The Hiring Market Isn't Frozen. It's Selective.
The September jobs report and the latest job-openings data point to a labor market that is cautious—but still active.
U.S. payroll employment increased by 29,000 in September, while unemployment moved to 4.2%. Over the prior 12 months, payroll growth averaged just 45,000 per month, and Bureau of Labor Statistics revised July and August down by a combined 60,000 jobs.
At the same time, employers still reported about 7.1 million job openings in August, whis is solid.
Hires were around 5.2 million, quits held near 3.1 million and layoffs and discharges remained around 1.6 million.
That combination matters.
Fortunately, we are not seeing job cuts that indicate a contracting job market. Companies areholding onto people, slowing the pace of additions and becoming more deliberate about where they invest.
For specialized talent, demand has not disappeared.
It has become more targeted.
