The job market looks solid on paper.
Over the course of 2023, U.S. employers added 2.7 million folks to their payrolls, based on government data. Unemployment hit a 54-year low at 3.4% in January 2023 and ticked up simply barely to three.7% by December.
“The labor market has been pretty robust and surprisingly resilient,” stated Daniel Zhao, lead economist at Glassdoor. “Particularly after 2023 after we had headlines about layoffs and forecasts of recession.”
However lively job seekers say the labor market feels tougher than ever.
A 2023 survey from staffing company Perception International discovered that just lately unemployed full-time employees had utilized to a median of 30 jobs, solely to obtain a median of 4 callbacks or responses.
“Between the information, the radio, and politicians simply speaking about how the financial system is so nice as a result of unemployment is low and simply listening to all that, I simply wish to scream from the rooftops: Then how come nobody can discover a job?” stated Jenna Jackson, a 28-year-old former administration advisor from Ardmore, Pennsylvania. She has been actively searching for a job since her layoff 4 months in the past.
“I have never quantified what number of functions I’ve utilized to nevertheless it’s undoubtedly within the a whole bunch no less than,” Jackson stated.
Greater than half, 55%, of unemployed adults are burned out from looking for a brand new job, Perception International discovered. Youthful generations have been affected essentially the most, with 66% complaining of burnout stemming from job search.
A significant cause might be the truth that the labor market is cooling.
“There’s much less of a frenzy on the a part of the employers,” based on Peter Cappelli, a administration professor on the College of Pennsylvania. “In case you’re any individual who needs a job, you want to a frenzy on the a part of the employers since you wish to have a number of folks making an attempt to rent you.”
Some consultants counsel it may additionally be as a result of expectations of job seekers.
“How folks really feel in regards to the job market is knowledgeable by their current experiences with the job market,” Zhao stated. “In 2021 and 2022, there have been labor shortages, so [employers] have been providing all types of perks and advantages to attempt to get folks within the door. So even when 2024 is shaping as much as be a comparatively wholesome labor market by current comparability, it would not really feel fairly as robust.”
Watch the video above to seek out out why getting a job feels tougher than ever.