How Will the US Presidential Elections Impact the Job Market in 2024?

With US elections around the corner, hiring professionals are closely monitoring how the results will impact the job market in 2024. In this blog, we’ll discuss some possible scenarios that could play out as we get closer to election day. Regardless of the outcome, you can always count on PrideStaff Financial for talented professionals. If you need to expand your team, contact ours!

Employer behavior:

According to a Duke University study, pre-election reaction reveals that employers are responding to the uncertainty of the outcome by reducing spending and hiring. Many employers are freezing any new hiring until after November’s election.

AI will create displacement:

AI’s implementation throughout our economy will most certainly raise the rate of worker dislocation and displacement. When workers are permanently displaced from their jobs, they often suffer long-term wages or employment loss. We don’t yet know the extent to which AI will dislocate workers, nor which workers will face displacement. Historically, new technologies “complement” some workers, raising the demand for their labor, while “substituting” for others, who are broadly hurt. College graduates in professional jobs might be at greater risk. A lot depends on the extent to which employers will seek to retrain their employees to perform newer tasks, and how workers respond to these new developments by updating their skills or relocating to new regions where demand for them is higher. 

Policy changes:

The upcoming election holds the potential for significant policy changes. Employers are grappling with the uncertainty of whether the next president will continue or reverse course on policies established in the last four to eight years. This includes taxation, regulatory changes, small business policies, international business, imports, and exports. This may impact how your company conducts business and hiring.

As with any election cycle, many corporations adapt to changes afterward. However, since the pandemic, job markets have fluctuated wildly.

Let our team help you navigate the waves!

PrideStaff Financial has consistently won awards for exceptional client satisfaction. Our highly skilled staffing consultants can support your hiring needs. Contact us today to learn more.