The employment landscape is constantly changing. Keep up on the most recent trends with our Monthly Job Market Summary. All data is provided by the Bureau of Labor Statistics and the America Staffing Association.
Monthly Job Market Summary
TalentRise’s monthly overview of the employment landscape, staffing updates, and industry trends in both the US and Canada
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August 2024
Unemployment rate rose – 4.2%
Both the unemployment rate, at 4.2 percent, and the number of unemployed people, at 7.1 million, changed little in August. These measures are higher than a year earlier, when the jobless rate was 3.8 percent, and the number of unemployed people was 6.3 million.
Long-term unemployed was little changed
The number of long-term unemployed (those jobless for 27 weeks or more) changed little at 1.5 million in August. This measure is up from 1.2 million a year earlier. The long-term unemployed accounted for 21.3 percent of all unemployed people in August.
Labor force participation little changed
The labor force participation rate remained at 62.7 percent in August and is little changed over the year. The employment-population ratio also was unchanged in August, at 60.0 percent, but is down by 0.4 percentage point over the year.
Average hourly earnings rose by $0.14
In August, average hourly earnings for all employees on private nonfarm payrolls increased by 14 cents, or 0.4 percent, to $35.21. Over the past 12 months, average hourly earnings have increased by 3.8 percent. In August, average hourly earnings of private-sector production and nonsupervisory employees increased by 11 cents, or 0.4 percent, to $30.27.
Number of people working part time for economic reasons changed very little
The number of people employed part time for economic reasons was little changed at 4.8 million in August. This measure is up from 4.2 million a year earlier. These individuals would have preferred full-time employment but were working part time because their hours had been reduced or they were unable to find full-time jobs.
People not in the labor force who currently want a job increased
The number of people not in the labor force who currently want a job, at 5.6 million, changed little in August. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job.
Temp penetration rate at 1.70%
Temporary help employment was 1.70% of total nonfarm employment in August.
Temp help jobs decreased
Temporary help jobs in August decreased -5.2%, seasonally adjusted, from the same month last year.
Nonfarm payroll employment rose
Total nonfarm payroll employment edged up by 114,000 in July, below the average monthly gain of 215,000 over the prior 12 months.
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Industry Trends
As open enrollment approaches, voluntary benefits are more crucial than ever for both employers and employees. Employers are increasingly integrating these benefits with core offerings, leading to better employee satisfaction and cost savings. Here are five voluntary benefits gaining traction in 2025:
- Supplemental Health Benefits: Coverage for critical illness, accidents, and hospital stays is expanding to include mental health, chronic illness, and family-forming journeys.
- Legal Plans: Beyond basic services, these plans now cover surrogacy agreements, adoption, and more.
- Cybersecurity Protection: Employers are offering ID theft protection and cybersecurity plans to safeguard employees’ personal data.
- Permanent Life & Long-Term Care: Rising interest due to state programs like Washington’s WA Cares, which may influence similar initiatives nationwide.
- Pet Insurance: With increased pet ownership during the pandemic, pet insurance is becoming a must-have benefit, though coverage options vary.
These benefits are not only attracting and retaining talent but also promoting employee wellbeing and financial security.
The Reality Behind Paid Time Off Benefits
While the share of job postings mentioning paid time off (PTO) has more than doubled since early 2020, rising from 16% to 34%, the specifics behind these benefits remain unclear.
Most postings highlight generic PTO, with less than 3% specifying dedicated sick leave. This trend suggests that many employers are packaging various leave types into a single benefit, possibly making it less clear what is truly offered. Sectors requiring in-person work, like veterinary and childcare, are more likely to advertise PTO explicitly, reflecting the competitive job market in these fields. However, the lack of detail could discourage employees from using sick leave, as they might be forfeiting vacation time.
Post-Vacation Burnout: Why Workers Aren’t Feeling Refreshed After PTO
Vacations are meant to recharge employees, but a recent survey reveals that 42% of workers dread returning to work after time off, and 41% experience post-PTO burnout. This trend may be linked to blurred boundaries between work and personal life, especially with remote work. Many employees struggle to disconnect, with 49% spending time on work-related tasks even while on vacation.
HR can combat this issue by fostering a culture that values true time off. Encouraging leaders to avoid emailing teams during their vacations and allowing employees to ease back into work after PTO can help prevent burnout and ensure workers return refreshed and motivated.
Most postings highlight generic PTO, with less than 3% specifying dedicated sick leave.
41% experience post-PTO burnout