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Message
Is the job market beginning to show some cracks?
Posted on 8/1/24 at 3:07 pm
Posted on 8/1/24 at 3:07 pm
Anyone here work in an industry that is a “leading indicator” with this sort of data?
Someone I trust says the most reliable data point is the quitting rate, and it seems to be trending in the wrong direction.
It doesn’t make any sense for the job market to be slowing down as rate cuts are imminent.
Someone I trust says the most reliable data point is the quitting rate, and it seems to be trending in the wrong direction.
It doesn’t make any sense for the job market to be slowing down as rate cuts are imminent.
19
Posted on 8/1/24 at 3:09 pm to HailHailtoMichigan!
quote:
job market
quote:
show some crack
Only Fans?
Posted on 8/1/24 at 3:15 pm to HailHailtoMichigan!
quote:We now know you're not a Econ major...
It doesn’t make any sense for the job market to be slowing down as rate cuts are imminent.
One of the reasons interest rate reductions are on the horizon is because the job market is cooling.
Posted on 8/1/24 at 3:18 pm to HailHailtoMichigan!
My $0.02 from someone in IT infrastructure and cybersecurity...and a couple of observations.
Whereas before we struggled to get qualified applicants to create hiring pools of sufficient size the last few hiring efforts I have been a part of the pool of qualified applicants is much larger. What has changed between the two 'phases' are the mass layoffs in the IT sector.
I also spend a lot of time offering coaching & mentorship services to service members transitioning from active duty/full time school to the work force and it has been much harder to find viable opportunities for them of late. When I retired off active duty (2021) the rate of hire for servicemembers participating in fellowship/Skillbridge programs was really high for job offers...now many of these same companies are not promising any jobs at the conclusion of their program.
Correlated yes, but may not be causation.
Whereas before we struggled to get qualified applicants to create hiring pools of sufficient size the last few hiring efforts I have been a part of the pool of qualified applicants is much larger. What has changed between the two 'phases' are the mass layoffs in the IT sector.
I also spend a lot of time offering coaching & mentorship services to service members transitioning from active duty/full time school to the work force and it has been much harder to find viable opportunities for them of late. When I retired off active duty (2021) the rate of hire for servicemembers participating in fellowship/Skillbridge programs was really high for job offers...now many of these same companies are not promising any jobs at the conclusion of their program.
Correlated yes, but may not be causation.
Posted on 8/1/24 at 3:21 pm to HailHailtoMichigan!
I can only speak for the prison system. We are an all time shortage of officers and medical staff. This even with 10% raise in last 2 years and 15-20k sign on bonus.
This post was edited on 8/1/24 at 3:25 pm
Posted on 8/1/24 at 3:27 pm to HailHailtoMichigan!
Posted on 8/1/24 at 3:29 pm to HailHailtoMichigan!
If you have GenAI skills then you are the hottest girl at the party right now, that's all I have.
Posted on 8/1/24 at 3:32 pm to HailHailtoMichigan!
(no message)
This post was edited on 5/4/25 at 6:08 pm
Posted on 8/1/24 at 3:34 pm to HailHailtoMichigan!
I started about a year ago and in my 40ish person department, we had about 8 people leave the group in my first 3 months, all for external jobs.
We have had one person take an internal upgrade and no one leave for an external job in the last 6ish months.
Agribusiness sector
We have had one person take an internal upgrade and no one leave for an external job in the last 6ish months.
Agribusiness sector
This post was edited on 8/1/24 at 3:34 pm
Posted on 8/1/24 at 3:35 pm to HailHailtoMichigan!
quote:
doesn’t make any sense for the job market to be slowing down as rate cuts are imminent.
Posted on 8/1/24 at 3:36 pm to HailHailtoMichigan!
The job market for hiring has been bad with big companies posting “jobs” on LinkedIn that they aren’t really hiring for to make it look like they’re hiring to potential shareholders
These jobs get hundreds of applications which helps them keep a warm talent pool if they do want to hire someone eventually
They call these “ghost jobs”
These jobs get hundreds of applications which helps them keep a warm talent pool if they do want to hire someone eventually
They call these “ghost jobs”
Posted on 8/1/24 at 3:37 pm to holdmuh keystonelite
quote:
This even with 10% raise in last 2 years
10% over the last two years doesn’t keep up with inflation, that’s a pay cut
Posted on 8/1/24 at 3:42 pm to yellowfin
Our company just froze hiring, banned overtime, cut contract workers and froze 401k matches. Ouch. Quarterly and annual incentives and bonuses get paid out end of the month so I wonder how those will look. And this is all in a year with record sales.
Posted on 8/1/24 at 3:58 pm to artompkins
Did record sales lead to record profits?
This post was edited on 8/1/24 at 3:59 pm
Posted on 8/1/24 at 3:58 pm to Bobby OG Johnson
Build Back Better
Posted on 8/1/24 at 4:03 pm to HailHailtoMichigan!
The job market has been cracking for white collar
I spoke to a recruiter who in her words said "You are an A candidate and it's been tough for people like you. I have some C level people I speak to that I understand them not getting looks, but I have people like you where it makes no sense."
Right now it takes, perfectly aligned skill set, probably knowing someone, and a lot of luck.
I think we will start to see things improve in the coming 3-6 months, but the job market has been fricked for senior-ish level white collar jobs.
I spoke to a recruiter who in her words said "You are an A candidate and it's been tough for people like you. I have some C level people I speak to that I understand them not getting looks, but I have people like you where it makes no sense."
Right now it takes, perfectly aligned skill set, probably knowing someone, and a lot of luck.
I think we will start to see things improve in the coming 3-6 months, but the job market has been fricked for senior-ish level white collar jobs.
Posted on 8/1/24 at 4:12 pm to HailHailtoMichigan!
Beginning? The BLS overstated the jobs by 650k
We have lost 2mil full time jobs
If they were honest the fed would have cut months ago
We have lost 2mil full time jobs
If they were honest the fed would have cut months ago
Posted on 8/1/24 at 4:14 pm to yellowfin
quote:
10% over the last two years doesn’t keep up with inflation, that’s a pay cut
Tell that to most of us non govt employees who have gotten nothing.
Posted on 8/1/24 at 4:14 pm to yellowfin
quote:
10% over the last two years doesn’t keep up with inflation, that’s a pay cut
True but many federal prisons also got a 20% retention that I forgot to mention but are still losing more staff than we are getting.
Posted on 8/1/24 at 4:19 pm to HailHailtoMichigan!
Cracks are being filled by immigrants.
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