Workforce Insights for July 2024: Trends and Strategic Analytics

Unlock the Power of Data: July’s Workforce Trends at a Glance

Understanding workforce and economic trends is paramount for making informed investment and management decisions as we navigate 2024.

Ready to transform your talent strategy? Book a demo of Aura’s Workforce Analytics to explore how you can leverage actionable insights for smarter decisions.

At Aura, we harness millions of unique workforce and organizational data points to provide valuable insights into the evolving economy and job market. With this perspective, analysts and managers can make recommendations and decisions on a per-company level or refine the direction of their investments.

To demonstrate the capabilities of the Aura workforce analytics software, we delve into critical trends shaping the job landscape each month, offering actionable intelligence for businesses looking to stay ahead. We use fresh, objective data from publicly available sources, updated as of the last day of the previous month, to inform our analysis.

Let’s dive into the data for this month and see how July is shaping up, focusing on which industries and regions are experiencing growth and creating jobs.

Industries Leading Job Growth in July 2024

With Aura’s advanced analytics, businesses can explore sector-specific trends in near real-time, identifying which industries are experiencing growth or contraction. This capability allows companies to tailor their strategies and stay competitive.

Here are some notable industry insights from the economy's largest sectors by employment, focusing on the net change in new jobs posted. 

1. Hospital & Healthcare

• New Jobs in Healthcare: -1% 
• A slight decrease in new healthcare jobs may suggest lighter demand or increases in efficiency, such as from telehealth.

2. Internet

• New Jobs in Internet: -4%
• A notable decrease in Internet jobs suggests efforts to curtail past technology over-hiring and a new emphasis on efficiency or efficiencies gained by technology. 

3. Staffing, Recruiting, and Human Resources

• New Jobs in Staffing and Recruiting: +1% 
• New Jobs in Human Resources: -3% 
• A healthy staffing and recruiting level may indicate robust demand for contract labor; a contraction in HR jobs may indicate a retraction in administrative staffing levels and a shift toward corporate efficiency.  

4. Retail

• New Jobs in Retail: -3%
• The retail sector shows a minor decline, indicating a shift in hiring trends possibly influenced by evolving consumer behaviors or a seasonal summer effect.

5. Construction

• New Jobs in Construction: +1%
• The rise in open positions underscores demand for infrastructure projects and shortages of qualified construction talent.

Remote Work Insights: Job Trends for July 2024

Analyzing job posting data provides detailed insights into remote work trends, helping professionals adapt their workforce strategies and understand economic trends.

The remote job market has seen significant shifts over the past six months, with a recent noticeable increase in the percentage of new remote jobs compared to total jobs.

Key Highlights:

• Remote jobs appear to be stabilizing but still on a general upward trend. Although new remote jobs fell in June, they still reached 5.3% of total job postings, reflecting a growing acceptance of remote work models.
• The trend underscores the ongoing integration of remote work across various industries, highlighting the flexibility and adaptability of modern workforce strategies.

Sector Insights for Remote Jobs

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:

• Design: +47%
• Architecture & Planning: +37% 
• Mental Healthcare: +35% 
• Computer Software: +28% 

Regional Workforce Dynamics: July Job Trends

Aura’s advanced geographic analytics offer a clear view of regional job market dynamics at a state and country level, helping identify potential high-growth areas for business investment.

This month, new jobs posted in North America fell slightly, while the EMEA (Europe, Middle East, Africa) grew significantly over May.

Global Job Trends:

• North America: -2%
• LATAM: -5%
• EMEA: +5%
• APAC: -1%

US Job Trends by State:

• States like California (+2%), Pennsylvania (+5%), and Nevada (+6%) saw increases in newly advertised roles, highlighting regional hotspots for employment growth. Texas (-4%), New York (-5%), and Illinois (-5%) experienced moderate month-over-month decreases.

Top Countries by New Job Postings

Aura’s platform allows for granular analysis of job market trends across countries, helping businesses respond to international labor market fluctuations. This month, France, India, and the Netherlands recorded the highest increases in the number of new jobs posted.

Key Highlights:

• United States: -2%
• France: +17%
• Germany: -1%
• Great Britain: -2%
• Brazil: -2%
• India: +11%

Strategic Success through Workforce Analytics

Insights like these are hard to come by and far too often derived from anecdotal business experience instead of objective data. With Aura’s cutting-edge data analytics platform, management consultants, investment firms, and enterprises can unlock powerful insights, make informed and objective decisions, and propel their businesses forward confidently.

Understanding and adapting to pivotal shifts in the economic environment allows your organization to navigate challenges and seize new opportunities in the competitive corporate ecosystem. 

Drive strategic success with Aura. Book your free demo now to explore workforce insights and elevate your decision-making.