A new analysis looking at various aspects of the economy shows a labor market that looks stable on paper but feels punishing for many job seekers as unemployment remains relatively low, layoffs have not surged, and employers are still adding jobs. But hiring has slowed, workers are quitting less often, and job searches are stretching longer, creating what economists describe as a frozen market.
The report from The Washington Post shows that there is now roughly one job opening for every unemployed person looking for work, a sharp reversal from the worker-friendly hiring boom that followed the pandemic shutdowns. The Labor Department's latest Job Openings and Labor Turnover report showed the job openings rate at 4.1% in March, with openings declining in professional and business services, one of the sectors many white-collar applicants target.
