The State of the job market in the USA at the end of December 2023:
For Jobseekers
• The U.S. job market has remained relatively robust and the economy started recovering.
• The unemployment rate decreased from 3.9% in October to 3.7% in November, and further down to 3.5% in December, matching a 50-year low.
• The employment-population ratio experienced a 0.3% increase, reaching 60.5% in November compared to 60.2% in October.
• The job market continues to be competitive for high on-demand positions such as Artificial Intelligence Engineer, Marketer, Dietary Aide, Registered Nurse, Nursing Manager, and Software Developer.
• The majority of job seekers (52%) say that they — and not employers — have the upper hand in today’s job market.
• One-quarter of Joblist users quit a job in 2022, and 67% of employed job seekers report that they are planning to quit their job in 2023
For Job Advertisers
• The balance between employer demand and labor supply has largely normalized, though certain industries and demographic groups still face tightness.
• Several industries have played a pivotal role in shaping the job market throughout 2023. Sectors such as healthcare, government, and construction have continued to expand employment opportunities.
• Layoffs are still 15% lower than pre-Covid-19 levels, and job openings are 37% higher, based on data from the U.S. Department of Labor.
• The third quarter saw a 4.9% surge in U.S. economic growth, fuelled by strong consumer spending, the fastest recorded GDP expansion since the final quarter of 2022.
• Despite persistent inflation and increased interest rates, the economy continues its upward trajectory.
• Wages are gradually catching up with inflation, surpassing it since May 2023.
• The share of workers working full time has declined, with the share of employed adults working 35 hours or more down roughly 9 percentage points from its 2022 peak.
• Labor shortages are easing, with fewer workers reporting that their employer has too few workers to get the job done.
• A declining share of U.S. employers are offering key benefits, with fewer employees reporting receiving health insurance and retirement contributions.
Sources:
US Department of Labor
S&P
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