The Department of Labor released data earlier this month indicating that new claims for unemployment rose to a three-month high. For the week ending on November 11, claims rose by 13,000 and reached a total of 231,000.

According to economists, this suggests that market conditions are cooling in response to interest rate hikes by the Federal Reserve to slow the economy. The Fed has raised interest rates 11 times since March 2022 and recently paused further rate hikes.

In the past, a downturn in hiring in other sectors has often been seen to increase opportunities for nursing homes and other health care settings. Recent reports from retailers indicate many are reducing their typical seasonal hiring, meaning some job seekers may be looking for alternative work options.