Abdul Nabeel’s Post

The labor market is cooling, but this slowdown doesn’t equate to an easier hunt for job seekers. Instead, it means stiffer competition. Job openings in April fell to their lowest level in more than three years, according to the latest numbers from the U.S. Bureau of Labor Statistics. There were about 1.2 job openings per unemployed worker in April, down from a ratio of two openings per person about two years ago. Yet people are still eager to switch jobs. In the U.S., LinkedIn has seen a 14% increase in job applications per opening since last fall, with 85% of workers saying they plan to look for a new role in 2024.

The labor market is cooling, but this slowdown doesn’t equate to an easier hunt for job seekers. Instead, it means stiffer competition. Job openings in April fell to their lowest level in more than three years, according to the latest numbers from the U.S. Bureau of Labor Statistics. There were about 1.2 job openings per unemployed worker in April, down from a ratio of two openings per person about two years ago. Yet people are still eager to switch jobs. In the U.S., LinkedIn has seen a 14% increase in job applications per opening since last fall, with 85% of workers saying they plan to look for a new role in 2024.

Pieces Shift as Growth Slows and Doors Swing Open for Job Seekers The latest economic data paints a nuanced picture of the US labor market. While total jobs in the US have seen a 1.8% increase over the past year, marking the lowest year-over-year growth rate since March 2021, other indicators suggest a gradual loosening of the tight labor market. Job openings have declined to 8.49 million, the lowest since February 2021, while the quits rate has also decreased to 2.1%, the lowest since August 2020. These metrics suggest a gradual easing of the historically tight labor market, potentially signaling changes in both job seekers' and employees' confidence and behavior. Source: Creative Capital

BREAKING: US job openings declined to 8.18 million in June, down from 8.23 million in May, near their lowest level since 2021. Year-over-year, job openings fell 10.3%, marking the 23rd consecutive monthly decrease, the longest streak since the 2008 Financial Crisis. The ratio of vacancies per unemployed worker, a metric the Fed follows closely, fell to 1.20, the lowest since June 2021. At the same time, the private sector hiring rate declined to 3.7%, the lowest level since April 2020.  The private quits rate, measuring the number of people who voluntarily leave their jobs, fell to 2.3%, the lowest since August 2020. This means that Americans are the least confident that they will find a new job since the 2020 Pandemic. => The US labor market is weakening. Source: The Kobeissi Letter

REVEALED: The Job Market Is Changing! 💥 Recent reports show positive signs that the job market is getting stronger. After a dip in numbers earlier this year, things seem to have stabilised, with job levels now sitting roughly the same as this time last year. This indicates that the job market is starting to recover and gain momentum. What’s more encouraging is that this stabilisation is happening despite a growing labour force, meaning the market is adapting to accommodate more workers. With businesses beginning to adjust and prepare for future growth, we could see more job opportunities in key sectors. This stability provides a strong foundation for future job growth and could lead to a boost in employment in the coming months. For job seekers, this is a great time to stay optimistic, as these trends suggest that the market is on the upswing. Keep an eye on new opportunities as businesses are likely to ramp up hiring to meet new demands! #abouttime #jobmarket #newjobs #employment #nzeconomy

According to current expert predictions, the job market in 2025 is likely to see a slowdown in job growth, with a stable overall market but not significant improvement, as companies may focus on cost-cutting measures while still maintaining employment levels; however, certain sectors like technology and healthcare could see continued demand for specific skills. The nation's unemployment rate has risen from 3.4% at the beginning of 2023 to 4.2% in August 2024. The economists expect that it will rise to 4.4% in early 2025. Job growth SHOULD recover from 2026 to 2028 in tandem with GDP growth. For those who is thinking about changing jobs right now, better stick to your current role because we don’t need more unemployed in the current job market. I often read about how younger generations talk about how earning 200k a year is not enough and wanting to change company to earn 240k or more. For us who has been laid off for more than 10 months will beg to differ, we are only asking to be able to work with wages enough to sustain our daily expenses. Almost every single role that has been posted on LinkedIn jobs section has more than 100 applicants within couple of hours after posting. I applied to a lot of these and within hours, I received rejection emails, some never bother to reply or getting ghosted. Maybe a whole lot of them are fake job postings (wish the FTC will do something about this issue).

From the BLS: "Job openings declined slightly in June from the month prior amid signs of cooling in the labor market. New data from the Bureau of Labor Statistics released Tuesday showed that 8.18 million jobs were open at the end of June, a decrease from the 8.23 million job openings in May. May's figure was revised higher from the 8.14 million open jobs initially reported. Economists surveyed by Bloomberg had expected the report to show 8 million openings in June.The Job Openings and Labor Turnover Survey (JOLTS) also showed 5.3 million hires were made during the month, a slight decrease from May's revised figure of 5.7 million. The hiring rate declined to 3.4% from 3.6% in May. Also, in Tuesday's report, the quits rate, a sign of confidence among workers, sat at 2.1% for the second straight month. In June, there were 3.28 million quits, down from 3.4 million in May and the lowest number of quits in a month since November 2020." So what will 2025 bring. Check in with Astron Solutions LLC for the latest compensation projections and be sure your compensation system remains competitive.

🚨 November Jobs Report: A Mixed Bag for Job Seekers 🚨 The November jobs report is in, and it’s giving us plenty to think about. Here’s the snapshot: • 227,000 new jobs added (a solid rebound from October’s lackluster growth) • Unemployment rate up to 4.2% (more job seekers, but also more people unemployed) On the surface, more jobs sounds like good news — and it is, for those already employed. Wages continue to rise, and certain sectors are still hiring. But for job seekers, it’s a tougher reality. 📉 Hiring is at its weakest in over a decade. 📉 Long-term unemployment (6+ months) is on the rise. 📉 883,000 more people are unemployed than this time last year. So, what’s the big picture? According to experts, it’s a tale of two realities: ✔️ If you have a job, you’re likely seeing pay increases. ❌ If you’re looking for one, the road is more challenging than it’s been in years. For those of us in recruiting, this means it’s critical to support job seekers with clear guidance, honest feedback, and thoughtful opportunities. It’s also a time for companies to be strategic in how they attract and retain top talent. 💬 What are you seeing in the job market? Are candidates finding it harder to land roles, or is it industry-specific?

BREAKING: US job openings declined to 8.18 million in June, down from 8.23 million in May, near their lowest level since 2021. Year-over-year, job openings fell 10.3%, marking the 23rd consecutive monthly decrease, the longest streak since the 2008 Financial Crisis. The ratio of vacancies per unemployed worker, a metric the Fed follows closely, fell to 1.20, the lowest since June 2021. At the same time, the private sector hiring rate declined to 3.7%, the lowest level since April 2020. The private quits rate, measuring the number of people who voluntarily leave their jobs, fell to 2.3%, the lowest since August 2020. This means that Americans are the least confident that they will find a new job since the 2020 Pandemic. The US labor market is weakening. @kobeissiletter

The latest updates on the US job market show some positive signs: Job Growth: In November, the US added 227,000 jobs, rebounding from a slower October due to hurricanes and strikes12. This exceeded economists' expectations of 215,000 jobs3. Unemployment Rate: The unemployment rate slightly increased to 4.2% from 4.1%3. Wage Growth: Average hourly earnings rose by 13 cents to $35.61, maintaining a yearly increase of 4%3. These figures suggest a resilient job market, despite recent disruptions. If you have any specific questions or need more details, feel free to ask!