Latest jobs report shows a strong economy, but economists warn the future is always uncertain
NORTH TEXAS (CBSDFW.COM) – The final jobs report of 2022 shows the economy is still strong. It is, experts say, reason for both optimism and caution.
"The report itself doesn't matter," shares Mike Mehterian of Frisco with a chuckle. "You know why? A recession is when your neighbor loses his job. A depression is when you lose yours."
A project management and IT professional, Mehterian may be out of work – but he's still full of humor and optimism. He's already got three job interviews lined up.
"And each one of them came because the recruiter found me. It's not because I applied for something," explains Mehterian. "I'm job hunting. [But] They're finding me."
Mehterian says he learned early in the pandemic to keep his online presence polished, and never stop networking and building connections.
"It's all about who ya know!" exclaims an enthusiastic Trevor Houston. "It's not what ya know, it's who you know!"
Houston is the host and executive producer of a podcast of the same name dedicated to helping workers market themselves for the careers they want. He says headlines are deceiving – and the entire economic story is not all doom and gloom.
"You see Amazon laid off 10,000 people or whatever, that's a headline," says Houston. "It's gonna grab someone's attention. That's not always the big picture. Right now, the labor market is actually pretty strong... it's actually VERY strong."
Still. Local economists warn that the future is always uncertain.
"So right now, if you have job, do it well, because you don't want to be the first one to be laid off," says Mike David, economics professor at SMU's Cox School of Business. "If you're looking for a job, go ahead and GET a job, because it may not be this easy six months from now."
Professor Davis also warns that the jobs report reflects a still strong economy, so more efforts to curb inflation could be coming.
"The Federal Reserve is going to continue with interest rate increases," predicts Professor Davis. "The Federal Reserve is still worried about inflation. The jobs report shows that we're not about to step off the cliff and have a recession, but everybody is still expecting a downturn at some point in the future."
So, keep those skills fresh. Good advice for those on both sides of the employment picture.
"When most people get their job, they stop [looking]," says Mehterian. "When I got my job... I said, I'm just getting started."