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NEWS


JOB SEEKERS FEEL DISCOURAGED ABOUT SLOWING GROWTH IN THE JOB MARKET

By

Alex Kline

Published

July 27, 2024
   
   
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The optimism of job hunters in the second quarter of 2024 dropped to its lowest
level in over two years, as per a quarterly survey carried out by ZipRecruiter.
This decline indicates that individuals seeking employment are less positive
about their chances of securing desired positions.

A few years ago, employees were enjoying a sense of satisfaction as the job
market was prospering and historically sturdy based on various measures.

Despite the efforts of the Federal Reserve to control high inflation through a
significant rise in interest rates, the job market has been gradually slowing
down. Workers are now facing more challenges in finding jobs, and although
stable, the job market could face obstacles if this trend continues, according
to economists.

“Considering the data, it’s no wonder why job seekers are feeling pessimistic,”
noted Julia Pollak, the chief economist at ZipRecruiter. “The job market is
indeed weakening, and job seekers are taking notice.”

The demand for workers surged in 2021 following the rollout of Covid-19 vaccines
and the extensive reopening of the U.S. economy.

Unprecedented job openings provided employees with numerous choices, prompting
companies to swiftly raise wages to attract qualified individuals. By January
2023, the unemployment rate had dropped to 3.4%, the lowest level since 1969.

During this period, dubbed the “great resignation” or “great reshuffling,”
workers could easily switch to higher-paying roles, with over 50 million people
quitting their jobs in 2022, setting a new record.

Despite a significant reduction in inflation, a feeling of economic negativity,
labeled as a “vibecession,” prevailed among many Americans despite the overall
strength of the economy.

While several job indicators have returned to pre-pandemic levels, the pace of
hiring by employers is the slowest since 2017.

“The strong post-pandemic job market dynamics in the United States have largely
dissipated,” observed Preston Caldwell, a senior economist in the U.S. at
Morningstar Research Services.

The unemployment rate rose to 4.1% as of June 2024. While indicating a solid
labor market, the persistent increase is concerning, according to Nick Bunker,
the head of economic research for North America at Indeed Hiring Lab.

The broad adjustment in the job market has been generally well-received as it
returns to a pre-pandemic equilibrium, noted Bunker. However, any further
cooling off could bring risks, he added.

“Currently, the job market remains stable, but the future is uncertain,”
emphasized Bunker after analyzing the latest monthly employment data from the
federal government. “The existing job market conditions are favorable, but
ongoing trends could lead to challenging situations.”

Employee morale could see an upturn if the Federal Reserve chooses to reduce
interest rates, which might help households by cutting borrowing costs,
suggested Pollak.

Image Source: insta_photos / Shutterstock




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