Decoding the Latest Jobs Report
It’s always a good idea to keep your finger on the pulse of hiring trends and market factors when you’re on the hunt for a new job.
Speaking of…the Bureau of Labor Statistics (BLS) just dropped its May jobs report, and it includes some great nuggets on employment trends, industry insights, and economic indicators.
The Short Version
Steady job growth and a declining unemployment rate indicate a robust job market, fostering employer confidence and increasing job opportunities.
The US economy added 339,000 non-farming jobs in May 2023, which should translate to increased opportunities for job candidates. The unemployment rate crept up 0.3% to a still-low 3.7% nationwide, so still it’s important to prepare for a little more competition when you’re applying for top roles.
Where should you start? Your best bet is to highlight your unique skills, experiences, and adaptability to an ever-changing workplace. Working with a great recruiting team is a also a great jumping off point.
Recruiters’ relationships with hiring managers give them a deeper understanding of how the job fits into the organization, and usually translate to a better gauge for which candidates will best match the company culture.
Industry Insights: Where The Jobs Are
Industry-specific data within the report offers some truly invaluable guidance for job seekers, especially when it comes to determining where to look for work.
May saw growth in Professional Services (64,000 jobs), Government (56,000), Health Care (52,000), and Employment Services (48,000).
Hospitality remains one of the country’s fastest-growing sectors, adding an average of 77,000 jobs per month over the past year. A visit to fast food outlets nationwide illustrates the continuing need in this sector, which remains 349,000 jobs short of its pre-pandemic, February 2020 levels.
Show Me the Money: Expect a Little More Cheddar, But…
Nationwide, non-farming wages are up 11 cents (0.3%) since April. They’ve increased by 4.3% vs. 2022, brining the average pay rate to $33.44 per hour. That number is a bit lower for private sector production and nonsupervisory employees, whose pay rose by roughly 13 cents (0.5%) to $28.75 per hour.
Economic Indicators and Job Market Confidence
In the end, the Jobs Report serves as a key economic indicator, reflecting the overall health of the economy. Steady job growth and a low unemployment rate should contribute to a robust job market, employer confidence, and increasing job opportunities.
With labor in somewhat short supply, this might be a good time to negotiate your compensation package and explore potential career advancement prospects.
Let’s Get to Work…
If you’re considering a move into a new role with a different organization, we’d love to help show you the way. We’re proud of our ability to get to know the person behind the résumé, and to help ensure we find you more than just a job…we’ll help connect you with your purpose!
Visit our full blog for additional resources, including: