2024 looks to be a rebound year similar to 2021 after the lockdown phase of the Covid-19 Pandemic. Much like 2021, I believe there will be a race to gain market share, and ultimately claim the top talent/jobs in the market. All of my conversations the last 3 months support this direction.
Some signs of changes in 2024 include- new job seekers, new staff hires, relocation (yes it is back), business mergers, office expansion to new markets and new product offerings.
There are several key indicators showing the strength of the economy. (Much better than same time in 2020)
An unemployment rate has remained below 4% for 2 yrs., currently at 3.9. The college degree professional unemployment rate, however, is below 2%. (bls.gov)
* U.S. GDP grew at a 5.2% rate in the third quarter, even stronger than first indicated (Report from 11/29/23- https://www.bea.gov/data/gdp/gross-domestic product)
* On Black Friday (11/24/23), consumers spent $9.8 billion in U.S. online sales, according to Adobe, up 7.5% from a year ago. Cyber Monday (11/27/23) topped that, as e-commerce spending in the U.S. totaled $12.4 billion, up 9.6% year over year. (cnbc.com)
* Price of gasoline nationally has been down 10 weeks straight. More than 25 cents less than a year ago. National average is $3.25 with many states below $3 a gallon. (ap.com)
* The Federal Reserve and many financial leaders are stating that the likelihood of recession is less than 50%.
Employers are showing much more confidence towards growing businesses and expanding staff.
We look forward to being a part of your plans for 2024! I am excited to see what the year has in store for all of us!
With over three decades of progressive experience in the advertising, marketing, and communications fields, Larry Brantley is a luminary in the realm of talent acquisition. Larry Brantley’s enduring dedication, unmatched expertise, and relentless commitment to the industry make him a cornerstone of the creative staffing landscape. His legacy continues to shape the future of talent acquisition and professional growth.