Another month, another missed federal data report. That brief partial government shutdown — which is now over — will delay the jobs report usually put out by the Bureau of Labor Statistics on the first Friday of every month.
But there are glimpses into the job market's health from other sources. According to payroll processor ADP, this economy added just 22,000 jobs in January.
Clarence Klugh is 43 years old, his own boss, and has worked in public relations in New York for a long time. He’s thinking it is time to branch out. “I see the writing on the wall for the industry in itself,” Klugh said. Businesses are still figuring out artificial intelligence and budgets are on hold. So Klugh is looking for all kinds of positions.
“The world around us is changing rapidly. We should be open to evolving as well,” he said, though that’s easier said than done. “How do I feel about the market right now? Honestly, I think it’s a bit terrifying,” he added.
Klugh is not alone in feeling that way, consumer sentiment is still depressed. The job market looks to be at least stable for now. “There’s still jobs being added, but it’s at a much slower rate,” said Macrina Wilkins, director of market insights at Associated General Contractors of America. It’s hard to tell for sure right now because official government data won’t come out until Wednesday, Feb. 11. So economists are looking at other things, like what payroll processors are reporting.
“In January, we saw 37,000 jobs added by small businesses. That’s right around the monthly average for the past year,” said Andrew Chamberlain. He’s chief economist at Gusto, an HR platform serving half a million businesses.
“We don’t see any evidence of any bottom falling out of the small business hiring market,” he said. |