Although it may not make it into this year’s edition of Merriam-Webster’s esteemed dictionary, the term “job-hugging” has gained traction.

What is it?

In essence, due to the recent stagnation in job creation—though we lack complete clarity because the “official” monthly jobs report is unavailable due to the government shutdown—those currently employed are clinging to their positions more tightly, essentially “hugging” their jobs until better opportunities arise.

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On Friday, we had a conversation with CBS Business Analyst Jill Schlessinger about how economists are evaluating job market growth and its implications for everyday workers.

While our broadcast featured a condensed version of this discussion, below we present the full transcript of our interview with Jill.

WKMG:

For the second month in a row, we do not have the latest jobs report because of the government shutdown. However, alternative reports are giving us a sense of where the labor market stands. CBS News Business Analyst Jill Schlesinger is here with some insights.

Jill – no official jobs report – what are economists watching to judge the current labor market and where it’s going next?

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Jill Schlessinger:

Well, they’re looking at a report from payroll giant ADP just released a couple days ago. And that report showed private companies, not the government, adding 42,000 jobs in October. That might seem like a low number, but it actually reverses losses that they reported in the previous two months. Interesting. All the job creation came from big companies, those that employ at least 250 workers.

WKMG:

Workers are on edge. What should people know going forward?

Jill Schlessinger:

The rate at which businesses are hiring is low by historical standards. And of course, if you do lose your current job, you’re going to have a harder time finding a new one. So maybe budget into your mind 6 or 9 months. Now the reality is we have less bargaining power as employees right now than we did when the job market was hot.

And so there is a new term that people are looking at when we talk about people in the workforce right now. It’s called job-hugging. It’s holding on tight to your current position, and that may be your best bet in this environment.

WKMG:

And Jill, what steps should these folks take if they fear a job cut could be coming?

Jill Schlessinger:

I think when you’re in this environment, you kind of want to fight the urge to just hide and hunker down and try to be proactive. Focus on what you can control. Meaning, if someone is asking for a volunteer for a new opportunity in the company or in your organization, raise your hand and of course, update that LinkedIn profile. Fire up your network.

WKMG:

Jill, great advice. Thank you very much. You can see Jill regularly on CBS Mornings and the CBS Evening News. For more analysis, go to JillOnMoney.com.