More Companies Start to Rescind Job Offers

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Businesses in different industries are rescinding job offers they made just a few months or weeks ago, in a sign the tightest labor market in decades may be showing cracks.

, near the half-century low it reached in early 2020.the next 12 months in the economy, say hiring managers and recruiters. When a company revokes a job offer, it indicates a company’s business outlook has changed so quickly it has to undo hiring plans made sometimes weeks before.

Mr. Salinas is one of many recent college graduates who locked in a job while he wrapped his studies. Information-technology consulting firm Turnberry Solutions in October offered him a data-analyst job based in Minneapolis. An international student from Peru, he said he had passed on other offers to accept Turnberry’s. Having landed the employer-sponsored visa required to remain in the country, he felt secure in signing a lease and making other plans.

Other companies attribute canceled job offers to the knock-on effects of a tech-industry slowdown—including the firm that made Jenna Radwan an offer in May. It rescinded the offer two weeks before her June start date. As she prepped to start, the recruiter sent her an email: Hirect was pulling the offer and freezing hiring because of drastic and unforeseen changes in market conditions.

Steven Pope was told that his job offer at a retail marketing firm was rescinded because an expected round of funding had been delayed.Ms. Burke, 35, had turned down an offer with another company to accept this one. “So what do I do, go with my tail between my legs and crawling back?” she said. Next time she pursues a job switch, she said she might not resign until she receives a laptop from the new company or starts its onboarding process.

Amid a record hiring streak in the U.S., economists are watching for signs of a possible wave turn. WSJ’s Anna Hirtenstein looks at how rising interest rates over high inflation, market selloffs and recession risks challenge the growth of America’s workforce. Photo: Olivier Douliery/AFP

 

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