For a while there, the job market was arguably the most solid part of an uncertain U.S. economy. Employers continued to hire, government officials touted the low unemployment rate, and perhaps most importantly, workers in many industries felt they had options.
But that stability seems to be fading fast.
Revised government data recently revealed May and June were the weakest months for job growth since 2020, and Federal Reserve Chair Jerome Powell is starting to sound warning bells about the risks of rising unemployment.
Americans have also become more pessimistic about new job opportunities, with one measure of their outlook falling sharply in the second quarter. Many workers feel stuck in their current roles and are wary of rocking the boat or looking elsewhere, according to executive search firm Korn Ferry.
“At an alarming rate, more and more employees are displaying what is colloquially known as ‘job hugging’ — holding onto their jobs for dear life,” several Korn Ferry partners wrote in August.
Some people are even struggling with what’s being called “quiet cracking,” where stressors like job insecurity or economic uncertainty are making them really unhappy at work, but they hide it.
So what? The job market is showing cracks, but that doesn’t mean it has to crack you.
For one, there’s a potential silver lining to weaker U.S. job growth. The latest data could justify lowering the Federal Reserve’s benchmark interest rate as early as this month, Powell signaled in August. And over time, a lower interest rate would not only reduce borrowing costs on things like car loans and credit cards, but could encourage businesses to invest and hire.
Plus, even in a tough job market, you have more control than you might think. Here are a few under-the-radar coping strategies if you’re settling for a job you don’t like. (Some apply to job hunters too.)
• Reach out: If you’re holding it together on the outside, but feel like you’re breaking on the inside, open up — at least a little. Quiet cracking thrives in isolation, psychologist Michelle McQuaid recently wrote in Psychology Today, and even one conversation with a co-worker or friend can help you feel less burdened and break the cycle of silence. You don’t have to fill them in on everything to feel less invisible.
• Lay the groundwork: Get yourself ready to make a move when the time is right. Reach out to former colleagues, update your LinkedIn profile and resume, take short online bootcamp courses, and update any relevant certifications.
• Lean into transferable skills: Skills that matter across industries — like project management, communication, and digital savvy — will expand your opportunities when the time comes to find another job.
• Pick up a side hustle: If your day job doesn’t give you the chance to tap into your passions, try a side gig like freelance writing or photography. Working on something you love can be a great way to reboot (and earn extra income), even if you’re only doing it for an hour after your 9-5. Who knows, you could even turn it into a main hustle. (Check out these side-gig ideas).
• Prioritize mental rest and moral support: Breaks, hobbies, and reflection can ease the pressure of feeling stuck and refocus your energy. Friends, mentors and industry groups can also offer advice and emotional solidarity during a tough job hunt.
Related Reading
Why Your College Degree Might Not Be Enough in Today’s Economy (Investopedia)
The Unemployment Rate Doesn’t Tell the Whole Story (SoFi)
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