Labor economist explains what the latest data means for your career.
Transcript:
Caroline Woods: What about the people who are actually in their jobs right now. On a scale of 1 to 10, how concerned should they be about their positions?
Nicole Bachaud: So we are not seeing a big increase in layoffs. Layoffs and terminations have remained very low, historically low compared to pre-pandemic levels. So we’re not seeing a lot of businesses kind of letting go of positions. We’re seeing the reduction in who’s coming in to hire. What we’re seeing from our upcoming employer survey that we’re going to be putting out in the next couple of weeks. Early signs are pointing to businesses looking to increase hiring over the next couple of months into the next year. And that’s a really good sign for workers who are kind of rethinking their position, who are looking to up their benefits, up their pay, get into some new experiences. There will be opportunities that unravel as businesses kind of find their footing and figure out what the next step for them is going to be moving forward. And so workers can prepare themselves for that right now, to be ready to make those jumps when those opportunities become available.
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