The US is still enjoying one of the best jobs markets in its labor history, but here’s a heads-up: there are signs of change around the corner. According to Goldman Sachs, the current pace of job growth is around 175,000 per month, but they expect it to slow to 100,000 in the second half of 2024. JP Morgan is on the same page it predicts that job growth is expected to soften in 2024.
And the most official source, the US Department of Labor’s Bureau of Labor Statistics, tells us that job growth slowed in October, after the economy added fewer jobs in August and September than expected.
All of it promises a slowdown in labor market momentum, news that is considered to be Fed-friendly good for the economy. But what does it mean for workers?
The cards are not as stacked in your favor as they were 12 months ago, and wage growth is also slowing, so the springboard from your current role into a better one may not be quite as visible, nor as bouncy. There is, however, reason for optimism. A slowing in the jobs market presents an opportunity to take stock to safeguard your career progression.
If you have been on the fence about staying in your current role, safe in the knowledge that the market is awash with new opportunities, this is your nudge to be more cautious and more curious. It could be a good time to make your move.
