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The
department's Job Openings and Labor Turnover Survey (JOLTS) also
showed that layoffs fell and the number of people quitting their
jobs — a sign of confidence in their prospects — retreated
slightly in August. The JOLTS report's measure of gross hiring —
before subtracting people who quit or lost their jobs — ticked
up modestly in August but remains at low levels.
The U.S. job market is sturdy, though unspectacular, despite an
energy shock from the Iran war. Hiring has rebounded from a
miserable 2025. Employers — businesses, nonprofits and
government agencies — have added an average 80,000 jobs a month
so far this year. That is an improvement on the 9,700-a-month
average last year when high interest rates and uncertainty about
President Donald Trump's trade policies discouraged businesses
from hiring.
Still, Americans’ confidence in the economy has sunk to the
lowest level in more than a decade, according to the monthly
index released Tuesday by the Conference Board.
When the Labor Department releases its next jobs report on
Friday, it is expected to show that the United States added
95,000 net jobs in September, solid but down from a surprising
162,000 in August. The unemployment rate likely stayed a low
4.1% as most American workers enjoy an unusual degree of job
security, according to a survey of forecasters by the data firm
FactSet.
Employers may not be laying workers off, but they aren't hiring
nearly as many as they did a few years ago. Hiring remains well
below the 166,000 monthly jobs created, on average, in 2023 and
2024, and the 491,000 a month recorded during the 2021-2022
hiring boom that followed COVID-19 lockdowns.
Cory Stahle, senior economist at the Indeed jobs website, said
the labor market is "far less dynamic than it was a few years
ago. It’s a comfortable place to be if you already have a job.
It’s a frustrating one if you’re trying to find one, especially
for new graduates and others entering the workforce.''
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