| Despite what the economic data says, US workers have bad vibes about the labor market. That's especially true for white collar workers who have been laid off in expensive cities the past two years. Corporate America has been on a job-cuts spree with major companies including Amazon, Nike and BlackRock slashing their workforces. As a journalist in New York, it's hard not to feel cynical when doom scrolling through the litany of media layoff posts on X or LinkedIn. That mood is similar for those in finance and tech, which have been hard hit by job cuts. I asked experts how one should navigate a labor market where economists tell you everything is fine. But before we dive into that… Three things to know: … now back to the vibecession. The most recent jobs print showed that the labor market is cooling off but staying steady: unemployment rates are still low and jobs are plentiful. But job growth has been led by the health care, government, construction and leisure and hospitality sectors. That doesn't help those looking to build careers in corporate America. In fact, there is now one job opening for every two applicants on the professional networking platform LinkedIn. That's a reversal from 2022 when there was one listing for every applicant. Furthermore, LinkedIn found that hiring on the platform was down in January in every metro area across the US. As a result, some are embarking on 500-application job hunts.  Photographer: Kobi Wolf/Bloomberg The financial and career calculus is complicated for those living in expensive areas who went from having a sizable paycheck to no income at all with bills to pay. While being laid off can be hard, Brent Weiss, a financial planner at Facet, reminds workers that they are in control of what happens next. "Those who take positive action tend to see better outcomes and put themselves back in control of their career and financial outcomes," he said. So You've Been Laid Off First, don't just sign the paperwork right away. Weiss advises clients to take a few days to read it through and negotiate the terms of their severance package. A lump sum or shorter payout period can help you qualify for unemployment sooner. Then, figure out your health insurance ASAP by electing for COBRA or finding a private insurance. Apply for unemployment as soon as possible as it takes a few weeks to qualify for benefits. Your first job after getting laid off is doing what you have to do to keep yourself secure financially. Assess Your Finances and Job Needs Right Away Peter Anastasian, a financial advisor at Wealth Enhancement Group, advises to take inventory of your finances: understand where you have extra liquidity, whether it's cash reserves or other lines of credit like a HELOC as a last resort. Your financial situation should dictate your timeline, what jobs you're searching for and how aggressively you should look. If you have the financial runway, taking a much-needed career break doesn't hold the same stigma today, said Andrew McCaskill, a career expert at LinkedIn. But if the bills are stacking up, find any job sooner rather than later. Be proactive by cutting expenses and finding temporary work no matter how inglorious. "It's a fine balance. You need to find time to find the right job and mind your income," said Anastasian. "If you haven't found a replacement of income in two months or so, don't wait for an ideal amount of compensation. Adjust and take a stepping stone if you need to." Look Smarter, Not Harder Executive Coach Susan Peppercorn advises her clients to understand the hiring trends before applying. Determine what industries and companies are hiring in your area and what skills are in demand. Set up job alerts that will notify when a job is posted that fits your criteria, adds McCaskill. Being one of the first to apply can increase your chances of getting noticed. And while you may be conducting your search online, consider adding a "human touch to an application" by sending a personalized note to the hiring manager. Don't forget to network. Strong relationships are a "very valuable currency in life and in the job market," said Weiss. "It might take some time, but you never know when a friend of a friend of a new acquaintance will become the connection you need to land your next job or career." – Paulina Cachero Send us questions about your own financial dilemmas to bbgwealth@bloomberg.net This week we're looking to speak with college graduates who have second guessed what institution they attended or the major they pursued. We're investigating the return on investment of a college degree with a particular focus on the nation's most prestigious institutions. Some of our best journalism at Bloomberg Wealth comes from your own stories and we'd love to hear from you, your friends or clients. Please email bbgwealth@bloomberg.net to share. We may contact you if the story goes ahead. Is the era of remote work on its way out? Andrew McCaskill, career expert at LinkedIn, writes: When it comes to remote versus in-person, job seekers will have an easier time finding an in-person job these days. Our Global State of Hybrid and Remote Work report found that in December 2023, remote jobs made up for 10% of job postings on LinkedIn, and hybrid jobs made up for around 13%. Tech is the most popular industry for remote roles, followed by professional services, financial services, administrative and support services, and consumer services. It's worth noting that despite the decreased availability of remote jobs, they continue to remain popular for job seekers, with more than half of white and black LinkedIn members having the highest share of their job applications going to remote positions. In fact, according to LinkedIn data, two out of three US black professionals prefer to work remote or hybrid, and the application rates to remote jobs among black job seekers far outpaces the overall average.
 Photographer: Ismail Ferdous/Bloomberg - New York rents are surging even as the rest of the US sees relief.
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