Everyone who wants a job has one, businesses are less likely to lay off workers, and employees are getting more flexibility and benefits.
The surfeit of available jobs means workers have been empowered toto better jobs — jobs more suited to their skills, education, and interests, and at much better pay. Wages have increased strongly across all occupations, industries, and regions of the country, but especially in perennially low-wage jobs. Wages for jobs in the— mostly leisure and hospitality and retail jobs — have increased more quickly than for all other workers, especially those in the top 25%.
Workers, therefore, are much happier in their jobs. According to an annual survey of job satisfaction conducted by the, well over 60% of workers say they are satisfied with their jobs. This is the highest share since the survey began in the late 1980s. The low, close to 40%, came in the wake of the financial crisis. It is interesting to note that workers say they have a much better work-life balance. Thank you, remote work.
Of course, workers face challenges. Most immediately, this hot job market is in the Federal Reserve’s crosshairs. The Fed hopes to raise interest rates high enough, fast enough to cool off job and wage growth and quell inflation — but not so high and fast that businesses lay off workers in droves and ignite a recession.
Pulling this off won’t be easy, but so far, so good. Job growth remains strong, though it is throttling back. Businesses aren’t laying off more workers, but they have become more circumspect in their
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