You're not imagining it—companies are changing their hiring plans ahead of the election

It's no secret the labor market is pretty brutal for a lot of job-seekers today, and the contentious election cycle could be making it worse.

Job openings were at their lowest level in three years as of July, according to Labor Department data, and job creation has been lower than expected this summer.

Online, candidates say they're sending out applications en masse without much luck.

Meanwhile, businesses are slowing their hiring initiatives as they brace for uncertainty around the results of the November presidential elections, according to hiring experts.

More than half, 59%, of U.S. executives say the results of the November election have the potential to dramatically change the course of their business strategy, according to a July report from G-P, a global employment platform and compliance technology provider, that surveyed more than 1,600 business executives around the world.

Vice President Kamala Harris and former President Donald Trump each have "a wildly different strategy for business regulation and tariffs and trade and taxes," says Debra Boggs, founder & CEO of D&S Executive Career Management, who's heard of companies stalling their hiring in recent weeks. Businesses may be even more cautious than ever given "the change of of primary candidates at the 11th hour" that could be "making companies more hesitant to know what's coming ahead of time."

This could disproportionately impact hiring at companies that do business internationally, Boggs says, as well as the search for senior leadership candidates.

'This happens every single time'

Job-seekers are adjusting their own timelines, whether due to seeing opportunities dry up or because of their own election anxiety. Roughly 1 in 4 job-seekers say they're postponing or extending their job search due to uncertainty around the upcoming elections, according to a recent ZipRecruiter survey of 2,000 people provided to CNBC Make It.

Boggs says the election-related hiring slowdown, which is frustrating for candidates, doesn't necessarily serve businesses either. "The strategy doesn't seem to make sense," she says, "because if you need those roles, you're now just waiting three more months while that role is unfilled."

A small consolation, she adds, is that "this happens every single time" in the months leading up to a general election, but that a permanent hiring dip isn't likely.

"As soon as the election is over, all these jobs open back up," she says.

Hiring could pick up around the holidays

Hiring could ramp up again by the end of November, Boggs says, based on her conversations with executive recruiters, hiring managers and board directors.

"I see a busier than usual holiday time hiring market because companies are going to have to be catching up from everything they put on hold," she says.

According to leaders surveyed by G-P, 98% of executives are planning to expand their global presence in the next 12 months, and 61% see growing their workforce as a top three priority.

Given that, it's important for job-seekers to keep up the momentum, Boggs says, "so that when the floodgates open, you're already in process."

It might not be the best time to cold apply to jobs, she says, but you can focus your efforts on keeping your resume and LinkedIn profile up to date, refining your search strategy, practicing your interviewing skills and making sure your network is activated to let you know of suitable new opportunities.

"To the people that need to find roles," Boggs says, "I say this is the perfect time to put on the gas, because other people are pulling back."

Ultimately, keep in mind that the current labor market "is not necessarily an indicator of what's to come," Boggs says. "The jobs will come back."

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