Catch Up On Hiring Employers’ Plates

Employers still playing catch up, especially in the service, health care & manufacturing industries, helps explain the irony of a strong October Jobs Report, despite a highly inflationary economy and massive tech lay-offs …

Believe it or not and long after President Biden declared the Covid pandemic “over,” the WSJ reports, “most industries are still hiring workers as they seek to catch up with demand.” In fact, DOL says US employers boosted their payrolls a net 261K jobs in October, although that mark is a two-year low.

Put another way, although the big tech jobs are crashing & the larger job market is showing signs it is beginning to cool, “employers overall are still adding them at a [relatively] strong clip.” The result is “mixed signals about the US labor market.” And, along with it are the mixed signals we keep hearing about how deep a looming recession might be …

Davd Soul