Happy And Succeeding In The Future Of Work
Our Weekly Roundup
Despite The Fed’s Efforts To Curb Inflation, 261,000 New Jobs Were Added In October
The October jobs report has to be viewed differently compared to last year at this time. Job growth is not the desired outcome by Federal Reserve Bank chair Jerome Powell. His mission is to fight back against a record 40-year high inflation rate. While job creation and a strong labor market are typically favorable, Powell sees this as anathema to his policy. He needs to dampen employment to bring down runaway inflation.
The Fed aggressively raised interest rates to slow down the economy and curb inflationary growth by cooling down the labor market and muting wage increases that contribute to higher consumer prices. However, the growth in jobs was stubbornly strong in October, running contrary to the Fed’s policy of higher interest rates.
How To Protect Yourself From The Fed’s Inflation-Fighting, Layoff-Inducing Policies
Many companies have announced layoffs, hiring freezes and rescinded job offers. Businesses allow for attrition without replacements. Federal Reserve chair Jerome Powell continuing to hike rates, until there is evidence that inflation is abating, means that you must carefully manage your career. Higher interest rates are deliberately meant to cool the economy. It becomes more expensive for businesses to borrow money to build new projects, make acquisitions and hire personnel. The policy weakens growth, which could lead to a recession followed by layoffs.
JOLTS Report Shows That 10.72 Million U.S. Jobs Are Available—Here’s Why You Need To Be Skeptical About Some Of The Data
Is the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey an accurate indicator of open jobs in the United States? The JOLTS report on Tuesday stated that 10.72 million jobs were available as of the last day in September, an increase of 437,000 from the prior report. JOLTS provides a gauge of the economy and job market by looking into how many job openings were posted, workers hired, and those who quit or were laid off.
Loudly Succeeding: Make Some Noise To Get Noticed At Work
Those who speak up, take action and are noisy—in a positive way—will be the winners in this new economic era. Workers who have jumped on the bandwagon of quiet quitting and acting their wage will be at risk. When businesses reign in expenditures, it often involves cutting personnel.
How To Find A Job Between Now And The Beginning Of 2023
If you start searching for a job now, you’ll benefit from the needs of companies to quickly hire before the holiday-season slowdown. If you miss this window of opportunity, position yourself to be ahead of the crowd for early next year. It’s both an exciting and challenging time for job hunters. There are only two months left in 2022. Historically, once it gets close to Thanksgiving Day, the hiring process starts grinding to a halt.
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Jack Kelly is available to discuss a broad range of topics, including, but not limited to: the job market, the state of recruiting, trending news stories and career advice. He has appeared on CNBC, MSNBC, NBC, FOX, CBS, BBC and NPR. Jack has been quoted in the the Wall Street Journal, Washington Post, Economist, INC., New York Post and more.
About Jack Kelly
Jack Kelly is the CEO, founder, and executive recruiter at one of the oldest and largest global search firms in his area of expertise. He has personally placed thousands of professionals with top-tier companies over the last 20-plus years. Jack is passionate about advocating for job seekers. In doing so, he founded a start-up company, WeCruitr, at the beginning of the Covid-19 pandemic. The mission of WeCruitr is to help people in need and make the job search more humane and enjoyable. As a proponent of career growth, Jack shares his insider interviewing tips and career advancement secrets as a Senior Contributor for Forbes. He also covers timely topics related to corporations, high-profile people, Wall Street, politics and other important matters. The pieces offer insight into the news and how it may impact your career. Jack is the author of Happy and Succeeding in Your Job Search, as well as the host of Happy And Succeeding In The Future Of Work and cohost of the Blind Ambition podcast.