Employment Challenges: The Slower Path to Securing Jobs in Today's Economy
Employment Trends in a Slowing Economy
The unemployment rate might be near a historic low, but it's taking longer for hundreds of thousands of out-of-work Americans to find new jobs, signaling cracks within a once-hot labor market as employers continue to cope with the impact of higher borrowing costs.
- About 40% of the 7 million people who were out of work in October—roughly 2.84 million—have been looking for work for more than 15 weeks.
- This represents a 20% increase since a year earlier, according to data from the Bureau of Labor Statistics.
- More than half of those job seekers have been on the hunt for new employment for more than 27 weeks, indicating a significant delay in securing new positions.
Understanding the Impact on Hiring
A drawn-out job search is increasingly common in today's labor market as companies hold off on hiring, especially in certain industries. ZipRecruiter chief economist Julia Pollak explains the concern surrounding current trends.
This situation contrasts sharply with the high job-switching rates seen in 2021 and 2022, when Americans actively pursued better remuneration and more fulfilling roles.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.