By: Joshua Finley
The October jobs report from the Bureau of Labor Statistics (BLS) delivered a mixed message for the U.S. labor market. The economy added only 12,000 new jobs, a sharp drop from September’s robust gains, with external factors like the Boeing strike and hurricanes impacting the overall numbers. But as the end of 2024 nears, experts say this isn’t the time for job seekers to put their searches on hold. Instead, now could be an ideal window to secure a position before the new year.
With only two months left in 2024, it’s natural for job seekers to feel hesitant. However, A.J. Mizes, CEO and Founder of The Human Reach, urges those on the hunt not to pause their efforts. “A lot of people are probably on the edge of their seats, wondering what the job market will look like as we round out the year,” says Mizes. “September definitely exceeded people’s expectations when it came to hiring, and while October held pretty strong, there’s still ample opportunity for those ready to take the leap.”
October’s modest growth of 12,000 jobs was the lowest monthly gain since December 2020, impacted heavily by climate events and labor disruptions. The Boeing strike alone was estimated to have cost the manufacturing sector about 44,000 jobs, with hurricane-related damages further holding back hiring in other industries. The BLS also made downward revisions to August and September numbers, reducing previously reported job creation totals by a combined 112,000 positions.
However, the unemployment rate held steady at 4.1%, indicating that the labor market retains a degree of resilience. Health care and government sectors led the way in job creation, adding 52,000 and 40,000 positions, respectively. Meanwhile, sectors like leisure and hospitality, retail trade, and transportation saw declines, adding to the mixed picture.
Economists like Cory Stahle from the Indeed Hiring Lab suggest that the slowdown in October doesn’t signal a weak labor market overall. “While the impacts of these events are real and should not be ignored, they are likely temporary and not a signal of a collapsing job market,” he noted, adding that underlying strength remains in several areas.
With the upcoming presidential election adding uncertainty to the economy, some employers may be taking a cautious approach to hiring. Yet, Mizes believes this isn’t a reason to delay your job search. “Companies might be treading lightly because of the upcoming election and state of the economy, but that shouldn’t be an excuse to put your job search on hold,” he says.
For those actively seeking a job, Mizes recommends focusing on polishing resumes, networking, and starting conversations with potential employers. As companies look to wrap up the year on a strong note, they may be motivated to bring in experienced talent sooner rather than later. “There are so many jobs out there, especially from what we saw last month,” Mizes notes. “Dust off your resume, start those conversations, and be ready to go. Employers want to round out the year on a good note, and that means hiring people now.”
The slower pace of job creation and downward revisions to previous months reflect a year marked by elevated interest rates and cooling hiring trends. Policymakers at the Federal Reserve have responded to economic concerns by reducing interest rates in September—an unusual move during a period of growth. The central bank is expected to make further cuts in upcoming meetings, aiming to support continued expansion in the labor market.
While October’s hiring numbers may seem discouraging, Mizes sees them as a reminder that timing in the job market is crucial. “When one door closes, another one opens,” he says. For job seekers, this means paying close attention to seasonal hiring cycles and timing their applications strategically.
“Many employers ramp up hiring in the final months of the year to prepare for the new fiscal year,” Mizes explains. “This is why it’s so important to stay engaged. Right now is a great time to step out of your comfort zone and push forward in your search. If you’re holding back, you could miss out on some great opportunities.”
Mizes stresses that finding a job during this slower hiring period requires a proactive approach. Networking can be especially valuable as employers look to bring in trusted, recommended candidates. Job seekers should reach out to industry contacts, attend virtual and in-person events, and make an effort to connect on LinkedIn or other professional platforms.
“The best way to stay ahead of the curve is to spend time on your applications and build relationships with the people around you,” Mizes advises. “Keep your skills fresh, continue learning, and be ready to show potential employers that you’re serious about contributing to their team.”
As the holiday season approaches, Mizes encourages job seekers not to let the reduced hiring numbers deter them. For those willing to put in the effort, the end of the year can present unexpected opportunities, especially with companies that want to start the new year fully staffed and ready for growth.
“Taking the leap into a new career might feel daunting, especially when the market seems uncertain,” says Mizes. “But trust in yourself and your experience. Now is the perfect time to step out of your comfort zone and go after what you want.”
Published by: Annie P.
