Job Growth Slowing but Redundancies Loom for Some as Employers Navigate Tight Labor Market

Net employment intentions have fallen to +33 in the March 2024 quarter from +41 in December 2023, indicating slower but still positive job growth ahead.

While few employers plan job cuts, over 20% expect to make redundancies, threatening up to 6% of some workforces.

70% of employers are taking steps to avoid redundancies, like raising prices or reducing use of non-permanent staff.

Wages are expected to rise 3.7% in the next year as employers seek to retain staff in a still-tight labor market.

Nearly 2/3 of employers screen out certain groups during hiring like those with criminal records, history of addiction, long-term illness, or the long-term unemployed.