Key Findings Media and economists can talk about a slowing economy, but employment and the job market need to be evaluated on their own terms. • As much as the Fed is working to curb inflation (see chart on page 15), the job market remains very strong. • Although people are coming back into the labor market (see charts on page 13), we are still below pre-pandemic levels. There are simply more jobs than qualified people. • We have a major supply and demand problem in the accounting and finance sector here in SoCal. • Retention should be your top priority. Make sure you are addressing compensation, benefits and culture now before your best team members exit. • Wage growth is slowing (see chart on page 14), and we don’t expect pay to dramatically increase this year. • Layoffs will continue but — at least in the near future — will be more of a rebalancing of the job market than an indicator of major unemployment movement.
5 ARG Quarterly Barometer Q2 2023
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