Breaks Pumping on the Job Market! What Should Opportunistic Workers Do?

    

By: Aremorph 11/1/24

    In February of 2022, the US added roughly 900,000 jobs to the labor market. in October of 2024, there were just 12,000 jobs created in the US. What is the cause of this stark decline?

    To begin, lets look at the hight of job creation in the post pandemic era. After COVID 19, as the economy began to recover, the job market spiked in roaring support of reopening the economy. This led to an surge of created jobs, hence the largest number of jobs added to the US economy in the past 10 years. As a result, the economy began to heat up, forcing the Fed to hike rates to slow down the economy. 

Fig 1. Monthly Job Creation in US (CNBC)

    As the rates began to cut, the economy slowed down, and the effects were felt in all aspects of the economy, ranging from: consumer and business confidence, GDP growth, inflation, and of course, the job market. As of recent, events such as hurricane Helene and Milton, as well as the strikes across the ports and Boeing have impacted the labor market heavily.

    What should you do as an opportunistic worker?

    If job growth has you worried, don’t stress! Here are my tips for you to stay ahead:

  1. Build Skills: With fewer job openings, it’s a great time to grow. Think digital skills, coding, or finance – stand out!

  2. Look Where Demand Is: Healthcare, tech, and green energy often stay steady or even grow when other areas slow down!

  3. Network Smart: Stay in touch with your contacts – it’s an easy way to hear about hidden opportunities and industry trends.

  4. Manage Finances: It’s smart to save a little extra, cut back on non-essentials, and avoid new debt.

    So, here’s the scoop: after a post-pandemic job boom, the labor market has cooled significantly. Rising interest rates and recent economic disruptions have slowed job growth, but don’t be discouraged! By focusing on growing professionally, targeting in-demand fields, managing finances, and exploring gig opportunities, you can stay resilient. With a little strategy, you’ll be ready to make the most of the next upswing.



Sources:

- https://data.bls.gov/timeseries/ces0000000001?output_view=net_1mth

- https://www.cnbc.com/2024/11/01/us-jobs-report-october-2024.html


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