(KRON) — This week is a big one for the jobs market, and economists say it could give some insight on whether layoffs are on the horizon.
“You are going to see people update their resume probably,” said Bob O’Donnell, of Technalysis Research. Bay Area job market experts said it may get bumpy in the next few months for workers.
They said inflation and global uncertainty are taking a toll on companies, however, some layoffs are expected given what happened in the pandemic.
“Look, we expanded fast in the pandemic and now there is some contracting,” said O’Donnell.
“I don’t think we are facing a recession, but companies seem to be positioning themselves just in case,” said Jeff Bellisario, Bay Area Tech Watch. Bellisario is the executive director of the Bay Area Council Economic Institute.
He said despite a drop in job openings, the market is still solid. “There are still a lot of jobs out there,” added Bellisario.
“The economy is strong, but this is a wakeup call,” Ahmad Thomas, CEO of Silicon Valley Leadership Group. SVLG has more than 350 members stretching across many sectors.
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Thomas said while data continues to show a robust economy, he sees companies positioning themselves, such as hiring freezes. “Large companies are taking steps to prepare for an uneven economy,” said Thomas.
During the pandemic, working from home became necessary and now statistics show some workers want to stay remote. O’Donnell said that may work against a person if a recession hits.
“If you are considering a candidate or looking that might become a factor,” added O’Donnell. On Friday, the labor department will release its job numbers giving more data about employment.