Resilient: The 2023 Job Market
As the world welcomed 2024, the stronger-than-expected December Bureau of Labor Statistics (BLS) jobs report gave the American economy an updated overview of 2023 job market conditions. The monthly job growth total surpassed economists’ expectations, as many continue to monitor the Federal Reserve’s next interest rate decision. However, hiring continued to happen across various sectors, including for contingent workers.
As organizations maneuver evolving economic conditions, the need for a flexible workforce persists into the New Year. Rose International remains dedicated to helping job seekers find the right job opportunities for them while helping meet organizations’ hiring needs.
Strong Job Growth to Finish 2023
The job market gained 216,000 jobs in December 2023 as the unemployment rate remained at 3.7%. Dow Jones predicted jobs would grow by 170,000 and the unemployment rate would increase to 3.8%.
In December 2023, the job sectors with the highest monthly gains were government, leisure and hospitality, healthcare and social assistance. The number of workers in the temporary help services sector totaled 2.8 million.
The BLS recently reported there were 8.7 million overall job openings, a 2.5 year low. The ratio of available jobs to available workers is 1.4 to 1, a significant decrease from the peak 2 to 1 ratio seen in 2022.
A demand for a flexible, agile contingent workforce remains, as shown by Rose International continuing to hire across various industries. The company saw the highest number of job openings in the business professional, IT, admin/clerical and engineering job categories.
The 2023 Job Market in Review
The job market grew by 2.7 million jobs in 2023, a decrease compared to the 4.8 million jobs gained in 2022. The average monthly job growth totaled 225,000 in 2023, compared to the 399,000 monthly average seen in 2022. Additionally, the unemployment rate remained under 4% throughout all of 2023.
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The BLS stated the job sectors with the highest monthly average totals in 2023 were:
The interest rate hike campaign continued in 2023, as the Federal Reserve worked toward its goal of bringing inflation down to 2%. However, the strong job market helped the economy dodge a recession in 2023.
Hiring was resilient in 2023 and will persevere in 2024. Job opportunities are available across a multitude of sectors requiring varying skills and experience levels. Job seekers are encouraged to embrace the energy and potential the New Year offers by beginning the next chapter of their career journeys today; Rose International is ready to help them achieve their job goals.
The Rose International Team wishes everyone a happy New Year!
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?? Rose International?is one of the largest providers of Staffing and Total Talent Solutions to corporations and government agencies, employing thousands of people in all 50 states. Certified minority- and woman-owned, the company is headquartered in St. Louis, MO and has offices and service delivery centers across the U.S. and India.
?? Rose International is hiring!?Click here to view available job openings. Jobs are updated frequently, and job seekers are encouraged to check back often.
"Change is the end result of all true learning." - Leo Buscaglia ?? The resilience of the job market in 2023 is a testament to our ability to adapt and grow. The #RoseInt Team's insights provide valuable lessons for all of us looking to navigate our careers in these dynamic times. Great read! ?? #Learning #Growth #Adaptation