The January 2024 Jobs Report by the Bureau of Labor Statistics (BLS) indicates that total employment rose by +353,000 on a seasonally adjusted basis, while temporary help services employment rose by +3,900 jobs. Employment expanded in all but one industry category. The group with the largest gain was again Health and social assistance, which added +100,400 jobs.
These trends underscore the resilience of the healthcare industry as a whole, which continues to be a significant contributor to job growth despite fluctuations in other sectors. The sustained expansion in healthcare reflects the ongoing demand for healthcare services and the industry's role as a stable source of employment within the broader economy.
Here are the high-level takeaways you need to know as we review the BLS January jobs report...
1. Continued Growth in Healthcare Employment
In January, the healthcare industry added 70,000 jobs, demonstrating robust growth.
This increase in employment was primarily driven by growth in ambulatory healthcare services (+33,000), hospitals (+20,000), and nursing and residential care facilities (+17,000).
Throughout 2023, job growth in healthcare averaged 58,000 per month, indicating sustained expansion within the sector..png?width=502&height=434&name=Relode%20Jobs%20Report%20Template%20(1).png)
2. Stability in Unemployment & Labor Participation
The national unemployment rate remained unchanged at 3.7%, indicating continued stability across the labor market.
Labor force participation remained flat at 62.5%, while prime-age (25-54) labor force participation increased minimally from 83.2% to 83.3%.
3. Job Declines Across Other Industries
While healthcare, professional services, and social assistance experienced growth, employment in the mining, quarrying, and oil and gas extraction declined by 5,000 jobs in January.
Other industries, including manufacturing, construction, wholesale trade, transportation and warehousing, financial activities, leisure and hospitality, and other services, showed little change in employment overall.
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4. Competitive Pressure & Opportunities in Staffing
Competitive pressures in the staffing industry continue to rise, requiring firms to innovate their technology and service offerings.
Organizations that have developed a competitive advantage, either through technology, service offerings, or a combination of both, are well-positioned to capitalize on large opportunities in the market this year.
As companies are planning and budgeting for ways to do more with fewer resources this year, a new approach to hiring will be required.
Click below to download and share a PDF version of this month's job summary ⬇️
About Relode:
Relode combines human expertise, automation, and an AI-based recruiting platform to match healthcare organizations with candidates not found on standard job boards and scraped databases.
By connecting facilities with "Relode-certified" candidates to fill vacancies quickly, Relode’s transformative approach ensures better ROI, reduced costs, and more effective healthcare services for communities across the US.