Currently, the job market is hot. Things to consider before swapping jobs.
By The Exchange Team
Even with high inflation and a likely recession, it's an employees' market. But Some signs suggest a change.
A Reason could be The Fed's 0.75 percentage point rate hike on Wednesday likely won't be its last as it tries to tamp down historic high inflation.
This could result in "some easing of labour market conditions," according to Federal Reserve Chair Jerome Powell on Wednesday.
11.2m job oppenings in July may "come down dramatically," he said. As per the latest jobs data, rate hikes may raise unemployment, which is 3.7%.
Switching now may be wise. If you're unhappy and underpaid, you won't find a better time to locate a new job or renegotiate.
Many organisations have a last in, first out strategy, which could leave freshly hired workers more exposed, he said.
Some sectors are more cut-prone currently. Technology sector cuts are over 70% year-over-year. Financial technology employment cuts are up 765% from last year, and automotive job cuts are up 232%.