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June 2019 Jobs Report

June 2019 Jobs Report

June 2019 Jobs Report

The month of June revealed another strong month in the labor market. Total nonfarm payroll employment increased by 224,000, which was 59,000 above economists’ predictions. This is the best job gain since the beginning of 2019. The unemployment rate ticked up slightly at 3.7 percent, with a total of 6 million unemployed in June. The small shift in the unemployment rate paired with the tremendous increase in employment for the month of June indicates that great candidates are re-entering the labor market.

In addition, wages rose by 6 cents at $27.09. Over the last year, average hourly earnings have increased by 3.1 percent. With wages experiencing a subtle rise, the average workweek remains unchanged at 34.4 hours per week. The stock market opened lower, resulting in a cut in interest rates.

Jobs Report By Industry:

Areas of increased job opportunities emerged in business and professional services (+51,000 jobs), health care (+35,000 jobs), transportation and warehousing (+24,000 jobs) and construction (+21,000 jobs).

Business and professional services are currently leading the job market. Compared to the average monthly gain in 2018 of 47,000, proving that June was a huge month for this industry – adding 51,000 jobs.

Employment within the healthcare industry increased by 35,000 in the month of June and 403,000 over the last year. Specific areas of growth include ambulatory healthcare services (+19,000 jobs) and hospitals (+11,000 jobs).

Last month, the transportation and warehousing industry experienced job growth of 24,000 with 7,000 in couriers and messengers and 3,000 air transportation.

Additionally, construction employment continues to grow with another increase of 12,000 jobs.

Revisions:

Total nonfarm payroll in April and May were 11,000 less than originally reported. Specifically, the total nonfarm payroll employment for April was revised from 224,000 to 216,000 and May was revised from 75,000 to 72,000 gain. Overall the net job gain averaged around 171,000 per month over the last three months.

job market

Traditional Recruiting Methods Aren’t As Effective in This Tight Market

tight market

The national unemployment rate ticked down to 3.9% in July 2018. By the end of July, 157,000 jobs were added, totaling 6.66 million job openings across the nation. This marks the third highest number in history.

The U.S. job market is the healthiest it is been in years, and as a result, companies are having difficulties finding the talent they desperately need. In this booming job market, candidates have options. Hiring managers are struggling to attract (and retain) qualified candidates. Traditional recruiting methods are unfortunately not as effective for many organizations.

Candidates are going rogue

This is the hottest job market in decades, and candidates are taking full advantage of the plethora of job opportunities. Candidates all across the nation are entertaining multiple offers. In fact, 20 percent to 50 percent of job applicants and workers are no-shows.

Qualified candidates are literally going dark on hiring managers and employers are feeling the frustrations. Candidates are accepting job offers and interviews and blatantly not showing up because they have a better offer in the works. Employers are so desperate that they are resorting to hiring candidates with little to no experience. To put this in perspective, 87 percent of employers have reported hiring “few or no qualified applicants.” Traditional recruiting methods just aren’t locking down the candidates that employers need.

It’s costing employers

With such a tight job market, filling positions isn’t the only difficult task for employers. Filling critical roles in our current job climate is hurting employers financially. The Harvard Business Review estimates that up to 80 percent of employee turnover is from poor hiring decisions. And on average, businesses spend nearly 33 percent of a worker’s base salary in replacement costs.

Organizations are spending millions of dollars trying to retain qualified employees. With a predicted 28.6 percent of workers leaving their jobs by the end of the year, companies are desperate for top-talent that is willing to stay put.

Partner with a professional

With today’s intense job market, it’s becoming more and more difficult to obtain the talent employers are searching for. Placing job openings on the careers page on your company’s website or listing your vacancies on job boards just isn’t going to cut it.

At JSG, we work solely for our clients to find them the best candidates for their positions, so they don’t have to. We understand that you are busy. Let us take one item off your HR department’s already busy plate and help you fill your most critical positions.

With JSG’s expertise in our current job climate, we can help your company fill your critical positions. By partnering with an expert, we take the stress out of recruiting so your team can focus on all their other tasks at hand.

Traditional recruiting methods won’t cut it

July 2018 Jobs Report

July 2018 Jobs Report

July 2018 Jobs Report

The United States added fewer jobs than anticipated in the month of July, but the labor market remains rock-solid. In July, 157,000 jobs were added, which is lower than the anticipated 190,000 jobs. However, the unemployment rate edged down to 3.9%, narrowly missing an 18-year low. The labor force participation rate remained at a strong 62.9%.

Revised jobs for May and April 2018

The Bureau also reported revised job gains for May and June and May of this year. The number of jobs added in May was revised from 213,000 jobs to a whopping 248,000. And in June, the revised number of jobs added increased from 244,000 to 268,000 jobs. The results equal a net change of 59,000 jobs added.

Over the past three months, the number of jobs added averages out to 224,000.

Average hourly earnings increase

Average hourly earnings also increased by $0.07 or an average $27.05. Over the last year, average hourly earnings have increased by $0.71 or 2.7%.

Employment numbers by industry

Once again, employment in the Professional & Business Services industry led the way in July with 51,000 added jobs. Over the 12 months, Professional & Business Services added a total of 518,000 jobs.

Manufacturing came in second with an added 37,000 jobs. Over the last year, the manufacturing industry added 327,000 jobs. Healthcare followed closely with 34,000 jobs added. Hospitals added 7,000 jobs and social assistance, individual and family services
added a combined 14,000.

Food services increased 26,000 in the month of July with a total increase of 203,000 jobs over the year. Construction followed with an increase of 19,000 jobs. The construction industry has added a staggering 308,000 jobs over the year. Retail saw a slight increase of 7,000. This is favorable to the 22,000 jobs lost in June 2018.

The employment in other major industries, including wholesale trade, transportation and warehousing, information, financial activities, mining, and government showed little to no change over the month.

Check out our infographic below for more stats from the July 2018 Jobs Report:

July 2018 Jobs Report

Recruiting Trends

Mid-Year Roundup: Recruiting Trends to Watch for in 2018

Recruiting Trends

For the first time since 2000, there are more job openings than available workers. According to the Bureau of Labor Statistics, there were just under 6.7 million job openings available in April but only 6.35 million eligible candidates to fill them. The unemployment rate has been hovering around 4% all year, and just in the last month, 601,000 workers re-entered the workforce.

The market for top-talent is tight and organizations must move quickly to secure the best candidates. If your hiring process is not efficient, you will find yourself missing out on the top candidates. The best prospective candidates are entertaining multiple offers and are sometimes not even actively on the job market.

Is your hiring process hurting you?

According to a report conducted by the Society of Human Resource Management (SHRM), it takes an average of 36 days to fill a position. That’s 36 days from the decision to open the position to the acceptance of an offer. That’s a long time!

If you want to ensure your team doesn’t miss out on the best candidates, you must streamline your hiring process. If you are taking 36 days or longer to extend an offer to a candidate, you will likely lose out on first-rate talent. With our candidate-driven market, interviewees have options (and plenty of them!). If your hiring process forces the candidate to jump through hoops to get an offer, they’ll likely move on.

How to improve your hiring process

If you are wondering where in your hiring process you can make improvements, here’s some food for thought:

As you can see, there’s room to improve your hiring process. Depending on your industry and the type of job opening, these impediments may obviously change. However, for most job openings, your organization can speed things up. Even if you speed up your interview process by just a few days, you will have top candidates in the running for your company!

And by having better candidates, you will likely experience better retention. The average number of separations within the first three months of employment is 16%. And with the average cost-per-hire hovering around $4,425, your organization will save money AND increase retention by being able to hire the best candidates available.

Partner with a recruiter

The easiest possible way to improve your hiring process is to work with a professional. Your team has enough to worry about. Let JSG help you quickly hire the top candidates on the market that will stick around and make an immediate impact.

June 2018 Jobs Report

June 2018 Jobs Report

June 2018 Jobs Report

We are officially at the mid-point of the year, and the labor market is still holding up strong. In June 2018, the U.S. added 213,000 jobs, beating economists projections of 195,000 jobs. This is largely the result of the increase in the labor force participation rate. 601,000 workers re-entered the workforce, increasing the labor force participation rate to 62.9%. However, there has been no sign of any trend thus far this year.

Revised jobs for April and May 2018

The Bureau also reported revised job gains for April and May of this year. April’s gains increased from 159,000 added jobs to 175,000 jobs and May’s jobs improved from 223,000 jobs added to 244,000. This is a net increase of 37,000 jobs for April and May combined. Over the past three months, job gains averaged a whopping 211,000 jobs.

Despite the strong job growth, the national unemployment rate slightly edged up to 4.0%. In the month of June, the number of unemployed persons increased by 499,000 people for a total of 6.6 million. A year ago to the date, the unemployment rate was at 4.3% with the number of unemployed Americans totaling 7.0 million.

Average hourly earnings increase

Average hourly earnings also increased by $0.05 or an average $26.98. Over the last year, average hourly earnings have increased by $0.72 or  2.7%.

Employment numbers by industry

Employment in the Professional & Business Services industry led the way in June with 50,000 added jobs.Over the last year, Professional & Business Services added a total of 521,000 jobs.

Manufacturing came in second with an added 36,000 jobs. Over the last year, the manufacturing industry added 285,000 jobs. Healthcare followed closely with 25,000 jobs added. Hospitals added 11,000 jobs and ambulatory services added 14,000. Construction added another 13,000 jobs and has gained a total of 282,000 jobs over the last 12 months.

Mining gained another 5,000 jobs, totaling gains of 95,000 jobs since a slump in October 2016. The Retail industry saw a major loss of 22,000 jobs for the month. This largely offsets the 25,000 jobs gained in May 2018.

The employment in other major industries, including wholesale trade, transportation and warehousing, information, financial activities, leisure and hospitality, and government showed little to no change over the month.

Check out our infographic below for more stats from the June 2018 Jobs Report:

June 2018 Jobs Report

job openings

Job Openings Outnumber Unemployed

job openings

What this means for the world of recruitment

According to the Bureau of Labor Statistics, the unemployment rate ticked down to a 17-year low in May at 3.8%. As a result, there are currently more job openings than unemployed workers. There are 6.7 million job openings in the U.S. but only 6.4 million available workers. Competition for candidates is heating up, totally changing the landscape of the job market.

What does this mean for companies trying to hire in order to meet growth goals? What does it mean for candidates who are considering making a move? We’re doing a deep dive into how candidate-driven market will affect hiring and recruiting for the rest of 2018.

Employers Must Offer Competitive Wages

First and foremost, employers must offer competitive wages. At this point in time, almost everyone who wants a job has a job. So, in order to compete for top talent, employers have to come in strong with offers – including wages and benefits. “Hourly pay for nonsupervisors rose 2.8% in May from a year earlier, the best annual gain since mid-2009.”

Employers Must Have a Swift Hiring Process

The number of workers who are working or seeking work has been on the decline for almost two decades. The candidates who are open to new opportunities are entertaining multiple competitive offers. In order to secure the top echelon talent, employers must prioritize hiring and limit the number of hoops a candidate must jump through during the interview process.

For candidates that look great on paper, skip the phone interview and go straight to a face-to-face. People will appreciate your urgency and feel they are already adding value to your team.

It’s An Ideal Time For Candidates To Make A Move

For candidates, now is the perfect time to make a move. If you’re actively looking for a new position, don’t be afraid to apply to multiple opportunities. For passive candidates, it’s time to freshen up that resume then take the leap! Even if you don’t consider yourself a candidate at all, consider doing some searching or networking to see what is out there. Now is the best time to take the next step in your career, whether that’s in a different location, with a different company, or even a completely different role altogether!

No matter what, one of the best things you can do during an extremely tight labor market is to partner with a recruiter. We have connections with thousands of elite companies and candidates, and we’re ready to make the right match for your future and career goals.

new job

U is for Unemployment: How to Make the Most of Your Unemployment

unemployment

Raise your hand if you have ever gone through a period of unemployment. I was unemployed for a few months back in 2016, and let me tell you, it wasn’t fun.

With how easy it is to apply for jobs and check out new job postings, it leaves you with a lot of spare time. It’s easy to sit and mope around the house feeling down about your situation. However, instead of sitting on your couch in your pajamas all day, you can use your unemployment as an opportunity to better yourself, and ultimately, your career. Here’s how to make the most of your unemployment.

Freelancing

Worried about paying the bills while unemployed? Make that resume gap disappear by freelancing or accepting some temporary projects. It’s a fantastic way to make some extra money to get you by while you search for the next step in your career.

Online platforms like fiverr and LinkedIn ProFinder have made freelancing so much more convenient (and fun!). These platforms make it easy for people to find freelancers who are in need of a unique skill set. Freelancing offers flexibility, a chance to take on tasks that improve your skills, and mood boost to help lift your spirits during your unemployment.

Volunteering

Spending time volunteering is a great way to spend your free time when you are unemployed. It allows you to do something productive while distracting yourself from your unfortunate circumstance. Volunteering also looks great on your resume and helps give you a sense of purpose.

Trust me, you’d be surprised at how getting out of the house and doing something nice for others will improve your mood!

Self-education courses

Now that you have much more free time, you have no excuse not to learn a new skill or two. Make a cup of coffee, jump on your computer, and find a free course online. Use this time to learn a new skill that will help you land your next job!

Have you always wanted to learn how to code? How about becoming a wiz at Photoshop or blogging? This is your chance to learn something new and increase your skillset.

Treat your job search like a full-time job

This is the most important piece of advice I have to offer during your unemployment. Treat your job search like a full-time job. Don’t just sleep in until noon and watch Netflix all afternoon. Maintain a regular schedule and routine, just like you would if you were employed.

There is nothing wrong with using your new-found downtime to relax and catch up on our favorite TV shows. However, your main priority is finding a new job and sticking to a routine will help you maintain your motivation and boost your mood. Maintaining structure in your everyday schedule will keep your productivity levels up, and ultimately, help you land that dream job that much quicker!

February 2018 US Jobs Report

February 2018 Jobs Report

February 2018 US Jobs Report

The U.S. labor marketing is hot and shows no signs of slowing down. The U.S. economy added a staggering 313,00 jobs in the month of February 2018, blowing out projections of  195,000. This is the largest growth the nation has seen in a single month since July 2016 and a significant jump from January’s 239,000 new jobs.

The national unemployment rate remained 4.1% for the fifth month in a row. The unemployment rate for recent college graduates slightly rose to 20.%.

The Department of Labor also revised the job growth numbers of December 2018 and January, adding an additional 64,000 jobs. The labor rate participation rate slightly grew to at 63%.

Employment rose in construction, retail trade, professional & business services, manufacturing, financial activities, and mining. Jobs in the construction industry lead the way with 61,000 jobs created in February. Retail & professional and business services each gained 50,000 jobs.

The Commerce Department last week estimated that Gross Domestic Product grew 2.5% in the fourth quarter of 2017, which is short of the annual growth of the predicted 3%.

Check out our infographic below for more stats from the February 2018 Jobs Report:

February 2018 Jobs Report

February 2018 US Labor Statistics Infographic from Johnson Service Group