With solid recruiting in September, here’s what’s in store for job seekers in October and November

The labor market showed extraordinary strength in September as the U.S. economy added 254,000 jobs last month, the Bureau of Labor Statistics reported Friday.

Hiring met “September surge” expectations as government data topped the Dow Jones consensus forecast of 150,000 workers. Employment continued to grow in sectors such as food services and food outlets, health care, government, social assistance and construction, while unemployment fell to 4.1%.

August’s total was revised upwards by 17,000, while July saw a significant increase of 55,000, bringing the overall monthly increase to 144,000.

Additionally, the Federal Reserve is expected to cut interest rates again on November 7, following the initial cut on September 18.

Market projections indicate a reduction in interest rates by 0.25%, bringing them to the range from 4.5% to 4.75%. However, there is the possibility of a more significant cut of 0.5%, depending on macroeconomic data published in the coming weeks.

Looking ahead, this strong hiring sentiment could continue in the coming months, potentially leading to further job growth. However, job seekers continue to face challenges as competition for positions may intensify.

Limited window of opportunity

With the arrival of October and early November, job seekers are in a great position, with many companies generally eager to fill positions before the holiday season begins.

Historically, this period often sees employee growth as companies look to maximize remaining budgets before the end of the year. According to Indeed, the fall recruiting season typically coincides with the busy recruiting cycle in January and February, which are the months with the highest volume of job interviews after employees return from vacation.

Applicants must act quickly, however, as this productive phase is short-lived and will slow down around Thanksgiving.

Moreover, the current economic situation has introduced some uncertainty into this hiring pattern. Job growth is slowing overall, and fewer jobs are being created in the economy each month than in previous years.

The average monthly gain over the past 12 months was 203,000, compared to 251,000 in 2023, 377,000 in 2022 and 604,000 in 2021, according to the BLS.

Job seekers should approach this period with realistic and flexible expectations, as well as a well-prepared strategy – such as networking – to maximize their chances of success. With fewer job openings, competition can be fiercer.

There may still be increased hiring activity in some sectors. Industries that are directly impacted by the holiday season, such as retail and hospitality, often increase seasonal employment during this period.

Amazon announced Wednesday that it plans to hire 250,000 people for full-time, part-time and seasonal positions in its customer service and transportation operations in the U.S.