The unemployment rate rose to 3.8 percent.
“The labor market is back to its normal pre-pandemic climate,” said Julia Pollak, chief economist at ZipRecruiter. “The question going forward is whether this will be the sustainable long-term condition of the labor market or whether we will cross below the pre-pandemic level to something slower and cooler.
The leisure and hospitality industry, which hemorrhaged workers during the pandemic continues to play catch-up, albeit at a slower pace than last year.Meanwhile, other sectors have slowed notably. Employment in retail, manufacturing, transportation and warehousing, as well as the information sector, which includes tech, is seeing little growth after rapid expansion during pandemic lockdown boom times.
“Employers who have had a hard time hiring for years now, they don’t necessarily have people to lay off, but they’re going to slow hiring,” said Rachel Sederberg, senior economist at Lightcast, a labor market analytics firm. “Things are coming back down to reasonable levels. We’re not spending as much on services.”Carrie Wilson, a registered cardiac nurse in Asheville, N.C., considered quitting her job during the pandemic because of poor pay and understaffing.
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