Jonas Prising, CEO of ManpowerGroup, joins TheStreet to discuss the outlook for the 2025 job market.
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00:00Which industries do you expect to see do the most hiring in 2025?
00:06I still think we will see strong hiring in health care due to the changing demographics and an aging population.
00:14Government spending will be a very important question to understand.
00:18Defense spending as such is really almost like stimulus spending.
00:23So eventually, as we can see, that we support our partners in Europe and Ukraine in particular, as well as Israel.
00:31Really, what we are providing is arms, which means our arm and defense industry is really gearing up to produce much more,
00:38which tends to have a positive effect over time.
00:42So the government spending boom that we've really seen come through in increased employment in various sectors,
00:51if that continues at this pace, we should expect continued strong employment growth in government-funded or related industries.
01:00If that comes with a bit of a slowdown, then I think you'd start to see that slowdown.
01:07On the other hand, if the economy stabilizes at a lower level but with an improved outlook,
01:14the employers that are cautious today and on the sidelines, primarily in manufacturing,
01:20when they see the interest rates come down, greater stability, greater predictability on outlook,
01:25that's where we should start to see some increases in employment opportunities and many other sectors as well that have really been on the sidelines,
01:33certainly for the last 12 months, if not for the last 24 months.
01:38And so what do you see as some of the most wanted skills for 2025 in terms of hiring?
01:48So I think if the hiring comes back more broad-based, you will see it across the spectrum.
01:56The area that we believe could be interesting, aside from the demographically-driven healthcare areas,
02:03are within manufacturing skills, and so really you could start to see those come back.
02:08Clearly, IT skills more broadly and not just the niche capabilities that many companies are hiring today,
02:16such as data analytics, cybersecurity, and AI specialists.
02:21We could think about having those become more broad-based,
02:25and we are already seeing the beginnings of an increase in demand for application developers and things like that.
02:32So I think that is where we are moving.
02:35The service sectors, everything related to retail, logistics, is also very sensitive to the economic cycle and the consumer sentiment.
02:45So as long as consumer sentiment stays strong, you can expect to see improvement in logistics hiring,
02:51beyond the seasonal hiring that we would expect in the fourth quarter,
02:54and you could see improvement in more permanent headcount from a retail perspective as well,
02:59and those are very big employers.