Job Market Issue:
Employers have been getting progressively pickier when hiring white-collar workers. Staying put in a job out of fear of labor market unknowns has even spawned a new catch phrase: job hugging. Now, an increased focus on artificial intelligence and productivity is prompting many companies to cut their workforces.
In a separate report published Monday, payrolls continued to fall across the U.S. in August, according to a monthly index by the Conference Board.
The board’s employment trends index, or ETI, declined to 106.41 in August from a downwardly revised 107.13 in July, marking its lowest point since early in 2021.
“Tariff pressures are expected to intensify, raising inflation and reducing consumption, which could restrain activity and dampen future hiring,” Mitchell Barnes, an economist at the Conference Board, said.
Source: WSJ
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