Nearly 100 million Americans quit jobs during 2021–2022 across the Great Resignation. Labor patterns have shifted to the "Great Stay" as many employees now remain in roles, including IT and software development, reducing turnover. Employers are responding with a "no-hire, no-fire" stance, reluctant to add headcount amid economic uncertainty while avoiding layoffs of existing staff. July job growth slowed to 73,000 positions and the unemployment rate rose to 4.2%, remaining between 4% and 4.2% since May 2024. Higher pay and hybrid work arrangements are contributing factors to stronger employee retention.
The latest jobs data released earlier this month shows early signs that the U.S. job market is slowing down. The U.S. recorded job growth of 73,000 new roles in July, below the 100,000 expected by the Dow Jones. The unemployment rate ticked up to 4.2%, higher than the June rate of 4.1%, but still within its usual range. According to the U.S. Bureau of Labor Statistics, the unemployment rate has hovered between 4% and 4.2% since May 2024.
The latest jobs data released earlier this month shows early signs that the U.S. job market is slowing down. On the company side, firms are contributing to the "Great Stay" with a " no-hire, no-fire market," Richardson said. Companies are hesitant to make new hires because they are grappling with economic uncertainty, not because they want to reduce their workforces, she suggests. At the same time, they do not want to let existing talent go.
"Workers aren't going anywhere," Richardson told the outlet. "They've got their dream job, which is probably partly at home, maybe with a big salary pickup... And what we actually see in the data is very low turnover, which is unusual in the U.S."
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