June Jobs Report – Great New for Recruiting Industry

Almost every month the Jobs Report is great news for recruiting.  As the labor pool shrinks because unemployment is so low, the need to find top talent is often outsourced to Executive Search agencies.

Additionally, the baby boomers are starting to retire and the millennial’s are having fewer children and not replacing themselves.  This is a contributing factor to the shrinking labor pool.

THE US ECONOMY BOUNCED BACK FROM MAY’S LOW GROWTH NUMBERS.

The U.S. economy added 224,000 jobs in June, surpassing economists’ estimates and rebounding from May’s disappointing growth numbers.

Here are some of the highlights from the report.

1. Lots more jobs

Job creation in the US picked back up this month, adding a total of  224,000 new jobs.

MarketWatch: “The U.S. added a robust 224,000 new jobs in June, rebounding from a recent lull and calming worries about the health of an economy now entering a record 11th year of expansion. The increase in new jobs easily beat the 170,000 forecast of economists polled by MarketWatch.”

USA Today: “Professional and business services led the job gains, with 51,000. Health care added 35,000 jobs; transportation and housing gained 24,000 jobs; and construction increased by 21,000 jobs.”

The New York Times: “Notably, the manufacturing sector added 17,000 jobs after two straight months of adding a mere 3,000.”

2. Wage growth continues to fall short of expectations

While average hourly earnings did rise slightly, the increase fell short of economists’ expectations.

CNN: “The one still-disappointing number: Average hourly earnings, which rose 3.1% from a year earlier, slightly lower than forecast. While still beating inflation, wages should be growing faster this late in the business cycle, as employers compete to attract workers.”

Vox: “Yet all this good news doesn’t mean much to middle- and working-class families: Workers only got an average hourly pay raise of 6 cents in June, even less than they got in May. Job security is the only benefit employees can count on these days.”

3. Unemployment increased, but in a good way

The unemployment rate rose to 3.7% in June, though this was likely due to a higher-than-usual 335,000 people entering the labor force this month.

CNN: “Adding to the positive story, 335,000 people entered the labor force in June — substantially more than usual — which may have been what pushed the unemployment rate up slightly. It’s a remarkable feat for an economy that has been soaking up workers for 106 straight months, and an indication that people are still finding reasons to go back to work.

CNBC: “The labor force participation rate increased one-tenth to 62.9%, its best since March, pushing up the headline and “real” unemployment rates. The total labor force increased by 335,000 to just under 163 million while those counted as not in the labor force fell by 158,000 to 96.1 million.”

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What Clients Say About Patrice & Associates

  • Francisco Chevez is one in a million!

    I would like to formally thank Francisco Chevez for helping me get this great District Manager position. Francisco was very professional from the beginning. He was persistent in his search for the perfect opportunity. He presented me with multiple job opportunities, all great. He made me feel as if I was his only client and his top priority. Even after starting the new job, he called back to check on me. Francisco is great at what he does and I’m glad I was paired with him.      

    Sincerely,

    Enzo Mera

    Francisco Chevez is one in a million!
  • Matt Lopez nailed it!

    I am thankful for the service that Matt Lopez provided on behalf of Patrice and Associates in finding me and matching me to an excellent job with an energy company in northern Virginia. Matt Lopez discussed the position and the company and advised me on the hiring process. Matt has the intuition to assess me the job candidate, and the employer regarding my personality and the corporate culture to make the match. Matt found a Company that has all the attributes that I have struggled over the past few years to find. I intend to do an excellent job for the Company that I am joining in October 2022. I plan to achieve my immediate objectives, the company’s goals and show that Patrice and Associated backed the right person for the job.                    

    Sincerely,

    Robert Chew

    Matt Lopez nailed it!
  • I can't thank Karl Busch enough!

    I recently relocated to South Carolina from New York.  At first I tried the usual big company name job search engines, I even reached out to a couple of recruiters but, Karl Busch at Patrice and Associates was the guy who got it done!  His guidance and advice along the way was invaluable.  I was able to secure an Executive Chef position at a high profile restaurant thanks to him.          

    Thank you!

    Steven D.

    I can't thank Karl Busch enough!
  • Shawn Hoye was great to work with.

    Super attentive with plenty insight into the local job market which gave me a leg up in making the perfect career move.              

    Many Thanks,

    Sean Giffing

    Shawn Hoye was great to work with!
  • Whitney Davis was incredible!

    I would just like to say what an asset Whitney Davis was in regards to me finding another job. I appreciate all the help and I would definitely recommend him to others.        

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    Larry A.

    Whitney Davis was incredible!