November 2024 National & Local Employment Update

Matt’s Take on Current Conditions: ?Between two hurricanes, a cloudy economic future, and a Presidential election, this year has led to a high level of emotional and mental exhaustion. We are hearing it from both candidates and clients. For now, I believe people are looking for a bit of time to decompress and refresh their mental well-being. As a result, I do not see much change coming for the rest of this year. However, I believe we will see turnover in our employees in 2025. Start planning for that turnover today.

Key Updates – National News Impacting Employment/Hiring

·?Over half (53%) of small businesses plan to add personnel over the next 12 months, marking a 9-point jump from last month. (WSJ)

·?75% of U.S. employees are considering leaving their jobs due to political discussions at work, while 60% believe political talk should be banned altogether. (Zety)

·?Women comprise 77% of full-time workers who missed work due to childcare problems thus far this year. Additionally, of those employees who work part-time due to childcare problems, 90% are women. (KPMG)

·?If you assume every 16-year-old joins the workforce and every 65-year-old exits the workforce, the net number of workers in the United States will drop for the first time in 2027. Additionally, the BLS projects the labor force participation rate will drop from the mid-62 % range to 60.4% in 2032. (LightCast – The Rising Storm)

·?Employees who work for top employers are 2.3x more likely to receive higher wages for the same job than if they worked for other firms. (American Opportunity Index)

·?Starbucks could fire employees who refuse to come to work if they don’t follow the company’s return to work order that was issued in January of 2023. that order required all headquarters staff to work from the office at least three days a week. (Komonews)

Local Data Impacting the Jobs/Employment Market

·?In Florida there are currently 94 unemployed individuals for every 100 open positions. In other words, Florida still has more jobs than available candidates. (Florida Chamber of Commerce)

·?In 2023, net firm migration, at 503 firms, was highest in Florida as 1,000 firms moved into the state and 497 left the state. By contrast, California had 601 firms move into the state and 1,134 leave the state resulting in a net loss of 533 firms. (BLS.gov)

· The Tampa metro area led all metro areas in Florida in job gains over the year in several industry sectors: Education and health services (+9,000 jobs); manufacturing (+1,400 jobs); financial activities (+1,200 jobs) (Florida Jobs)

Monthly Salary Ranges For Selected Occupations In The Tampa Bay MSA?

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