Why It Seems Like It’s Hard To Get A Job Right Now. The work market appears stable. January 2023 saw a 54-year low in unemployment of 3.4%, while U.S. firms hired 2.7 million workers. January employment data revealed a strong start to 2024’s labor market. The empirical data suggests that the labor market has been strong and remarkably resilient, even after 2023’s layoffs and recession warnings. However, soft data shows that Americans are less positive about the economy and employment prospects.
Politicians boasting about the economy. I want to shout from the roofs. How come no one has a job? Unemployed full-time workers applied to 30 jobs and received four callbacks. Job openings are down somewhat but not significantly. How hard are you trying to fill them? Right now, the solution seems wrong. Why is it so hard to find work now? Is the U.S. labor market strong?
Daunting Process
Hi. My name is Prince. My hometown is Ardmore, Pennsylvania, near Philadelphia. I have never seen a crazier employment market. Honestly, my job hunt has been frustrating. My application count is unknown. I think quantifying it would be depressing. It was at least in the hundreds. 55% of jobless persons were exhausted from job hunting. Younger generations were more affected, with 66% reporting job search weariness. Looking for work may be full-time. Much goes into it. Applying online may be laborious, time-consuming, and frustrating. It feels like Groundhog Day or waking up the same every day. According to the research, applying for a job on a job board had a 3% chance of being hired.
Therefore, you must apply for many jobs to acquire them. You’ll receive many blank replies. Doing it is exhausting. Glassdoor found that ghosting by potential employers increased significantly after the COVID-19 epidemic in 2023. We often hear from job searchers that sending out thousands of applications and not hearing back may be emotionally and psychologically draining. It’s unprofessional too. Especially if you’re planning to interview them, you should let them know. Perhaps technology is to blame. A job is easy to post and many individuals can view it. When you have so many responses, it’s hard to contact each prospect.
During the Great Resignation, when the market was booming, candidates ghosted firms more than usual. This has happened on both sides of the barrier. Volume is probably to blame. Company hiring times touched an all-time high of 44 days in the first quarter of 2023, with major areas including energy and military taking more than 67 days. Multiple rounds and examinations have lengthened the application procedure. A huge financial institution’s phone screen and zoom interview with a team member was my worst experience. Then I received a case study with ambiguous directions. They replied that the team didn’t think there was enough and gave me another go.
I returned to the recruiter and said, ‘I’m sorry, I don’t believe this is the greatest fit.’ Even if I moved forward and they accepted my edit, I would have had three more interviews. Many employers like additional interviews. Not good. The majority of job interviews are unimportant. They don’t realize their queries will indicate your suitability. They don’t know the correct answer when they inquire. This is a long-term trend. This is bad for everyone. Some of this would continue even with a healthier job market.
Cooling Market
Tight and loose are two ways economists define the employment market. Tight labor markets are usually heated, according to experts. That mostly means employers have trouble hiring. Employers are less likely to lay off workers in that setting. They employ more aggressively, giving bonuses and on-the-job training. In contrast, a loose or cold labor market may include layoffs or hiring freezes. Workers who are already in labor or seeking to enter may have trouble finding jobs. The American job market is still tight after the epidemic. Many employers had to cut back during the epidemic, but subsequently, they could hire again when their businesses grew.
So many job postings occurred simultaneously. Job postings reached record highs despite a severe labor shortage. The Great Resignation occurred when working Americans resigned at unprecedented rates for new employment due to numerous job possibilities. However, the job market is cooling. Employers are less frantic. As a job seeker, you want employers to go crazy wanting to recruit you. I find it fascinating that the employment market is strong but the hiring and layoff rates are low. Although IT and media companies have announced a lot of layoffs, the U.S. layoff and discharge rate remains around record lows.
I think firms are cautious about laying off staff. Due to current labor shortages, they’re afraid to fire staff. However, many workers are sitting tight. They’re not quitting or fired. So attrition doesn’t provide as many possibilities for people wanting to get into those jobs. LinkedIn revealed that U.S. job searchers searched 27% more in 2023 than in 2022. LinkedIn had one job per active candidate in 2022. The ratio reached one job for every two candidates by 2023. Both companies and employees are being more picky in the market. Everyone’s being more measured and picky right now. The market has cooled because of that.
Repercussions
However, analysts say the cooling labor market is not yet a problem. A historical viewpoint is crucial. You might think the job market is bad if you’re looking for work and can’t find one. Compared to your parents, the job market is good. I think sentiment is results minus expectations. Worker shortages occurred in 2021 and 2022. Employers hired aggressively. Thus, while 2024’s labor market is healthy by recent standards, it doesn’t feel as strong. The Federal Reserve wanted to cool the labor market with its interest rate hikes. As the Federal Reserve, you want to slow the economy by slowing the markets. The labor market dominates.
Employers spend most of their money on labor. So you can’t easily cool the economy without cooling the labor market. Experts also said the labor market’s health depends on the economy’s direction. The labor market can be somewhat resilient if the economy slows down or goes into recession in 2024, but it can’t fully buck the trend. This is something we should watch in 2024. The job market may weaken. We may be optimistic about the economy. That doesn’t mean job hunting is easy. The main point is that it’s not you. Not you. At the same time, hundreds of thousands are experiencing it.
It’s related to the economy. The uncertainty and employer quirkiness about hiring today are to blame. It’s, um, difficult out there. But I just encourage you not to give up and still keep diving into your network and stay tight with family and friends, just to give you the emotional support that you might be lacking at the moment and to give you that confidence that you can do it.
