US employers predict cooling job market – Baltimore, Maryland

Baltimore, Maryland 2022-07-03 12:55:22 –

Washington, DC: At a cardboard box factory on the outskirts of Baltimore, people went to the office of Paul Centenari, CEO of Atlas Container Corp., for a job they hadn’t seen for over a year.

“We didn’t see it a month ago. The workforce is still tough, but a little loose,” Reuters said.

U.S. Department of Labor data released last week showed that the number of people claiming unemployment benefits remains close to the lowest in decades.

In a report, salary provider UKG said the US employment market settled earlier this month, despite the Federal Reserve raising interest rates and some economists beginning to warn of a potential recession. Said.

However, other signs are showing softening, such as the announcement of layoffs that are gaining attention in areas such as technology and housing.

This week, electric car maker Tesla has fired 200 employees working on the Autopilot driver assistant system. After CEO Elon Musk told the manager that he needed to reduce staff by about 10%.

In addition, JP Morgan Chase has begun dismissing employees in the mortgage business.

At the same time last week, FedEx CEO Raj Subramaniam said he believed the worst of the company’s labor problems were over.

“Wages remain higher than last year, but are stable,” Subramaniam said in a conference call with analysts, now retaining staff and leveraging technology to better manage the workforce. He added that he was trying.

In the COVID-19 pandemic, a large number of workers resigned or changed jobs, entering a period called “mass layoffs” and staff shortages became part of the US employment market.

Jason Andlinga, CEO of Vermeer, a machine maker in Pella, Iowa, said in the housing and consumer markets due to the aggressive federal rate hikes.

“I’m confident that the labor market will not be as bubbling as it was just a few weeks ago,” Reuters said.

US employers predict cooling job market Source link US employers predict cooling job market

Back to top button