US job growth is expected to slow in 2024. Here’s what you can do now
The US is still enjoying one of the best jobs markets in its labor history, but here’s a heads-up: there are signs of change around the corner.
According to Goldman Sachs, the current pace of job growth is around 175,000 per month, but they expect it to slow to 100,000 in the second half of 2024. JP Morgan is on the same page – it predicts that job growth is expected to soften in 2024.
And the most official source, the US Department of Labor’s Bureau of Labor Statistics, tells us that job growth slowed in October, after the economy added fewer jobs in August and September than expected.
All of it promises a slowdown in labor market momentum, news that is considered to be “Fed-friendly”: good for the economy. But what does it mean for workers?
The cards are not as stacked in your favor as they were 12 months ago, and wage growth is also slowing, so the springboard from your current role into a better one may not be quite as visible, nor as bouncy. There is, however, reason for optimism. A slowing in the jobs market presents an opportunity to take stock to safeguard your career progression.
If you have been on the fence about staying in your current role, safe in the knowledge that the market is awash with new opportunities, this is your nudge to be more cautious and more curious. It could be a good time to make your move.
An employer’s market
The Great Resignation that pockmarked the jobs market since the pandemic is officially over, say observers, which is good news for organizations on the hunt for the best talent. Quits have fallen to pre-pandemic levels, and consequently so have new hires, so employers are less desperate to fill openings. This means you’ll have to search harder to find great opportunities but when you inevitably do, be ready to step up.
Do your research
With a focus on your skills, rather than your current job title, research the hottest sectors where your knowledge and expertise are turning heads these days. If you are on the hunt for something new, note that government, health, nonprofit and professional services roles have been ripest for picking this year, with more active openings and hirings. Expand your network online and aim to follow key players and join associations related to your targeted sector.
Be open to a change
These days, a huge amount of job seekers are still searching for full-time remote working. Don’t put yourself directly in line with the masses; Stand out from the competition by including hybrid and on-site roles in your search and application process. Furthermore, be open to contract and shorter-term positions that could help you find your feet on a new career path.
Speed matters
All the experts agree that now might not be the time to take your time. In a softer jobs market, your leverage as a skilled worker is softening, too. When you see an interesting role, have your résumé and references dusted off and ready to go. The right applicants are getting appointed quickly, and competition can be fierce. Be on your game and move fast.
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