Why does Texas labor market just keeps surging in 2023?
parent, Meta — which follows Meta’s announcement of 11,000 layoffs in November. In general, layoffs were running well below trend for the past two years, according to LaborIQ, but the company projects those numbers will rise to a more normal level in ‘23.
Some industries, such as mortgages and banking, are being buffeted by higher interest rates while the tech sector is dealing with a post-pandemic slowdown.The duration of unemployment is falling for many. In February, took 15 weeks or more to get a job. A year earlier, 38% required that much time, the Bureau of Labor Statistics reported.,” a food manufacturer told the Dallas Fed in January. “That hasn’t been the case. We are still trying to fill open positions that have been open for months.”or recall workers, and 60% said they had staffing shortages.LaborIQ projects that two key measures — hires and people quitting their jobs — will fall back to a more normal range this year.
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