Unemployment claims rise while many job seekers continue searching for opportunities that fit their skills and schedules
The latest labor market reports continue to paint a picture of a stable economy. Economists often describe today’s environment as “no hire, no fire.” In other words, employers are not hiring aggressively, but they are not laying off workers in large numbers either.
As a retiree who regularly looks for part-time work, I find that description both encouraging and a little frustrating.
The encouraging part is that many people are still employed and widespread layoffs remain relatively rare. That’s good news for workers and their families.
The frustrating part is that when I browse job boards such as Indeed, ZipRecruiter, and Hiring Cafe, I am not seeing a large number of openings aimed at retirees, students, or seasonal workers. Many of the same postings have been online for 30 days or longer, and a surprising number appear outdated, unrealistic, or simply difficult to verify.
That doesn’t mean the economists are wrong. It simply means that the labor market may look different depending on where you’re standing.
National data can show stability while individual job seekers still find opportunities limited. Finding a job and counting jobs are two very different things.
The objective data remains relatively positive. Unemployment claims increased and reached their highest level since February, but they remain well below levels typically associated with a recession. Employers continue adding jobs, particularly in healthcare, education, and social services. Economists point to these trends as evidence that the labor market is slowing but not breaking.
Another report released today showed productivity growth was revised lower for the first quarter, a reminder that economists continue to watch whether the economy can maintain growth while supporting higher wages and living standards.
At the same time, many job seekers may be wondering whether the opportunities available today match their skills, schedules, and experience. That’s a question the headline numbers alone cannot answer.
What are you seeing where you live? Are employers hiring, or are opportunities becoming harder to find?
Reports Released Today
• Weekly Unemployment Insurance Claims Report
https://oui.doleta.gov/unemploy/claims.asp
• BLS Productivity and Costs Report
https://www.bls.gov/productivity/
Check back Friday for my take on the May Employment Report and what it may tell us about the direction of the labor market.
Willie and I appreciate every reader.