There is No One Labor Market

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For as much as we talk about the labor market, it’s not as clear cut as we (or the Federal Reserve) would like to believe it is. 

The truth is, the labor market is a complex thing; demand for and supply of workers shift constantly depending on the industry and location. Therefore, taking one reading of the overall labor market (like the unemployment rate or the openings number) can obscure the true changes occurring in these micro-markets. 

Demand for workers – represented by the job openings rate – held steady and high throughout 2022. It’s tempting

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