As on the 19th, we turned a Denny’s restaurant in Miami into a beacon that drew the attention of passersby. Yet, it boasted a garish “Now Hiring” banner across its front window. This sign is emblematic of the continued uphill battle the private sector is still facing here in the United States. Hiring activity has crashed to a nearly unprecedented low, capturing these challenges.
The context for this boomlet of hiring is a deeply disturbing trend in the nation’s labor market. According to preliminary reports, around 32,000 jobs were gained or “not lost” in the private sector nationwide during the month of November. The drop represents a stark break from economists’ predictions. They were estimating a gain of 40,000 jobs for the month. This unexpected plunge has left many to wonder about the continued solidity of their job growth as we close out the year.
The November jobs report — one of the most closely-watched economic indicators that analysts and policymakers look to — has been pushed back to December 16. This report will not only provide insights into November’s job performance but will include partial data from October, further complicating the analysis of employment trends. From Wall Street to Washington, many observers are eager to see how these new statistics will influence economic forecasts going forward.
From a distance, the Miami Denny’s storefront is glowing with hiring signs. This is notable in light of the broader employment landscape that has been on a general decline, underscoring the paradox of today’s labor market. Despite a war for talent among certain industries, and especially in the tech sector, hiring momentum overall seems to be grinding to a halt.