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Job seekers are sour on the cooling labor market

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Confidence among job seekers is at a two-year low. While the labor market remains strong, there may be trouble if it continues to cool, economists said.

The labor market has cooled from a red-hot pace in 2021 and 2022. The unemployment rate has increased and businesses aren't hiring as readily.Job seeker confidence in Q2 2024 fell to its lowest level in more than two years, according to a quarterlydecline suggests workers are more pessimistic about their ability to land their preferred jobs.However, the labor market has slowed gradually.

"The postpandemic excesses of the U.S. job market have largely subsided," Preston Caldwell, senior U.S. economist for Morningstar Research Services, recently wrote. The labor market's broad readjustment has been "mostly welcome" as it comes back into its pre-pandemic balance, Bunker said. But any further cooling "is a riskier proposition," he said.

 

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