While the American labor market is still growing, it appears that inflation may be causing employment growth to slow and layoffs to rise, with some notable exceptions.
In other words, the job cross currents continue running through the economy, sending mixed signals about"We've created nearly 700,000 manufacturing jobs just in the last 19 months. Businesses are investing in America," saidBut, beyond hiking interest rates, part of the Federal Reserve's plan to fight persistent inflation and cool the economy, is to weaken the labor market so that normal growth can get back on track.
Mega employers such and Salesforce, Oracle, Google and Meta have either laid people off or announced hiring freezes. As a result, many tech recruiters are being shown the door. Employees in mortgages, real estate and home building firms continue to undergo layoffs. "[These are] indications of an economic slowdown; hiring freezes, some layoffs in white-collar jobs." said employment lawyer and former EDD Director Michael Bernick.
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