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October 2024 Overview
The American employment landscape is constantly changing. Keep up-to-date with the most recent trends with our monthly Employment Landscape Overview. Figures and statistics sourced from the Bureau of Labor Statistics and the American Staffing Association
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Unemployment did not change - 4.1%
The unemployment rate did not change from September, at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in food services and drinking places, health care, government, social assistance, and construction.
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Long-term unemployed did not change
The number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 1.6 million in October. This measure is up from 1.3 million a year earlier. In October, the long-term unemployed accounted for 22.9 percent of all unemployed people.
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Labor force participation changed little
Both the labor force participation rate, at 62.6 percent, and the employment-population ratio, at 60.0 percent, changed little in October. These measures have shown little change over the year.
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Average hourly earnings rose by $0.13
In October, average hourly earnings for all employees on private nonfarm payrolls rose by 13 cents, or 0.4 percent, to $35.46. Over the past 12 months, average hourly earnings have increased by 4.0 percent.
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Number of people working part time for economic reasons changed very little
The number of people employed part time for economic reasons was little changed at 4.6 million in October. These individuals would have preferred full-time employment but were working part time because their hours had been reduced or they were unable to find full-time jobs.
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People not in the labor force who currently want a job did not change
The number of people not in the labor force who currently want a job, at 5.7 million, was essentially unchanged in October. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job.
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Temp penetration rate at 1.64%
Temporary help employment was 1.64% of total nonfarm employment in October.
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Temp help jobs decreased
Temporary help jobs in October decreased -7.0%, seasonally adjusted, from the same month last year.
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Nonfarm payroll employment rose
Total nonfarm payroll employment was essentially unchanged in October (+12,000), and the unemployment rate was unchanged at 4.1 percent
Notable job gains occurred in:
Health care (+58K)
Government (+40K)
Construction (+8k)
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Industry Trends – Salary Transparency Growth Slows but Momentum Continues
Broadleaf summarizes the latest industry trends each month to keep you informed as you make decisions about the future of your business.
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Salary Transparency Gains Slow as Major States Set the Standard and Hiring Competition Eases
- Salary transparency is increasingly common in job postings as more states implement legislation to require it.
- Reaching 57.8% of Indeed postings by September 2024, up from 52.2% a year prior.
- This trend is partly due to established laws in California and New York, leaving less potential for significant gains, particularly in smaller states.
- A slower labor market and reduced hiring competition may lessen employers’ urgency to post salary details.
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Regional Differences in Salary Transparency
- The Childcare sector is the most transparent, while healthcare jobs, particularly in Medical Technician and Physician roles, are among the least transparent.
- Most sectors have seen transparency gains, with Pharmacy job postings making the largest jump, increasing by 24% in one year.
- State-level legislation has been pivotal in driving transparency, with Hawaii, D.C., and New York seeing the most significant increases.
- Salary transparency is generally lower in the South and higher in Western states with existing legislation.
- Metro areas reflect similar patterns; Honolulu and New York metros lead in transparency growth, while declines were minimal and concentrated in Southern cities.
- As laws evolve, transparency is likely to continue increasing, offering benefits to both job seekers and employers, from building trust to helping workers evaluate potential roles accurately.
Industry Trends – US Job Postings Have Stabilized
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Overall Job Posting Trends
US job postings have stabilized after a steady decline since January 2022.Currently, postings are 12% above pre-pandemic levels (as of October 2023).
Sector-Specific Demand
- Healthcare: Demand remains high, with roles like physicians and therapy up over 80% from pre-pandemic levels.
- Technology: Significant drop in demand; tech jobs are down by approximately 31%.
Sector Insights
- Of 46 sectors analyzed, around 1/3 (mainly remote-friendly tech and finance jobs) are below pre-pandemic baselines.
- Limited growth in these sectors since May 2023.
Other Notable Shifts
- Increased demand in logistics and therapy roles.
- Declines observed in veterinary and education jobs.
Outlook
- The current plateau may signal an end to the decline in employer demand. Possible shift toward more balanced opportunities ahead, though a strong rebound is not yet evident.
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Job postings in work-from-home sectors have leveled off in recent months
- Out of 46 sectors analyzed, job postings in 15 sectors (about one-third) were below their pre-pandemic baseline as of October 11
- These 15 sectors primarily consist of knowledge-based industries, such as tech and finance, which often offer more work-from-home opportunities.
- Over the past four months, job postings in these high-remote sectors have stayed relatively stable, with most sectors seeing only a 1-2% change in their job posting index.
- Demand for tech roles, including software development and IT operations/helpdesk, was nearly unchanged from May to October, with slight declines of 0.2 and 0.3%, respectively.
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