The Colorado Springs Gazette final

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

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2022-07-01T07:00:00.0000000Z

2022-07-01T07:00:00.0000000Z

https://daily.gazette.com/article/281938841609545

The Gazette, Colorado Springs