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The U.S. labor market started 2024 with the strongest jobs report in recent history by adding 353,000 jobs in January, far above the Dow Jones estimate of 185,000. In addition, November and December job gains were revised, adding a combined 126,000 more jobs to the 2023 year-end total. Job growth was widespread across sectors in January (e.g., health care, retail trade, government, social assistance, and manufacturing), showing a healthy market on solid ground. The unemployment rate remained at 3.7% for the 3rd consecutive month and under 4% for the 24th consecutive month.

In today's changing business environment, upskilling employees has become essential to meet market demands and create a more agile workforce. Upskilling provides training and development opportunities to expand an employee's abilities and existing skill set.

These additional skills can enhance employee performance in their current role and help advance them in their career journey.

Now that the holiday season has ended, many companies face the question of what to do with their temporary holiday hires. While some employees are only there for the season and are aware of this, organizations may have others eager to stay on long-term. The strategic management of these employees can greatly impact organizational success and employee satisfaction, making your approach to seasonal staffing an important one.  

In 2023, market growth continued – December marked the 36th consecutive month of job creation – but slowed. There were 2.7 million jobs added in 2023 vs. 4.8 million in 2022. The U.S. labor market ended the year strong, with 216,000 jobs added in December, far above the Dow Jones estimate of 170,000. Average hourly earnings rose 4.1% from 2022, higher than the 3.9% forecast. As we head into 2024, the market continues to look strong. Job openings still significantly outnumber the amount of people looking for a job.