The latest hiring data from the Bureau of Labor Statistics shows that 5.9 million people were hired on a seasonally-adjusted basis in the U.S. in November 2020. This number is relatively unchanged, with only 67,000 new hires added compared to October.
These numbers offer useful insight for talent acquisition professionals because they represent movement within the job market. Hiring activity remained steady in November. Per the BLS data, the Quits rate, an indicator of whether people are open to leaving their current jobs for a new one, remained unchanged as it ticked back up toward pre-pandemic levels.
In December, the U.S. lost 140,000 jobs. However, poor – or even negative – job growth does not imply that there were no hires for a given period. Instead, it indicates that total separations exceeded hires. During that period, job seekers continued to look, and recruiters continued to search for talent to fill vacant positions. Despite December's numbers, hiring activity is still underway, albeit the magnitude depends on industry and location.
LaborIQ® by ThinkWhy’s forecast expects talent acquisition professionals to have their hands full during the next few years, as the economy kicks into high gear once COVID-19 is under control. From 2011 to 2019, the average number of hires per year in the U.S. was approximately 61 million. Even with the slow start to the year, LaborIQ’s forecast for 2021 is approximately 76 million hires. Delays in the vaccine rollout are impacting hiring in the near term, but the total hires for 2021 to 2023 is likely to exceed 200 million, as the market recovers from the pandemic’s impact.
LaborIQ by ThinkWhy reports, forecasts and advises on employment conditions and the impact to jobs, industries and businesses across all U.S. cities.