Amid the government shutdown, the first Friday of the month came and went without government jobs data. However, alternative measures of employment paint a picture of a labor market that is downshifting.

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Outplacement firm Challenger, Gray and Christmas said announced layoffs jumped dramatically in October. “Some industries are correcting after the hiring boom of the pandemic, but this comes as AI adoption, softening consumer and corporate spending, and rising costs drive belt-tightening and hiring freezes,” said Andy Challenger.

Adding to the dim mood, the number of jobs available have fallen to the lowest level of postings since February of 2021, according to Indeed.

The sluggish employment landscape explains why workers are now “job hugging,” rather than job hopping.

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