US added 275,000 jobs in February as labor market stays hot

Three years ago, the U.S. economy went through an unprecedented upheaval as millions of workers left low-paying jobs for more promising ones. At the same time, many white-collar workers cemented themselves into remote, or at least hybrid, positions that gave them more flexibility. It was called the 'great resignation.' Fast-forward to today, and the situation looks like a mirror image, economists say.

“Businesses are aggressively slashing costs and embracing technological innovations, actions that are significantly reshaping staffing needs.” Zandi noted that firms' profit margins are starting to decline amid higher interest-rate costs, which could put further pressure on their payrolls. In general, he said, 'the market just feels like it's all over the place.' Unfortunately, if you’re looking for a job, it appears to be taking longer to find a new one.

Source: News Formal (newsformal.com)

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