Knobull Research Projects Job Market Turbulence

By: Knobull
PROVIDENCE, R.I. - Jan. 4, 2024 - PRLog -- Lynn Bentley, President of Knobull says, "America could see a more cautious, competitive, and selective job market based on projections and insights from economic experts.

In 2024, it may still be hard for people to find work, depending on their industry and the size of the company they're targeting so help from Knobull's career coaching from JobStars can improve success."

Still, the economy added jobs throughout 2023.  The unemployment rate stayed low despite some small fluctuations. The layoffs and discharges rate had also been at or near 1%.

Job Market 2024

There could be a more competitive job market in 2024 as a result of fewer job openings and higher search intensity among job seekers.

Nick Bunker, economic research director at the Indeed Hiring Lab, told Knobull that the recent job market data from the Bureau of Labor Statistics "were pretty consistent with the case for cautious optimism".

Bunker said, "in 2023, the second half of the year, that were encouraging for strength in the labor market are still present."

Chris Zaccarelli, for Independent Advisor Alliance, said "the second half of 2024 will be highly dependent on the job market and inflation — that remain positive."

Market Growth

We will see employers start to open up hiring again, especially as we get into the new year and new budgets are set.

People may have transferable skills between different sectors, so job seekers don't have to pigeonhole themselves to their current industry. Taking edX courses found at Knobull helps boost this success.

Economists still see work opportunities available.

While hiring has steadily declined, there are certainly bright spots and there are opportunities if you know where to look. For example, that large companies have pulled back their hiring the most over the past year — not mid sized.

Market Trends

One trend that we saw in 2023 that we expect to continue is companies choosing to fill open roles with existing employees.  "We've seen in our research that recruiters expect increased focus on retention and internal mobility for employees, so for many professionals who might be looking for a new job in 2024, that new job could be at their current company."

There is a notable increase in hiring requirements for experts proficient in AI and machine learning, often linked to specific geographic locations like NYC or San Francisco.

Bentley concluded, "Meanwhile a massive shift in the labor market in 2024 as a result of AI isn't expected to happen, but we do know that companies are increasingly looking for employees who are AI literate.

The job market has been steady ahead of 2024. With help and perseverance, that could stay true in the new year."
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