The next labor market print comes out on Friday, so let’s see where things stand, starting with the unemployment rate:
The unemployment rate is almost at the level it was prior to the pandemic, an insanely fast recovery that has come from consistent job increases each month:
Job openings remain extremely high:
And, workers are feeling confident they can get a new job if they want to leave their current one, as shown by elevated quit rates:
With the labor force participation rate still below the pre-pandemic rate, there are a lot of potential workers still on the sidelines, not participating in the job market:
Overall, conditions are tight - it’s a good time to be a worker!