🔮 The future is ... cloudy?

Storms and strikes are expected to blur the forthcoming October jobs report.

October 31, 2024

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Today’s edition is a 3-minute read. Here’s what to expect👇

🗞️ October’s job report might be murky
🌎️ TalentNeuron makes acquisition
💰️ MBA applications on the rise
💻 TA roles at LinkedIn, Rippling
💼 Layoffs hit Dropbox, Miro
📆 Can't miss upcoming industry events

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NEWS
One Thing You Should Know This Week
WSJ: Economic Data Faces Perfect Storm of Disruptions Ahead of Election

Just when we needed crystal-clear economic signals, Hurricane Helene and Hurricane Milton, plus the Boeing strike, are about to make October's jobs report as unpredictable as a weather forecast.

🖼️ The big picture.
The past month's employment data will be heavily distorted by multiple factors, creating challenges for both political interpretation and Fed decision-making. The timing couldn't be more crucial – the report drops on November 1, just days before the election and the Fed's next rate decision. The word from the Wall Street Journal is that everyone from campaign strategists to economists will be working overtime to separate the signal from the noise to understand the true state of the labor market.

🧮 By the numbers:

  • Expected job additions: 100,000 (down from September's 254,000)

  • Hurricane impact: 40,000-60,000 jobs reduction

  • Boeing strike effect: significant additional impact

  • Unemployment rate: Expected to hold at 4.1%

  • Q3 GDP growth projection: 3.1%


💼 What this means for TAs.
Focus on the underlying trends rather than the headline numbers. Goldman Sachs and JPMorgan Chase both estimate hurricane impacts around 50,000 jobs – meaning any weakness in the numbers likely isn't indicative of true market conditions. This temporary disruption might actually create opportunities for strategic hiring while others pause. Look especially for openings in construction, insurance, and automotive sectors as rebuilding efforts begin, plus healthcare roles in affected regions.

👔 What this means for job seekers.
Don't let the headlines spook you. Any dip in October's numbers will likely be temporary, with Federal Reserve Governor Christopher Waller already signaling these disruptions in his recent speeches. In fact, rebuilding efforts could create new opportunities in affected regions. Construction workers, claims adjusters, restoration specialists, and automotive sales professionals should be particularly well-positioned in hurricane-affected areas, while manufacturing workers might find opportunities as Boeing negotiations move forward.

🔮 Looking ahead.
The job market's short-term turbulence masks some important longer-term shifts. While October's data may be murky, economists anticipate a strong bounce-back through year-end, driven by holiday hiring and reconstruction efforts. Plus, the GDP is projected to show robust 3.1% growth for Q3, suggesting this is more of a weather-related pause than a true slowdown.

🗳️ At the ballot box.
The Federal Reserve's likely rate cut in November could also further stimulate hiring, particularly in interest-rate sensitive sectors like real estate and construction. Keep an eye out for continued strength in healthcare and government hiring, while tech employment may remain selective despite easing layoffs. The tricky part? These mixed signals arrive at a crucial moment in the presidential race, where both campaigns will likely cherry-pick data points that support their economic narratives.

🔑 The key for business leaders …
… will be distinguishing between temporary weather-related disruptions and genuine shifts in hiring patterns as we head into what’s expected to be a politically charged 2025.

📥️ Read more in The Wall Street Journal.

NUMBERS

Numbers That’ll Make You Think

  • $2.1 million — The fine ride-hailing app Lyft must pay for inflating driver earnings claims. Turns out you can't round up to the nearest million… (TechCrunch)

  • 12% — Increase in MBA applications in 2024, hitting a decade high. When the job market gets tough, there's always grad school. (WSJ)

  • 23% — Of firms planning to hire in the next three months, according to NABE's survey. The other 77% are still 'thinking about it. (Staffing Industry)

  • 2.1% — Rise in C-suite compensation at PE-backed tech firms. Just enough for an extra coffee run. (Staffing Industry)

  • 5% — Drop in global white-collar roles this September. (Staffing Industry)

  • 80% — Of companies say employee growth mindset directly drives profits. The little engine that could was onto something… (Forbes)

HIRE INNOVATIONS

Innovation at the Intersection of Tech and Human Potential

🚀 Join us to unlock cutting-edge hiring insights over three transformative days at Hire Innovations Fall 2024: Innovation at the Intersection of Tech and Human Potential. From hiring top talent to embracing neurodiversity and leveraging AI, you’ll gain 2025-ready strategies. Join experts like Anna Thielke, Kate O’Connor, Torri Wright, and Justine Haigh as they share actionable steps for inclusive and effective hiring that will take your job to the next level.

👉️ Secure your free spot today.

INDUSTRY INTEL

M&A Deals, Industry Moves, & Other Things To Know

  • Data analytics provider TalentNeuron acquired German HR tech firm HRForecast, expanding its strategic workforce planning capabilities. (HR Tech Feed)

  • Port labor talks scheduling depends on presidential election results, as union negotiations hang in the balance. Even cargo ships are waiting for election results. (WSJ)

  • Retail giant Walmart leads an initiative with major employers to standardize job descriptions, making skills-based hiring easier. (Axios)

  • A new report reveals workers are saying 'no thanks' to promotions, choosing work-life balance over corner offices. (Business Insider)

  • Business publication Fast Company reports "silent firing" emerging as companies take the passive-aggressive path to automation by pushing out employees through harsh conditions before turning to AI. (Fast Company)

  • Tech giant Apple's chief people officer exits after less than two years, marking an unusually short tenure. (Bloomberg)

  • Entertainment powerhouse CAA names Matthew Schuyler as Chief People Officer to oversee HR for 3,700 employees. (Variety)

  • Tech firm Progress appoints Amanda Arria to lead global People Team as the new CPO. Because even AI companies need a human touch. (Globe Newswire)

OPEN ROLES

Jobs You Might Want (For Yourself!)


For more of these roles delivered to your inbox every Monday, subscribe to the Talivity Jobs newsletter by clicking here. For a full list of open roles, head over to our job board by clicking here.

LAYOFFS

Places For You To Source Fresh Talent

  • Freelance platform Upwork announced a 21% reduction in workforce as part of organizational streamlining efforts. (Seeking Alpha)

  • Automotive giant Volkswagen plans to close three German factories and reduce workforce as part of major restructuring. (WSJ)

  • Car rental startup Kyte cuts about half its workforce and retreats to just two markets in survival bid. (TechCrunch)

  • Productivity startup Miro is laying off 18% of its staff, around 275 employees. (The Information)

  • File sharing platform Dropbox is laying off 20% of its workforce as its CEO says the company is entering a “transitional period.” (TechCrunch)

EVENTS

Join Us For These Upcoming TA Events

  • Hire Innovations: Fall 2024
    📆 November 19-21, 2024 | 1:00 PM ET Daily

    ⚡️ Hire Innovations Fall 2024 is a dynamic 3-day virtual event designed to inspire and introduce you to cutting-edge technologies revolutionizing the hiring process.
    👉️ Register here.

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