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“I think all of those growth stories have fizzled out to some degree,” he said. (AP Photo/Paul Sancya, File) Paul Sancya/APĪ lot of workers are out on strike right now. The UAW is conducting a strike against Ford, Stellantis and General Motors. United Auto Workers members attend a rally in Detroit, Friday, Sept. The two ends of the labor force, notably the oldest and youngest of workers, are finding it increasingly difficult to land jobs after being laid off, he said.Īnd something that’s been unique to this recovery - the employment growth that’s rolled from industry to industry - could be coming to a close, he added. “Despite the strength, there are clear fractures and weakness building,” he said. “There’s no doubt that the labor market is and has been remarkably resilient,” Terrazas said.Īnd there’s no doubt that it is slowing, he added. Since May 2020, that happened 17 times as the US labor market voraciously clawed back the 21 million-plus jobs lost at the outset of the pandemic and then some. Prior to the pandemic, monthly job growth north of a half a billion was a rare sight. While the current streak of job growth could extend to 34 months in October, this stretch has been history-making in the pure heft of those employment gains. (That decade, coincidentally, included the longest-ever period of labor market expansion the United States has ever seen: The nation added jobs for 100 consecutive months between October 2010 and January 2019). If October’s job growth comes in at the 180,000 figure that economists expect, such an increase would be right in line with what was seen pre-pandemic: From 2010 to 2019, the nation added an average of 183,000 jobs per month. “I think the are probably going to cloud signal in this Friday’s data,” Aaron Terrazas, chief economist for Glassdoor, told CNN. That’s the highest monthly total since February 2004, when 72,000 Southern California grocery workers went on strike. In October, there were 48,100 workers on strike, the Bureau of Labor Statistics reported.

While economists believe Friday’s report should be far more tame than the month before, there is a fairly sizable question mark: To what degree did the massive labor strikes by workers in the auto, entertainment and health care industries distort the month’s hiring total? A sign at the Cape Fear Community College's Business and IT Career Fair at Cape Fear Community College North Building in Castle Hayne, North Carolina, US, on Wednesday, Sept.

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