THE LABOR MARKET
Cooling But Not Cold Renewed signs of strength in the national labor market and declining national unemployment in recent months have defied many analyst expectations, leading many to shift their predictions from the possibility of an economic recession to that of an economic soft landing.
The pace of hiring in 2024 has cooled significantly across the board compared to the previous year.
Greater Grand Rapids
Michigan
United States*
250,000
14,000
3,500,000
3,000,000
12,000
200,000
10,000
2,500,000
150,000
8,000
2,000,000
6,000
1,500,000
100,000
4,000
1,000,000
50,000
2,000
500,000
0
0
0
2023 (Jan to Aug)
2024 (YTD)
2023 (Jan to Aug)
2024 (YTD)
2023 (Jan to Sept)
2024 (YTD)
*January to September based on most recent data available Source: Michigan Department of Technology, Management, and Budget
THE LABOR MARKET | 2
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