Initial jobless claims ticked up to 229,000 for the week ending on June 1, an increase of 8,000 from the week prior. ZipRecruiter Chief Economist Julia Pollak joins Wealth! to discuss the state of the labor market and her top tips for job hunting.

"This is a labor market that is actually consistent with non-inflationary growth. The quits rate is perfectly consistent with 2% inflation. The labor market tightness has returned to what it was before the pandemic, as measured by the number of openings per job seeker. So the labor market is no longer really a source of major concern," Pollak explains. She adds that this current environment could signal an interest rate cut from the Federal Reserve this year.

As the job market stabilizes, Pollak's biggest tip for job searchers "is to use a really, really simple template. So your resume should read from top to bottom, from left to right. No tables, no columns, nothing fancy, no fancy formatting." She also emphasizes the importance of tailoring resumes to the job posting to show the most relevant skills and experience to the position.

For college graduates, Pollak notes that there are slightly fewer job openings and more applicants per posting. "Don't just get discouraged if you get rejected a couple of times. Stay with it. Understand there's a numbers game here," Pollak says, adding that students should start their job search early to determine which skills employers seek and tailor their courses to attain them. She also notes the importance of internships and practical experience before entering the job market post-graduation.

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This post was written by Melanie Riehl