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Despite predictions for a slow down, strength in the labor market is not waning. Currently, workers still have the power. Just last week, unemployment claims fell to their lowest level in five months and there continues to be two job openings per one unemployed person. Expectations of widespread layoffs have been pushed off to next year, although some industries, such as technology and automotive, have issued layoffs already.

Many experts classify a recession as the combination of high inflation and high unemployment. Over the course of this year, the Federal Reserve has issued a series of rate hikes in hopes to cool off the job market and the economy to tamp down inflation. So far, it hasn’t really moved the needle.

At this week’s Delivering Alpha Investor Summit, many speakers expressed their expectations for a recession in 2023. Dan Invascyn, PIMCO’s Chief Investment Officer, predicts a mild recession next year due to continued strength in the consumer and corporate balance sheets. Meanwhile, legendary investor Stanley Druckenmiller believes that the Fed’s actions over the past decade will lead to a more difficult recession than others expect. After many incorrect predictions in 2022, it will be interesting to see who is right about jobs and the economy in 2023.

For more on the world of work, check out our Key Stories roundup below.

Until next time, stay safe, stay healthy and stay in touch.

KEY STORIES

The top 3 skills you need to land a work-from-anywhere job in 2022

Even as pandemic restrictions ease and more companies require their employees return to the office full-time, flexible and remote jobs are still hot commodities amongst the workforce.

Google searches for “remote jobs” have reached an all-time high since the Covid-19 pandemic first hit in early 2020, with 32% of people affirming that they prefer an exclusively remote work arrangement, according to a June 2022 Gallup survey of 8,090 U.S. employees.

California job-seekers will soon see salary ranges on job postings

California job postings will soon include pay ranges, thanks to a new salary transparency bill signed into law by Gov. Gavin Newsom Tuesday.

The law, which goes into effect Jan. 1, 2023, will require nearly 200,000 companies with 15 or more employees to start disclosing pay ranges on ads for jobs that will be done in the state. The move makes California the largest state where job listings will require salary information by law. It’s home to 19 million workers and some of the most influential companies in the world including Apple, Disney, Google and Meta.

There’s more than one type of work burnout―how to identify which you have

Workers and leadership alike have long noted the presence burnout. Nearly half, 48% of employees and 53% of managers report that they’re burned out at work, according to Microsoft’s 2022 Work Trend Index.

But while the term has become widely synonymous with stress and fatigue, there is, in fact, more than one type of burnout workers can experience as a result of their jobs, say experts.

COMING UP

CNBC Work Summit | Dislocation, Negotiation, and Determination: The World of Work Right Now | Oct. 25-26

Companies have spent the past few years dealing with unprecedented business disruptions and many are still struggling when it comes to the biggest work challenges. Now, the rubber has met the road and those that have learned from this dislocation are finding themselves at a distinct advantage over competitors. 

CNBC’s 2022 Work Summit brings together top names in business, policy, labor, banking, and academia to explore the tough questions facing business leaders and workers alike. These are questions not just about the future of work, they’re about the present of work, as well as what we can learn from the recent past. 

Shaping a modern and resilient business in today’s economy requires close collaboration across finance, talent, and technology leadership. CNBC Work provides a forum for senior executives to learn from each other and the world’s most influential voices defining all aspects of the future of work. 

Learn more and register here. 

NBCU Academy Next Level Summit | Tech, Digital & the Future of News | October 18

NBCU Academy will host its second Next Level Summit on October 18, 2022. Throughout the day, this virtual event will combine headlining sessions and breakout industry chats featuring NBCUniversal talent from both on-screen and behind the camera. Our executives and other industry leaders will offer their insights on a variety of topics focusing on technology and innovation in media and the career paths available in this space.

Learn more and register here.

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