"Heading into 2025, it is going to be a little harder for job seekers across the board," Cory Stahle, an economist at the Indeed Hiring Lab, said in December. "We've seen that just about every category on Indeed has come down year over year in terms of the number of job postings. So that suggests that employer demand has cooled."
Nela Richardson, ADP's chief economist, described the labor market in 2024 as unusually stable and quiet. She pointed to steadily low layoffs and a drop in voluntary turnover amid cooler hiring. "The stasis is rather abnormal, and I think it's going to make it tough for workers who are looking for new opportunities to find them," Richardson said.
Dante DeAntonio, a labor economist with Moody's Analytics, explained that one reason it will still be tough for job searchers is the uncertainty surrounding President-elect Donald Trump's policy changes. "While business sentiment has picked up somewhat since the election, there is still a lot of uncertainty about future policy changes that will likely make businesses hesitant to ramp up hiring, particularly in the first half of 2025," he stated.
As economists assess the job market, the anticipated policy shifts could create challenges. A potential crackdown on immigration could affect industries reliant on immigrant labor, tightening the labor pool further and complicating hiring processes for employers, making it increasingly difficult for job seekers.
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