(Boston, MA) - Our economists provided real time analyses on LinkedIn Live this morning. Click here to watch.
Key Takeaways:
1. The labor market remained strong in November, and openings are likely to remain elevated for the coming reports as industries still struggle with a lack of workers.
“The data continues to provide a picture of a strong labor market. I do expect to see higher layoffs in some industries, but with 1.7 jobs per worker, the talent shortage, and the availability of work that’s out there has helped keep employees in the driver’s seat,” said Lightcast Chief Economist Bledi Taska.
2. The JOLTS report doesn’t match the recent rhetoric about the labor market and the fear of a recession.
“The chatter among c-suites about the slowing economy and layoffs didn’t match the reality in November. A lot of executives that are sharing their concerns may be thinking into the future without having been personally affected yet,” said Lightcast Senior Economist Ron Hetrick.
“This report shows more positive signs for the economy than originally expected,” said Lightcast Chief Economist Bledi Taska. ”This was a very surprising report, but in some ways that’s positive for the economy overall. This report moves us from cautious to cautiously optimistic. I don’t expect to have to use the word recession any time soon.”
3. Increases in quits in information and professional services could indicate that despite recent high profile layoffs, tech workers feel secure enough to look for other work.
“Even with high profile tech companies laying off workers, there are still plenty of opportunities in the tech sector, and workers are recognizing that. This may help give them the confidence to find other employment,” said Lightcast Senior Economist Layla O’Kane.
Charts:
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Lightcast provides trusted global labor market data, analytics, and expert guidance that empowers communities, corporations, and learning providers to make informed decisions and navigate the increasingly complex world of work. With a database of more than one billion job postings and career profiles, our team provides best-in-class customer service with robust data, clear analysis, and expert guidance on skills, jobs, and opportunities.
Headquartered in Boston, Massachusetts, and Moscow, Idaho, Lightcast is active in more than 30 countries and has offices in the United Kingdom, Italy, New Zealand, and India. The company is backed by global private equity leader KKR. For more, visit www.lightcast.io.
Press contact: Rachael Wilson
Phone: (541) 227-9437
Email: rachael.wilson@lightcast.io