Layoffs Spike To 5-Month High In August As Labor Market Softens
'...The cuts announced in August, combined with the relative lack of hiring plans and job turnover data released by the Bureau of Labor Statistics on Wednesday, points to signs “the labor market overall is softening,” Challenger said. The Job Openings and Labor Turnover Survey found that job openings fell to their lowest level in more than three years in July and brought the ratio of job openings per available worker down to less than 1.1. The lower number of openings and rising unemployment has made it harder for jobseekers to find work—fueling fears of a recession—Federal Reserve officials are expected to lower interest rates when they meet later this month, which could encourage more hiring by lowering borrowing costs. ...'
Reference: www.forbes.com
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