Although there were some peculiarities relating to the closure in the most recent jobs data, a common trend emerged: the US labor market is in a rut. Job growth is among the slowest in the past 20 years, yet employers continue to hire.
In November, the “low-hire, low-fire” dynamics continued, with an increase in the unemployment rate, driven in part by more persons seeking but failing to find employment. Economic gaps widened, long-term unemployment rose, and the number of discouraged workers increased.
Dan North, senior economist for North America at Allianz Trade, told CNN this week that hiring is on pause, even though it isn’t a freeze, and those who already have jobs are clinging to them tightly. In my opinion, the labor market is undoubtedly stagnant.
Where does it go from here? This low-gear state can last for a long period, according to some economists. Others, however, point out that a significant change in the labor market is inevitable and could occur in a number of ways.
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