We have come down from the high of job openings in January 2022 of nearly 12 million jobs, where that number represented double the amount of openings as there were unemployed people (5M). Whereas, in 2023, the numbers were about equal, at approximately 9M apiece. This year we see a slight skew in favor of job openings (8.9M) over unemployed persons (6.5M), suggesting that those looking for work are still in the better position.

Thankfully, after several years of rampant inflation that led to massive increases in cost of living, we see the first year where these numbers have moderated. Specifically, only a 3.2 % COLA adjustment for 2024, with most of the regions we staff in following a similar trend: San Diego = 3.8%, Napa = 2.4%, Sacramento = 2.9% and OC/LA = 3.4%.

Today, we’re discussing the relevance of performing market research and a competitive analysis for your business. Doing both can help you determine the viability of your business and give you a competitive advantage. When starting a business, you have to weigh the factors. What type of time, energy, and money will it cost you? What will it afford you?

In another unprecedented year economically, we are yet again faced with the challenges that many are staring at, which is the loom of a pending recession alongside record-level inflation and unemployment rates. Industry-leading economists can't even agree with what is best to prepare for, so imagine our conundrum in attempting to identify ranges and forecasts for how best to move into another fiscal year.

As a result of so much potential uncertainty for what lies ahead, we relied on historical data to make our decisions for this upcoming year. Including monthly market research for each region we staff, as well as inflation and cost of living research conducted by the Bureau of Labor and Statistics.