As GDP growth dips below 1% by year-end, firms may adjust their hiring strategies to maintain profitability.
Experts caution, however, that the momentum may wane. Morningstar’s Economic Outlook highlights an anticipated slowdown in real gross domestic product (GDP) growth for 2024, compared to the solid 2.5% growth observed in 2023. As GDP growth dips below 1% by year-end, firms may adjust their hiring strategies to maintain profitability. While the labor market remains robust, job seekers should focus on developing standout skills to navigate the competitive landscape.