Employers in America want to hire more workers. Just not right now
CNN
It couldn’t be clearer at this point that the US labor market is cooling.
It couldn’t be clearer at this point that the US labor market is cooling. Even though the unemployment rate edged lower last month to 4.2%, joblessness is still hovering near highs not seen since the fall of 2021. On top of that, employers have hired significantly fewer workers in recent months compared to prior years and the number of job openings fell in July to the lowest level since January 2021, according to Labor Department data. But America’s job market may have some pent-up momentum just waiting to be unleashed. That’s because employers might be putting some of their hiring plans on hold — and for good reason. Businesses consider many factors when deciding to hire, but across a wide spectrum of industries, the economic outlook carries always great deal of weight. And it makes sense: Why take on more workers if, for instance, there’s a strong chance a recession is around the corner that then forces layoffs? Currently, there’s no shortage of economic uncertainty — the bulk of which stems from the US presidential election taking place in two months as well as upcoming key decisions on interest rates from the Federal Reserve. Both those factors are prompting employers to think twice about hiring more workers now, according to economists and recent comments from businesses around the country. Still, while both are “contributing to businesses’ cautious hiring sentiment at the moment,” many hiring decisions are likely being shaped even more by “slower demand for their goods and services both domestically and abroad,” Kathy Bostjancic, chief economist at Nationwide, told CNN.
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