Bradley Harris’ Post

Looks like the job market might be cooling off, with an estimated 189,000 jobs added last month—still a decent number, but a step down from earlier in the year. While it might be a bit tougher to snag a job than during the pandemic recovery, there's a silver lining: it could lead to a more balanced market for employers and employees alike. The Fed's keeping a close eye on this data, though, as it could shape their next moves on interest rates. #HR #HumanResources #Recruiting #Recruitment #JobsReport

Here’s a glimpse into our latest U.S. Labor Market recapping the month of April! Job openings fell to 8.8 million on the last day of March, down from a high of 12.2 million in March 2022. Job openings are currently at a three-year low, with only 1.32 jobs open for every unemployed person. Unemployment increased slightly from 3.8 to 3.9% in April, marking the 27th month below 4%. Additionally, there are notable shifts we are observing, such as: -Job openings, quits, and layoffs all fell last month, signaling a cooling labor market. -The pay incentive to change jobs is down significantly YoY. -Job seekers, particularly those with bachelor’s degrees or higher, feel the job market is very competitive. -The staffing industry is expected to contract slightly this year, but reaching candidates may remain challenging. Keep yourself informed about the latest labor market trends and the recruitment landscape right here: https://lnkd.in/eKihujSg #recruitmentmarketing #talentacquisition #recruitment #analytics

This morning's JOLTS (Job Openings and Labor Turnover Summary) report from the Bureau of Labor Statistics showed that the #labormarket cooled further in late 2023. This will be no surprise to those of you in the #recruiting industry. A few important #data points to highlight: 👨💼 At 8.8 million, the number of open #jobs in November changed little from the previous month. However, this figure is a long way (-27%) from March 2022 levels, when there were an astounding 12 million open jobs in the US. The current number of openings is the lowest since March of 2021. 👋 Quits were at the lowest level since September 2020. The number of #quits edged down by 157,000 to 3.5 million, with the largest decrease in professional and business services (-77,000). The Great Resignation is in the rear-view mirror. ✌ In November, the number of #hires decreased by 363,000 to 5.5 million. Professional and business services were also the largest standout in this category, with the sector hiring 163,000 fewer people than the previous month. Alex's Analysis: I've spoken to many individuals in the last few months that experienced the deterioration of labor market conditions firsthand - on the employer, recruiter, and candidate sides. Companies are pumping the brakes on adding headcount heading into 2024, while job seekers looking for sales, engineering, and mid-level management positions are spending a lot longer, on average, looking for work. Expect this trend to continue into mid-2024 at minimum, and possibly into the latter part of the year as well. The business cycle needs to transition from deceleration to rise, which will likely require a lowering of interest rates by the FED, before the labor market can shift into a higher gear. Plan accordingly.

Did You Know......... 2024’s Hiring Outlook is a Bit of a Question Mark, Indeed Economist Says The labor market is closing the year on a tempered note: Job postings on Indeed fell considerably (22.5%) since their peak in December 2021, but layoffs stayed historically low (around 1% as of September), according to the platform’s Nov. 15 U.S. Jobs & Hiring Trends Report for 2024. Next year’s outlook depends not only on whether the demand for workers continues to fall, but also on whether any future declines come primarily through less hiring rather than more layoffs, the report noted. A prolonged contraction could mean employers start to shed current workers and layoffs start to mount, Nick Bunker, economic rsearch director for North America at Indeed Hiring Lab, explained in the report. Over the past year, the participation rate of prime-age workers (ages 25-54) in the labor market rose to levels not seen in 20 years, boosted by a rebound in immigration following the pandemic, the report found. But even if participation among prime-age workers rises to match the all-time high of 1999, and more workers aged 65+ push their participation to all-time highs, after 2025, the “weight of demographics would take over,” and employers could still face a shrinking labor pool due to an aging population, according to the report. This year also signaled the end of the Great Resignation: “It’s clear that workers just aren’t quitting like they used to, at least compared to the rates in late 2021 and 2022,” Bunker pointed out. He attributed the slowdown to declining employee demand for new hires in early 2022. Even so, “a return to the 2019-era quits rate doesn’t mean workers are suddenly without opportunities to find new jobs or that employers don’t need to worry about retaining current workers,” Bunker cautioned. One concern is that job seekers are increasingly shifting their interest to postings outside their current field, according to Indeed data. For example, since 2019, the share of civil engineers looking at postings outside their field has increased from 77% to 85%, the report found. “If a growing share of workers in some fields are looking to leave those roles without an offsetting rise in interest from other fields, employers would need to take steps to retain current employees,” such as increasing pay or benefits or making changes to workplace flexibility, Bunker said. Employers seeking to retain workers will also want to consider investing in employee experience, or EX. Despite bolstering employee engagement, improving productivity and lowering attrition, investments in EX are expected to take a significant hit in 2024, according to a recent Forrester report. What its analysts dubbed an “EX recession” is expected to affect “culture energy” and diversity, equity and inclusion programs, the report found.

A September surge in hiring (336,000 gains), indicates the labor market’s adaptability. How will this affect your company? According to Monster economist Giacomo Santangelo, employers face increased competition for talent, leading to wage pressure and a focus on employee retention. Candidates in specific sectors enjoy increased job options and greater negotiating power. Our Hiring Snapshot dives into the numbers and details, and provides key takeaways to help you plan for what lies ahead. #MonsterHiringSnapshot #JobsReport #MonsterData

A September surge in hiring (336,000 gains), indicates the labor market’s adaptability. How will this affect your company? According to Monster economist Giacomo Santangelo, employers face increased competition for talent, leading to wage pressure and a focus on employee retention. Candidates in specific sectors enjoy increased job options and greater negotiating power. Our Hiring Snapshot dives into the numbers and details, and provides key takeaways to help you plan for what lies ahead. #MonsterHiringSnapshot #JobsReport #MonsterData

A September surge in hiring (336,000 gains), indicates the labor market’s adaptability. How will this affect your company? According to Monster economist Giacomo Santangelo, employers face increased competition for talent, leading to wage pressure and a focus on employee retention. Candidates in specific sectors enjoy increased job options and greater negotiating power. Our Hiring Snapshot dives into the numbers and details, and provides key takeaways to help you plan for what lies ahead. #MonsterHiringSnapshot #JobsReport #MonsterData

A September surge in hiring (336,000 gains), indicates the labor market’s adaptability. How will this affect your company? According to Monster economist Giacomo Santangelo, employers face increased competition for talent, leading to wage pressure and a focus on employee retention. Candidates in specific sectors enjoy increased job options and greater negotiating power. Our Hiring Snapshot dives into the numbers and details, and provides key takeaways to help you plan for what lies ahead. #MonsterHiringSnapshot #JobsReport #MonsterData

A September surge in hiring (336,000 gains), indicates the labor market’s adaptability. How will this affect your company? According to Monster economist Giacomo Santangelo, employers face increased competition for talent, leading to wage pressure and a focus on employee retention. Candidates in specific sectors enjoy increased job options and greater negotiating power. Our Hiring Snapshot dives into the numbers and details, and provides key takeaways to help you plan for what lies ahead. #MonsterHiringSnapshot #JobsReport #MonsterData

A September surge in hiring (336,000 gains), indicates the labor market’s adaptability. How will this affect your company? According to Monster economist Giacomo Santangelo, employers face increased competition for talent, leading to wage pressure and a focus on employee retention. Candidates in specific sectors enjoy increased job options and greater negotiating power. Our Hiring Snapshot dives into the numbers and details, and provides key takeaways to help you plan for what lies ahead. #MonsterHiringSnapshot #JobsReport #MonsterData