Will The New Tariffs Affect The Job Market?
Economic analyses suggest the new tariffs being imposed on Canada, Mexico and China will increase costs for American businesses, particularly in automotive and manufacturing sectors, potentially leading to job losses and reduced hiring.
How Are Some Companies Preparing For These Changes?
However, some companies may shift to contingent hiring in lower-cost regions to offset expenses. Despite these challenges, the U.S. labor market remains strong in healthcare and retail, according to Monster Economist Giacomo Santangelo, though new graduates and job seekers may face difficulties in sectors affected by tariffs.
How Can You As An Employee Prepare For These Changes?
1. Update Your Professional Assets
2. Research Job Opportunities
3. Monitor the Job Market: Identify potential employers and industry trends.
4. Prepare for Interviews: Practice common questions and refine your elevator pitch.
5. Consider a Side Gig: Freelancing or consulting can provide financial stability.
6. Review Severance Policies: Know what your company offers in case of layoffs.
7. Check Unemployment Eligibility: Understand how to apply if needed.
Credit - https://www.staffingindustry.com/news/global-daily-news/us-tariffs-could-impact-job-market-analysts-say