Job Market Deteriorating Now

The job market is “deteriorating markedly” says WSJ. The “hot jobs market of the postpandemic years is over.” Some details:

• Because the economic outlook is “incredibly uncertain,” companies “are being very cautious about adding personnel” and “pulling back on hiring to keep profits healthy at a time of tepid demand.”
• The economy lost net 13,000 jobs in June, the first decline since December 2020.
• New jobs added for the first 8 months of this year is the lowest compared to any other year since 2009 when the financial crisis hit (except for 2020 when the pandemic hit).
• Employment dropped across multiple sectors except healthcare and social assistance, which “tends to add jobs regardless of how the overall economy is faring” so “if America wasn’t getting older and sicker, we would have a negative payroll print today.” And cuts of federal workers haven’t been counted yet because many are still on paid leave or getting severance.
• Those unemployed for 27+ weeks rose to 25.7%, the highest in 3 years.