Fewer workers making career moves, job market remains strong

The U.S. job market remains strong, according to a recent report from The Wall Street Journal. However, fewer workers are making career moves, as opportunities to trade up for better positions have become less common.

Not long ago, a booming labor market fueled a wave of job-hopping, with workers seeking higher pay, better benefits, and greater flexibility. Businesses, eager to staff up as the economy reopened post-pandemic, were quick to accommodate. But by the summer of last year, the pandemicdriven hiring surge had largely faded, bringing an end to the hottest job market in decades.

Today, there are just 1.1 job openings per unemployed worker, a sharp decline from the peak of 2 in March 2022. As a result, securing a new job — whether after a layoff or by choice — has become increasingly difficult.

Workers in high-paying office roles, particularly in technology, law, and related fields, are facing a tough job market. Many of these industries hired aggressively in recent years and now have less demand for new employees. In contrast, opportunities remain plentiful in hands-on sectors like construction, healthcare and hospitality. Additionally, with a business-friendly energy policy, the industrial sector continues to offer strong employment prospects.