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Money: Is the job market in trouble?

The American job market could take another hit within the coming months as companies in key industries make decisions about possibly laying off workers

Record job loss and career changes during the pandemic significantly impacted the U.S. job market.  While it was starting to recover, there are new concerns of layoffs in the technology and banking industries, especially as the Federal Reserve considers raising rates again this week.

“Unemployment is the lowest it has been in a long time, but there seems to be something brewing. The Washington Post recently reported that the job market is on shaky ground and that rough times could be ahead of us,” said money expert Ja’Net Adams.  “We should all be prepared for what could come down the road.”

Adams, who wrote the book, The Money Attractor, identified three ways you can stay ahead of industry changes starting with reevaluating your career.

“Many people think their industry is safe in this economy because it has been booming over the last few years. Those years are coming to an end. Companies are starting to lay people off because they feel they hired too many people,” Adams said.  “The tech industry is the biggest target right now with thousands of job cuts around the country to save money.”

Her advice:  If you notice a slowdown at work, start saving money in case the company decides to downsize.

Also, be proactive.  Keep your eyes open for new jobs and ways to bring in extra money if your industry is closely related to one experiencing layoffs.

“If your career is affected by the downtown of another industry, stay alert!  With the interest rate hikes, the housing market is slowing down, so now banks are firing mortgage officers by the thousands.  If you work at a furniture store, pay attention. If fewer people buy homes because mortgage rates are higher, everything that would have gone into those homes will also take a hit," Adams said.

While some industries experience a domino effect, others will benefit during this time.  If you’re a nurse, educator, or you work in the education system, Adams said it is time for you to take advantage. 

“You might be in the driver's seat of this economy because your industry is hurting for talent.  Companies are willing to pay to get someone in those positions. Education is a prime example.  School districts have hundreds of positions open.  Some school districts offer $10,000 signing bonuses to help fill those positions.  There are also high-paying positions for nurses available. If you are in a safe job right now, this may be your opportunity to bring in more money because you are desperately needed.”

As the Federal Reserve continues to raise interest rates, Adams expects the job market will expose a possible weakness. Have your money saved up or your backup plan ready to go.

You can get more money tips from Ja’Net Adams here.

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