Important Recruitment Trends to Watch in 2023 - Jobylon
The year 2022 marked a significant transition in the labor market. Job openings surged while applicants decreased dramatically.
world economy is headed for a recession in 2023
As a matter of fact, many economists have already predicted that the <anchor>world economy is headed for a recession in 2023</anchor>. This means we may expect mass layoffs, widespread hiring freezes, and a decline in job vacancies as companies tighten their belts and adjust their operations to meet the new market conditions. But despite the recession fears, job seekers will still have the leverage in the job market as companies’ strong need to hire will remain. One main reason for this is the increasing population of aging workers, narrowing the talent pool across several countries. As a result, we believe that competition in the employment market in the coming years will remain tight. With this in mind, we expect companies to be more strategic in their recruitment and hiring efforts to win the ever-challenging war for talent.
Goldman CEO says reasonable chance of U.S. recession in 2023 | Reuters
Goldman CEO says reasonable chance of U.S. recession in 2023 \| Reuters

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# Goldman CEO says reasonable chance of U.S. recession in 2023

By [Saeed Azhar](/authors/saeed-azhar/) and [Lananh Nguyen](/authors/lananh-nguyen/)

October 18, 20227:07 PM UTCUpdated ago

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NEW YORK, Oct 18 (Reuters) - The United States may tip into a recession next year, but it is possible that inflation can be tamed without causing too much economic pain, Goldman Sachs Chief Executive Officer David Solomon told Reuters.

"There's a reasonable chance of a recession in the U.S., but it's not certain," Solomon said on Tuesday after the company released [third-quarter earnings](/business/goldman-sachs-unveils-revamp-third-quarter-profit-falls-2022-10-18/). "I could still see a scenario with a soft landing."

Solomon's comments echoed those of JPMorgan & Co [(JPM.N), opens new tab](https://www.reuters.com/companies/JPM.N/) CEO [Jamie Dimon in expressing caution](/markets/us/jpmorgan-ceo-dimon-warns-recession-6-9-months-cnbc-2022-10-10/) about the economic outlook. Their counterpart at Bank of America Corp [(BAC.N), opens new tab](https://www.reuters.com/companies/BAC.N/), Brian Moynihan, has been more optimistic, pointing to the healthy finances of consumers and businesses.

Fitch Ratings said on Tuesday the U.S. economy will face a recession starting the second-quarter of 2023, but robust U.S. consumer finances will help cushion its impact.

"Fitch expects the U.S. economy to enter genuine recession territory — albeit relatively mild by historical standards — in 2Q23."

David Solomon, Chairman and CEO of Goldman Sachs, speaks at the 2022 Milken Institute Global Conference, in Beverly Hills, California, U.S., May 2, 2022. REUTERS/Mike Blake/File Photo [Purchase Licensing Rights, opens new tab](https://www.reutersagency.com/en/licensereuterscontent/?utm_medium=rcom-article-media&utm_campaign=rcom-rcp-lead)

"The projected recession is quite similar to that of 1990–1991, which followed similarly rapid Fed (Federal Reserve's) tightening in 1989–1990," said Olu Sonola, head of the rating agency's U.S. regional economics in a report.

Goldman's Solomon also talked about the challenges facing private equity buyers, saying deal activity in the buyout sector has slowed.

"Private equity activity gets reset at a time like this because values have to come down because financing costs have gone up," he said. "So there's been less private equity activity right now."

A steep fall in large private-equity buyouts contributed to the slowdown in global dealmaking, with third-quarter activity dropping 54% to $716.62 billion from $1.56 trillion in the same period last year, according to Dealogic data.

[Goldman Sachs reported](/business/goldman-sachs-unveils-revamp-third-quarter-profit-falls-2022-10-18/) a smaller-than-expected 44% slump in third-quarter profit on Tuesday, while the Wall Street giant announced it will reorganize its business into three units and scale back ambitions for its consumer bank.

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Reporting by Saeed Azhar and Lananh Nguyen in New York
Editing by Matthew Lewis and Sandra Maler

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[Saeed Azhar](/authors/saeed-azhar/)

Thomson Reuters

Saeed Azhar is a Reuters financial journalist and part of the U.S. banking team, which covers Wall Street's biggest banks. He focuses on Goldman Sachs and Bank of America, and also writes about regional banks. Before moving to New York in July 2022, he led the finance team in the Middle East from Dubai, and also worked in Singapore, covering Southeast Asia finance.

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[Lananh Nguyen](/authors/lananh-nguyen/)

Thomson Reuters

Lananh Nguyen is the U.S. finance editor at Reuters in New York, leading coverage of U.S. banks. She joined Reuters in 2022 after reporting on Wall Street at The New York Times. Lananh spent more than a decade at Bloomberg News in New York and London, where she wrote extensively about banking and financial markets, and she previously worked at Dow Jones Newswires/The Wall Street Journal. Lananh holds a B.A. in political science from Tufts University and an M.Sc. in finance and economic policy from the University of London.

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