What the job market could look like in 2023, based on a surprisingly strong end to 2022

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What the job market could look like in 2023, based on a surprisingly strong end to 2022 (via CNBCMakeIt)

Meanwhile, there were 10.5 million job openings, or roughly 1.7 vacancies per available worker. Companies were just barely backfilling the share of people leaving, making 6.1 million hires in the face of 5.9 million separations, which includes both voluntary and involuntary terminations.

But terminations have edged higher than pre-pandemic norms in information and finance. The tipping point goes back to July 2022, around the time the Federal Reserve started its aggressiveAs a result, sectors sensitive to rising interest rates and ones hoping to borrow to grow at all costs took big hits.

As of November, job openings ticked up for professional and business services, as well as manufacturing, and hiring shot up in health care and social assistance.Job-seeker confidence has slid in recent months, and people are less likely to quit without a new job lined up. But despite economic worries, 4.2 million people quit their jobs in November.

 

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