Hiring is slowing — slowly. It might be just what the economy needs.
Hiring has slowed for the past several months, as companies have taken a more cautious approach in the wake of uncertain economic conditions. While the slowing of hiring can be cause for concern, it may be just what the economy needs. A slower pace of hiring will give companies a chance to focus on productivity and job quality, as well as examine where their workforce is and adjust accordingly. This can help prevent the risk of an oversupply of labor that can put too much downward pressure on wages or put the wrong people in the wrong positions. In addition, a slower rate of hiring will give more time for jobseekers to find the right job and for businesses to find the right people for it. Ultimately, this could mean a better, more sustainable level of economic growth and development.