The job market constantly evolves, and staying ahead of these changes is crucial for making informed business decisions. At Aura, we excel in converting millions of workforce data points into actionable insights, empowering businesses and investors to make data-driven decisions.
August Job Market Report
Our comprehensive job market analysis covers industry-specific changes, the latest remote work patterns, and regional job growth, revealing where opportunities lie and which sectors are gaining momentum.
Let's explore the data and uncover the key trends shaping the job market in August. The analysis is based on data freshly pulled as of July 31, 2024, compiled from public sources such as publicly advertised job posts.
August Job Market Report by Aura Workforce Analytics
Job Postings by Industry
Top Industries by New Job Postings Aura’s advanced workforce analytics enable businesses to explore sector-specific trends in near real-time, identifying thriving industries and those facing challenges. This new alternative data source allows companies and investors to adapt their strategies and maintain a competitive edge.
Below are some key industry insights from our latest job market report:
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Retail
- New Jobs in Retail: +14%
- The retail sector experienced a 14% increase in new job postings, driven by consumer spending and seasonal hiring trends. It was the only sector with a significant increase in job postings.
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Staffing & Recruiting
- New Jobs in Staffing and Recruiting: -4%
- The 4% decrease suggests the staffing and recruiting sector is stabilizing after significant growth.
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Hospital & Healthcare
- New Jobs in Healthcare: -9%
- The 9% decline in healthcare job postings indicates reduced hiring needs, possibly due to enhanced efficiency or shifts in healthcare delivery models.
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IT & Services
- New Jobs in IT & Services: -8%
- The 8% decrease in IT & Services job postings likely reflects an adjustment period following rapid technology investments and expansions, consistent with broader economic trends indicating a slowdown in tech hiring.
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Human Resources
- New Jobs in Human Resources: -5%
- The 5% reduction in HR job postings may indicate a focus on optimizing existing personnel and administrative functions.
Remote Job Trends
Remote Job Trends Analyzing job posting data provides detailed insights into remote work trends, enabling professionals to adapt their workforce strategies and understand economic shifts.
The remote job market has seen significant changes over the past six months, with a notable increase in the percentage of new remote jobs compared to total jobs.
Key Highlights:
- Remote jobs continue to rise, accounting for 5.5% of total job postings in July. This trend reflects the growing acceptance of remote work models, despite a slight decline in remote job postings.
Sector-Specific Insights
Using Aura’s platform, we can pinpoint which sectors successfully transition to remote work and adjust their operations accordingly.
Top Industries by % Change in New Remote Job Postings:
- Motion Pictures & Film: +205%
- Individual & Family Services: +132%
- Printing: +115%
- Animation: +104%
- Railroad Manufacture: +87%
Geographic Trends in New Job Postings
Aura’s advanced geographic analytics provide a clear view of regional job market dynamics at both state and country levels, helping identify potential high-growth areas for business investment.
Global Job Trends:
- EMEA: +16%
- The EMEA region saw a 16% increase in new job postings, indicating robust economic activity and growth opportunities.
- LATAM: +1%
- The 1% increase in Latin America reflects stable regional growth.
- APAC: -9%
- The APAC region experienced a 9% decline, possibly due to economic slowdowns in key markets.
- North America: -6%
- The 6% decrease in North America highlights challenges faced in the regional job market.
US Job Trends by State:
We did not record any state with positive change in jobs posted; Massachusetts showed the most minor decrease, at less than a 1% decline.
- California: -6.9%
- California experienced a 6.9% decrease in job postings, likely reflecting economic adjustments and the broader decline in tech hiring.
- Texas: -8.5%
- Texas saw an 8.5% decline in job postings, indicating shifts in regional economic activity.
- New York: -17%
- New York experienced a 17% decrease in job postings, the most significant decline among the top ten states with the highest volume of open jobs.
Country New Jobs:
- United States: -10.2%
- The US saw a substantial decrease in new job postings, reflecting economic headwinds.
- Mexico: +15%
- Mexico showed the highest percentage gain in jobs posted among any country measured.
- France: -8.8%
- A decline in France suggests economic adjustments or policy impacts.
- Germany: +3.6%
- Germany is a European bright spot, registering one of the few increases in job postings.
- Great Britain: -3.2%
- The UK experienced a moderate decline, reflecting cautious economic sentiment and in line with other European countries.
Leveraging Workforce Intelligence for Strategic Success
Macro quantitative insights into the job market are invaluable for supporting business decisions. However, when applied deeply to individual sectors and companies, these insights can starkly contrast with anecdotal evidence.
Aura’s cutting-edge data analytics platform enables management consultants, investment firms, and enterprises to unlock powerful insights through comparative benchmarking and financial analytics, propelling their businesses forward confidently.
Understanding and adapting to pivotal shifts in the economic environment allows organizations to navigate challenges and seize new opportunities in the competitive corporate ecosystem.
With Aura’s workforce intelligence platform, you can stay ahead of the curve, driving strategic success and developing business value. Schedule a no-obligation demo of the Aura Workforce Insights Platform to discover how to incorporate these insights into your decision-making process.
