America’s bosses are starting to feel bossy again. Many executives say that they are no longer scrambling to retain workers, after several years of doing whatever it took to keep people on staff. Pay increases are slowing. For some jobs, hiring is getting easier. Executives are seizing on this moment to streamline operations or cut projects, shedding staff that until recently they couldn’t afford to lose. A wave of corporate layoffs that began in technology is now flowing through other industries. Employers who felt they had less leverage in the tight labor market of the past couple of years say they have more power in negotiations with employees, Chip Cutter and Theo Francis report.
The mood may be shifting in favor of employers, but at least some of the data are holding strong for workers. U.S. applications for unemployment benefits declined last week to their lowest level since April 2022. Initial jobless claims, a proxy for layoffs, fell by 3,000 to a seasonally adjusted 183,000, the Labor Department said Thursday. Claims have remained historically low in recent months, showing the overall labor market remains tight despite the rise in layoffs in real estate, tech, finance and other sectors, Bryan Mena reports.