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Lately we’ve heard a lot of companies talk about slowing hiring plans or even actively reducing their workforces. Think Apple, Meta, Google, etc. When big tech companies start talk about pumping the breaks on hiring, it can feel like a warning signal. But it’s important to maintain perspective – despite the Great Resignation and these recent developments, the job market is still strong.
The tech sector has accounted for many of the hiring changes we’ve heard about. Those companies have been hit harder than most by rising interest rates, the inflationary environment and a strong dollar. However, a recent study indicates that Tech occupation employment over the next 10 years is expected to grow at about twice the overall employment rate across the economy. While tech might be slowing down, don’t count it out.
Other sectors are currently showing healthy growth. In June, the jobs report showed there are still job gains in professional and business services, leisure and hospitality, and health care (while unemployment remains low at 3.6%). Further, job openings remain at elevated levels.
Take a deep breath. If all this news has you wondering what to do, consider taking these steps to help keep yourself on solid ground.
Whatever your job situation, stay focused on your long-term goals.
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Lindsey Bell is an award-winning investment professional with a passion for personal finance and more than 17 years of Wall Street experience. Bell’s unique ability to connect the dots between data and real life and craft bite-sized money ideas that people can use and apply stems from her deep background as an analyst, researcher and portfolio manager at organizations including J.P. Morgan and Deutsche Bank. She is known for demonstrating why and how an understanding of all things money improves a person’s finances and overall well-being. An ongoing CNBC contributor, Bell empowers consumers and investors across all walks of life and frequently shares her insights with the Wall Street Journal, Barron’s, Kiplinger’s, Forbes and Business Insider. She also serves on the board of Better Investing, a non-profit focused on investment education.