Weekly initial jobless claims rose to 219,000 in the week ending February 15, according to data from US Department of Labor. While steady hiring persists, workers grow more concerned that employers may not feel the need to raise wages or offer additional perks.
With over 200,000 federal workers being laid off, LinkedIn’s career expert Andrew McCaskill highlights that this influx of workers may strain the already competitive private sector job market.
“We’re still in a strong labor market, but a strong labor market can be a double-edged sword,” McCaskill explains to Wealth host Brad Smith.
Despite this, industries like healthcare (XLV), hospitality, and education continue to show strong demand. McCaskill advises professionals to pivot strategically, emphasizing transferable skills such as leadership and problem-solving. “You’ve got to do things like upscale and stay sharp.”
For those looking to change industries, McCaskill stresses the importance of networking, mentorship, and identifying skill gaps.
To watch more expert insights and analysis on the latest market action, check out more Wealth here: https://finance.yahoo.com/videos/series/wealth/
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