A cool down has settled in the job market, with hiring and quits easing back as companies have rethought their staffing needs. With unemployment near record lows, employers are adjusting their hiring plans, but the labor market is still tight.
New York City’s jobs landscape is a complex one with positions available across industries and all levels of experience. The city is also home to a wide range of companies with unique cultures that draw talented candidates. However, the hiring process can be frustrating for some candidates. Slow response times, lack of transparency and a long interview process can turn some job seekers away.
In 2024, job postings are cooling but remain higher than pre-pandemic levels, hinting that the current labor market trend may be a trough rather than a sign of a major downturn. Wage growth is stabilizing, and salary transparency is on the rise — good news for both employees and employers alike.
Going into 2024, industries that require in-person work (such as leisure and hospitality) will feel the labor market tighten the most, with high labor leverage ratios (the number of employee-initiated quits per employer layoff). Information, manufacturing and business and professional services have the lowest labor leverage ratios, indicating more of an even balance between employee and employer and likely a happier workforce.