Workforce Digest: It’s Hot Then It’s Cold. May’s Job Market Sends Mixed Signals
Monthly Digest: May 2024
?? 2.4% workforce growth rate in May 2024; slightly lower than the growth rate observed in April. The positive workforce growth rate comes amid the declining hiring, and the still rapidly declining attrition rate.
?? 43% of workers who started a new job in May transitioned to a new role and 69.4% transitioned to a new industry. Manufacturing had the largest increase in the share of workers coming from other industries.
?? 2.7% increase in active job listings in May from April. The Education sector had the largest increase in the demand for workers (11% increase in active listings in May), while Professional services had the largest decline in active job postings (-3% decline in May).
?? 42.9 days to fill job openings in May. This is 1.5 days more than in April and 1.8 days more than in May 2023.
?? 5.8% decrease in the number of employees notified of layoffs under the WARN Act compared to April 2024.
领英推荐
Mixed signals in May’s jobs report: Strong job growth, but unemployment is slightly up
The unemployment rate unexpectedly rose to 4%, although the economy added 272,000 jobs in May; higher than expected. Employment gains continue to be dominated by the Healthcare sector, which have been the main driver for job gains in the past few months, followed by Leisure & Hospitality as the summer approaches.
What does the granular workforce data from Revelio Labs have to say about the labor market, and what do they signal about the labor market in the near future? Read the rest of our job report to find out.
Hiring and attrition 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 14.6% (decreasing only slightly from the 14.8% hiring rate recorded in April). Meanwhile, the attrition rate stood at 12.2% (slightly lower than the rate of 12.4% recorded in April). The workforce growth rate (difference between hiring and attrition rates) stood at 2.4% (higher than the growth rate in April on a m.o.m basis).