Labor Market Stabilization Emerging But Workforce Changes Here to Stay
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Labor markets continue stabilizing - quit rates, inflation, wage increases, unemployment rates, etc. are showing signs of stabilization compared to pandemic volatility.
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Industries are stabilizing at different rates - some industries like retail and transportation have seen bigger quit rate declines than others.
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Wage growth remains above pre-pandemic levels - pay increases slowed from 2022 but remain well above 3% annual pre-pandemic.
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Unemployment is low and consistent - 3.7% rate has held steady for 3 months, on par with pre-pandemic levels.
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Effective leaders adapt to lasting workforce changes - successful leaders have adopted new talent strategies for the modern working world rather than expecting a revert to old ways.