While the unemployment rate in the United States appears to be unchanged at 3.6% due to inflation and rising interest rates, many people are concerned about a recession.
In fact, based on one survey conducted on 15,000+ job seekers, 80% of respondents anticipate the US economy will enter a recession in 2023. At the same time, 49% expect the job market to deteriorate in the next six months.
On that note, 60% of job applicants feel an increased sense of urgency to obtain employment right now before market conditions shift.
The survey also shows that 41% of job seekers have received a pay increase in 2022. Yet, a mere 28% of these individuals received an increase greater than the current rate of inflation (8.5%).
Furthermore, 78% of workers believe that by changing jobs, they may make more money. Regarding professions, healthcare and retail workers were the most confident that changing jobs would allow them to make more money (87%), whereas educators (71%) were the least convinced.
The majority of workers, i.e., 68%, think that rising gas costs influence their job search.
For example, due to high gas costs, 44% of job seekers are searching for employment with better pay, shorter driving time to work (27%), and more flexibility to work from home (24%). Surprisingly, 7% of respondents say they are considering moving closer to work.
On the other hand, 26% of people who left their former job stated that they wished they had stayed. Workers in the hospitality industry were the most likely to have this regret (41%), while those in healthcare had the least regrets (14%).
Last but not least, the survey found that more than 2 million people prematurely retired due to the pandemic. However, many of them have since returned to work. As many as 27% returned to work for financial reasons, and 21% did it due to inflation.