The U.S. job market has shifted from high turnover during the “great resignation” of 2021-2022 to a period of stability known as the “great stay,” characterized by low hiring, quits, and layoffs. Although job openings peaked, they have since declined, reflecting decreased worker confidence. Factors influencing this change include employer reluctance to lay off staff after previous struggles to hire and increased borrowing costs due to the Federal Reserve’s interest rate hikes. As a result, while current employees enjoy job security, those seeking new positions may face challenges, prompting experts to advise skill enhancement and broader job searches.
