Should You Move Now? Consider the Global Economy!

If you’re considering whether to move, jobs are still plentiful. Employers know they are competing for top candidates and will sometimes even consider people who are not spot-on for the role, so take advantage of these conditions.

But will the strong market and flexibility in hiring continue? I am concerned about the impact of coronavirus on the economy. The Wall Street Journal reports that “the world economy shudders as coronavirus threatens global supply chain” (“Manufacturers’ increased reliance on more interconnected China sees shortages ripple around the globe.”). The New York Times reports the “coronavirus outbreak deepens its toll on global business,” spreading to “airlines, automakers, tech companies and more.” 

Asia has already seen the impact. China, the world’s second-largest economy has been at a “near standstill” and “struggles to reopen.” Japan, the #3 economy is facing a turndown.

And the US? The Wall Street Journal reports “February U.S. output fell to lowest level in more than six years as global economies started to feel effects of China’s virus outbreak.” US-based companies including Apple have also warned of a dip in revenue. Silicon Valley seems vulnerable. A week ago Silicon Valley companies cut 1,100 tech jobs (from VMWare, Shutterfly, Comcast, Xilinx, 23andMe, etc.).

On the flip side, the stock market has held relatively steady so far. The New York Times posits “the stock market isn’t too worried about coronavirus” because of anticipated Fed bailout. And the UK Reuters has reported the situation is stabilizing: “Financial markets appear to be recovering from the damage done in late January by the coronavirus outbreak in China.”  

What to make of all this? Generally when a business correction occurs, then a legal correction usually follows. So my advice is hunker down or move soon. The legal market is not going to get more favorable for a job change any time soon. But also be aware if you move that last in can be first out if there is a severe correction, so give thought to whether your intended company or industry can weather a downturn.