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A cooling labor market brings about many challenges for the working class, including barriers to entry-level jobs and layoffs. Additionally, lifestyle inflation and rising levels of debt have made it more difficult to achieve the American dream, once deemed attainable with a six-figure salary. In this video, CNBC Marathon explores the challenges of today’s job market.
More than half (52%) of Americans say they would need at least $100,000 a year to be financially comfortable, according to the August 2023 CNBC Your Money Survey. It’s becoming increasingly more difficult to achieve the American Dream, especially as younger generations are beginning their adulthood with thousands of dollars in student loans. So how much does it actually cost to achieve the American Dream?
45% of American workers say they need a higher income. Data from the Federal Reserve shows that job switchers increase their salary more quickly on average than those who stay put, but hiring professionals say it’s still important for candidates to be strategic when making career moves. It’s important for professionals to consider when to change jobs and how to approach their job search strategically.
Why have job requirements become so demanding and what does that mean for entry-level workers? Lack of credentials ranked second among the biggest barriers for jobseekers in 2022, according to McKinsey & Co. Some workplace experts blame inflated job requirements and layoffs of recruiters, while others point to
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