The US job market is experiencing a “Great Freeze” with companies reluctant to lay off workers but also hesitant to hire new ones. This situation has led to a low-fire, low-hire scenario, hindering career growth for workers while offering cost-saving benefits for companies.

Factors contributing to the current job market conditions include uncertainties around tariffs, artificial intelligence, economic weaknesses, and supply issues. This has led to a lockup between low layoffs and low hiring, with no immediate catalyst for change in sight.

Employers are holding onto talent as a precaution, a practice known as labor hoarding, to avoid previous staffing issues. However, this could crumble if the economy worsens. The current macroeconomic conditions are causing delays in hiring and movement in general, slowing down the job market pace.

In a low-hiring, low-layoff environment, job seekers may find it challenging to secure new positions that align with their skills and experience. Lack of turnover can hinder professional development, as internal growth opportunities may be limited in stable companies.

To adapt to the cool job market, individuals are encouraged to upskill within their roles to continue growing professionally and enhance their resumes for future job searches. Despite the challenges, 63% of businesses intend to hire more in the next year, showing some optimism for future job market trends.

Read more at Yahoo Finance: Why companies aren’t firing, workers can’t grow, and the unemployed can’t get jobs