Reference News Network reported on September 9 that Americans were working fewer hours a week, and economists warned that this was a worrying sign for the U.S. job market and economy, and could be another warning of the impending recession.
According to the USA Today website on September 5, the average working week in July dropped to 34.3 hours, not only lower than 34.5 hours in March and a year ago, but also the lowest level since the beginning of 2017. The biggest drop in working hours was in the lower-paid hourly laborers.
Reported that the decline in working hours is only a temporary phenomenon, or continued until August? The August non-farm employment report of the United States will be unveiled.
The report points out that the most worrying thing about the shrinkage of working hours is that it may predict a slowdown in employment growth or even a recession. This is because companies usually reduce the working hours of existing employees, such as reducing overtime or reducing part-time workers, before reducing recruitment or large-scale layoffs. The reduction in working hours also means that many Americans'weekly salaries have shrunk, possibly forcing them to cut back on spending, which is not conducive to economic growth.
Joe Brucellas, chief economist of RSM Consulting, said: "There is reason to say that reduced working hours are a harbinger of a slowdown in overall employment."
Reported that this interpretation may surprise many people, because the United States unemployment rate has dropped to its lowest level in nearly 50 years, many employers are still complaining about shortage of staff.
But Philippa Dunn, a labor market analyst and co-editor of Liscio Report, a research journal, said, "If it's hard to find workers, employers should give workers more time, not less."
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