For months in late 2022 and all of 2023, economic experts warned of the thread of a recession in 2024. Some said it WOULD happen; others said it COULD.
Now they’re saying they were wrong.
“The U.S. economy is on relatively solid footing heading into 2024 compared to a year ago. Inflation has cooled, labor markets have remained stable and the Federal Reserve has opened up to the possibility of decreasing interest rates at some point next year.”
“Many economists, including Federal Open Market Committee, or FOMC, members, anticipate a soft landing for the U.S. economy in 2024 that will include slowing GDP growth without a recession.”
So, we asked ourselves (because we figured out clients might be asking the very same question): “What could this mean for hiring this year?”
Here are our thoughts on hiring in 2024
First, if a recession doesn’t occur, this often means the hiring market will – either greatly or slightly – benefit job seekers rather than employers. Yet unless a candidate has the skills for in-demand jobs, this might not be the case.
Even if there’s no recession this year, that doesn’t mean a boom for workers:
According to a January 1 article in Business Insider: “’The job market is now showing signs of stabilization, but we expect to see continued caution in hiring on the part of employers moving into 2024,’ Kory Kantenga, senior economist at LinkedIn, said…. .”
Job seekers with sought-after skills should have an easier time of it than other candidates, especially if they are looking for work in government, education and healthcare. Yet overall, the job market could be more competitive this year, “as a result of fewer job openings and higher search intensity among job seekers,” according to the Business Insider piece.
In addition, “employers will be more selective” this year, targeting job candidates “who precisely meet their expectations.”
While the economy won’t be moving into recession these next few months (as most experts believe now, at the start of the year), neither will employers be hiring here, there and everywhere, and instead will be moving cautiously, bringing on new talent only when needed and more than likely choosing candidates who possess most of the job description’s requirements.
Debbie’s Staffing can help employers find one great employee at a time…or dozens.
Learn more about our recruiting services and how we can help you hire now, or in the future.