A confluence of factors, including devastating hurricanes, ongoing labor strikes, a highly contested presidential election, and the approaching holiday shopping season, has significantly impacted the US labor market. To better understand the effects of these events on specific sectors, iCIMS, a leading talent acquisition technology provider, released its November 2024 Workforce Report. This report delves into the latest trends in job openings, applications, and hires, with a particular focus on manufacturing, retail, and transportation.

“Despite the myriad of challenges posed by hurricanes, strikes and political uncertainty, the latest data from iCIMS showcases the resilience and adaptability of the US labor market,” said Rhea Moss, global head of workforce and customer insights at iCIMS. “Our findings show shifts in job applications and openings across key sectors, highlighting both the opportunities and gaps that employers and job seekers must navigate in a dynamic environment.”

Key hiring trends drawn from iCIMS’ proprietary platform:

• iCIMS monthly indicators remained steady. While the US contended with the aftermath of significant hurricanes, an ongoing machinist strike and final weeks of a hotly contested presidential election, job openings showed a robust jump (up 10% in October from the previous month), job applications up 6% and hires down just 1%. Though recent trends give reason for optimism, activity historically declines as the year winds down, in advance of a potential all-systems-go for hiring teams in the new year.
• Manufacturing companies have had a rough go in 2024. With close to 13 million people working in the industry, manufacturing is one of the nation’s top employers, yet the sector added jobs in only four of the past 10 months, according to the Labor Department. iCIMS data shows low hiring volume through the second half of 2024 so far, down 12% in October, year over year. Yet, job openings and applications are both up 12% in the same time series. The disparity could point to a widening skills gap.
• Female application volume in manufacturing increases at almost the same rate as men. iCIMS data found applications by women to the manufacturing sector grew at almost the same pace as men. Applications from women grew 60% since January 2022, which was only slightly behind their male counterparts, who saw 65% growth during the same period.
• Manufacturing STEM jobs are in demand. Application patterns point to the changing nature of jobs in the manufacturing sector. The five manufacturing occupation types seeing the most growth in applications this year are roles in computer & mathematical (up 46%), architecture & engineering (up 33%), life, physical & social science (up 21%), business & financial operations (up 20%), and production (up 16%).
• Storms and strikes impact hiring activity. Both candidate and employer activity in the South took a hit following two massive hurricanes this fall as applications and hires fell 3% and 9%, respectively. The seven-week machinist strike may have taken the air out of job seekers’ desire to work in manufacturing, as applications were below the national industry benchmark.
• Holiday hiring is here. With applications for jobs in retail up 25% between October 2023 and October 2024, there’s an appetite for this kind of work. While hires continued to drop (down 14% month over month), there is hope for workers to nab last-minute employment for the holiday season, as iCIMS data shows a 13% jump in job openings between September and October 2024. Meanwhile, hiring for transportation jobs continued to fall in October, down 2% from September 2024 and 12% below October 2023. Applications are down since August and just 2% higher in October than one year earlier.

Download the iCIMS Insights November 2024 Workforce Report for a deeper dive into the latest workforce trends.