Here we go….
Americans are suddenly finding it harder to land a job — and keep it
The unemployment rate rose to a three-year high of 4.1% in June, with 6.8 million people unemployed. At that time a year ago, the unemployment rate was at 3.6% and 6 million people were unemployed.
The rising unemployment rate — driven primarily by more people entering the workforce — means that it’s getting more competitive for job hunters to get hired. It’s just one of several signs of the changing narrative in the labor market.
“We went from, ‘How is the job market defying gravity?’ to ‘Let’s hope it doesn’t hit the ground any faster,’” Luke Pardue, policy director at the Aspen Institute’s economic strategy group, told CNN.
Pay increases are leveling off
Job-switchers’ pay raises have pared down significantly from the “Great Resignation” period, according to a newly released analysis from Bank of America. In fact, median pay raises are just below 2019 levels, David Tinsley, senior economist at the Bank of America Institute, told CNN….
https://www.cnn.com/2024/07/08/economy/americans-harder-to-find-job/index.html