SPRINGFIELD, Mass. (WWLP) – As the possibility of a recession lingers over the country, right now demand for employees is still higher than ever.
The president of the Federal Reserve Bank of Boston said earlier Monday that the Federal Reserve will have to keep increasing the interest rate to get inflation down but that would also mean a rise in unemployment. And as the Federal Reserve does plan to continue the interest rate hikes, experts project that the national unemployment rate will rise from 3.7 percent currently, to a median of 4.4 percent next year.
22News spoke with Kevin Lynn, Executive Director of MassHire Springfield Career Center. He says locally, companies are in great need of more employees. However, if a recession were to happen, that means layoffs and companies won’t be able to hire as many people.
“Always learn the latest whatever it may be, where you work, because that makes you more valuable,” Lynn explained. “If the economy goes south your manager has to look around the room and say, ‘who can do the most things? Who is going to give me the most bang for my buck?’ You want to be that person.”
The Commonwealth’s August total unemployment rate is at 3.6 percent. Last month also saw a gain of 6,400 jobs, especially within the hospitality, trade, and transportation industries.
MassHire Springfield will also be hosting job hiring events with one coming up in October. For more information, click here.