Hiring slowed in December but worker satisfaction and wages improved.
The December 2024 Jobs Report from Public Insight highlights notable shifts in the job market, reflecting both seasonal patterns and broader economic trends.
While the labor market remains stable, changes in hiring urgency, job postings, and worker sentiment suggest evolving dynamics for employers and job seekers alike.
Job Postings Decline as Expected
December saw a 9.9% decline in job postings, bringing the total to 2.6 million.
This dip aligns with typical end-of-year hiring slowdowns, as companies finalize budgets and hiring strategies for the new year. The data suggests while this decline is expected, it also reflects a cooling in hiring urgency compared to the peaks of 2021-2022.
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Pay Growth Slows, But 2024 Shows Increases
Despite a relatively flat trend in December, compensation saw double-digit growth throughout 2024. Wage increases earlier in the year were driven by a tight labor market, inflationary pressures, and competitive hiring practices. However, as the job market stabilizes, wage growth may moderate moving into 2025.
A Shift in the Supply-Demand Balance for Job Seekers
One of the most striking findings in the report is the 51 million unique resumes published in 2024. This indicates a growing pool of job seekers, shifting the balance slightly in favor of employers.
While the market previously leaned towards a tight labor supply, recent trends suggest a slight oversupply of candidates, giving employers more options when hiring.
Healthcare Sector Still Struggling to Fill Roles
Despite the overall stabilization of the job market, the healthcare industry continues to face worker shortages.
The demand for skilled professionals remains high, with some positions proving difficult to fill.
This persistent gap underscores the need for targeted hiring strategies, competitive compensation, and workforce development initiatives in the sector.
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Employee Sentiment Rebounds
Worker satisfaction, measured by Net Promoter Score (NPS), has returned to levels seen at the beginning of 2024 after experiencing fluctuations throughout the year.
This improvement suggests while job market conditions have shifted, employees are feeling more secure and content in their roles.
It contradicts recent data from Gallup showing widespread employee dissatisfaction.
Unemployment and Quit Rates Remain Low
Despite concerns about economic uncertainty, unemployment and layoffs remain historically low.
Quit rates have declined significantly since 2022, indicating that fewer employees are voluntarily leaving their jobs.
Interestingly, while many workers are updating their resumes, they are not necessarily making career moves in large numbers.
This suggests that while job seekers are staying prepared, they are hesitant to take risks in the current market.
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Looking Ahead to 2025
The December 2024 Jobs Report paints a picture of a stabilizing labor market with pockets of persistent demand, particularly in health care.
While hiring urgency has diminished from previous years, wage growth and worker sentiment remain strong. The balance between job supply and demand will be a key factor to watch in the coming months, as both employers and job seekers navigate a shifting landscape.
As 2025 begins, businesses and workers alike will need to adapt to changing job market conditions, leveraging data-driven insights to make informed decisions. Whether it’s a company strategizing hiring plans or a professional considering their next career move, understanding these trends will be essential for success in the evolving employment landscape.
Methodology
Public Insight’s December 2024 Jobs Report summarizes market insights from the millions of job postings, resumé updates and employer ratings/reviews available in its TalentView platform in addition to broader labor and macroeconomic indicators.
