The job market has shifted dramatically, transitioning from a talent hunt to frequent layoffs due to the Federal Reserve Bank’s inflation-controlling measures, which include raising interest rates, writes Jack Kelly for Forbes.  

This trend may persist until inflation drops from 8 to 2 percent, which could span several years, leading to many Americans losing their jobs. 

If you’re one of the many Americans getting laid off, here is what you should do: 

The most essential thing is to take care of your mental health. Job loss can be devastating, leading to feelings of anger, depression, and isolation. It’s natural to grieve, but it’s essential to communicate your feelings with loved ones and seek professional help if needed. 

Once you’re ready to get back on track, treat job hunting as your new full-time role. Connect with recruiters, network with peers, and actively engage on platforms like LinkedIn. Craft a compelling elevator pitch and be prepared for common interview questions. 

On the practical side, review any severance packages carefully before signing. Make sure that all discussions and agreements with your former employer are documented. 

If you don’t have a severance package, immediately file for unemployment and strategize on presenting your layoff to potential employers. 

It’s also important to stay proactive during this period. Engage in physical activities like exercise or yoga and stay updated with industry trends. Consider part-time roles, consulting, or even volunteering. Stay optimistic, as this phase might lead to better opportunities and higher earnings in the future. 

Read more about pushing forward and remaining positive if you’re one of the increasing number of Americans who’ve endured a layoff on Forbes.  

Tips for surviving a layoff as labor market weakens from CBS News.