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- Job Market Retightened in Some Industries, Loosened in Others: Layoffs & Discharges, Voluntary Quits, Job Openings, and Hires
Job Market Retightened in Some Industries, Loosened in Others: Layoffs & Discharges, Voluntary Quits, Job Openings, and Hires
by Wolf Richter Wolf Street
Job openings in construction near record; job market retightens in manufacturing and in business & professional services where many tech companies are.
We’re looking at this because the Fed is looking at it. Powell mentions it in the FOMC press conferences, because the Fed is looking for signs the labor market is getting less tight, and it got less tight overall – but remains tight. In some industries, it loosened. But in others, it re-tightened, such as in Professional and Business Services, where many tech companies are. In construction, it reached near record-tight. In manufacturing, it started to re-tighten again. That’s what the data shows that the Bureau of Labor Statistics released today as part of its Job Openings and Labor Turnover Survey (JOLTS), which is based on a large survey of employers (and not on internet job postings!!).