Posted 2/21/2024, 12:20:53 PM
Labor Market Stability Returns as Quit Rates, Inflation Cool and Wage Growth Rebounds
- Quit rates and inflation rates are stabilizing, suggesting labor markets are less volatile than during the height of the pandemic
- Unemployment remains low at 3.7%, on par with pre-pandemic levels
- Wage and salary increases were higher than inflation in 2023 for the first time since 2020, indicating greater stability
- Job openings and layoffs have leveled off, though openings remain high at 9 million
- Leaders must sustain focus on culture, purpose, and employee experience even as external conditions improve