New data from Recruitics reveals a shift in seasonal hiring trends among the retail and hospitality industries as well as month-over-month spikes in prices across several key industries, including retail, transportation, finance, and IT.
"By leveraging proprietary Recruitics data, the Talent Market Index provides a monthly snapshot of talent attraction prices and drivers of labor market trends across the U.S. economy," says Adam Stafford, CEO of Recruitics. "We've seen seasonal hiring ramp up significantly, particularly in retail and transportation, where demand has soared since August. Shifting worker preferences are also reshaping seasonal recruitment strategies, with hospitality still facing significant hurdles while retail enjoys improved hiring conditions. Following the Federal Reserve's September interest rate cut, we expect recruitment prices to rise even further as businesses respond to renewed hiring demand."
Key takeaways:
- The September report highlights significant shifts in hiring patterns, driven by increased competition for specialized talent, preparations for the holiday season, and the effects of the recent interest rate cut. Conversely, sectors such as sales and light industrial, the only two sectors to see declines in both monthly and yearly comparisons, continue to have tepid demand for talent during their post-pandemic recoveries, resulting in scaled back hiring efforts and ongoing declines in attraction prices.
- Transportation and logistics: Prices increased 54.41% month-over-month and 14.89% year-over-year, driven by high demand as businesses prepare for the holiday shopping season. The year-over-year increase reflects the sustained demand for logistics roles as e-commerce continues to grow.
- Hospitality: Despite a 145.20% year-over-year rise in prices, the sector saw an 8.18% month-over-month decline following peak summer season. Staffing challenges persist due to the physically demanding work, irregular hours, and workers seeking more stable jobs in industries like logistics or warehousing. Even with rising wages, hospitality continues to face talent shortages as demand for travel and leisure rebounds.
