What Recession? Job Market Is Still Hot (For Now)
Apparently, rumors of an imminent recession have been greatly exaggerated.
Despite ongoing issues with inflation and rising interest rates, recent reports show that the job market is still going strong. According to the most recent data from the Labor Department, the number of open jobs in the US continues to increase (as many as 11.2 million new job openings in July). In fact, ironically, while most of us are struggling under the weight of higher prices, employers still are having trouble finding enough people to fill their open positions!
While the economy has in fact shrunk over the last 2 quarters (which is usually the definition of a recession), there are enough positive numbers in other areas (like jobs) that the experts are holding off on calling it a recession.
For now.
What Does All This Mean for Job Seekers?
For the time being, it’s good news. If you’re currently on the hunt for a new position or career, your prospects are still good. Companies are still hiring, and they’re willing to pay competitive salaries to attract the best candidates. However, experts are warning us to be cautious–that this boon of jobs could still reverse course in the next few months. Here’s why.
The Federal Reserve has been raising interest rates to try to tamp down inflation–and in some respects, it does seem to be working. But ironically (there’s that word again), a hot job market also feeds inflation, which means the Federal Reserve may have to continue raising interest rates to combat it. Eventually, those rising rates could start affecting cash flow for employers, which would in turn mean fewer jobs and a sluggish economy.
The Bottom Line
Things are good right now for you, job seeker–but don’t bank on it for the future. If you’re looking for a new job or career, the job market is currently in your favor, and you have a lot of bargaining power with employers–IF you act now. If current trends continue, this window of advantage may soon close.
Even with jobs in abundance, finding the very best position to match your passions can still be challenging-and that’s where I can help. As a career coach, I can help position you not just to get a job (because if you’re okay with any job, you can do that on your own)—but rather to help you land the job you really want, the one that you can see yourself working in for years to come. Just click here to access my calendar and set up a free 30-minute consultation.
