Job Market News
Banks Announced Almost 50,000 Job Cuts This Year, Led by Europe
Banks across the globe have announced more than 48,500 job cuts this year as the outlook for the economy weakens. Nowhere was that more pronounced than in Europe, where lenders are bracing for a continuation of the negative interest rates that have eaten into their profits for the past five years.
May's job report reveals the labor market is tightening
“Job growth is moderating,” Moody’s Analytics Chief Economist Mark Zandi said. “Labor shortages are impeding job growth, particularly at small companies, and layoffs at brick-and-mortar retailers are hurting.”
The report indicates that construction jobs fell from April, and the goods-producing sector is now predicted to decrease by a whopping 43,000 jobs.
U.S. job openings surge, point to tightening labor market
U.S. job openings rebounded sharply in March, while the pace of hiring was little changed, pointing to a growing worker shortage that could slow employment growth this year.
Hiring was little changed at 5.7 million in March. The hiring rate was steady at 3.8 percent. The lag in hiring suggests employers are experiencing difficulties finding qualified workers, a trend that implies a slowdown in job growth later this year.