Job Openings and Labor Turnover Survey shows a strong—but not overheating—labor market
Below, EPI senior economist Elise Gould offers her insights on today’s release of the Job Openings and Labor Turnover Survey (JOLTS) for December. Read the full thread here.
The labor market is strong but not hot. Job growth continues to be more than enough to keep up with working age population growth and layoffs remain historically low, but the hires rate has softened over the last year and is lower than it was pre-pandemic. pic.twitter.com/F8S7zSjoX7
— Elise Gould (@eliselgould) January 30, 2024
Even with the softening in hires over much of 2023, the hires rate still remains above the quits rate in every sector according to the latest data for December. Some workers are still quitting in search of better opportunities but the labor market is decidedly not hot. pic.twitter.com/vPbDmL07E5
— Elise Gould (@eliselgould) January 30, 2024
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