At an overall rate of 3.5%, unemployment fell as hiring outpaced a decline in the labor force. Although September continued to show strong growth with a total of 263,000 jobs gained, the number of job openings fell from 11.24 million to 10.1 million — a staggering 43% higher than pre-pandemic levels. Furthermore, the number of potential workers per job opening is critically low at 1.58, including part-time workers who want full-time work, those who left the labor force but want to work and those who are currently unemployed. The labor force participation rate (LFPR) dropped to 62.3%, diminishing hopes for a faster return to “normal” amid shallow talent pools.
White Paper
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Labor Market Analysis
Job growth increased in September, with 336,000 jobs added — while the unemployment rate remains historically low.
Read More www.astoncarter.com/en/insights/labor-reports/october-2023-labor-market-analysis
Labor Market Analysis
Job growth accelerated in May with 339,000 jobs added — 283,000 of which were in the private sector and 56,000 of which were in the public sector.
Read More www.astoncarter.com/en/insights/labor-reports/june-2023-labor-market-analysis
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