A worker assists a customer at the Apple Fifth Avenue store in New York. As interest rates remain high and consumers spend less, job creation has gradually slowed through the year. Job creation throughout the labor market is expected to continue to slow down, as it has for most of the year.
While the Fed has recently paused interest rate hikes, the cost of borrowing remains high. Mortgages reached 7.49 percent, according to Freddie Mac, the highest level since 2000, which has chilled much of the residential housing market.against the Big Three vehicle manufacturers in Detroit, could put a damper on consumer spending and lead to more layoffs.
Leisure and hospitality, an industry that hemorrhaged workers during the pandemic, continues to play catch-up to its pre-pandemic levels, albeit at a slower pace than last year as demand has subsided. The sector remains about 290,000 jobs below its February 2020 levels. This summer, domestic travel dropped off as demand for international vacations surged with covid-related travel restrictions lifting.