ORLANDO, Fla. — New job postings in the Orlando area are still higher than normal for this time of year, but the recruitment market is expected to slow as America heads into a recession, analysts said.
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Data provided by the Orlando Economic Partnership showed there were more than 2,500 open tech positions in the area as of last month, despite ongoing layoffs across the industry nation-wide. Disney and Lockheed Martin accounted for the most postings.
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Altogether, there were more than 39,000 open positions posted last month.
“Anecdotally, companies are still moving forward with hiring plans but maybe not at the same pace as before as economic uncertainty rises,” OEP’s Neil Hamilton wrote.
Economists largely expect the US to settle into a recession in mid-2023 as the economy slows, thanks to efforts by the Federal Reserve to tame inflation.
See our interactive graphics on today’s new #BLSdata on state job openings and labor turnover https://t.co/vf4VnjLuVZ #DataViz #JOLTS
— BLS-Labor Statistics (@BLS_gov) November 17, 2022
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Financial Adviser Kimberly Stewart, of Orlando-based KRS Wealth Management, said she is advising people to pay off debts and make sure they have some savings stored up.
She aired a reminder that the US has technically been in a recession for months already.
“The key during these periods is just to keep your head and make sound financial decisions,” she said.
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Stewart said it was also a good time to think about investing, despite the ongoing fears many have. A typical recession lasts for 10 months, followed by five years of a strong economy.
“We still have tourists coming here at record numbers at a record pace,” she said. “So, even though this next three, four or five months might be a little bit tough, I think the Orlando economy can withstand these ebbs and flows and I think we’ll be on solid footing going forward in the future.”
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