September 1st, 2023 7:00am PDT
(PenniesToSave.com) – The Great Resignation saw a substantial number of workers deciding to leave their current jobs. They opted to leave low-paying service roles in search of higher salaries and, as a result, pursued new career opportunities or aimed for promotions at different companies.
As the Federal Reserve raises interest rates, the extensive restructuring in the labor market has reached a cooling down stage.
Recruiters and job seekers looking for career advancement have observed a notable change in the labor market, with employers now holding more influence. What was once a promising landscape for aspiring professionals has transformed into a challenging scenario, marked by an influx of highly qualified candidates vying for limited job openings. In response to the unpredictable economic climate, companies have taken a cautious approach to hiring, leading to a decrease in available job listings.
The latest report from the Job Opening and Labor Turnover Survey (JOLTS) shows a decline in job opportunities in the United States. In July, there were 8.8 million open positions, down from 9.16 million the previous month. This marks a two-year low in available job openings.
The report also mentioned a decline in the rate of people leaving their jobs voluntarily, signaling their confidence in finding new employment. The number of individuals quitting dropped to 2.3%, the lowest it has been since January 2021.
The latest consumer confidence report from The Conference Board, released on Tuesday, shows that fewer people believe job opportunities are plentiful, while more people now perceive jobs as being hard to come by. This data suggests a decline in optimism regarding employment conditions.