February 11, 2025 Labor Department Reports Steady Job Growth

According to Deloitte: “2024 demonstrated continued investment in US manufacturing which could lead to longer-term growth.”

By David Soyka, Senior Editor at Industry Today

Unemployment edged down a bit (4% after accounting for benchmarking adjustments to survey data) while 143,000 jobs were added this past November and December according to the latest statistics released by the US. Labor Department. There was less job growth compared to the previous two months and while economists expected a jobs gain of 169,000, the job market remains solid.

Healthcare, retail, and social assistance generally experienced the jobs bump, while employment declined in the mining, quarrying, and oil and gas extraction centers. According to the Wall Street Journal, while the job market has cooled compared to its red-hot streak during the pandemic, it remains strong, with hiring and job quitting slowing, and layoffs at long-time lows.

Of particular interest to readers of Industry Today is that employment showed little change in the manufacturing industry. According to Deloitte, “Data from the US Bureau of Labor Statistics indicates that the labor market has continued to stabilize through 2024 as quits, hires, and job openings in manufacturing have steadily declined, and employment has leveled off at around 13 million as production levels have stabilized. However, talent challenges persist.”

As we recently reported, “With manufacturing output set to increase in the next decade and a projected 1.9 million jobs going unfilled by 2033, the industry faces a critical skills gap. Some 170 million new jobs are expected by 2030, while 92 million other jobs are likely to be displaced by technologies such as AI and automation. But while technology skills are in growing demand, so too are core economy roles such as delivery drivers, care roles, educators, and farmworkers.”

This was the last jobs report for the Biden administration. The next Employment Situation Summary, covering February 2025, is scheduled for release on March 7, 2025. Many economists anticipate that Trump tariffs and deportation policies will increase business costs and slow jobs growth. As speculation turns into actual outcomes, expect Industry Today to stay on top of breaking developments.

Read the complete jobs report here.

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