The state of the economy is on everyone’s minds as rampant inflation, rising interest rates, and numerous job cuts are causing concerns for the common employee.
The shifting economy has already greatly impacted the tech sector resulting in numerous layoffs from big tech companies such as Amazon, Microsoft, Google, Meta, and more.
However, the service and hospitality industry has been able to grow recently as despite continued concerns over the economy consumers are still out spending money at restaurants, hotels, travel, etc. While this should give hope for fears over an impending recession, many are beginning to believe that consumer spending within the service industry will not last much longer.
Rising inflation and numerous job cuts have already begun to cause consumers to rethink their spending habits, and despite growth within the service industry many companies are struggling to offer competitive wages within the sector. With the looming overall reduction in spending, it will be likely that the first thing to go will be dining out, travel, and other services.
With this in mind, what has been a booming market for hiring may begin to show signs similar to that of the tech sector and the service industry may be unable to retain its current hiring boom.