The Job Market's ‘Game of Musical Chairs' May Be Slowing — But Workers Still Have Power, Say Economists

"And there are finally signs this is happening."

"I'd say the job market still leans toward workers," said Daniel Zhao, lead economist at Glassdoor."But because things are cooling off, we can't guarantee that will continue moving forward." Most workers who leave their current jobs do so for employment elsewhere, economists said. They typically get a bigger pay bump than those who stay in their current roles: a 7% annual boost for job switchers in August versus 5% for job stayers,Meanwhile, layoffs remain low and have increased only modestly as employers try to hang onto the workers they have, economists said.

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Job openings tumble, layoffs up as red-hot job market coolsNew data indicates that there was a drop in job openings in August, but the job market remains strong compared to historical averages.
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