So, where's the market headed? (2 min read)
The question you're likely asking next is whether today’s job market will stay resilient. According to Fitch Ratings, slowing aggregate demand in response to higher interest rates will begin to weigh on the U.S. labor market, and the 517,000 new jobs created in January—three times the level expected by analysts— won’t last long.
Eventually, both higher borrowing costs and elevated compensation costs could weigh on corporate profits. Given how unemployment serves as a lagging indicator, the material effects in the economy will likely appear before cracks begin to show in the U.S. labor market. Simply put, other leading indicators of a slow down, or a reduction in force will likely appear before we see unemployment numbers impacted.
As a job seeker, this means the next month (or two) may be the best time to job search inside of 2023. That may seem like a bold statement, but remember, we're in a time of "very low" unemployment, and there are already signs of things moving in the opposite direction.
According to BLS data published on March 8th, 2023; on the last business day of January, the number and rate of job openings decreased to 10.8 million (-410,000) and 6.5 percent, respectively. The largest decreases in job openings coming from construction (-240,000), accommodation and food services (-204,000), and finance and insurance (-100,000).
So, who's hiring?
A fair question we attempt to answer every month. The realistic answer is "tons of companies" across a number of industries...you simply need to get out there and search. In order to help with that effort we recommend using the following job boards:
1. JobScan's 'Ultimate Who's Still Hiring' List:
2. Levels 'Who's Hiring in Tech" List:
Both of these lists are updated 'live' every day, so you can rely on the information being accurate.