Which industry is hiring and which industry is firing workers in America?

Highlights: The 2024 Job Market Situation in the States

• The US job market has been experiencing an ongoing Recruitment vs layoffs ratio over the past few months. 
• The current labour force in the US is said to have 160 million people. 
• Businesses and companies in the US had 3,53,000 new job opportunities in January. 
• The country had a monthly average of 2,48,000 new jobs added to the US labour force in the last six months.

 

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Recent Job trends in the US

The present labour force in the US is said to have 160 million people. Around 2,48,000 jobs were added in the past six months, with an unemployment rate of 3.7 per cent. 

Recruitment in the US was at an all-time high during the pandemic owing to a surge in online platforms. The normalisation of the economy revealed that companies that over-hired during the pandemic are now relieving employees they no longer need. 

 

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Job growth across different industries in the US

Data suggests that some major US companies have been hiring more people in the last three months. 

The table below provides details about new job trends in US industries:

Month	Industry	Total Number of Jobs added
November, December, and January combined	Manufacturers	56,000
	Restaurants, hotels and entertainment companies	60,000
	Health care providers - hospitals, doctors' offices, and dentists	3,00,000
October	Accountants, engineers, lawyers and their support staff	1,20,000
September	Federal, state and local governments	1,20,000

 

Job surge amidst layoff concerns

As many as 353,000 jobs were added in January by American businesses and other US employers, marking the most significant monthly haul in a year. The estimated job gains in November and December were around 126,000, per the new Government revisions. 

Here are some of the reasons for layoffs in the US:

• Implementing changes in business strategy
• Trying to maintain or enhance profit margins
• Miscalculation of long-term demands for products and services
• Restructuring of companies
• Changes in the economic conditions of the industry

 

According to recent data, the US economy expanded at a healthy rate of 3.3% annually in the October-December quarter. ADP shows that private sector companies continue to hire people while maintaining the country's overall employment stability.

 

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