Workforce Digest: The Great Leveling-Off continues

Monthly Digest: April 2024

?? 2.4%workforce growth rate in April?2024; slightly higher than the growth rate observed in March. The increasing workforce growth rate reflects higher hiring than attrition rates, even though both are on the decline.

??37.4% of workers who started a new job in April transitioned to a new role and 6 7.7% transitioned to a new industry. Healthcare had the largest increase in the share of workers coming from other industries.

?? 2.3% decrease in active job listings in April from March.The Education sector had the largest increase in the demand for workers (19.5% increase in active listings in April), while Professional Services had the largest decline in active job postings (-11% decline in April).

?? 45.8 days to fill job openings in March.This is 3 days more than in March and 1.9 days more than in April 2023.

?? 1.6% decrease in the number of employees notified of layoffs under the WARN Act compared to March 2024.

April's Job Report came short of expectations

The unemployment rate ticked up slightly to 3.9%. What was most disappointing about the report is the rate of job growth. The US economy added 175,000 new jobs in April, the weakest growth since November 2023. Employment gains continue to be dominated by Health care, which have been the main driver for job gains in the past few months.

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.

Hiring and attrition rates continue their declining trend

Revelio Labs’ workforce intelligence data show that hiring and attrition rates have continued their declining trend, with attrition declining at a much faster rate, leading to an increase in the growth rate of the workforce. The hiring rate stood at 15.0% (decreasing only slightly from the 15.3% hiring rate recorded in March). Meanwhile, the attrition rate stood at 12.6% (slightly lower than the rate of 12.9% recorded in March). The workforce growth rate (difference between hiring and attrition rates) stood at 2.4% (higher than the growth rate in March 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.