U.S. Jobs & Labor Report: December 2022
The U.S. labor market remains strong despite headline-grabbing layoffs in the tech industry. Demand for workers continues to outstrip supply in most industries, and U.S. workers remain optimistic about their ability to find and retain jobs. Provided that layoffs remain primarily contained in the tech sector, there are few reasons to be concerned about acute weaknesses in the labor market through the end of the year, given the industry’s relatively small contribution to total U.S. employment, the persistent demand for highly skilled tech workers and the financial strength employed workers have built during the pandemic. While the demand for workers more broadly is likely to fall in the coming months, cracks in the labor market are still few and far between.
- Morning Consult’s Lost Pay and Income tracker has trended higher in recent weeks but remains near series lows.
- A tight labor market and the prospect of higher wages continue to prompt many workers to look for new jobs.
- News coverage of mass layoffs has yet to drive job insecurity higher.
About the authors
John Leer leads Morning Consult’s global economic research, overseeing the company’s economic data collection, validation and analysis. He is an authority on the effects of consumer preferences, expectations and experiences on purchasing patterns, prices and employment.
John continues to advance scholarship in the field of economics, recently partnering with researchers at the Federal Reserve Bank of Cleveland to design a new approach to measuring consumers’ inflation expectations.
This novel approach, now known as the Indirect Consumer Inflation Expectations measure, leverages Morning Consult’s high-frequency survey data to capture unique insights into consumers’ expectations for future inflation.
Prior to Morning Consult, John worked for Promontory Financial Group, offering strategic solutions to financial services firms on matters including credit risk modeling and management, corporate governance, and compliance risk management.
He earned a bachelor’s degree in economics and philosophy with honors from Georgetown University and a master’s degree in economics and management studies (MEMS) from Humboldt University in Berlin.
His analysis has been cited in The New York Times, The Wall Street Journal, Reuters, The Washington Post, The Economist and more.
Jesse Wheeler previously worked at Morning Consult as a senior economist.