2 Wars Going On… A Looming Recession…
What Prospects For The Job Market?
The job market has undergone several major changes.
Hiring fell 3.6% m-to-m in August across almost all sectors, the third consecutive month of decline in hiring numbers, and a retreat of 23.8% y-o-year.
According to LinkedIn, almost all industries are facing challenges. The wholesale sector saw a 13.9% m-to-m drop in employment, the retail industry a 10.7% decline. Food services and the financial sector recorded decreases in hiring of 6.7% and 7.1% respectively.
The BLS reported that job openings declined to their lowest level in over two years, dropping from 9.165M in June to 8.827M in July.
According to Forbes, employers plan to focus on recruiting and retaining business-critical skills. The IT industry is a bright spot, with 39% of companies intending to hire in this sector. Other sectors like financials and real estate (33%), communication services (31%), healthcare and life sciences (31%), and energy and utilities (31%) also show promise.
Employers are more willing to hire candidates who are older, have been unemployed due to caretaking responsibilities, have non-linear career paths, or are long-term unemployed.
Employers prioritize soft skills like communication, collaboration, and teamwork (39%); accountability and reliability (33%); reasoning and problem-solving (29%); active learning and curiosity (23%); and resilience, stress tolerance, and adaptability (23%).
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