US job market in 'bad shape,' executive recruiter says

Published On Sep 6, 2024, 2:00 AM

The U.S. job market is experiencing significant difficulties, as reported by industry veteran Brian Howard, the founder of a Kansas-based recruiting firm. He notes a notable decrease in hiring, particularly in the tech and insurance sectors. Over the past year, companies have begun hiring temporary rather than permanent staff, and there is a marked rise in white-collar workers taking on independent contractor roles. Howard suggests this is indicative of a 'job market recession,' despite the overall economy still being relatively strong. The current low hiring rates echo those seen in the aftermath of the 2008 financial crisis, leading firms to be cautious about staffing amidst economic uncertainty, including upcoming elections.