Today you may be reading about the latest job market report released by the Bureau of Labor Statistics. Unemployment rose to 3.8% from 3.5% in July, and the job market added 187,000 jobs in the month of August, lower than predicted. The Federal Reserve is closely watching the labor market for signs that it is starting to slow, which would indicate that higher interest rates are having the desired effect of cooling the economy.
So what does this mean for talent acquisition professionals?
The cooling job market means that there will be fewer open positions and greater competition for talent.