November 2024 Labor Market Trends: Insights from Aura

Unlock Workforce Potential with Aura’s November 2024 Labor Market Insights

Employment data from government agencies reveals important labor market insights, but Aura’s workforce intelligence platform digs deeper to provide a comprehensive view of underlying trends.

This November 2024 report from Aura Intelligence leverages research-driven insights and publicly sourced data through October 2024, giving business leaders, researchers, and employers the data needed to make better decisions in a rapidly evolving and competitive job market.

Our analysis covers everything from remote work dynamics to sector-specific hiring trends, skills gaps, and the growth of AI roles. Using direct access to insights from job postings across industries and regions, Aura equips companies to plan for future workforce demand and make informed decisions for greater organizational effectiveness.

Discover how Aura's workforce intelligence can guide your hiring strategies and workforce planning. Schedule a demo today to see the data in action.

October Job Trends: Economic Highlights and Workforce Dynamics

The Bureau of Labor Statistics recently released employment data and labor market statistics showing steady job growth across sectors like healthcare, hospitality, and construction - handily beating consensus opinions.

However, this next BLS jobs report, due Friday, will arrive right before the election amidst some of the most distorted monthly employment figures in years due to the impact of hurricanes and worker strikes. Economists estimate these disruptions will temporarily reduce hiring by a substantial 60,000 to 100,000 jobs, muddying the overall view of job growth in October.

That said, the ADP National Employment Report for October revealed this week that private employers added 233,000 jobs, the highest level of job creation since July 2023, reflecting a strong recovery even in areas impacted by recent hurricanes. The service-providing sector led this growth with 211,000 new jobs, particularly in trade, transportation, and utilities (+51,000) and education and health services (+53,000). Manufacturing was the only sector to shed jobs, with a reduction of 19,000 positions.

For additional context on the job market, new data on initial jobless claims points to a relatively stable labor market. For the week ending October 26, 216,000 initial jobless claims were filed, down from 228,000 the previous week and lower than economists' forecast of 230,000. This decrease in jobless claims suggests a relatively low flow of layoffs, supporting the idea of a stable employment picture. Meanwhile, continued claims, which reflect the size of the unemployed population, dropped to 1.86 million from 1.89 million in the prior week, indicating that fewer people are remaining unemployed for extended periods.

Initial Jobless Claims - Updated 10-26-24

Economists anticipate that the unemployment rate will hold steady at 4.1% in October, reflecting a gradual cooling of the labor market combined with solid job growth. This stability has bolstered confidence in the possibility of a "soft landing" for the economy, as the Federal Reserve is expected to continue easing interest rates to support sustainable growth.

Regional Workforce Trends: Global Insights from Aura

Aura Global Workforce Analytics Data 

The Aura platform examines job posting data across the globe. In October, global workforce hiring varied significantly across regions:

• Latin America (LATAM) saw a 13% increase in job postings, with Mexico showing high demand across various industries.

• Asia-Pacific (APAC) posted a 10% rise in new job listings, reflecting sustained labor demand, possibly fueled by economic growth.

• Europe, Middle East, and Africa (EMEA) had a 1% increase, driven by expanding opportunities in countries like Germany and France.

• North America experienced a slight 3% decrease, primarily due to a slowdown in Canada, while private employment in the U.S. remained more stable.

These patterns highlight how companies navigate regional shifts in workforce needs, providing a clearer picture for organizations looking to access new markets or expand globally.

The Evolution of Remote Work: Trends by Industry

Aura Remote Job Trends

Remote work remains a fixture in many industries but has begun to stabilize. In October, remote jobs accounted for 6.2% of total job postings, down from 6.5% in August. This shift suggests that employers are refining hybrid work models as they balance flexibility with organizational needs. However, the overall trend of a relatively high level of remote work seems intact.

Change in Remote Jobs by Industry

Certain industries are embracing remote work more than others. Apparel & Fashion led with a 78% increase in remote job postings, showing adaptability even in traditionally on-site roles. In contrast, Mental Healthcare experienced a 41% decrease in remote roles, potentially reflecting challenges in applying remote models to hands-on healthcare sectors.

AI Hiring Trends: Driving Innovation Across Industries

As industries continue to embrace digital transformation, AI roles are expanding beyond traditional tech spaces and expanding human capability with augmentation.

According to Aura data, the Marketing and Advertising industry led October’s AI hiring with a remarkable 197% increase in AI job postings, highlighting a push for data-driven insights into customer behavior. Electronic Manufacturing followed with a 106% increase, reflecting the deeper integration of AI in production processes.

Aura data shows that AI-related jobs in October now account for over 12.5% of all software hiring.

Adding to these insights, a recent report by Multiplier emphasizes a global shift in the process of technical talent sourcing, driven by the surging demand for remote generative AI expertise. Demand for remote generative AI roles has spiked by an astonishing 1,300% in the last two years, underscoring the field’s critical importance in modern tech.

This trend also reflects how companies are increasingly looking to international markets to address IT skills shortages. In fact, 31% of job postings now target specialized AI skills across borders, as companies turn to global talent pools to stay competitive.

The growth in specialized roles isn’t limited to generative AI. According to Multiplier’s findings, machine learning and data science roles have grown by 80% and 250%, respectively, underscoring AI’s dominant role in the evolving tech job market. Other emerging fields like Blockchain and Security are also seeing substantial growth, although slower, with demand rising by 500% for Blockchain and 600% for Security roles.

As the need for specialized skills grows, more organizations are shifting away from traditional educational requirements, focusing instead on practical experience. This skill-based hiring approach allows companies to tap into a diverse talent pool, often including self-taught experts. 

Industry Hiring Insights: Addressing Skills Gaps

Aura Job Market & Employment Data by Industry

In October, sector-specific job postings reveal valuable insights on data around workforce demand and emerging skills gaps:

• Internet saw a strong 21% increase, bouncing back after a general slowing of technology related roles in September, and underscoring the critical need for digital infrastructure.

• Hospital & Healthcare saw an 8% increase, driven by demand for specialized skills amid workforce shortages.

• IT & Services posted an 11% growth, highlighting an ongoing push for digital transformation.

• Construction faced a 9% decline, likely reflecting seasonality or economic adjustments in new projects.

Country Job Trends: Workforce Data Across Borders

Job Posting Data and Changes by Country by Aura

In October, certain countries exhibited strong labor market changes and activity:

• Mexico posted the largest gain in N. America, with a 23% increase in job postings, reflecting high workforce demand.

• India showed a 26% rise, signaling robust hiring.

• Canada experienced an 11% drop, while Italy saw a 12% decrease, possibly indicating slower economic conditions in these markets.

Despite fluctuations, labor statistics remained stable in the United States, France, and Great Britain, with only minor changes.

Strategic Insights for Leaders: Workforce Analytics in Action

Aura’s workforce intelligence platform empowers business leaders to harness employment data and workforce insights for strategic planning. Aura enables companies to explore labor trends, understand industry-specific demand, and uncover skills gaps. From management to the boardroom, having access to these insights is critical for organizations adapting to the knowledge economy.

With direct access to labor market trends, sentiment analysis, and job posting data, organizations can analyze workforce demand and focus on creating solutions that drive future growth.

Empower your organization with actionable workforce insights. Schedule a demo of Aura’s platform to transform your strategic planning and workforce management today.