I found this sentence on a website:

"With the current economic crisis looming overhead, manifested in part by job layoffs and hiring freezes, it might be discouraging looking for employment during these bleak times. " (taken from http://sfplmagsandnews.blogspot.com.au/2009_05_01_archive.html )

What does "looming overhead" mean in this context? I assume it doesn't mean "likely to happen soon" as it says the crisis is "current".

It is a rather odd mixing of metaphors, but the idea is that it is a heavy presence upon us now.
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Thank you. I understand now. It's odd, but is it necessarily wrong to use the phrase in that context?
Not wrong; just not the mot juste, I think.