Despite economists' assertion that the labor market is robust, job seekers express a lack of confidence in this regard. The reason for this discrepancy is explained below.

• A survey by staffing agency Insight Global found that in 2023, recently unemployed full-time workers applied to an average of 30 jobs but received an average of only four callbacks or responses.
• A survey revealed that 55% of unemployed adults are exhausted from job hunting.
• It may be due to the cooling job market and high expectations from job seekers, according to experts.

The job market looks solid on paper.

In 2023, the US saw a net increase of 2.7 million people in employment, with unemployment reaching a 54-year low of 3.4% in January and rising slightly to 3.7% by December.

Despite headlines about layoffs and recession forecasts, the labor market has been surprisingly resilient, according to Daniel Zhao, lead economist at Glassdoor.

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But active job seekers say the labor market feels more difficult than ever.

Recently unemployed full-time workers applied to an average of 30 jobs but received an average of just four callbacks or responses, according to a 2023 survey by staffing agency Insight Global.

Jenna Jackson, a 28-year-old former management consultant from Ardmore, Pennsylvania, expressed frustration about the state of the economy after being actively job hunting for four months since her layoff.

Jackson stated that he hasn't determined the exact number of job applications he's submitted, but it's definitely over a hundred.

Insight Global discovered that more than half of unemployed adults are experiencing burnout while searching for a new job. Younger generations were the most affected, with 66% reporting burnout due to job search.

A major reason could be the fact that the labor market is cooling.

According to Peter Cappelli, a management professor at the University of Pennsylvania, there is less of a frenzy among employers when it comes to hiring. This can be beneficial for job seekers who want to have a lot of options and competition for their services.

Some experts suggest that the reason for the high turnover rate in certain industries could be due to the expectations of job seekers.

According to Zhao, people's perceptions of the job market are influenced by their recent experiences with it. In 2021 and 2022, there were labor shortages, leading employers to offer various perks and benefits to attract workers. Despite the fact that 2024 is expected to have a relatively healthy labor market compared to recent years, it may not feel as strong due to these experiences.

The video above explains why obtaining employment is becoming increasingly challenging.