Preliminary data launched in August indicated that employers added about 25,000 fewer jobs per month in late 2022 and early 2023 than initially believed. That wouldn’t be enough to alter the basic image of a labor market that’s gradually slowing however proving surprisingly resilient. United Parcel Service joined a slew of tech firms in asserting that it would be lowering its headcount this 12 months. The company stated on Tuesday that it will minimize 12,000 jobs in an effort to slash prices as wages rise and its package deal volumes fall.
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“It’s a labor market that has power, and there is a path ahead of it where it can proceed to develop in a sustainable manner,” Bunker mentioned. Newly launched information for February confirmed the US quits rate had been 2.2% for 4 straight months. There had been three.5 million quits in February, which the BLS news release famous this metric “was little modified.”
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