Despite relative uncertainty through most of 2023, the labor market showed resilience. December saw the unemployment rate holding firm at 3.7%, solidifying a year-long trend of staying below 4%. Economists agree that 2023 was one of the best years for the labor market in decades. Specifically, Q4 brought continued to normalize, confirming the experts’ predictions of a softening labor market.
Attadale’s Q4 labor survey data of hiring managers affirms this discernible trend. Figure 1 presents the percentage of respondents reporting “Yes, I’m filling my open jobs” increased to 45% from 36% in the Q3 survey. Combining the “Maybes” a full 80% of the respondents reported evidence of a more balanced market.
Analyzing trends through Figure 2, we observe a notable shift in quarter-over-quarter data. The responses indicating “No. Hiring remains difficult” continues to decline and is at its lowest point since our polling began.
In summary, our Q4 data and analysis provides strong validation for the transforming dynamics within the labor market. While hiring managers may be breathing a sigh of relief, leading organizations continue to invest in people and culture, continuously listening to the voice of their employees to define human capital strategies.
To learn how Attadale can quickly and efficiently capture the pulse of your organization, please contact us via attadalepartners.com or book a 30-minute conversation with our Managing Partner, Geoff Colgan here.
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Q4 2023 survey responses collected between January 16th – February 2nd, 2024. Respondents were not compensated for their participation.