I’m a 2024 postgraduate. People keep saying that my chances of getting hired is severely affected by recession. Is recession happening? If yes, how is it affecting me as an individual looking for jobs?
In: Economics
Imagine you’re a business that sells widgets. Usually you sell 100 widgets a year, but this year people are out spending less money so instead you sell 80. With less widgets sold, you have less money coming in. With less money coming in, you can’t afford to hire more people to sell widgets. You might even need to let some people go because you can’t afford to pay them, so they cut back on purchases while trying to find a job, which results in even *less* demand.
Whether we’re in a recession or not has been a topic of discussion for a couple years. *Technically* based on the strict definition, we did enter a recession. What’s unusual, though, is that demand is still pretty high. Companies are operating like we’re in a recession, but consumers are buying like we’re not.
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