This Labor Market is Not Loosening Further: Fed Gets More Reason for Wait-and-See

by Wolf Richter
Wolf Street

But the headlines-grabbing layoff announcements had the effect of calming the churn.

The global layoff announcements by big companies, and the scary headlines they entailed, and actual layoffs that everyone could see, have had the effect of making employees more worried about their jobs, and instead of quitting to get a better job, more people keep their nose to the grindstone. With fewer people quitting, there are fewer job openings that they left behind, and fewer hires to fill them. So that massive churn got wrung out of the system.

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