Job growth slowed substantially in October, but economists caution against emphasizing the latest BLS data due to the impacts of recent strikes and weather-related events.
The upcoming election directly influences job seekers’ career decisions and employers' hiring plans.
Optimism remains for post-election job growth as companies feel more confident about which investments and priorities to pursue.
The data below was influenced by several major factors in October, including Hurricane Milton, which made landfall during the data collection period, and a high volume of strikes in manufacturing, primarily within the aerospace sector.
Note the chart below for additional context on the impact of recent hurricanes. Weather disruptions kept over half a million workers from their jobs in October, the highest number recorded since data collection began in 1976.
Chart Source: Reuters
While labor market data reflects current economic conditions, the upcoming election is shaping how job seekers plan their next career moves, adding a new layer of complexity to hiring trends.
Last week, Aerotek released findings highlighting job seeker perspectives in anticipation of the upcoming November 5th presidential election. The results revealed that 45% of workers believe the election will have some impact on their careers. Nearly as many—46%—indicated they are more likely to pursue new job opportunities in 2025 than this year. A recent ZipRecruiter survey of 2,000 job seekers found similar results - roughly one in four job seekers saying they are postponing or extending their job search due to election uncertainty.
For those searching now, job seekers are applying for eight percent more positions than at this time last year, with nearly a third expecting to submit 50 or more applications before receiving an offer. The top motivators for candidates include competitive pay (42%), job security (20%), and career advancement opportunities (11%)
The uncertainty surrounding the upcoming election may be impacting overall job seeker confidence. Recent reports indicate that job seekers in blue states and red states, which were identified by the 2020 presidential election, report identical confidence levels. This convergence follows a sharp decline in confidence among job seekers in red states over the last three quarters.
Chart Source: ZipRecruiter
In addition to political factors, economic pressures also weigh heavily on job seekers’ confidence levels. Financial reasons are also impacting confidence. Job seekers who report facing financial difficulties or falling behind on bills are rising. This results in seekers feeling increasing pressure to accept the first offer they receive due to financial concerns.
In addition to political and economic pressures, job seekers are increasingly considering a company's stance on societal issues when making career decisions.
A recent survey from Express Employment Professionals and Harris Poll found that 65% of job seekers expect companies to speak out on critical societal issues, with 50% indicating that their current or prospective employers must take a clear stance on essential topics. Job seekers strongly prefer employers who align with their values, with 58% stating they would decline a job offer from a company with differing views.
The survey results emphasize the growing importance of corporate social responsibility in talent attraction. Job seekers particularly expect companies to address topics such as Diversity, Equity, Inclusion, and Belonging (DEIB) (37%), racism (35%), environmental issues (30%), and sexism (30%). Additionally, 22% of hiring managers reported that job applicants or current employees have asked about the company’s stance on political issues, which ranked higher than those about DEIB, free speech, environmental issues, and other essential topics.
FlexJobs released a report on similar findings earlier this month. Their results showed:
As job seekers increasingly prioritize alignment with company values, political outcomes also significantly influence personal and professional decisions, including where people choose to live.
A recent ConsumerAffairs poll of registered voters found that 24% of respondents would consider relocating if a candidate they did not support won the presidential election. Among those open to moving, one-third would relocate to another part of the U.S., one-third would move abroad, and one-third would consider relocating only if other factors—such as job circumstances—align.
This data underscores political outcomes' unique influence on relocation decisions, particularly among different voter groups. Democrats were four percent more likely than Republicans to “strongly consider moving to a different state.” They were also two percent more likely to consider relocating if additional factors, like a job opportunity, aligned.
Source: ConsumerAffairs
Election "wait-and-see" philosophies may be impacting hiring rates. With topics like taxes, tariffs, and immigration at the forefront, many leaders—mainly industrial, CPG, healthcare, and energy— hesitate to approve new investments ahead of the election. A recent National Bureau of Economic Research study suggests that election uncertainty can lead to a drop in job postings. Additional surveys indicate that more than half of CEOs believe the current political climate affects their strategic plans, with many expecting to delay hiring decisions until after the election.
The election outcome could provide the clarity these leaders need to move forward with strategic hiring plans. Depending on the election results, these investments could move forward, potentially driving a surge in hiring activity. This surge may be felt particularly strongly for companies operating globally, as a G-P survey shows that 98% of executives plan to expand their global presence in the next 12 months, with 61% prioritizing workforce growth.
In conclusion, the latest Bureau of Labor Statistics (BLS) update aligns with the cautious outlook noted above.
Adam Stafford, CEO of Recruitics, shared his perspective: “The report further underscores a broad 'wait-and-see' approach among employers who are holding back on growth decisions due to economic uncertainties, anticipation around upcoming rate cuts, and the election.”
Stafford also expressed optimism about future hiring trends, stating, “We remain optimistic about hiring growth post-election as we continue to see signs of renewed investment in workforce expansion among our clients. We expect this to be a temporary lull, and by 2025, we anticipate robust hiring trends to resume, driven by the growing need for talent across key industries.”
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