Economy & Job Market trends going into 2023

In 2022 inflation and interest rates soared while stocks plummeted, yet the labor market remained stable. In fact for the majority of the year it was an applicants market. So what can we expect from the job market in 2023? Will 2023 be the year you advance your career?

As an overview, here are the trends and employment changes we see and how they will impact you. We believe and many sources such as forbes.com believe it will still be a very hot job market, where applicants hold the advantage over the employers. Additionally, the primary challenge for employers in 2023 is going to be retention!

Applicant & Job Competitiveness

Not every industry will be thriving, as we have seen towards the end of 2022 and beginning of 2023. Layoffs will continue, especially in tech, however as those companies lean out and profitability becomes more of a push at large organizations its worth noting, forecasting and strategic leaders within some of the big tech companies have clearly stated they will still be hiring in 2023.

The global economy is still rocky due to rising interest rates, inflation, and the persistent threat of a recession. As a result, many major corporations continue to focus on profitability, eradicating margins announcing layoffs and hiring freezes. To understand why the labor market contradicts economic uncertainty, it’s important to understand the cause.

Americans typically understand the economy in terms of labor. If the economy is strong, then so is the job market. When the economy is struggling, workers are anxious to keep their jobs. The nervousness exacerbated following the recent memories of what many employers did in 2020 and during the pandemic - leaving lot of nervous Americans that will be continuously exploring opportunities available to them. In fact, Linkedin stated in Q4 2022 - that over 70% of active linkedin users explored the job subsection, to put it into perspective Linkedin has over 822 million registered users .

Be Proactive with your Resume Preparation

Ultimately, the statistics and trends are clear. 2023 job market will be highlight active and competitive, probably the most it has been in the past 5 years. Being proactive with your job search, utilizing a powerful resume will not only be crucial for distinguishing yourself from the competition but to land increased salary desires.

Discover the unparalleled expertise of our Award-Winning Resume Writer in San Diego at Ward Resumes. Crafting a winning resume is an art, and our skilled professionals excel in providing tailored resumes that stand out. For insights into the latest trends shaping resumes and careers, explore our blog post 2023 Resume & Career Trends. Stay ahead in your career journey with our award-winning services and stay informed about the industry's latest developments.