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The Numbers Behind the Recession Talk...

On January 4, the United States Department of Labor (USDOL) issued its Job Openings and Labor Turnover Survey (JOLTS report) for November 2022. 

Job openings decreased significantly during the second half of 2022, as did hiring numbers. These decreasing numbers are caused by a mix of rising interest rates, overall inflation, concern over a possible recession, stubborn supply chain issues, and pandemic overhiring.

January is historically a big month for layoffs. During the first week of the year, Amazon, Salesforce, and Goldman Sachs announced workforce reductions. These are in addition to large year-end layoffs at Meta, Microsoft, PayPal, and, of course, Twitter.

The US unemployment rate was 3.5% in December 2022. That’s the lowest it’s been in 50 years. As always, unemployment rates vary wildly by geographic area.

The US added a total of 4.5 million jobs in 2022. That’s an average monthly gain of 375,000. Additionally, wage growth has slowed and although job growth remains very robust, in the opinion of the Federal Reserve, the slowing of wage growth reduces the risk of recession.

What's an employer to do?

Review pay policies
for both internal equity and external competitiveness. The current labor market remains extremely competitive.

Identify the best resources to help you understand and respond to market changes in the geographic area(s) where you operate.

Train your managers and give them the tools to be successful. This includes items like training in critical conversations and performance management.

Help When You Need It!
Affinity HR Group offers a robust lineup of compensation services as well as employee training. Connect with us at hello@AffinityHRGroup.com or 877-660-6400 to learn more.

The Monday HR Minute, brought to you by Affinity HR Group, is designed to provide you with practical, applicable human resources and management advice and information. We believe that by dedicating just a few minutes a week to thinking about people management practices, business owners and managers can make enormous strides in improving workplace performance.
Affinity HR Group is a full service human resources consulting firm that specializes in advising small and medium-sized enterprises. Our services include recruiting and selection, HR policies and compliance, ad hoc HR support, compensation and performance management, and training and development. We are an endorsed HR partner of a number of leading national trade associations and offer free initial consultations and discounted services to their member companies.
 Email us at contact@affinityhrgroup.com or call 877-660-6400.
 
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This e-mail may contain general information about legal matters. Affinity HR Group does not provide legal counsel. The information provided should not be considered legal advice and should not be relied on as an alternative to legal advice from your attorney or other professional legal services provider. If you have any specific questions about this content or any legal matter you should consult your attorney or other professional legal services provider.
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