Hiring Pace Settling into Sustainable Rate as Job Market Shows Strength

The January jobs report showed stronger than expected job growth, easing some concerns about the labor market. While still strong, the pace of hiring may be settling into a more sustainable rate compared to the frenzied growth of 2021 to 2022. The job market has been turbulent since the beginning of the pandemic starting with layoffs, followed by hot hiring, frenzied wage growth, and inflation. The environment for job seekers is changing as companies slow hiring and workers have less leverage than during the pandemic recovery.