'Everybody thinks we’re in a recession, except the labor market': Economists don't see signs of downturn in jobs data

“Everybody thinks we’re in a recession, except the labor market. We’re seeing signs of cooling off in the stock market and the housing market. But so far it has been disconnected from the job market.”

The... “Everybody thinks we’re in a recession, except the labor market. We’re seeing signs of cooling off in the stock market and the housing market. But so far it has been disconnected from the job market.” The May numbers showed that job openings edged down to 11.3 million from 11.6 million in April. Quits and layoffs remained largely unchanged. Quits ticked down to 2.8% and layoffs remained at 0.9%, slightly above the lowest rate in 20 years.

Worries of a potential recession for the U.S. economy have hovered over the market as inflation has hit a 40-year high and the Federal Reserve has raised interest rates in an attempt to tame soaring prices.

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The Job Market Is Still ‘Red Hot' Despite Recession Fears, as the Great Resignation ContinuesEmployer demand for workers remains extremely high and layoffs are near historical lows, with how long it will remain a job seeker’s market still an open question Once COVID dropped off, employers naturally started hiring again.
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