Summary
The current U.S. job market is experiencing slow job growth, leading many employees to stick with their current jobs in a trend known as "job hugging." This situation is partly due to economic uncertainty and fears about the impact of artificial intelligence (AI) on employment. The trend has allowed employers more leverage in setting working conditions.
Key Facts
- Job growth in the U.S. has been slow, with the weakest numbers since 2010 aside from the pandemic period.
- In New York City, only 965 private-sector jobs were created in the first half of the year.
- Professional and business services employment is declining after previous growth post-pandemic.
- Employees are worried about AI potentially replacing their jobs.
- Some industries, like consulting, are contracting, leading to fewer job opportunities.
- Employers are using the opportunity to regain control over work conditions, such as requiring office attendance.
- The unemployment rate remains relatively low outside of federal job cuts.
