For those worried over losing their jobs, it could be time to take a breath and relax. Layoffs dipped to 1.1% in June, a 15-year low after a tumultuous recession.
However, for anyone still looking for a job, the picture isn't as bright. Levels of hiring are stagnating with the recent decrease to 3.6% in June. The new figures come from the recent Job Openings and Labor Turnover survey, which Josh Zumbrun analyzed for The Wall Street Journal.
The report has presented a consistently mixed picture in recent years. On the one hand, it has shown very low layoff rates, which aligns with data showing relatively few Americans have been filing jobless claims in recent months. But it has also shown the pace of hiring into new jobs has been slow to recover. Because switching jobs is one of the key ways that American workers get raises, the report helps explain why, for so much of the economic recovery, wage gains have been hard to come by.
Job openings were little changed in this month’s report. Job openings have been at or near record levels in recent years, and the ratio of unemployed workers to job openings has come down.
What good is a high level of job openings if the rate of actual hiring has not yet fully recovered?