by Wolf Richter, Wolf Street:
Workers still leveraging this historically tight labor market, but a little more cautiously?
We’re going to look at two different data sets released today that show from different perspectives how tight the labor market still is, how much power has shifted from employers to workers, how much job-hopping and churn is still going on, and that the tech layoffs are still not large compared to the gigantic overall labor force, and that most of the laid-off people are getting quickly absorbed by other companies, including by non-tech companies that employ armies of tech workers, such as automakers, industrial companies, oil and gas companies, etc. These companies have gotten outcompeted for tech talent by the lavish compensation packages offered by tech companies. And those non-tech companies are now hoping for better access to the tech labor pool.