(CBS NEWS) – A lively U.S. labor market in the past two years has been a rare bright spot in a fitful economic recovery from the pandemic, with robust job growth bringing the nation's unemployment rate close to a 50-year low. But with a possible recession looming, many companies are now slamming the brakes on hiring in the so-called knowledge sector.
Lyndal Cairns, a 41-year-old product marketer, left a her job at a startup in March in search of work at a more established company that would offer more growth opportunities. Since then, the Washington, D.C., resident estimates she's submitted 1,500 applications but has had only about 20 interviews for new positions.
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"The conversion rate is abysmal – I would not put that on my CV in a marketing context," she joked.
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