America's job and housing markets are stuck. What if that's the new normal?
America's job and housing markets have barely improved in two years, and relief could still be a long way off.
In today's economy, job and housing markets are not improving, and some experts suggest this may be the new normal. Hiring is at a near two-decade low, while home affordability has reached its worst levels in decades. This has left many job seekers and potential home buyers in a difficult position, unsure of what the future holds.
Gautam Dev, a 60-year-old software engineer in Dallas, has been searching for a full-time job for over two years since leaving his previous position. He has turned to gig work to make ends meet and admits he's never faced such a severe job market before.
Economists are puzzled as to why hiring has remained so low, with factors like economic uncertainty, pandemic-era overhiring, AI adoption, and an aging workforce all potentially contributing to the problem. Older workers tend to change jobs less often, and retirements combined with slowing immigration have resulted in a shrinking labor force, making it harder for companies to find the qualified workers they need.
If this low-hire, low-fire job market becomes the new norm, Americans may need to adjust their career and housing plans. This could involve switching careers, becoming a renter, or moving to an area with more affordable housing. The job market's current state is likely to force some Americans to adapt and make different choices than they might have otherwise.
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