Experts: The job market is cooling down nationally, but not so much in Florida

ORLANDO, Fla. — If you are looking for a new job, it may not be as easy as it once was.


You may not get the sweet deals that were once offered, and you may not have your pick.

Experts say the job market may be “cooling.”

People like Eliana Sterpetti spent the start of her school break at a career fair trying to build her résumé.

“I’m here because I want a job,” she said. “I want to be more well-rounded when I’m older.”

But it won’t likely be as easy as it was earlier this year.

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That’s because experts say there is a cooling of the job market, meaning there are not as many job openings as before.

“We are getting to see a cooldown of the labor market, and it’s providing balance for employers and thus a balance for their customers,” Florida Tax Watch CEO Domonic Calabro said.

It’s no secret there were too many vacant jobs and not enough applicants. That meant employers had to offer prospects more flexibility and monetary incentives to attract the same quality candidates.

“Since the COVID-19 pandemic put a great strain on employers, it really gave job seekers really the upper hand or incentives,” Calabro said. “But now their research shows a sign things are leveling off finally.”

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The U.S. Bureau of Labor Statistics notes that earlier this year, there were 144,000 fewer vacancies in the transportation, warehousing and utilities industries.

The agency said professional and business services job openings declined by 135,000.

Retailers reported a drop of 84,000 vacancies.

But it seems we still can’t find teachers. Educational services reported an additional 28,000 job openings.

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Florida is a different animal. The market does not signal a cooling here just yet, partly because Florida is in better financial shape than most other states, so they weren’t hit as hard.

Just look at the numbers for some of our most popular jobs here in Central Florida: The hospitality industry gained 154,000 employees and construction gained 53,000 jobs.

And what does this all mean for you?

Calabro said it means the supply chain could finally be running smoothly again, and that means costs like groceries could go down. He says he believes the federal government is on the right track.

“The long and short of it -- we are in a good spot as long as this continues, and it’s trying to find the place,” he said. “The feds are trying to lower the inflation without inducing a severe or strong recession. It’s a hard thing to do, but it seems like they are on a reasonable, good course.”

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Shannon Butler

Shannon Butler, WFTV.com

Shannon joined the Eyewitness News team in 2013.