January 10, 2023
We are consistently hearing about the low unemployment numbers. It is the lowest it has been in a long time, but there seems to be something brewing underneath. The Washington Post recently reported that the job market looks to be on shaky ground and that rough times could be ahead of us. I want to […]
We are consistently hearing about the low unemployment numbers. It is the lowest it has been in a long time, but there seems to be something brewing underneath. The Washington Post recently reported that the job market looks to be on shaky ground and that rough times could be ahead of us. I want to help those prepare for what may be coming down the road.
Re-Evaluate Your Industry:
Many think that the industry they work in is safe in this economy, because it has been booming over the last few years. Those booming years are coming to an end and companies are starting to lay people off because they feel they hired too many people. The tech industry is the biggest victim right now with thousands of jobs around the country being cut in order to save money. So if you are seeing a slow down in business at the company you work at then you need to be saving your money just in case the company starts to downsize. Don’t be blindsided.
The industry you work in doesn’t have to be one of the ones I just mentioned, but could be closely related to it. For example the housing market has taken a beating and so obviously banks are firing mortgage officers by the thousands, but if you work at a furniture store for example you need to be on alert. If less people are buying homes then everything that would have gone into those homes are going to take a hit as well. It is a domino effect and so if you are in an industry that can be affected by the downturn of another industry then stay alert. Keep your eyes open for new jobs and also ways to bring in extra money.
Some of you are in the driver’s seat of this economy because the industry you are in is hurting for talent and they are willing to pay to get someone in the positions. Take teachers for example. There are districts with hundreds of positions open and to help fill those positions some districts have $10,000 signing bonuses. There are still high paying positions for nurses as well and those may not be going anywhere for a while. So if you are in a safe job right now this may be your opportunity to really bring in more money because you are desperately needed.
As the Federal Reserve continues to hike up as they will do this week the job market will continue to see possible weakness. Make sure you are not blindsided.
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