How is the job market?

The current trend is towards strong job creation, especially in industries ( eg, restaurant, event planning, etc.) that were devastated by the pandemic and are looking to rebuild. However, there are some trends that are troubling as we look to the future. Higher interest rates could damage the housing market which impacts builders and suppliers and accounts for 18% of GDP. Higher interest rates also reduce borrowing which impacts the auto industry, the banking industry, and corporate expansion which usually leads to job creation. Inflation and higher interest rates affect employers as well as employees. Employers pass the cost onto consumers, which in turn, results in inflation, and a reduction in consumer spending which is 67% of GDP. Out-of-control government spending devalues our currency and contributes to inflation. When we look to the future there are some clear warning signs, however, for the time being, the job market is strong and any searches should focus on recession-proof industries in the event that these negative trends continue.

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