U.S. Job Growth Slowed in August

“Unfortunately, as the demand and sales volumes pulled back, we had to account for that,” said Seth Barnes, who owns the company with his wife, Samantha. “We’re a little more comfortable saying, let’s be conservative, let’s hope for a good holiday, but let’s not overextend ourselves, whereas the past two years we were more like, let’s just go for it.”

But other companies see opportunities for growth.

Tyler Boynton expanded his oral surgery practice during the pandemic, buying a practice in Napa, Calif., to supplement his office in Sonoma. It was a gamble — he bought the business in August 2020, when many people were still avoiding the dentist — but one that paid off as the pandemic ebbed and demand rebounded.

For months, Mr. Boynton’s biggest challenge has been finding enough workers. In a single week this year, six people didn’t show up for scheduled interviews. But that has changed. He has hired three people in the past two weeks, and is looking for more.

“In the last month, we’ve had more qualified applicants than we’ve had in the last eight years,” he said. “I don’t know where these people are coming from — they’re just coming out of the woodwork.”

Inflation may be pulling more people back to work as they struggle with the rising cost of living. And headlines about layoffs and a possible recession may be spurring some people to return to work while they can. A recent survey conducted by the career site ZipRecruiter found that job seekers were feeling less confident about their searches, and were putting more importance on job security than on flexibility.

“People are spending down that pandemic nest egg a little more quickly than they expected because of rising prices, and now feel a bit more nervous and a bit more desperate to find a job,” said Julia Pollak, the chief economist at ZipRecruiter.

Article source: https://www.nytimes.com/2022/09/02/business/economy/august-jobs-report.html