On June 6, Joynese Speller began a new position as a project delivery professional for a healthcare organization.
She emailed her new employer to confirm her start time on Monday as she was wrapping up at her former nonprofit position on a Friday.
Speller received a call on Friday. She hadn't even begun the job yet, and it was being removed because of budget constraints.
According to the most recent Labor Department data, the labor market in the United States is still competitive and employees have greater bargaining leverage than before.
While unemployment decreased slightly over the past year, the number of job postings and resignations skyrocketed.
Every person who desired a job had about two opportunities as of April.
However, due to rising inflation, warnings of an impending recession, and fluctuations in the cryptocurrency market over the past few weeks, many employers have been rushing to reduce their budgets.
Uber and Meta, two tech behemoths, announced they will reduce hiring, while Robinhood, Peloton, and Carvana announced layoffs.