The American economy and the job market go together seamlessly. Not only is the economy highly interconnected with the job market, but they both influence each other. So, when one begins to shift or change, chances are the other will follow, sometimes in surprising ways.
For many years now, the economy has been rallying at historic levels, and the job market has responded in kind. As a result, hiring has been at an all-time high, unemployment has been low, and employers have had difficulty finding and hiring the people they need to run and grow their businesses.
All that may soon change. Read on to learn about how a shifting economy could benefit the job market, both for employers and job seekers — and more importantly — what that means for you.
What Is Going On With the Economy?
To better understand predicted changes in the job market, it helps to understand what’s transpiring in the economy lately. And economic activity has been pretty dynamic, to say the least.
For starters, inflation has reached highs we haven’t seen since 1982. It’s getting harder for Americans to fill their car with gas and buy groceries. And it’s not because people aren’t working. The Gross Domestic Production (GDP) rate is higher than ever, so Americans are providing more services and making more goods. This is especially evident in the unemployment rates, which have been consistent at very low levels for years.
These trends have been either holding steady or rising slowly long enough that many economists predict that significant changes could come soon: This means the job market could also be due for some upheaval.
How Could a Shifting Economy Change the Job Market?
At Action Group Staffing, we’ve noticed some changes that may indicate what we may see more of relatively soon. There’s been an upward trend in placing job seekers. We’re finding many workers who’ve been hesitant to rejoin the workforce are now eagerly looking for either contract or full-time work.
We’ve even seen many recent retirees coming out of retirement and rejoining the workforce.
You can never tell which way the job market will shift in relation to the economy, but traditionally as economic activity cools, so does the job market. But there’s good reason to believe that these changes to the job market will be highly beneficial for both job seekers and employers.
The Benefits for Workers and Employers
These shifts in the economy and subsequent changes in the job market could benefit employers and job seekers alike.
For workers, the Fed and their consulting economists will be working to protect job security as a top priority. Currently, policymakers are walking a fine line between slowing and reducing inflation without causing a downturn. They’re doing so in ways that can cool off the labor market but avoid causing a large number of layoffs. That’s great news for job seekers of today and workers of tomorrow. By locking down either a job or a relationship with a professional staffing agency like Action Group, they’re taking perhaps the most effective step towards economic security, which can insulate them from a possibly uncertain future.
Employers have a lot to look forward to as well. Many employers are all too familiar with the ongoing labor shortage in the candidate-driven job market. The issue has never been a lack of demand but a lack of supply. And as the economy shifts, we might see a parallel shift in the number of workers looking for jobs.
That means more selection and availability to hire the workers you need to run and grow your business.
Your Best Strategy: Work With Action Group Staffing
For workers, this is a great opportunity to update your resume for your job search with our team and land a position that can be your most proactive step towards economic security. And for employers, prepare your hiring department for an influx of candidates looking for work.
We can help you both! At Action Group, we’ve built one of the most trusted staffing agencies through years of bringing employers and workers together in fields that range from manufacturing to hospitality and the skilled trades. We can help you hire and get hired. Contact us today!