Economists say the labor market is strong — but job seekers don't share that confidence. Here's why

The job market looks solid on paper.

Over the course of 2023, U.S. employers added 2.7 million individuals to their payrolls, in response to government data. Unemployment hit a 54-year low at 3.4% in January 2023 and ticked up simply barely to three.7% by December.

“The labor market has been pretty strong and surprisingly resilient,” stated Daniel Zhao, lead economist at Glassdoor. “Especially after 2023 after we had headlines about layoffs and forecasts of recession.”

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But energetic job seekers say the labor market feels harder than ever.

A 2023 survey from staffing company Insight Global discovered that not too long ago unemployed full-time employees had utilized to a median of 30 jobs, solely to obtain a median of 4 callbacks or responses.

“Between the information, the radio, and politicians simply speaking about how the financial system is so nice as a result of unemployment is low and simply listening to all that, I simply need to scream from the rooftops: Then how come nobody can discover a job?” stated Jenna Jackson, a 28-year-old former administration marketing consultant from Ardmore, Pennsylvania. She has been actively on the lookout for a job since her layoff 4 months in the past.

“I have never quantified what number of functions I’ve utilized to but it is positively in the a whole lot a minimum of,” Jackson stated.

More than half, 55%, of unemployed adults are burned out from trying to find a brand new job, Insight Global discovered. Younger generations had been affected the most, with 66% complaining of burnout stemming from job search.

A serious motive might be the reality that the labor market is cooling.

“There’s much less of a frenzy on the a part of the employers,” in response to Peter Cappelli, a administration professor at the University of Pennsylvania. “If you are any person who desires a job, you want to a frenzy on the a part of the employers since you want to have plenty of individuals attempting to rent you.”

Some specialists counsel it may also be as a result of the expectations of job seekers.

“How individuals really feel about the job market is knowledgeable by their current experiences with the job market,” Zhao stated. “In 2021 and 2022, there have been labor shortages, so [employers] had been providing every kind of perks and advantages to attempt to get individuals in the door. So even when 2024 is shaping as much as be a comparatively wholesome labor market by current comparability, it does not really feel fairly as strong.”

Watch the video above to search out out why getting a job feels more durable than ever.

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