Why the Job Market Feels Like a Circus Despite Low Unemployment Rates

This job market is confusing. The jobless rate is at a historic low, but ironically, you likely know of a handful of laid-off folks or people struggling in the job market. I’ve heard from –more than I can count – very qualified people who’ve been searching for months, unable to even get an interview. What’s the deal? 

Hundreds of thousands of people have the same question. Over 1.5 million individuals in the United States have turned to the Internet since 2022 to discuss this conundrum, with nearly 2 million online mentions of the job market in the past few years.

Leveraging YouScan’s social listening software, I analyzed online conversation (across social media platforms, forums, and more) of the job market between January 2022 and July 2024 to get some answers. These are the six main insights I found:

1. Layoffs drove 25% of all job market conversations, with conversation peaks triggered by X and Microsoft layoffs, agitation about how companies executed layoffs, and reflections of the 2023 job market and what’s yet to come this year. Those already in the job market produced the most conversation online, and many of these individuals laid off by tech are likely saturating the market, contributing to a hyper-competitive job market.

Recent college graduates, or those just entering the job market, also experienced employment troubles, accounting for 10% of all conversations. 

2. Conversations about the job market have declined 46% MoM (month over month) since January this year, which may indicate that employment concerns are dwindling. However, conversation is still up by 47% from 2022, suggesting that people still turn to the Internet to voice their struggles or better understand the labor market.

3. Despite a decline in job market conversation in 2024, a third is negative, double the negativity that emerged in conversation in 2022 and 2023. People are frustrated by the long period of what feels like a bear market for laborers. 

This year, people expressed negative sentiment around the job market due to misleading or “ghost” job listings. Many discussed that they saw job postings, but felt like companies weren’t hiring, which sparked confusion about the market. Others mentioned having years of experience, but had trouble securing interviews.

Though people felt disheartened by the job market, negative sentiment has been relatively stagnant since March this year, which may be a sign of a turning point where people are beginning to see results from their job search.

4. People discussing the job market mentioned that it’s “one of the worst” markets or a “circus,” with two main theories for its current bear status. Firstly, people think that layoffs and job losses create an unusually competitive market, with more people vying for fewer positions. Secondly, after the golden era of job perks and remote work, when the market was in favor of laborers, people have set higher standards for their work conditions, which intensifies competition for highly sought-after job postings. This means that many people job searching and job hopping are on the market and competing for the same positions.

While some continue to search for jobs, others are turning to academia to pursue higher education and avoid a highly saturated job market. In fact, “academic job market” was the most commonly used phrase in all conversations about the job market. 

A word cloud with the largest phrases being the most common and the smallest phrases being the least common in online conversation.

5. The job market seems to be affecting primarily entry-level to mid-senior-level employees. People between 25 and 34 were more likely to engage in conversation about the job search than any other age group and share personal stories of layoffs. 

6. Those on the job hunt had some standout tips when navigating this tough job market. The market is saturated with many qualified workers, so being creative beyond just applying is essential. 

People recommended networking and leveraging personal connections and recruiting agencies to get a foot in the door for interviews. Others recommended tailoring applications and resumes to specific job openings and, when you secure an interview, taking advantage of online courses and advice to prepare thoroughly for interviews. 

If you’re interested in staying in the loop on job search tips, these were the top influencers in the field for 2024:

• @AskhatZayn - A Youtuber who offers financial and market advice

• Work It Daily - A Youtuber with job search advice for the masses

• Andylacivita - A Youtuber with career advice and interview tips

• Yourstudentsupporter - A TikTok influencer supporting college grads and students with workplace advice
  

The job market feels unbelievably bearish despite the unemployment rate, and people across the nation are affected by it. But fewer and fewer people are expressing concern about the job market as the year progresses, hopefully an indicator that people are finding jobs – even if part-time or temporary – and that the market is getting better for those on the job hunt.

Follow Josh Okada for more strategy and social listening insights.