2/3/2024 - TL;DW But I Read
So why does it feel so hard to get a job right now and is the U.S. labor market as strong as it seems?
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Why Getting A Job Feels Impossible Right Now?
*Topic : Business
*Length : 10m 38s
*View : 236K
The job market looks solid on paper. In 2023, unemployment hit a 54-year-low at 3.4% in January, according to the U.S. Department of Commerce. Bureau of Labor Statistics reported that U.S. employers added 2.7 million people to the payroll the same year. But itโs a different story for active job seekers. A staffing firm Insight Global found that recently unemployed full-time workers applied to an average of 30 jobs, only to receive an average of four callbacks or responses. So why does it feel so hard to get a job right now and is the U.S. labor market as strong as it seems?
๐ค Unemployed full-time workers apply to an average of 30 jobs, but only receive an average of four callbacks or responses.
๐ฉ 55% of unemployed adults said they were burnt out from searching for a new job, with younger generations impacted the most.
๐ The time it takes for a company to hire an employee hit an all-time high at an average of 44 days during the first quarter of 2023.
๐ The application process has become longer and more tedious, with multiple rounds of interviews and assessments, making it difficult for job seekers to navigate.
๐ In a tight labor market, it is difficult for employers to find workers, leading to more aggressive hiring tactics and fewer layoffs.
๐ Job openings surged to historic highs while the country continued to struggle from a devastating labor shortage, leading to the trend of the Great Resignation.
๐ The health of the labor market is closely tied to the overall direction of the economy, and a potential recession in 2024 could affect job market strength.
๐ It's not just you, it's happening to hundreds of thousands of people at the same time, and it's due to uncertainty and quirkiness inside employers about how they handle hiring these days.
Link:
Landlords facing outrageous 'cash for keys' demands
*Topic : Business
*Length : 14m 04s
*View : 357K