LinkedIn's Economic Graph’s Post

India and Australia to record the fastest rates of #jobs growth. An interesting report by Oxford Economics forecasts the major #cities of India and Australia to record the fastest rates of #jobs growth across APAC over 2024-28, while advanced cities in the aging economies of Japan and South Korea will lag. Read more: https://lnkd.in/ga--tBm8

🌍 The Global Workforce Shift: What It Means for the Future of Business Big changes are coming for the global workforce! Almost half of U.S. metropolitan areas are seeing their working-age populations shrink due to aging demographics and low birth rates. In fact, over the next decade, U.S. workforce growth will slow to just 0.2% annually — far behind countries like India and Mexico, which are experiencing explosive growth. 🚀 What’s driving the change? - #India is poised to dominate, contributing a staggering 24.3% of the global workforce by 2030! With a young population and growing economy, India is set to become a key player in the services and manufacturing sectors. - #SaudiArabia is seeing the fastest workforce growth, thanks to high fertility rates and a booming expatriate community. - On the flip side, #SouthKorea and other advanced economies like #Japan are facing serious challenges, with shrinking workforces that could impact productivity and economic growth. 💡 Why does this matter? For businesses, these trends are a wake-up call. Markets with growing workforces — like India and Saudi Arabia — offer huge opportunities for expansion and innovation. But in countries with declining populations, companies may struggle to find talent, driving the need for automation, upskilling, and smart investment. 🌟 The global workforce is shifting, and the companies that adapt to these demographic changes will lead the way in the future of work. #FutureOfWork #GlobalWorkforce #EconomicGrowth #TalentStrategy #Innovation #BusinessTrends #DemographicShift #OpportunitiesAhead

This dropped into my inbox today from LinkedIn. It is the APAC Labour Market commentary from their Chief Economist. In short RE: Australia: 🤦♂️ Hiring Rate: 15.5% decline year-over-year - slightly below the 6 month average of 15.8% 🤷♀️ Economic Context: Continued inflation makes interest rate hikes possible but challenging due to sluggish economic growth (The economy grew just 0.2% in the three months to June, showing the worst run of per person GDP drops since the early 1980s). 😒 Job Search Intensity: 5.9% increase from January to July 2024, indicating a slowing economy with increased competition among job seekers No surprises but sobering to see the data.

May’s booming job growth signals sustained economic health. However, some economists anticipate this surge is headed for a slowdown in the coming months. ➡️ Get the full June Market Trends Report here: https://bit.ly/3KFBFw2 #Jobs #Hiring #IndustryTrends

🌟 India’s Hiring Outlook for Q3 2024: Insights and Trends 🌟 📈 Strongest in Asia Pacific Region India’s hiring prospects for the June-September quarter are shining bright! According to a recent ManpowerGroup study, our Net Employment Outlook (NEO) stands at 30%. This NEO score ranks India sixth globally for employment outlook, 8 points above the global average. 🔍 Sector Spotlight * Finance, Real Estate, and Healthcare: These sectors continue to lead the way with robust hiring intentions. * Communication Services, Transport, Logistics, and Automotive: These areas show a more cautious outlook. 🚀 AI and Machine Learning Surge Over 68% of employers anticipate expanding their workforce in the Artificial Intelligence and Machine Learning domain over the next two years. As technology evolves, these fields promise exciting opportunities for job seekers. 🌐 Global Factors at Play Employers are treading carefully due to the global economic slowdown and political uncertainties. The impact of these factors is reflected in the NEO drop of six points compared to the previous quarter. 🌏 Asia Pacific Insights * India (30%) and China (28%) maintain the strongest outlook in the region. * Hong Kong (8%) and Japan (12%) exhibit more cautious hiring intentions. 🔑 Strategic Talent Planning To bridge the skills gap, strategic long-term talent planning is crucial. Employers can adopt a “hire, train, and deploy” strategy to address specific skill demands effectively. 🌟India’s hiring landscape is dynamic, with opportunities and challenges. As we navigate these waters, let’s stay agile, invest in talent, and embrace innovation. Together, we’ll shape a brighter future! 🌟🌐🤝 #HiringOutlook #JobMarket #TalentAcquisition #FutureOfWork

To all my manufacturing connections Aerotek's May Manufacturing report has arrived! I have summarized some key talking points, for anyone who would like more in depth information please reach out! I would love to provide specialized market data for your company at ZERO cost! Compensation data for the current local market, job supply demand data, and unemployment data! Feel free to contact me at chrknight@aerotek.com or 918-877-7931! ----------------------------------------------------------------------------------- See these notable talking points below: Employers added 272,000 jobs in may, surging from 175,000 jobs that were added in April! Unemployment rate rose to 4% for the United States. Manufacturing roles increased +0.2% YoY, with a 8k monthly change Automotive roles increased +2.9%, with a 3.1k monthly change Warehousing & Storage decreased 1.8%, with a -1.2k monthly change Construction with the biggest increase at +3.1%, with a 21k monthly change! Notable growth to consider in the manufacturing industry in May: Chemical products Fabricated metal products Paper products Petroleum & coal products Primary metals Printing & related support activities Textile mills #Aerotek #Manufacturing #Staffing #Industrial #Distribution #Logistics #Automation #Fabrication

US job growth moderates in June; jobless rate rises to 4.1% 📈 The report confirms that the disinflationary trend was back on track after inflation surged in the first quarter. China unemployment rate not looking too good for their Youth; if the US Economy truly slows down thru 2024 into 2025. In addition to, Robotics AI gaining productivity with less workers; while in turn, those "displaced" and they cannot pivot into new jobs of the FutureNow ... Going into 2025, I am afraid many around the World will be Disrupted by Technology, Artificial Intelligence and embodiment into Digital Physical Machines as Robotics AI. Even Human-Robot Collaborative and Human-centric Autonomy might require Human workers to be in-the-loop, this SkillsFuture Experiential Learning Journey will be tough for them, inevitably challenging time ahead for many Singaporeans.

1. Concerned Perspective -Economic Impact: The slowdown in white-collar job growth could have negative ripple effects on the broader economy. As hiring slows, disposable income and consumer spending might decrease, potentially hindering economic recovery and growth. - Sectoral Challenges: The stress in the tech and consumer sectors may indicate deeper structural issues within these industries. This could signal longer-term challenges that may affect employment stability and job creation. - Recovery Delays: Slower job growth might delay recovery in consumption, as fewer new jobs could mean less overall consumer confidence and spending.

While I tend to think, "𝙏𝙝𝙚𝙧𝙚 𝙬𝙞𝙡𝙡 𝙣𝙚𝙫𝙚𝙧 𝙗𝙚 𝙚𝙣𝙤𝙪𝙜𝙝 𝙟𝙤𝙗𝙨 𝙛𝙤𝙧 𝙚𝙫𝙚𝙧𝙮𝙤𝙣𝙚," I'm sometimes reminded that this approach overlooks the adaptive nature of economies and societies. Let me explain, as I feel we're not having enough critical conversations about this on a societal level. During the Industrial Revolution, there was a massive fear of machines taking over and causing mass unemployment. But new industries emerged, creating new jobs. History shows us that economies bounce back. 𝗛𝗼𝘄 𝗮𝗯𝗼𝘂𝘁 𝘀𝘂𝗽𝗽𝗹𝘆 𝗮𝗻𝗱 𝗱𝗲𝗺𝗮𝗻𝗱? Supply and demand find balance, even if it feels chaotic. When there's a surplus of workers in one sector, people retrain and shift to where jobs are available. Entrepreneurs and businesses constantly innovate, creating new markets. This cycle of destruction and creation keeps the job market moving. 𝗕𝘂𝘁 𝗮𝗿𝗲 𝗴𝗹𝗼𝗯𝗮𝗹/𝗻𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗽𝗼𝗹𝗶𝗰𝗶𝗲𝘀 𝗳𝗼𝗹𝗹𝗼𝘄𝗶𝗻𝗴 𝘁𝗵𝗿𝗼𝘂𝗴𝗵? The more we can adapt our skills to the changing market, the better we'll be collectively. Government policies can move the job market in the right direction, but that takes courageous and forward-thinking leadership. This is the piece where so many countries are struggling. 𝗕𝘂𝘁 𝗶𝘁 𝗱𝗼𝗲𝘀𝗻’𝘁 𝗵𝗮𝗽𝗽𝗲𝗻 𝗼𝗻 𝘁𝗵𝗲 𝘀𝗮𝗺𝗲 𝘀𝗰𝗮𝗹𝗲 𝗳𝗼𝗿 𝗮𝗹𝗹 𝗰𝗼𝘂𝗻𝘁𝗿𝗶𝗲𝘀. Job market dynamics vary widely between developed and developing countries. Some regions might face job shortages, while others boom with opportunities. Within any country, some sectors, like healthcare and cybersecurity, are desperate for talent, while others phase out roles due to automation. 𝗧𝗵𝗶𝘀 𝗶𝘀 𝘄𝗵𝘆 𝗜 𝗸𝗲𝗲𝗽 𝗯𝗮𝗹𝗮𝗻𝗰𝗲 𝗶𝗻 𝗺𝘆 𝘃𝗶𝗲𝘄 𝗼𝗳 𝗳𝘂𝘁𝘂𝗿𝗲 𝗺𝗮𝗿𝗸𝗲𝘁𝘀. While it's tempting to say there will never be enough jobs for everyone, history, economics, and human resilience suggest otherwise. The job market is more like a rollercoaster than a straight path, and 𝙥𝙤𝙡𝙞𝙩𝙞𝙘𝙖𝙡, 𝙨𝙤𝙘𝙞𝙖𝙡, 𝙖𝙣𝙙 𝙚𝙘𝙤𝙣𝙤𝙢𝙞𝙘 𝙚𝙫𝙚𝙣𝙩𝙨 𝙬𝙞𝙡𝙡 𝙘𝙤𝙣𝙩𝙞𝙣𝙪𝙚 𝙩𝙤 𝙞𝙣𝙛𝙡𝙪𝙚𝙣𝙘𝙚 𝙞𝙩𝙨 𝙙𝙞𝙧𝙚𝙘𝙩𝙞𝙤𝙣. What do you think? Do you see the job market as a glass half full or half empty? Everyone says we need to prepare, but how can we do this on a bigger scale? #FutureOfWork

In the next five years, a significant shift is expected in the job landscape, with a quarter of today's positions facing disruption. The Future of Jobs Report, analyzing 673 million global employees, indicates that while 69 million new jobs will emerge due to technological advancements and sustainable practices, These gains will be offset by 83 million jobs being put at risk due to economic factors and automation. Governments, businesses, and workers need to foster a culture of lifelong learning to embrace these emerging technologies. #learn #analyticalskills #techLiteracy Source : World Economic Forum Report 2023. https://lnkd.in/dXN5XT3u