Employers see signs of cooling job market
Reuters
People have been walking into Paul Centenari’s cardboard box factory outside Baltimore asking for jobs, something he has not seen in over a year.
“We didn’t see that a month ago,” said Centenari, the chief executive of Atlas Container Corp. He said that just six months ago Atlas turned to a social service group that places ex-convicts into jobs to help fill positions.
“Labor is still tight, but it’s loosening up a little bit.” he said.
Just how much it may be loosening remains unclear. U.S. Labor Department data on Thursday showed unemployment benefits rolls remained near their lowest in decades.
A report from the Labor Department on Thursday showed initial claims for state unemployment benefits fell 2,000 to a seasonally adjusted 231,000 for the week ended June 25.
Economists had forecast 228,000 applications for the latest week. Claims have been stuck in a tight range since tumbling to more than a 53year low of 166,000 in March. The number of people receiving benefits after an initial week of aid fell 3,000 to 1.328 million during the week ending June 18.
And a report from payroll provider UKG suggested the U.S. job market strengthened in the first half of this month — even as the Federal Reserve lifted interest rates and some economists began warning of a potential recession.
But other signs point toward softening, including high-profile layoff announcements in sectors like technology and housing.
This week, Tesla shed 200 employees working on its Autopilot driver-assistant system. Earlier, CEO Elon Musk told managers the electric vehicle maker needed to cut staff by about 10%. Jpmorgan Chase & Co started layoffs in its mortgage business.
Unsolicited job applicants are a glimmer of hope for Atlas Container and other U.S. employers who have struggled over the past two years to fill jobs and retain staff.
BUSINESS
en-us
2022-07-01T07:00:00.0000000Z
2022-07-01T07:00:00.0000000Z
https://daily.gazette.com/article/281938841609545
The Gazette, Colorado Springs