americans-harder-to-find-job/index.html
Job seekers have been calling the shots for nearly four years as employers struggled to fill millions of openings to meet an onslaught of demand coming out of the pandemic.
Many employers couldn’t even require that workers return to offices, fearing they would quit. And if those workers did end up leaving, they’d most likely find another job that suited their preferences pretty quickly. Plus, there was a good chance they’d even earn more money by switching jobs, too.
But the tide is starting to turn. Suddenly, the red-hot labor market is feeling closer to lukewarm for job seekers.
The unemployment rate rose to a three-year high of 4.1% in June, with 6.8 million people unemployed. At that time a year ago, the unemployment rate was at 3.6% and 6 million people were unemployed.
The rising unemployment rate — driven primarily by more people entering the workforce — means that it’s getting more competitive for job hunters to get hired. It’s just one of several signs of the changing narrative in the labor market.
“We went from, ‘How is the job market defying gravity?’ to ‘Let’s hope it doesn’t hit the ground any faster,’” Luke Pardue, policy director at the Aspen Institute’s economic strategy group, told CNN.
