Staffing Tips & Recruiting Trends

October 2024 Talent Market Insights

October 2024 Talent Market Insights

October delivered a hot jobs report, showing strong job gains and a dip in unemployment just weeks before the presidential election.  

Here are some of the key takeaways: 

  • 254,000 jobs were added in September 
  • Unemployment decreased from 4.2% to 4.1% 
  • Workforce participation held steady at 62.7% 
  • Wage growth increased by 0.4% month over month  

We’ll discuss the latest labor market trends and what this means for employers. 

Number of Jobs Available 

Job gains for September were far more than the forecast of 142,500. And in a refreshing turn of events, gains for July and August were revised upward—not downward as has been typical throughout the year. 

Job gains for September were significantly higher than the forecast of 142,500. And in a refreshing change, gains for July and August were revised upward, rather than downward, which has been the trend throughout the year. 

Initially, July’s job gains were reported at 114,000, revised down to 89,000, and then reported as 144,000. August’s job gains were also revised up from 142,000 to 159,000. 

Leading industries in jobs added were restaurants and bars (+69,000), healthcare (+45,000) government (+31,000), social assistance (+27,000).  

The professional and business services sector, which faced significant layoffs earlier in the year, is beginning to bounce back (+17,000), although it still ranks among the top industries for total unemployment. 

Unemployment 

The unemployment rate dropped from 4.2% to 4.1%, marking a notable decrease of 281,000—the largest decline since early 2022. However, September saw job losses in manufacturing (-7,000) and transportation and warehousing (-8,600).   

According to the latest JOLTS report for August, total separations increased in professional and business services (+149,000) while decreasing in accommodation and food services (-111,000). Additionally, quits fell by 159,000 to 3.1 million. 

Despite these cuts in certain sectors, the combination of job growth and a lower unemployment rate indicates progress toward pre-pandemic job market conditions. We are now seeing approximately 1.1 job openings per person, similar to pre-recession levels, and a notable shift from early 2022’s worker shortage, when there were two job openings per person. 

Workforce Participation 

Workforce participation held steady at 62.7% for the third consecutive month, but the story beneath the numbers reveals more dynamic shifts.  

Interestingly, in September, 150,000 people joined or rejoined the workforce, driven largely by immigration, while the number of U.S.-born workers declined by nearly 600,000, primarily due to retiring baby boomers.  

Additionally, the number of people employed part-time for economic reasons—those seeking full-time work—held steady at 4.6 million in September, but is up from 4.1 million a year ago. 

While the overall percentage remains stagnant, we’re seeing noticeable progress in workforce participation.  

Wage Growth 

Wage growth increased slightly by 0.4% month-over-month. 

Still, the combination of wage and job growth could influence the Federal Reserve’s decisions. While they recently cut interest rates by half a percentage point, further cuts might not happen anytime soon. 

Economic variables ahead 

As we enter the final months of the year, September could be the last month of 2024 with un-influenced data.  

The October jobs report may reflect the impacts of Hurricane Helene, the Boeing machinists strike, and the port strikes along the East and Gulf coasts. November’s data could be shaped by the upcoming election, and December is often affected by holiday spending patterns, making it an atypical month for job market analysis. 

Winning Moves for Employers   

To stay competitive in today’s market, focus on strategies that help you attract top talent and drive your business forward: 

  • Explore flexible work arrangements: With the increasing number of part-time workers seeking full-time positions, offering flexible work arrangements, such as remote work options or flexible hours, could attract a broader talent pool. This flexibility can make roles more appealing, especially to those who may have previously left the workforce but are looking to re-enter. 
  • Focus on retention: With many employees choosing to remain in their current roles, job satisfaction is a key factor in retention. Ensure that you are offering wages appropriate to the workforce you’re trying to attract, competitive benefits, and opportunities for professional advancement to keep your workforce happy and engaged. 
  • Leverage temporary staffing: Temporary staffing can offer a flexible and cost-effective solution to maintain productivity and meet deadlines, even in uncertain economic conditions.


If you’re interested in more resources, be sure to check out our
employer resource center. There you’ll find an archive of on-demand HR webinars, tools and articles to help you address a variety of workplace challenges.  

For additional insights into market trends, or if you need staffing support, don’t hesitate to contact us. 

To top