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

  • I am very grateful to Michael Bickle

    Michael Bickle, from the start gave me the confidence I needed to make the right choice on the next direction in my career path. Life is already stressful, and adding the challenges in finding a new job can be overwhelming with anxiety. Michael Bickle never pressured me into doing anything I was not certain about. He was with me every step of the way. In doing so, I wasn't left with uncertainty.
    To the next journey,
    Roy  D.
    I am very grateful to Michael Bickle
  • I appreciate the support and genuine care I received from Rae Ann Lopardo

    With so many employment opportunities, searching for a new career is a daunting task. She understands the niche work I do and recognized both the stability and work/life balance that I craved. Rae Ann was instrumental in connecting me with an amazing career opportunity! Also she was wonderful in providing updates throughout the interview process.
    Thanks!
    Becky Diaz
    I appreciate the support and genuine care I received from Rae Ann Lopardo
  • Carol Bullock is a lifesaver!

    She is attentive, positive and thorough.  Without her help and guidance I would not be on the wonderful path I am currently. She helped me find a fantastic opportunity and facilitated every aspect from helping me understand my role and the culture of the company to ensuring that correspondence between myself and the company was seamless. I just wish everyone could be as lucky as I was to experience her guidance, candor and overall caring demeanor.         Thank you Carol! J Blake Carol Bullock is a lifesaver!
  • Liz Costa is the BEST!

    Liz Costa is the most knowledgeable, organized, warm and amazing human I have ever encountered.  She brings you the confidence that you need to feel strong and to feel good about yourself.  She has taught me to look at things in a different light that I would of never thought of doing.  I am very grateful for all of her knowledge and help!               Thank You Liz! Ashley Brewley Liz Costa is the BEST!
  • I am grateful to have met Corina and will surely have a professional working relationship with her for years to come!

    Corina Mack was extremely thorough and quick to respond to all of the needs of myself as well as her business client. Her ability to communicate between the 2 of us made the process so quick. Corina was very knowledgeable about the company she was representing and their current team that was in place. Sometimes companies receive an overwhelming amount of applications for positions and Corina’s ability to pre-screen potential candidates surely expedited this businesses needs to fill their role.           Regards, John R. Guyon III I am grateful to have met Corina Mack and will surely have a professional working relationship with her for years to come!