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Recession fears averted after strong December jobs report
Hiring accelerated in December, defying effort to slow the economy. LiveNOW's Andrew Craft reports.
Ten jobs that showed major wage growth last year may remain hot moving further into 2024, a new report shows.
According to Payscale’s End-of-Year Report, wages for the most in-demand jobs grew by double digits in 2023 – from 18% to 24%.
The company analyzed data from its online salary survey of more than 770 people with jobs and found that the top in-demand jobs with the fasting-growing wages included assistant managers in customer service, hair stylists, master plumbers, automotive body repairers and job coaches.
Most of the positions on the list represented jobs that were highly flexible or self-employed.
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"We’ll see that candidates and employees are continually looking for something that they can mold around their life instead of molding their life to fit around their job," Payscale’s Chief People Officer Lexi Clarke told FOX Business. "That is a trend we’ve seen on the rise over the last few years since the beginning of the pandemic, but I think we’ll continue to see trends like that emerge as we get deeper into 2024."
Top in-demand jobs
- Assistant manager, customer service
- Hairdresser/ hairstylist
- Master plumber
- Automotive body repairer
- Job coach
- Audio/visual technician
- Animator
- Fitness coach
- Roofer
- General Manager
A customer service assistant manager showed the largest year-over-year increase, Payscale found. A master plumber, meanwhile, raked in the most out of the positions, taking home median yearly pay of $82,700.
File: Haircut (Credit: Getty Creative)
"We expect the jobs on this list to remain hot," Clarke continued.
Job market predictions for 2024
The report found that the job market in 2024 will depend on whether high interest rates rip the economy into a recession despite ongoing labor shortages. Leading organizations will combat the shortages by investing in human-centered recruiting and creating employment experiences that emphasize a work-life balance.
Interior shot of people working at desks at office. (Credit: View Pictures/Universal Images Group via Getty Images)
"I think it is reflective of some of the changes that we’re seeing just in the industry," Clarke added. "One of the things that we talk about a lot — and that we have for the last especially year or so — is this growing tension between employees and employers, as we think about that power dynamic back and forth."
The report also found that pay increases will meet or exceed inflation in 2024 – the first time in years. However, Payscale said that exploration and adoption of artificial intelligence tools and skills will be necessary to remain relevant in 2024.
This story was reported from Los Angeles. FOX Business contributed.