Job Market Growing, But Worries Spread As Hiring Slows Beyond Hot Sectors

The job market looks strong by traditional measures like low unemployment, but job growth is concentrated in just a few sectors like government, healthcare, and hospitality.

Employees in the fastest growing sectors are still experiencing a hot job market with wage growth and abundant opportunities.

In other sectors, hiring has slowed, job postings are down, and workers feel increased anxiety about layoffs.

High profile layoffs contribute to worries, even though overall layoff levels remain low compared to pre-pandemic times.

If job losses spread more broadly, it could slow consumer spending which has propped up economic growth so far.