REPORT: Hospitality Careers Are in Demand, Outpacing National Projected Growth
Salaries for new roles are stagnating - and in some cases, falling. Some employers may be looking to cut costs, but the lack of wage growth may be a matter of post-pandemic correction.
Total nonfarm payroll employment rose by 275,000 in February, and the unemployment rate increased to 3.9 percent. Job gains occurred in health care, in government, in food services and drinking places, in social assistance, and in transportation and warehousing.
U.S. Unemployment Rate Unchanged at 3.7%
The number of job openings in the US for October 2023 decreased to 8.7 million, according to the latest Job Openings and Labor Turnover Survey (JOLTS). This is well below the consensus expectation of 9.3 million and previous months reading of 9.3 million. The current data marks a notable drop to levels not seen in over two and a half years, potentially signaling a cooling in the labor market following the unexpected positive trends in recent months, says GlobalData.
U.S. unemployment rate changes little at 3.9%
U.S. Unemployment Unchanged at 3.8% for September
U.S. Unemployment Rate Up to 3.8% for August
U.S. Unemployment Rate Up to 3.5% for July
This marks the third consecutive month of little employment change for this industry. Employment in the industry remains below its February 2020 level by 369,000, or 2.2 percent.