Workforce Digest: Companies are hitting the reset button
?? 1.3% workforce growth rate in January 2024. This is slightly higher than in December (1.2%). The slight increase in the growth rate is a combination of a stable hiring rate and a slight decrease in the attrition rate.
?? 41.4% of workers who started a new job in January transitioned to a new role and 69% transitioned to a new industry. Information had the largest increase in the share of workers coming from other industries.
?? 1.13% increase in active job listings in January. The Manufacturing sector had the largest increase in active job postings.
?? 51.8 days to fill job openings. This is 4.8 days more than in December 2023 and 3 days more than in January 2023.
?? 24% increase in the number of employees notified of layoffs under the?WARN Act compared to December 2023.
January's Jobs Report signals a strong start in 2024
January’s Jobs Report came in signaling a strong start for 2024. The unemployment rate remained unchanged from December, standing at 3.7%. The US economy added 353,000 new jobs, surpassing all expectations. Employment gains in January occurred in professional and business services, health care, and retail trade sectors.
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What does the granular workforce intelligence data from Revelio Labs have to say about the health of the labor market, and what do they signal about the labor market in the near future? Read our detailed labor market analysis below.
Stable hiring and attrition rates
Revelio Labs’ workforce intelligence data show that hiring and attrition rates remained stable in January. The hiring rate stood at 17.7% (unchanged since September 2023). Meanwhile, the attrition rate stood at 16.4% (slightly lower than the 16.5% recorded in December). The workforce growth rate (difference between hiring and attrition rates) stood at 1.3% (0.1 percentage points higher than December on a m.o.m basis).
For the full digest and insight into the jobs report, visit our site.
Have a great day!
Loujaina Abdelwahed, PhD , Economist at Revelio Labs
Please view our data and methodology here.
Director of People Analytics Research, ADP Research. I study the decisions of employees and employers. My posts reflect my own thoughts.
1 年I like everything about this report but the trend about time to fill, which is statistically unidentifiable (without strong assumptions) due to the dependent competing risk that a job posting is cancelled or repurposed rather than filled.
Good quality data and analysis Yedidya Gorsetman