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Washington still adding jobs, but hiring is showing a slowdown

Article from AWB

Employers added jobs last month, but there are hints that hiring is slowing down, the Puget Sound Business Journal reports.

Washington added 2,500 net jobs overall in J
une, the Employment Security Department reports. That was led by 3,300 new jobs in the Seattle area. Many other parts of the state lost jobs. The state’s unemployment rateremains at 3.9%, with King County at the state’s lowest jobless rate (2.2%) and Ferry County the highest (7.8%).

“Efforts underway to curb high inflation — such as raising interest rates — will likely continue to dampen job growth and hiring as the year progresses,” said Paul Turek, economist with the state’s Employment Security Department economist.

Some industry sectors are already cutting back on hiring, including the tech sector. Google is pausing hiring for two weeks. Microsoft is limiting its new job openings, although it is still expanding its overall workforce. Amazon said it has gone from being understaffed during the pandemic to now being overstaffed. Facebook is planning to hire 30% fewer engineers. Bloombergand the Seattle Times have more.

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