What you need to know about the current job market

Headlines are popping up about layoffs and hiring freezes, but what does that doesn’t necessarily mean you’re in for a rough job search. The latest numbers show the job market is still strong. Yet, there are some worrying signs starting to emerge in the data and some industries are taking a hit. As a result, some people may need to prepare for a longer job search and broaden their possibilities.?

The job market has been nothing short of a rollercoaster over the past several years. COVID-19 practically shut down one of the best markets for job seekers in recent memory. The job market then rebounded into historic territory once again as the world emerged from the darkest days of the pandemic. Now, we’re seeing headlines about layoffs and hiring freezes. We’re also seeing inflation reflected in prices.

If all of this is causing you a bit of anxiety, you’re not alone. A poll that I ran on LinkedIn showed that nearly two-thirds of respondents were either worried or very worried about their careers due to the ongoing economic uncertainty. About a third said they weren’t concerned about it. The rest said they were unsure.

The reasonings people gave for their answers varied a lot. Some said they were not worried because they either owned their own business or they had endured previous economic downturns.

“I answered ‘not worried,’” wrote Eleanor Scott , who is a senior program/project manager. “Historically, I have been in the job market during more economically challenging years than prosperous years. This taught me early on in my career to develop resiliency.”

Others latched on to the fact that a lot of what we’re seeing creates unknowns, which are scary.

“It's a sense of just general uncomfort,” wrote Dominic Imwalle , who is a consultant and job search coach. “You really have no idea where you could end up and the decisions that some [companies] will make. I put worried, so many different ebbs and flows that we don't always know about.”

Should you be worried about your career during the ongoing uncertainty?

Whether your worries about your job search are justified comes down to several factors — especially in which field you work or are trying to find work.

The overall job market remains healthy. In fact, it still looks very healthy. LinkedIn’s June Workforce Report showed that hiring in the U.S. during May was 0.4% higher than it was in April. Hiring was 9.8% higher this past May compared to the same time last year. Similarly, hiring in May was 10% higher than it was in February 2020 —?right before COVID hit the U.S.

Yet, there are some worrying signs beginning to emerge in the data. The latest numbers from the U.S. Department of Labor show the 4-week moving average of first-time unemployment claims has been trending upward since April. The 4-week moving average of people continuing to collect unemployment has also started to level out after a downward trend began at the start of 2021.

Also, as I mentioned before, there have been headlines about some companies laying off staff and putting hiring freezes into effect. The bulk of these cuts and actions have occurred in the technology, cryptocurrency and real estate industries, reports Bloomberg , which says at least 37,000 people in those fields lost their jobs since May.

Why are these industries shedding the most jobs? NPR reports that it could be due to these areas seeing a drop in business as people’s behaviors change. After all, people are spending less time inside on their digital devices now that they can go on vacation or be out in nature. The housing market is also starting to cool as the price of borrowing money increases — an intended effect of the Federal Reserve raising interest rates.

What does all of this mean for your job search?

You’re probably left wondering what all of this means for you and your job search. The truth is that — generally — you should still be optimistic that you’ll find a new job that you’ll enjoy. The key is to double down on a winning job search strategy. You can read about crafting one in a previous edition of #GetHired by clicking here.

For those of you who may be in industries feeling an economic pinch like technology or real estate, you may need to be realistic about the time you’ll need to spend looking for work and whether you need to broaden your list of target employers. My LinkedIn News colleague Gianna Prudente recently covered this topic for Gen Z job seekers in her newsletter . Everyone — young and old — can find value in the advice. You can read it by clicking here .

Lastly, I want to suggest that you open your mind to opportunities you may not have considered during the height of an amazing job market. Make sure you take stock of the skills you have and where they can be valuable. For example, you may be an event planner, but many of your skills can be used as an operations manager. You can read more on taking inventory of your skills in a previous edition of #GetHired by clicking here.

Of course, the most important piece of advice is to take breaks when needed but to keep going until you get an offer.

This week on Get Hired with Andrew Seaman , I'm joined by Cultivated Culture’s Austin Belcak . We discussed how people — especially recent graduates — can make their new jobs or internships a success. Listen to the whole episode below or by clicking here . You can also read the transcript by clicking here .

If you like the podcast, don't forget to rate and review us on Apple Podcasts by clicking here !

I’ll be joined by Ancestry President and CEO Deborah Liu on Friday, July 15 at 11 a.m. ET to discuss how women can overcome the challenges of the modern workplace. You can RSVP to that chat by clicking here .

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If you’re like most other job seekers, you’re likely looking for a remote role or —?at the very least —?a hybrid role with flexible options. One of the most attractive qualities among job seekers seeking those roles is adaptability to technology. This LinkedIn Learning course offers tips on how to build those skills. You can watch the course below or by clicking here .

#GetHired will be back on July 12 with a fresh edition about busting ageism myths and combatting it during a job search. Have you encountered ageism in your job search? Tell me about it and how you overcame it by clicking here .