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For some Americans who are out of work, it \u201cdoesn\u2019t feel like a good labor market\u201d thanks to few workers quitting their jobs, a paltry hiring rate, and little in the way of new positions, Federal Reserve Chair Jerome Powell said this past week.<\/p>\n
\u201cThere\u2019s effectively no new net job creation,\u201d Powell said in his last press conference\u00a0as Fed chair. \u201cIn a sense, the labor market is in balance, but it\u2019s an unusual and uncomfortable kind of a balance where people who don\u2019t have jobs will have a hard time breaking in unless somebody quits their job.\u201d<\/p>\n
Overall, though, Powell said the job market is showing more signs of stability. The unemployment rate, at 4.3% in March, is a hair higher than it was a year ago, but otherwise relatively low by historical standards. Job growth is weak, but with an aging labor force and declining immigration, fewer jobs may be necessary to maintain a solid level of employment.<\/p>\n
Demand for workers has \u201cclearly softened,\u201d Powell said, but \u201cother indicators, including job openings, layoffs, hiring, and nominal wage growth, generally show little change in recent months.\u201d<\/p>\n
The country will get a fresh look at the state of the job market this coming week, with March job openings and layoff data due out from the government on May 5 and unemployment and job creation statistics for April out May 8.<\/p>\n
Emma Ockerman<\/em>\u00a0is a reporter covering the economy and labor for Yahoo Finance. You can reach her at\u00a0<\/em>emma.ockerman@yahooinc.com<\/em>.<\/em><\/p>\n