While the overall economy remains strong, the pendulum is swinging back to when employers had the upper hand, especially in the wake of the Great Recession
A hiring sign is displayed at a restaurant in Highland Park, Ill., July 14, 2022. | Nam Y. Huh/AP PhotoAs recently as March, there were a record two jobs for every American seeking one. Some 4.5 million workers quit that month, and layoffs were at their lowest level since the government began keeping records.
“We’ve been in this unprecedented situation where workers have really, really strong bargaining power,” Curtis DuBay, chief economist for the U.S. Chamber of Commerce, said. Now, “the data is starting to turn.” “I would love to believe something structural happened and [has] given those workers more power,” economist Josh Bivens, director of research at the Economic Policy Institute, said. But “I don’t think we changed anything all that structural to give them a lot of leverage” for good.
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