Affinity Mid-Year Labor Market Summary
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Where has 2023 gone? It’s a question I keep asking myself, and I’m guessing many of you are asking the same thing. It seems we were just ushering in a new year. But a lot has happened — inflation rates are going down, fuel prices are $1 less than this time last year in many places, and grocery prices dipped in March for the first time since 2020. That’s all good news, right? At the same time, tech, media, finance, and, most recently, retail organizations have announced layoffs of thousands of workers. That’s bad news, right? And the economy has added an average of 341,000 jobs every month during the last 12-month period. We’ll talk more about all this later in this report, but the 2023 labor market has economists, business leaders,and a lot of others scratching their heads.
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