The Job Market Flips: Are Employers Back in Control?

Episode #512
Has the job market finally flipped? Throughout most of the pandemic, it seemed that any and every worker was a hot commodity. Job-hopping was the new norm as businesses outbid each other to get the best talent. Now, thanks to rising interest rates, a slower economy, and a return to the office, it seems that employees don’t have the same negotiating power they did just a couple of years ago, and the new jobs numbers are showing this.
Welcome to a new type of format on the "BiggerPockets Money" podcast-a headlines show! We’re taking some of the top news stories from the world of personal finance and the overall economy and giving you our takes so you can make better money decisions. First, a strong jobs report comes in, but unemployment still rises as Americans find it harder and harder to get the job they want. Are employers back in control after years of workers owning the market?
Then, we’ll touch on the latest inflation numbers and why costs are rising even as work becomes less available. Student loan borrowers receive a huge win as getting their debt discharged during bankruptcy becomes even easier. This could cause significant ripple effects for which degrees become financeable in the future! Finally, a 529 plan update that now gives parents a HUGE reason to invest in their child’s future education.
Show Notes at:
link.chtbl.com/Money
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Headlines from Today’s Show:
Jobs Report: www.nytimes.com/2024/03/08/bu...
Inflation: www.cnbc.com/2024/03/12/cpi-i...
Student Loans: www.cnbc.com/2024/03/12/biden...
529 Plans: www.nytimes.com/2024/02/16/yo...
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Is College Worth the Cost? This 30,000 Variable Study Says “Sometimes…”:
www.biggerpockets.com/blog/bi...
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Learn More About the Housing Market from Dave Meyer:
On the Market Podcast: link.chtbl.com/OTM
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00:00 Intro
01:08 The Job Market Flips
09:38 Inflation Not Slowing Down
16:18 Student Loan Bankruptcies Now Easier
21:56 When Is It Time to Go Bankrupt?
23:20 No More Wasted 529 Funds!

[@AverageJoeDividends]

You can look at all of the statistics that you want, but I know what I am seeing out there. Stores are closing everywhere and the job market is the worst I have seen in my 28 year career (excluding 2008-2009). The unemployment and inflation statistics are meaningless as they have been changed over the decades.

[@razorswc]

Exactly, the stats don't tell the full story. I've been looking for a job for a few months(software development). I have had multiple times the company decided mid interview process to not hire anyone and close the position. It is tough out there for some industries.
Been told by multiple companies they get hundreds of applicants for each role.

[@C.Chabot]

There's more jobs than ever for my space of work (healthcare analytics) with everyone retiring. I quit my job in February to take care of my newborn and don't see how I could ever return to traditional 40/h week employment. I'm buying a house right now but after we move in a few weeks I'll be opening a business.

[@missyminutia6766]

I would love to do a deep dive into this 529 to Roth IRA conversion!

[@sstewart8503]

The student loan bankruptcy my spin. Without the bankruptcy we just had a blank check with not only stupid on the student, but the stupid on the college and the push to get people (and parents) to take on so much debt for a negative ROI. Without some type of pain point I don’t think the colleges really had to create efficiency. This forces the college to be efficient.