The hottest job market in a generation has come to an end, writes Jeanne Whalen for The Wall Street Journal.
The red-hot hiring that led to rock-bottom unemployment helped millions of people find new jobs, increase their pay, and reinvent their careers. Now, while the market is still healthy, signs of difficulty are starting to show.
Unemployment increased to 4.1 percent last month, bumping it above four percent for the first time since 2021. While that is still a low percentage by historical measures, it is higher than 3.4 percent early last year.
Workers are no longer quitting as easily as they have in the last few years, and college graduates are having trouble finding good jobs.
The pay being offered for many positions has also fallen.
Ed Samuel, a career coach in Kennett Square, has noticed a downward pressure on salaries for a number of executive positions in various fields, including cybersecurity.
“You see jobs posted on LinkedIn in the $175,000 to $225,000 range, with job descriptions that are almost identical to a position that would have been $275,000 a few years ago,” he said.
Read more about the job market’s ups and downs in The Wall Street Journal.
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