Apply rates for online jobs ended 2024 at 6.1%, according to a new report from Appcast, a provider of programmatic job advertising. The apply rate rose 35% between January and December 2024. Appcast’s report also point to a “near-perfect” balance in the labor market demonstrated by declines in the quits, hires, and layoffs and discharges rates.

The balance in labor supply and demand comes after years of imbalance, according to the report.

“What does this mean?” the report asks. “For hiring employers, a position of greater power and more ease in the hiring process. For job seekers, the search may be longer and a bit more arduous, with fewer new concessions at the onset of a job. We see this balance reflected in tempering wage growth, a sign that job seekers’ negotiating power has diminished.”

The report also found that cost per application remained stable, rising by only 4.8% during 2024.

Other findings in the report:

• The cost per hire tracked over three years showed a softer and flat trend throughout 2024, with a seasonal push towards the end of the year, reaching $851.
• Recruitment costs vary significantly by location, with application rates and cost per application reflecting regional unemployment trends. Although they can be influenced by a number of factors, low application rates often correlate with low unemployment rates.
• Recruitment marketing costs differ by occupational group, with “sitting-down” occupations experiencing higher application rates and cost per application compared to “standing-up” jobs. Technology had the highest application rate in 2024 at 6.41%, followed by marketing and advertising at 6.31% and business and consumer services at 6.29%.

Appcast’s report is based on 2024 job ad data from more than 1,300 employers in the US, analyzing 379 million job ad clicks and more than 30 million application.