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.”

Back

What Clients Say About Patrice & Associates

  • I am very pleased and happy to have worked with Leah.

    Leah was very prompt and knowledgeable about the company she was recruiting for. She represented World Wrapps as if she were the owner and knew exactly what they needed in a candidate. Leah prepared me for my interview with Matt & Martin which helped me to be successful and secure the GM role. The biggest factor for my success was how Leah tailored a resume which highlighted my accomplishments and showcased my abilities. She made me look like a superstar! I am very blessed to have been found by Leah and brought me to my new career!

    Mark Mesina

    I am very pleased and happy to have worked with Leah
  • My experience with Patrice and Associates could not have been more positive and professional. I had the pleasure of working directly with Mr. John Mathew, who did a tremendous job in helping me advance in my career and life. John thought outside the box and discussed with me various potential paths and opportunities related to my experience, my strengths and talents. Throughout the whole process, I felt confident that John truly cared and had my best interests at heart. In the end, despite the global pandemic and all the other challenges related to it, Patrice and Associates delivered and paired me up with a wonderful company, for which I am grateful. Thanks, Lukas V. I had the pleasure of working directly with Mr. John Mathew
  • I would like to start by saying a HUGE Thank You!! to Laurie.

    She was fantastic and professional during this entire process. I had a great experience with her. Her coaching, all her advice, with her communication was on point. She made me feel super confident and ready to start the interview with positivity. She hit some talking points and suggestions that i would not have thought of and worked perfectly. I would also like to say that Patrice and Associates helped me a great deal in getting hired so thank you all so much for that. I cannot wait to start and show you all that I was the right candidate for the position. Thanks again! All the best! Enrique Gonzalez I would like to start by saying a HUGE Thank You!!
  • I can’t thank you enough for everything you did for me and for being so upfront and friendly.

    If you are looking for a dedicated and passionate person and company there are not enough good things I can say about “Tim Kieth” and Patrice and associates.  Tim recently helped me find a job at a restaurant I had never heard of and was skeptical at first about. Except Tim constantly has a positive attitude and a caring persona about him. He talked me through every step of the way through all the interviews and made me feel confident about myself and my abilities. During the interview process the day before my second interview, I came down with Covid-19 and called Tim immediately and he rearranged everything for me to continue with getting this interview. You don’t find many people in this world that do their jobs with such passion and integrity and Tim is definitely one of them. I did get the job and am loving it. If I did decide to ever leave this company I would only use Tim Kieth for another job but he has helped me find my forever job. I can’t thank you enough for everything you did for me and for being so upfront and friendly. Thank you, Andrew Marsh I can’t thank you enough for everything you did for me and for being so upfront and friendly.
  • Michael was incredibly helpful and flexible when I was looking for a job.

    He frequently reached out to ensure I was getting all of the information I needed and making sure the company I interviewed for was offering me a fair opportunity! I would strongly recommend working with him! Thank you, Brianna Brocato Michael was incredibly helpful and flexible when I was looking for a job.