- Job listings fell, mainly due to the United Auto Workers strike.
- Hiring crazes are fading, employers are holding onto employees.
- After months of unpredictable labor market data, the labor market is finally cooling.
As predicted the labor market finally took a hit in October. This is believed to be caused by The United Auto Workers strikes creating a net loss of jobs in the manufacturing industry.
According to the U.S. Labor Department’s job report for October 2023, employers added 150,000 jobs and the unemployment rate his increased to 3.9%. This is the highest unemployment rate since January 2022. This proves that the post-pandemic hiring craze and hot summer job market is cooling as companies are holding onto their biggest assets, their employees.
Stay tuned for more valuable data insights and predictions for Greenwich HR. Interested to know how your company can gain valuable key insights of the labor market? Learn more about our compensation and labor insights today and stay tuned for the November pre-job report.