The advertising, public relations and related services sector in the U.S. witnessed significant gains in November 2023 by achieving an all-time high in employment for the second consecutive month, according to new research from the Bureau of Labor Statistics (BLS).
Additionally, the sector added 1,200 jobs, bringing the total to an impressive 504,500.
The surge in employment, particularly in ad agencies, peaked in October with 237,900 jobs, which also showcased the industry's consistent growth.
Notably, employment growth was not limited to traditional advertising, as media streaming distribution services and related fields also experienced a positive trend during the period.
Ad Industry Proves Its Strength
November saw a noteworthy increase in overall U.S. employment, exceeding economists' expectations and lowering the unemployment rate to 3.7%, reflecting a stable labor market.
Industry experts believe the role of advertising and PR sectors is crucial in adapting to evolving technologies and shifting consumer behaviors.
The positive employment trends not only contribute to the health of the U.S. labor market but also support consumer spending and reflect the upward growth of the ad industry.
Meanwhile, Dentsu's U.S. ad forecast for 2024 predicts a growth of 5.8%. Globally, advertising spending is expected to expand in 2024 by $33 billion, reaching a total of $752.8 billion.
Meanwhile, digital ad spending is forecasted to reach $442.6 billion, accounting for 58.8% of total ad spending.
Overall, these forecasts collectively indicate a positive trajectory for both employment and spending in the U.S. advertising sector, underscoring its continued growth and important role in business and engaging audiences.