September offered an optimistic glimmer for the U.S. economy as we head into Q4 — outputting the highest payroll increase since March with 254,000 added jobs. Even more, the national unemployment rate continued its gradual decline from 4.2% in August to 4.1%.
For some economists, the strengthening job numbers was the final piece needed to illustrate a healthy and moving economy. Coupled with the Federal Reserve’s half-point rate cut in September, all signs point to a soft landing and stability after months of uncertainty.
“Inflation has been quelled, and the economy’s fine — that’s a soft landing,” said Neil Dutta, head of economics at Renaissance Macro Research in a recent New York Times article. “The jobs report was ‘a sign that the economy is not falling off a cliff, a sign that it is stabilizing, and maybe perking up.'”
ITR Economics‘ Trends Report for September 2024 also foresees good economic news on the horizon, with employment growth accelerating in the first quarter of 2025 and through at least 2026.
What does this mean for job seekers and employers in the final months of 2024? We break it down in our Q4 forecast for accounting and finance professionals:
The quest to keep up with the evolving capabilities of AI (artificial intelligence) has companies on their toes — and will continue to as we learn more about how these technologies can shape roles and current duties. In fact, 41% of executives are anticipating “a complete overhaul of business processes” with AI at the core of these changes, according to a report by Microsoft and LinkedIn. For finance and accounting sectors, some enhanced use cases for artificial intelligence include increased productivity, automated tasks and gained insights from big data.
With this transformation in mind, hiring managers are on the hunt for candidates that have experience with AI platforms — even opting for professionals with skills in this area over those with more work experience.
The influx of quiet quitting from a few months ago has seemed to slow, with many workers more reluctant to seek new opportunities for a variety of reasons. To sway passive or comfortable professionals, employers should consider winning them over with higher salaries, workplace flexibility and career development.
Schedule a meeting with one of our recruiters to learn how we can address your hiring needs in Q4 or strategize for 2025.
Upskill, upskill, upskill. The buzzword of the year is more than a trend for hiring managers — it’s a reality that they are actively seeking in their new hires. That’s right; AI is continuing to make its influence known across all industries, and it’s in candidates’ best interest to gain, at the very least, an introduction.
Microsoft and LinkedIn’s 2024 Work Trend Index Annual Report indicates that 76% of workers recognize that AI skills are needed to stand out in today’s labor market, with 79% believing it can expand their job prospects.
If your employer isn’t providing options to learn these type of skills, there are various options on LinkedIn and YouTube to assist with free or low-cost training to help get your feet wet.
Outside of this hiring trend, professionals can expect the job market to regain steam in the beginning of 2025. Before then, however, the holiday season is sure to bring a spike in temporary and interim work needs. Use this as an opportunity to get your foot in the door at a desirable company, gain experience of a new software or task and more.
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