The pandemic-era hiring boom seems to have moved too far for some US businesses.
The number of Americans with their work hours cut to part-time rose in May by 295,000 to 4.3 million, the Bureau of Labor Statistics announced Friday morning. That`s the largest uptick since February. The total number now sits at the highest point since October, and the Friday reading adds to a months-long upward trend.
The number of Americans with their work hours cut to part-time rose in May by 295,000 to 4.3 million, the Bureau of Labor Statistics announced Friday morning. That`s the largest uptick since February. The total number now sits at the highest point since October, and the Friday reading adds to a months-long upward trend.
- Nearly 300,000 more Americans had their hours cut to part-time in May, according to new data.
- The uptick hints some firms are cutting labor costs and reversing some of their pandemic hirings.
- The increase could mark the first sign of firms settling into an economy with weaker consumer spending.
RSK: I think consumers are tightening the belt a bit here because of inflation...it costs $10 just to drive downtown, park. Then there is the inflation on goods if you are going to shop or dine. It all takes its toll.
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- - Volume: 10 - WEEK: 24 Date: 6/7/2022 7:38:23 AM -