Job seeker optimism on the medium-term labor market outlook grew significantly in the fourth quarter of 2024 according to a survey from ZipRecruiter. This heightened optimism may be driven by Federal Reserve interest rate cuts, looser lending standards, and improved affordability.
Julia Pollak, ZipRecruiter's chief economist, joins Wealth to explain that despite a strong jobs report, job seekers face challenges due to low hiring rates and cautious employers.
Pollak notes that finding a job in this market is still difficult. "It is hard for people, unemployed people, or people who are new to the labor market who've just graduated from school to break in," she explains. "For workers who have a job and love it, it's a pretty good market. It is not such a great place to be if you're trying to make a change."
Pollak also explains how the job market is affecting younger demographics in the workforce. "It's precisely that group that's having a harder time breaking in," Pollak says, adding that employers are more cautious and will need "more evidence" that strong business numbers will be sustained in 2025.
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This post was written by Josh Lynch