The job market is still 'red hot' despite recession fears, as the Great Resignation continues

cnbc.com:

Workers are still reaping the benefits of a hot job market characterized by few layoffs, ample job openings and a high level of voluntary departures, according to U.S. Department of Labor data issued Wednesday.

The numbers reveal that the pandemic-era trend known as the «Great Resignation» is still in full swing despite fears of a U.S. recession, though it does show some signs of leveling off, labor economists said.

«Overall, this doesn't look like a job market about to tip into recession,» said Daniel Zhao, a senior economist at career site Glassdoor. «Labor demand is still extremely hot, and even if things are cooling from white-hot, they're still red-hot.

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»I think the question on everyone's mind, though, is if this will continue," Zhao added.

There were nearly 11.3 million job openings on the last business day of May, the Labor Department reported Wednesday.

Job openings — a proxy for employers' demand for labor — are down from about 11.7 million in April and a record-high 11.9 million in March. But they are still elevated in historical terms and hovering near their level in late 2021.

Additionally, workers have been quitting their jobs at near-record levels. About 4.3 million people voluntarily left their jobs in May, about level with April and down slightly from their peak (more than 4.4 million) in March.

«The quits rate was doing 100 [miles per hour] on the freeway; it slowed down but it's still doing 90,» said Nick Bunker, an economist at job site Indeed. «It's still pretty quick, just not as fast as it was.»

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