Job Numbers Up in April but Market is Still Down

The US economy is up 177,000 jobs as of April, but employers are not bullish, the WSJ reports. In fact, “[m]ajor U.S. employers are slowing or pausing hiring to cut costs amid economic uncertainty… Companies are wary of layoffs, but are more cautious about bringing in new workers.”

What’s giving companies concern?

• “Stop-start” trade wars
• Lower consumer confidence
• Cuts in federal funding particularly affecting research, sciences, and education
• Companies ‘ embrace of AI to increase efficiency

How are companies addressing their concerns? One way is “bringing in fewer employees” to “help them cut costs and weather a turbulent moment.” As a manufacturer put it, “We have instituted our recessionary playbook.”

The result is a tough market for white collar workers. The article spotlights a 49 year old tech employee with tenure at Tesla and other well-known companies but was laid off from a startup earlier this year. He has “applied for about 10 jobs every weekday, tailoring his résumé to each role, crafting cover letters and reaching out to his professional network” but found open roles to be “dwindling.” He said, “its definitely a different market… There’s less opportunity.”

My recommendations for this market? Keep your skills sharp and network engaged. Target companies that would have a need for your experience and try to stay top of mind so when they have an opening you are first on their list.