FirstPRO 360 News
4th Quarter Brief – Job Market Closing Out Strong
Posted: Nov. 17th, 2022 at 4:07 pm under General, White Papers
Closing out the year the US job market has remained strong having weathered the instability in the economic environment. Over the last quarter, there has been consistently stable job growth for the lead into 2023. Job openings have continued to remain relatively steady while layoffs thus far have been low.
For the fourth quarter of 2022 workers still had the upper hand with regard to job choice according to the U.S. Department of Labor. While job openings did fall by 1.1 million in August to 10.1 million Central Bank officials hope that the cooling labor market will translate into lower wage growth which has been running at its highest pace in decades contributing to inflation.
Voluntary quitting among workers showed an increase of 100,000 individuals from July to August 2022 to almost 4.2 million according to the Department of Labor’s Job Opening and Turnover Survey. This was in part due to a strong job market making it easier for individuals to quit jobs before alternative employment. However, the situation has appeared to be softening up forcing individuals to evaluate alternative employment on a company-by-company basis.
…Atlanta’s job market is still in it to win it. The unemployment rate in Atlanta is still less than last year, and although job openings have dipped, they are still 50% higher than pre-pandemic numbers.
The recruiting industry is ever-changing, but one thing that will never change for us is the quality of relationships we build between originations and employees. At firstPRO 360, we value those relationships above all else and as a result, we maintain the highest employee retention in our marketing and industry.