US - ENSearch

Choose Your Language:

Talent Community
Male and female coworkers reviewing the January 2024 jobs report.

January 2024 Jobs Report: A Look at December's Trends

Download the Labor Market Analysis Now

Executive Summary

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.

Download the Labor Market Analysis
December2023 market trends: 216K jobs gained and 3.7% unemployment rate.

Related Content