Dr. Gleb Tsipursky – The Office Whisperer
Cat Johnson – Coworking Marketing Maven
Angela Howard – Culture Expert
Drew Jones – Design & Innovation
Andrea Pirrotti-Dranchak – Competitive Advantage
Jonathan Price – CRE & Flex Expert
Jeremy Fennema – Tech Innovation Alchemist
What’s going on:
Despite the Federal Reserve’s interest rate hikes aimed at combating inflation, the labor market has again shown signs of resilience. The U.S. labor market recorded a small decline in job vacancies and layoffs in June, according to the recent Labor Department’s Job Openings and Labor Turnover Survey (JOLTS). The number of employment openings dropped to 9.58 million, the lowest since April 2021 and down from 9.62 million in May, according to CNBC. Meanwhile, layoffs fell to 1.53 million, down from 1.55 million in May. The data reveals that demand for labor is gradually reducing, and more companies are retaining workers.
Why it matters:
This slight decrease in job vacancies and layoffs is reflective of a more stable labor market, which is good news for both workers and employers in the U.S. The data shows the effectiveness of the Federal Reserve’s monetary policy in maintaining economic stability while curbing inflation. However, it also reveals adjustments as the workforce continues to adapt to a post- pandemic economy.
How it’ll impact the future:
The slowing demand for labor and a stable unemployment rate indicate the job market is becoming more balanced. This might lead to less volatility in job movement and possibly increased job security. However, the decline in jobs within industries like manufacturing points to ongoing shift towards services and possibly digital industries. These trends may require a corresponding worker upskilling and future training.
