Mar 10, 2023 - Economy

Laid-off workers have plenty of options

Data: BLS via FRED; Chart: Axios Visuals

Here's one thing you might have missed in this morning's crowd-pleasing jobs report: Americans spent even less time in spells of unemployment.

Why it matters: The labor market is still hot and employers are hiring at a robust pace. That means laid-off workers have plentiful opportunity to find new gigs.

By the numbers: The median duration that workers spent unemployed dropped to 8.3 weeks last month. For context, before the pandemic hit in January 2020, the number was 9.6.

The big picture: Reports continue to trickle out about layoffs in hard-hit areas of the economy, including technology.

  • But the February jobs report is further confirmation that, in most other sectors, employers still have a lot of demand for staff.
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