Here's an overview of what the 2024 job market looked like, and, what it most likely means heading for 2025.
2024 Job Market- At a Glance
If you felt like the job market in 2024 was a bit unpredictable, you’re not alone. The latest U.S. job market report showed that job postings dipped slightly and pay transparency surged. Let’s break down the highlights and what they mean for job seekers and employers in 2025.
Job Postings Were Down, But Not Out
According to Aspen Tech Labs, total job postings dropped 2.5% from December 2023 to December 2024. While that might seem like a bad sign, the labor market overall remained healthy, with unemployment holding steady at around 4%. The drop in job listings suggests employers were being more selective, and jobs were staying open longer—taking an average of 2.6 weeks to fill, a 13% increase from the previous year.
Pay Transparency Is on the Rise
If you’ve noticed more job postings including salary info, you’re not imagining things. In 2024, 42.7% of job listings included salary details—a 35% jump from 2022 when only 7.8% of job postings had pay info. This is a huge win for job seekers, making it easier to find roles that match their pay expectations. More states are also rolling out salary transparency laws, meaning we’ll likely see this trend continue into 2025.
Where the Jobs Were Growing (And Shrinking)
Not all industries or locations followed the same pattern. Some industries saw strong job growth:
Legal jobs were up 33%
Real estate roles increased 28%
Construction jobs grew 17%
Insurance hiring climbed 16%
Banking jobs rose 13%
On the flip side, industries like personal services (-25%), pharmacy (-14%), and warehouse jobs (-10%) saw declines.
Geographically, Hawaii saw the biggest increase in job listings (+13%), while states like Maine, Kentucky, and Utah saw declines (-7%).
Salaries Went Up (But Not for Everyone)
Good news for full-time workers: median wages rose 8.7%, reaching up to $60,840. Yet, the median part-time salary only rose from $17.50 to $17.89, a $0.39/hour, or, 2.2% increase, which didn’t quite keep up with inflation.
What This Means for 2025
So what should job seekers and employers take away from all this?
Job seekers: Be prepared for more competition, but use pay transparency to your advantage. To avoid any confusion, use the Juvo Jobs app where pay rates are always listed.
Employers: With jobs staying open longer on average, streamlining the hiring process and improving candidate engagement can help fill positions more efficiently. By using a tool like Juvo Jobs, employers can easily market their positions, find and engage with local talent, and hire, all within one platform.
The job market is always changing, but one thing stays the same: being informed helps you stay ahead. Whether you're looking for work or hiring, Juvo Jobs makes it easier to connect with the right opportunities!
Join the Juvo Network or become a Juvo partner today! Download the Juvo Jobs app to see local jobs in your neighborhood.
Comments