In this article, we will look at the top 19 industries that are hiring right now. We have also discussed the state of US labor market. If you want to skip our detailed analysis, head straight to the Top 5 Industries That are Hiring Right Now.
State of the US Job Market in 2024
In 2024, the US labor market is expected to show signs of stabilization after a tumultuous 2023. The unemployment rate, which reached 3.7% in November of 2023 is on a positive trajectory, and the Fed is considering interest-rate cuts. Despite concerns of a recession, the economy is defying expectations with a soft landing. Wages are anticipated to slow down, returning to pre-pandemic levels. While wages posted on Indeed were up 4.2% in October, it marks a decline from July’s peak of 4.8% and January 2022’s 9.3%. Merit increases are also expected to slow, with employers predicting a 3.5% rise in 2024, slightly below 2023 levels.
Hiring, while slowing, still holds promise, with 57% of managers expressing plans to increase permanent roles in the first half of 2024. The job market is forecasted to slow down further, making the present a relatively favorable time for job transitions. Layoffs, though unpredictable, are expected to remain low in 2024, standing at 41% lower than November 2022. However, there is a cautious note that a sudden increase to a more recessionary level could occur if the US slips into a downturn. Despite challenges, there is a prevailing optimism among employers towards 2024, with a focus on rightsizing and steady growth.
Which Companies are Hiring Immediately ?
According to a recent analysis by career site Indeed, some companies in the US are hiring at a faster pace than others. Signet Jewelers Ltd (NYSE:SIG) topped the list with a relative hire rate of 2.29, making it the fastest in terms of hiring among the companies analyzed. Mariano’s followed closely with a rate of 2.06, securing the second position. Tesla Inc (NASDAQ:TSLA) ranked at No. 8 with a relative hire rate of 1.68. The analysis focused on the period from August 1 to the end of October, and the companies on the list are still actively hiring.
It is also worth highlighting that Tesla Inc (NASDAQ:TSLA)’s hiring will not be limited to the US alone. In fact, Tesla Inc (NASDAQ:TSLA) is reportedly expanding its operations in Sweden by posting seven job openings for metal workers, painters, and claims adjusters at its Stockholm factory, despite ongoing sympathy strikes in the region. The conflict began when Tesla Inc (NASDAQ:TSLA) mechanics in Sweden signed with the labor union IF Metall, but negotiations broke down as Tesla Inc (NASDAQ:TSLA) refused to sign a collective agreement. Affiliated unions launched sympathy strikes affecting different aspects of Tesla Inc (NASDAQ:TSLA) business. The decision to hire nonunion workers suggests Tesla Inc (NASDAQ:TSLA) commitment to its anti-union stance, potentially impacting US workers, who are the primary target of United Auto Workers leadership.
Speaking of Signet Jewelers Ltd (NYSE:SIG), their recent acquisition of SJR National Retail for $6 million may seem like a minor move, but it holds major implications for the jewelry retail industry. Despite a decline of 8.1% in Q2 revenues and a 12% drop in same-store sales, Signet’s stock rose from $71 to almost $80 after surpassing analysts’ estimates. The company maintained its year-end guidance with sales projected at $7.1 to $7.3 billion and an operating income between $635 million to $675 million.
Notably, Signet Jewelers Ltd (NYSE:SIG)’s acquisition of SJR National Retail, a full-service jewelry and watch repair company, opened doors for business-to-business repair services to independent jewelers. With a potential $1.2 billion opportunity, Signet Jewelers Ltd (NYSE:SIG) aims to support the entire jewelry industry, including its brands like Kay, Zales, and Blue Nile.
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Methodology
To list the top industries that are hiring rightnow, we relied on the seasonally adjusted list of job openings levels by industries for November 2023 (latest available) by Bureau of Labor Statistics. The list is presented in an ascending order.
Here is a list of the top industries that are hiring right now.
19. Minning and Logging
Job Openings: 31,000
According to the US Bureau of Labor Statistics BLS, as of December 2023, total employment in the industry is 642,000, with 497,000 in production and nonsupervisory roles. Earnings and hours data reveal that the average hourly earnings are $38.60 with 44.8 weekly hours for all employees. Additionally, work-related fatalities in the industry totaled 531 in 2022. The industry has some of the most dangerous jobs in the world.
18. Federal
Job Openings: 122,000
In the past year, federal job postings on Handshake, a job board for college students, have increased by 22%, while applications per job have risen by 55%, outpacing other industries with a 38% increase. The spike in interest is attributed to the White House and Congress prioritizing recruitment of recent graduates and young professionals, particularly in fields like tech, customer support, accounting, and environmental science. The federal government is benefiting from a slowdown in hiring by its competitors and hence, aims to attract tech talent recently laid off in the private sector.
17. Real Estate and Rental and Leasing
Job Openings: 135,000
According to Dan Hnatkovskyy, the CEO of NewHomesMate, real-estate investors can make informed decisions by carefully analyzing data. Keeping an eye on city trends, such as the increased demand observed in Austin before March 2022, provides valuable insights. Presently, markets like Austin and Miami are reverting to pre-COVID valuations, experiencing a 20% decline in sale prices. Hnatkovskyy notes a rising preference for simpler homes, particularly in suburban areas.
Data from sources like Rentdata.org, IRS, US Census Bureau, MLS listings, and NewHomesMate’s proprietary data spotlight cities like Jacksonville, Orlando, and Nashville as attractive investment opportunities.
16. Information
Job Openings: 139,000
The overall unemployment rate in the industry was 4.3%, decreasing to 3.1% in December 2023. Job openings were reported at 133,000 in September, increasing to 139,000 in November. It is one of the top industries that are hiring right now in USA.
Two of the big companies hiring in this industry are Microsoft Corp (NASDAQ:MSFT) and Amazon.com, Inc (NASDAQ:AMZN).
15. Educational Services
Job Openings: 158,000
In terms of employment, recent data indicates a steady increase in the number of jobs, with an unemployment rate ranging from 2.1% to 2.9%.
The sector’s earnings and hours information reveal insights into the compensation of different occupations within educational services. For example, education administrators in elementary and secondary schools had a median annual wage of $101,360, while elementary school teachers had a median annual wage of $61,710. The data also highlights the prevalence of union membership, with around 12.9% of wage and salary workers in the industry being union members in 2023.
14. Manufacturing (Non-Durable Goods)
Job Openings: 164,000
In the non-durable goods manufacturing industry in the United States, several major companies continue to act as key players. For example, Procter & Gamble, a multinational consumer goods giant, continues to lead in producing a wide range of household and personal care products. Colgate-Palmolive, on the other hand, is renowned for its oral care and home care items, and is another prominent player. Then the Clorox Company specializes in manufacturing cleaning and household products, contributing largely to the industry.
13. Arts, Entertainment and Recreation
Job Openings: 164,000
Under this industry, the Walt Disney Co (NYSE:DIS), not only dominates in film and television but also extends its reach to theme parks and media networks. Comcast Corporation (NASDAQ:CMCSA), as the parent company of NBCUniversal, plays a key role in television broadcasting, film production, and theme parks. Finally, Netflix Inc (NASDAQ:NFLX), a leading streaming service, has revolutionized the way audiences consume content, making it a major force in the US entertainment sector.
In 2023, Netflix Inc (NASDAQ:NFLX) was offering a salary of up to $900,000 for an AI Product Manager role responsible for defining the strategic vision for Netflix Inc (NASDAQ:NFLX)’s Machine Learning Platform (MLP). Hence, we can conclude that this is one of the best industries to work in for money.
12. Wholesale Trade
Job Openings: 280,000
As of December 2023, the average hourly earnings for all employees in the wholesale trade industry were $37.13, with an average weekly work duration of 38.9 hours. For production and nonsupervisory employees, the average hourly earnings were $30.81, and the average weekly hours were 38.6. Common occupations in wholesale trade showed varying median and mean earnings, with truck drivers earning $23.77-$25.33 per hour and $49,440-$52,680 annually. Sales representatives in technical products had higher earnings, ranging from $46.21-$51.10 per hour and $96,120-$106,280 annually. These figures are preliminary and sourced from Current Employment Statistics.
11. Finance and Insurance
Job Openings: 290,000
In December 2023, the Finance and Insurance industry employed 6,698.8 thousand people with an unemployment rate of 2.5%. Job openings were 290 thousand, hires were 122 thousand, and separations were 119 thousand. Union membership was 1.3%, and those represented by unions were 1.9%. Key occupations were 117,120 accountants, 424,420 insurance sales agents, and 299,060 loan officers. It is one of the industries hiring the highest number of people.
10. Local and State Education
Job Openings: 303,000
Local and State Education typically refers to the system of education that is administered at the local and state levels within the United States. Education in the US. is primarily the responsibility of individual states, and each state has its own Department of Education.
9. Other Services
Job Openings: 318,000
The ‘Other Services’ industry includes several establishments offering services not classified elsewhere. The activities may include equipment and machinery repair, religious activity promotion, grantmaking, advocacy, drycleaning, laundry, personal care, death care, pet care, photofinishing, temporary parking, and dating services.
In December 2023, the U.S. Bureau of Labor Statistics reported that the ‘Other-Services’ (except Public Administration) industry employed 5.895 million people, with 4.801 million in production and nonsupervisory roles. The unemployment rate for this collective industry was 3.5%. Job openings totaled 286,000, while hires and separations were 157,000 and 148,000, respectively. Union membership in the industry saw a 3.0% increase, with 3.6% of workers represented by unions.
8. Manufacturing (Durable Goods)
Job Openings: 383,000
In the United States, the manufacturing industry for durable goods has several major players, each contributing largely to the industry’s growth and innovation.
For example, General Electric (GE) stands out as a diversified conglomerate, manufacturing products like aircraft engines as well as healthcare equipment. Boeing, a global aerospace company, produces commercial and military aircraft. Then, Caterpillar Inc. is a leading construction and mining equipment manufacturer that provides heavy machinery vital for infrastructure development. These three companies not only symbolize the resilience of the durable-goods manufacturing industry but also exemplify American prowess in engineering, technology, and industrial innovation.
To read more about engineering expertise, see our article about the top countries in engineering.
7. Transportation, Warehousing and Utilities
Job openings: 404,000
In the transportation and warehousing industry, recent employment data indicates a fluctuation in total employment, dropping from 6,698,200 in September 2023 to a preliminary 6,642,200 in December 2023. The unemployment rate in the industry decreased from 4.9% to 4.3% during the same period. Union membership and representation statistics show that in 2023, 15.9% of wage and salary workers were members of unions, and 17.0% were represented by unions.
It is one of the best industries to work in right now.
6. Construction
Job Openings: 459,000
According to the Bureau of Labor Statistics (BLS) Occupational Employment and Wage Statistics (OEWS) report, the average annual salary for a construction worker is $46,350, with an average hourly wage of $22.29. States with the most construction jobs include Texas, California, Florida, New York, and Pennsylvania. While Texas and Florida have below-average hourly wages, California, New York, and Pennsylvania offer higher wages. The states with the highest salaries for construction workers are Hawaii, Illinois, New Jersey, Massachusetts, and New York.
Click here to see the Top 5 Industries That are Hiring Right Now.
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Disclosure: None. Top 19 Industries That are Hiring Right Now is originally published on Insider Monkey.