Instead, it means stiffer competition. Job openings in April fell to their lowest level in more than three years, according to theThere were about 1.2 job openings per unemployed worker in April, down from a ratio of two openings per person about two years ago.
Job openings continue to trend toward pre-pandemic levels and the national unemployment rate is under 4%, a historically low mark. For much of 2023, companies felt like a recession was lurking around the corner and pulled back on hiring as a result — those fears aren't gone yet, says Richardson."This is normal," says Richardson."You never get a completely strong labor market, except if you're recovering from a pandemic, which is what we saw in 2021 and 2022."
This is especially true for young job seekers, Richardson adds."Yes, it's going to take longer to find a job than it did two years ago, and no, you're probably not going to start your career on Wall Street ," she says."You're going to have to do what other generations of workers have done and work your way up to that point."The job market isn't all doom and gloom.