Job growth picked up in December, with 216,000 jobs added — 164,000 in the private sector and 52,000 in the public sector. The unemployment rate held steady at 3.7%, while layoffs of more than 1.5 million employees in prior months remained abnormally low compared to prior (non-pandemic) years. The labor force participation rate experienced an alarming decline in December, falling to 62.5% — a downward trend that, if it persists, could create hiring difficulties for employers in 2024.
Despite the fluctuations in certain market indicator rates, the labor force remains competitive for employers, with the ratio of unemployed workers per job remaining at 0.71, or 1.4 open jobs per unemployed worker. Quits also declined, with around 3.5 million employees quitting their jobs.
The ratio of potential workers per job opening is below historic levels (2.0) at 1.71, including part-timers who want full-time work, those who left the labor force but want to work and the unemployed.
Labor Market Analysis
Job growth continued to accelerate last month as the U.S. economy added 275,000 new jobs in February, according to the U.S. Bureau of Labor Statistics. Read more about February's labor market trends in this month's report.
Read More www.astoncarter.com/en/insights/labor-reports/march-2024-labor-market-analysis
Labor Market Analysis
Job growth picked up slightly in November, with 199,000 jobs added — 150,000 in the private sector and 49,000 in the public sector. The unemployment rate fell to 3.7%, and while layoffs have risen since October, they remain below historical averages.
Read More www.astoncarter.com/en/insights/labor-reports/december-2023-labor-market-analysis
Labor Market Analysis
Job growth continued in August, with 187,000 jobs added, 179,000 in the private sector and 8,000 in the public sector.
Read More www.astoncarter.com/en/insights/labor-reports/september-2023-labor-market-analysis
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