Part 5/8:
The consensus among experts is that finding a new job is taking longer than it has in recent years. ADP's Chief Economist echoed similar sentiments during a recent call, noting that college degree holders are particularly experiencing challenges in securing employment. Compared to the more favorable climate of the "Great Resignation" period in 2022, current data suggests that hiring rates are significantly reduced.
The Federal Reserve has acknowledged these challenging conditions, reiterating Powell's assertion of the low hiring environment—an indication that the job market is undergoing profound shifts that are likely to persist.