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'Tale of Two Labor Markets': Recession Fears Lead to Rescinding Job Offers

Cheddar News
Cheddar News
A growing number of companies are rescinding job offers as the outlook on the economy appears to dim. Companies including Twitter, RedFin, and Coinbase, as well as others in the insurance, retail marketing, consulting, and recruiting services sectors, have withdrawn offers in recent weeks, leaving workers scrambling to find jobs. Kathryn Minshew, CEO of the career development platform Muse, explains why this phenomenon is happening, and what workers can do if they're in this position. "What we're seeing right now is really a tale of two labor markets. It's very interesting if you crunch the data out there because there are many sectors of the economy where hiring is still incredibly competitive, where it is still very much a jobseeker's market, and in other sectors of the economy, particularly in big tech, in crypto, in certain startups, there is a pullback and either hiring freezes or job offers being rescinded," she said.