A steady report suggests businesses are keeping workers, even as hiring appears cautious.
The latest weekly Jobless Claims report showed that 226,000 Americans filed for unemployment benefits for the first time, a slight decrease from the previous week’s 230,000 claims. Overall, the labor market continues to show stability, with layoffs remaining relatively low.
In many ways, this report continues a trend we have seen for months. Employers appear to be holding onto workers, and there has been little change in the overall picture. While some economic reports have shown signs of slowing growth, jobless claims have remained in a fairly narrow range.
From my own perspective, hiring still feels cautious. Over the past several months, I have spent time looking at job boards and company career websites. While opportunities certainly exist, I do not see the volume of openings that seemed common a few years ago. Of course, that is only one person’s experience and does not necessarily reflect the entire national job market.
National statistics tell us what is happening across the country. Our own experiences tell us what is happening in our neighborhoods. Sometimes those two views line up perfectly, and sometimes they take a few months to catch up with each other.
For now, today’s report suggests that employers are generally keeping the workers they have, even if they are not rushing to hire more.
Willie and I hope everyone is enjoying the first days of summer and finding time to spend with family, friends, and neighbors.
Resources
U.S. Department of Labor – Weekly Jobless Claims:
https://www.dol.gov/ui/data.pdf
Employment and Training Administration:
https://oui.doleta.gov/unemploy/claims.asp