September (Job) Surge INCOMING

Today's sponsor

👋 Welcome, Jobseekers

• 📉 Layoff Report: Apple, IBM, Scale AI, Redfin

• 🧑‍✈️ Career Copilot: September Job Surge INCOMING

• 📈 Trends & Data: US job growth has been far weaker than initially reported (by 818,000 jobs!)

• 🔧 Jobseeker Tools: AI Bot Lands 50 INTERVIEWS, Porada, Polywork, Metaview

• Apple Cuts Jobs in Online Services Group as Priorities Shift

• Scale AI Lays Off Over 1,000 Workers Via Email With No Warning

• IBM Shuts Down China R&D Operations, affecting more than 1,000

• Redfin layoffs impact real estate company’s brokerage business

The Daily Newsletter for Intellectually Curious Readers

• We scour 100+ sources daily

• Read by CEOs, scientists, business owners and more

• 3.5 million subscribers

Sign up today!

US job growth has been far weaker than initially reported (by 818,000 jobs!)

US job growth over the past year was significantly weaker than initially reported, with the Bureau of Labor Statistics revising employment figures down by 818,000 jobs as of March 2024. This represents the largest downward adjustment since 2009, though it doesn’t indicate job losses, but rather that job creation wasn’t as robust as earlier estimates suggested.

The revision mainly affected private sector industries such as professional services, leisure and hospitality, manufacturing, and information. While the labor market is still fundamentally strong, the revised data puts pressure on the Federal Reserve to reconsider its monetary policies. The final benchmark figures will be released in early 2025.

Key Takeaways:

• Be Aware of Industry Trends: Job growth was weaker in professional services, leisure and hospitality, manufacturing, and information sectors, so job seekers in these areas should keep a close eye on future reports and industry outlooks.

• Expect Slower Job Creation: The revision suggests job growth may continue at a more moderate pace, making competition for open roles fiercer.

• Stay Informed on Federal Reserve Actions: The Federal Reserve’s potential policy changes, like interest rate cuts, could influence hiring patterns and economic growth, affecting job opportunities.

September Job Surge INCOMING

The term “September Surge” has gained popularity, especially across TikTok, with many job seekers turning to this period to jumpstart their careers. And while it’s not just a catchy hashtag, it’s a real phenomenon that’s been recognized in HR circles for years. September marks a post-Labor Day spike in job opportunities, and while the actual surge in hires might not hit until December or January, the increase in vacancies during September is undeniable.

Why the September Surge Happens

The September Surge happens for several reasons, all working in your favor as a job seeker:

• HR Cycles and Budget Deadlines: As companies enter the final quarter of the year, HR departments often push to fill vacancies before their budgets dry up. There’s a renewed urgency to wrap up hiring before the year’s end.

• Post-Summer Refocus: After a summer filled with vacations and distractions, both companies and employees alike are refocused on productivity. With kids back in school, employees often reevaluate their career paths, leading to more job movement and openings.

• Q4 Productivity Push: As companies work toward hitting their end-of-year targets, they often need to bolster their teams. This increases the volume of job postings, making it a prime time for candidates to find new opportunities.

How does this play out in the tech sector?

In tech, hiring typically follows different cycles depending on factors like company size, product roadmaps, and market conditions. While tech companies do engage in hiring during the September Surge, several factors can influence its effectiveness in this sector:

1. End-of-Year Budgeting: Many tech companies push to fill roles in Q4 as they finalize budgets for the year, making September a good time for hiring. However, some tech firms may hold off hiring until January when new budgets are approved.

2. Post-Layoff Recovery: In the current economic environment, with layoffs in tech making headlines, some companies may be cautiously hiring during this period to fill critical positions left open by restructuring.

3. Hiring Freeze vs. Demand: Depending on market conditions, some tech companies may still be in a hiring freeze, while others are accelerating hiring to capitalize on growth areas like AI, cloud computing, and cybersecurity. Startups and mid-sized tech firms often use Q4 to recruit top talent before the competition intensifies in the new year.

So what do I do about it?

There’s nothing that you haven’t already been doing that you should be doing differently as far as resumes and interview prep go. However, you can carry a bit more confidence if you do land an interview that some of the leverage will be starting to shift to the jobseeker starting in September, and peaking in January and then March. The chart above tells an important story as the number of first-round interviews spikes as we enter September. It may take months to land that job, but the pressure is on the companies to get talent in the door before the competition heats up in January.

AI Bot Lands 50 INTERVIEWS

This is a traditional ‘tool’, and while I’m not one to push mass applications as a strategy (vs. selective, personalized applications), this Tweet caught my eye and could be worth a deep dive:

Other Jobseeker Tools:

• Porada - Unlock Your Potential with World-Class Mentorship

• Polywork - Turn your LinkedIn profile into a beautiful personal website in seconds with AI

• Metaview Answers - ChatGPT for interviews

👁️ Browse the full Tool Directory (or submit your own)→