What the numbers say: Job losses in sectors such as retail, transportation, warehousing, and construction are likely to be particularly severe as hours worked in these industries have fallen below pre-pandemic levels, warn economists at Macquarie Group Limited. According to Julia Pollak, ZipRecruiter's chief economist, average weekly hours have declined in three of the past four months, reaching a low range of 34.3-34.6 hours. Relevance: Decreasing average weekly hours can indicate weakening job markets and possible layoffs. Sectors operating below pre-pandemic hours worked may face higher risks of job cuts. More info: Although specific industries like leisure and hospitality see decreased hours worked, they are still actively hiring, hinting that hours worked may not be a reliable leading indicator. A Bloomberg economist stated, "This suggests that while employers are still interested in hiring, they may adjust production and hours performed in anticipation of a weakening economy." |
