As the year comes to a close, we’ve compiled a list of November 23 market updates. As National Headhunters with a network of 175 offices, we’ve seen the market fluctuate and a handful of key trends.
The current job market is characterized by the following:
- Low unemployment: The unemployment rate in the United States, although steadily rising again, is currently at 3.9%, near a 50-year low. This means that there are more job openings than there are unemployed workers.
- Strong job growth: Job growth has been strong in recent months, with the economy adding an average of 238,800 jobs per month in the ten months ending in October 2023.Last month adding only 150,000 jobs.
- Skills shortage: There is a shortage of skilled workers in a few industries, such as healthcare, hospitality, and manufacturing. This is made it difficult for employers to find qualified workers but that is beginning to change.
- Rising wages: Wages are rising in many industries, as employers compete for workers. This is a welcome change for workers, who have seen their wages stagnate for many years. Many lower paid employees traded up for better paying sectors.
- Layoffs: Sectors like Technology, Banking, Sales, HR Operations, & marketing have all been affected, but the silver lining is that 2024 has a better outlook as mentioned below
Overall, the job market is currently getting stronger from the declines in the past 6 months. However, there are some challenges that workers and employers need to be aware of, such as the skills shortage and rising inflation.
Here are some specific industries that are currently hiring:
- Healthcare: The healthcare industry is expected to add 2.7 million jobs between 2020 and 2030 in part due to the aging population and the increasing prevalence of chronic diseases.
- Technology: The technology industry is expected to add 900,000 jobs between 2020 and 2030 (hiring likely do pick up in 2024) because of the continued growth of the digital economy.
- Professional and Business Services: The professional and business services industry is expected to add 8.2 million jobs between 2020 and 2030 due to the increasing demand for administrative, technical, and professional services.
- Hospitality: As the Hospitality sector tries to shore up lost resources from employees that moved to other sectors, they are competing more aggressively than ever before with higher wages and benefits. Many smaller companies are offering a full suite of benefits via a PEO (outsourced benefits) model to compete with larger companies.
If you are looking for a job, there are many opportunities available. The best way to find a job is to network with people or headhunters in your field, attend job fairs, and search online job boards. Work with a trusted headhunter or contact staffing agencies to help you find a job that is a good fit for your skills and experience.
Have anything to add for November 23 market updates? Let us know!
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