In the current labor market, employers are facing unfamiliar territory. The job market remains strong based on the total number of job openings, and the unemployment rate is still at near historic lows, but is expected to climb by the end of 2023.
Certain sectors, including media and telecom, internet software and services, and information technology have seen widespread layoffs and job losses, while other industries, like healthcare, education, and construction, are strong and face challenges finding enough high quality talent to fill open roles.