Hopefully a mostly positive job market

A good article on ERE discusses what’s next in 2023 for the job market. According to the Bureau of Labor Statistics, the US economy added 263,000 jobs in November, and the unemployment rate remained low at 3.7%. While this is good news, some underlying numbers suggest that the labor market may slow down. The number of job openings fell from 11.9 million in March to 10.3 million in November. This decrease in job openings also leads to a drop in hiring, with the number of hires in October down 12% from February. However, the number of people quitting their jobs voluntarily has also declined, which is good news for hiring managers but makes it harder for recruiters to attract new talent. Some industries have been hit harder than others, with sectors related to housing and construction seeing a 5% or more drop in employment. On the other hand, industries such as hotels, taxi and limo services, and trade show organizers have seen an increase in employment of 10% or more. While inflation has eased, it is still more than triple the rate before the pandemic.