Q3 2024 Economic Indicator Report

The U.S. job market in Q3 exhibited notable fluctuations. The number of new job listings increased by 8.3% from July to August, signaling a rebound in hiring momentum. However, this was followed by a slight 5% decline in September compared to August.

Meanwhile, job removals continued to fluctuate across the quarter. August saw a 9.5% increase in removed postings, reflecting accelerated job fulfillment or cancellations by employers. This trend slightly eased by September, but overall, companies are showing a pattern of closing jobs quickly to manage costs and focus on strategic hiring.

U.S. Job Listings by Month | January 2020 - September 2024

Labor Demand by State

We observed an increase in labor demand across 28 states, indicating continued economic activity and hiring opportunities.

Among these states, five stand out for particularly high labor demand growth:

• Wyoming: ↑ 11.0%.

• New Hampshire: ↑ 7.1%.

• Kansas: ↑ 4.7%.

• Pennsylvania: ↑ 4.7%.

• Texas: ↑ 3.5%.

% change in active job listings (quarter-over-quarter) | Q3 2024