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I think you could be experiencing the general slowdown in the job market and economic uncertainty. These companies could be unsure about their industry or the economy writ large, and pausing on hiring. Or, I've also observed the slowing down of hiring for perhaps the same reason. The interview process seems to be longer and not as well defined. Unfortunately this might just be the reality until the economy improves and recruiters may not have much more info than you. However, are you sure you've been the only candidate and they still hold back an offering? I think this corroborates the slowing job market but I'm with you, I'm confused why they wouldn't just be up front about pulling the job until further notice v. stringing anyone along. Don't get discouraged tho, ultimately it is NOT about you, it's them and their disorganized chaos
I think it could be a couple of things. It's possible that the business decided to no longer hire but instead of saying that, they are acting as if you just weren't a good fit. Or it's possible that they hired internally but also don't want to say that. I'm also curious why you think you were the only one in the final round, as that's not usually information they share with candidates. It's possible there were other people in the final round who got the offer instead. It sucks, and I'm sorry you're dealing with it, but I don't think it's uncommon (like you said).
All are possibilities. It seems the new norm, generally speaking, is for recruiters to make us(candidates) believe we are the best fit(nothing wrong with this) but then radio silence - no communication or worse after we didn't get the job they provide zero feedback or reasoning why, all of the sudden "i'm not the candidate they were looking for"?