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If you’re in IT or tech and get paid to touch computers…

You’ve probably noticed that the market is not quite what it used to be.

Layoffs are announced weekly from big companies.

Budgets are getting cut.

I talked to a recruiting firm yesterday that says they are seeing only 7-8 roles coming in a week right now. They used to see 7-8 roles coming in per DAY.

IT operations and Help Desk job postings are down:

You’ll also notice that rates are sky-high:

High interest rates means that jobs decline.

But why?

When rates are high, it “costs” more to borrow money.

If you’re a corporation sitting on a stack of dough, you can stuff it away safely in government backed interest accounts to receive a return, rather than risking it on growing a company.

Layoffs happen and suddenly there’s talented candidates all competing for a job.

There are some other factors at play too. Eg: Election Year in the US, post COVID money-printing, global turmoil and instability.

Y’know, just the usual factors.

But everything is cyclical, and I think the market will come back.

My recommendation:

If you’re employed and happy: Don’t go job-hopping right now. Get in a holding pattern.

If you’re looking: Don’t stop looking. Even in down-trends, there are opportunities.

What do you think?