| JEFFRY TURNMIRE
Midwest Job Losses Amid Southern Gains
Just last month, the Midwest felt a chilling breeze sweep through its job market. While the southern states basked in a hiring boom, the Midwest found itself shedding thousands of jobs.
The main culprits? A slow crawl in the manufacturing sector and a hiccup in leisure and hospitality hiring. These were the findings of a recent report from the ADP Research Institute in collaboration with Stanford Digital Economy Lab.
The job loss sting was felt mostly in the East North Central part of the Midwest, embracing states like Indiana, Illinois, Michigan, Ohio, and Wisconsin, which together saw a cut of 17,000 jobs. On the brighter side, the West North Central part added 4,000 workers. But that's merely a silver lining on a rather cloudy sky.
Contrast this with the southern states where companies brought on board a whopping 64,000 new faces. Across the board, employers welcomed 113,000 individuals into the workforce.
Though this figure fell short of the anticipated 150,000, as per a Bloomberg poll, it still outshone the previous month's recruitment of 89,000.
The Rust Belt states, where manufacturing is the backbone of the job market, felt the pinch. When manufacturing sneezes, jobs catch a cold, remarked Nela Richardson, chief economist at ADP.
It’s not just the big factories feeling the tremor; small businesses, the lifeblood of the region, also saw a hiring decline, especially those housing 20-49 employees.
Now, consider this; the U.S. economy soared by 4.9 percent in the last quarter, fueled by consumer spending, despite the Federal Reserve's interest rate hikes to curb the soaring inflation.
Consumers, though, are still wrestling with high prices, navigating through the choppy waters of a strong job market.
Just yesterday, the Federal Reserve paused their rate hike campaign, noting that a resilient consumer base is the linchpin holding the soft landing economy and hard landing economy apart.
Yet, this resilience is underpinned by the labor market, which saw a softness this month, especially in leisure and hospitality that once led the post-pandemic hiring charge.
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— Jeffry Turnmire | | | | |
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