| Americans looking for new jobs are facing a frustrating reality. Employers have scaled back hiring, and last month the unemployment rate unexpectedly rose. By these metrics, the labor market appears to be cooling. Even candidates with enviable resumes have been struggling. But before we get into that... Three things to know … back to the job market, one that is confounding everyone from recent graduates to workers with years of experience. Take Antigone Mehani-Asghari. The 38 year old in Louisville, Kentucky, who came to the US as a child refugee from Kosovo, has about 10 years of experience in nonprofit fundraising, including at the executive level. To bulletproof her credentials she got an MBA during the pandemic and completed executive education certificates in business analytics and project management. Still, two years after completing her degree, Mehani-Asghari is struggling to land the kind of job she wants. "I've done everything in the book," she said. She's tapped her network, started teaching at her business school and has kept a keen eye on job market trends, which appear to be worsening. "It's a very lonely journey."  Photographer: Jason Alden/Bloomberg That's the sentiment of a large and growing cadre of professionals who have been trying to navigate a so-called white-collar recession. While hiring has remained strong overall, certain industries have been shedding staff. Read more: Pandemic-Era College Kids Face Job Market That Doesn't Want Them Pandemic-era tales of savvy staffers pivoting from one sector to another — nabbing higher pay and perks along the way — now sound like the stuff of ancient history. More common these days are stories of layoffs everywhere from Apple to Zoom, with job hopefuls trying to change industries not because they feel like it but because they have to. Candidates trying to break into new fields, however, say it feels as if bosses who may have been more open to less-conventional hires during the "war for talent" are now much less so. Mehani-Asghari said at times it can feel like she needs to break up with her past self. However, Alexa Loken, founder and head coach of Loken Careers, said one of the biggest mistakes she sees clients make when trying to change sectors is thinking they need to start over from junior positions. "I mean okay, if you're going to become a neurosurgeon, yes, you'd need school, you'd need to start at the bottom," she said. "But for most of the careers we're talking about in the white-collar world, you don't need to start at the bottom. You can take a lateral move." She tells clients it's still a good rule of thumb to apply to positions where they meet somewhere between 80% and 85% of the qualifications. LinkedIn career expert Catherine Fisher also emphasized that employees moving fields shouldn't feel bad about taking "bridge" jobs, or short-term positions meant to help them transition. "While a bridge job may not be your dream job, you can still build connections, find things you enjoy, and learn new skills that might align with your future goals," she said. Finally, Clint Carrens, a career strategist at Indeed, said employees hoping to switch industries need to pitch themselves as great candidates for the target industry, not as candidates from an old industry looking to get into a new one. "Saying, 'I'm a journalism person who wants to go into marketing': That's not going to be very appealing," he said. "We need to rebrand ourselves as somebody who is ideal for a marketing role… You can't rely on the employer to just make those connections themselves." — Charlie Wells Send questions about your own financial decisions to bbgwealth@bloomberg.net In an era of contactless payments and banking apps, how should parents teach their children about money and budgeting? Frank Paré, president of PF Wealth Management Group, writes: Teaching children about money and budgeting can be very challenging in an era where they can use their cell phones to access cash and make purchases. I am a financial planner, not an expert in advising parents on how to raise children. However, I've learned that some of the hardest lessons to teach children are easier taught by setting an example. Here is one strategy to help start teaching children about money and budgeting. First, have regular family discussions about the items you didn't purchase. The conversation should be upbeat and cover how you "wanted" to buy the item but didn't "need" it. The discussion should also stress how you could afford it; however, due to your family goals, rent or mortgage, utilities, and food, you chose not to purchase the item because of other priorities. By stressing in an upbeat manner that you wanted to make the purchase but chose not to, you are showing and conveying restraint. You are also demonstrating positively that your family's well-being and comfort are more important than purchasing something you don't need. This strategy is even more effective if the "family goal" is a family vacation, holiday presents, or a significant purchase that requires you to budget.
This week we're looking for people planning to move states or countries due to an upcoming election, either in the US or elsewhere. If this sounds like you or someone you know, please write in. 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.  Pokapu, a 6,555-square-foot home for sale near Queenstown, New Zealand. Photographer: Zee Dichev Will the US presidential election have any impact on borrowing costs? Do you think the Federal Reserve will delay interest rate cuts until after November 5, to avoid the optics of acting too close to the election? Share your views in this survey. Can prosperity and instability comfortably coexist? Join us in Hong Kong on June 5 as we gather leading investors, economists and money managers for a day of solutions-driven discussions on wealth creation. Register your interest here. | 
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