Labor market appears strong for workers despite recent job cuts
==========
The labor market is expected to continue its gradual slowdown in early 2024, with the January jobs report predicted to show the 37th consecutive month of job gains. Economists expect employers to add 177,000 jobs, a smaller gain than last year's monthly average of 225,000 jobs. Despite recent high-profile layoffs, the overall labor market appears healthy, with robust consumer spending allowing employers to hire at a fast enough rate to keep up with population growth. Wages continue to outpace inflation, boosting workers' spending power. The Federal Reserve has announced that it is not ready to begin cutting interest rates without greater certainty that inflation has been tamed. However, some economists are not concerned about layoffs triggering a broader economic meltdown, as most laid-off workers are likely to find new jobs fairly quickly in the current low-unemployment environment. The labor market has been buoyed by booming industries such as health care, government, and leisure and hospitality. These industries are less reactive to high interest rates and have recently become more attractive to workers due to improved pay and benefits packages and streamlined hiring processes.
#LaborMarket #JobCuts #Economy #InterestRates #Unemployment #Inflation
https://www.washingtonpost.com/business/2024/02/02/january-jobs-employment/