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

  • David Hotovy was amazing in every way possible. 

    First off, I would like to say Thank you for all the support and help landing a spot for me.  We kept in contact everyday whether we were talking about family or work.  Even after the prospected new job kept us hanging, after we thought we landed it, he was there to make sure my mind was still right.  I actually want to work with him and the company now lol.  He stayed focused on finding me a spot and telling me that I have everything companies need.  To his Boss as well, to going to bat for me. I feel I made a new friend.  I don't know if there is anymore that I can say, I would love to do more for the company so your whole team is recognized.  I deal with businesses and customers a lot and this was by far the best customer experience I've ever had!  I thought I was the best!! If there is anything I can do for David and your company let me know.
    Cheers,
    Steven King
    David Hotovy was amazing in every way possible
  • Colleen Casey went above and beyond. 

    Colleen Casey of Patrice & Associates helped me obtain a Payroll position.  She helped build my confidence and mentored me through the interview process.  In my past career searches I have worked with other career agencies and never experienced the service I received working with Colleen.  She became my mentor with building up my confidence and how to go about interviewing for the company I have accepted my current position.  I would recommend the company, but would definitely tell anyone to contact Colleen if they are looking for a new position in the future.

    Thank you,

    Dorinda Sperry

    Colleen Casey went above and beyond
  • Corina Mack was wonderful to work with. 

    She was easy to speak with during the interview process and gave helpful tips. She was diligent with her follow-ups and very responsive to my calls/emails.  I would absolutely work with Corina again!
    Thank you!
    Amanda
    Corina Mack was wonderful to work with
  • Darryl is my Coach Angel. I'm very thankful to have been reached out to for this job.  At the same time I received the call I was just listening to something and then I received the call from Darryl and things were answered.  I'm even receiving more money than my last management job ( WOW ).  Thanks again, you all changed the game for me.           Sincerely, RASHEDA KEITH Darryl is my Coach Angel
  • Corina Mack was amazing!  

    She communicated well throughout the interview process and understood my goals and expectations of the job position.  She did a great job of connecting me to what the company was looking for in the VP of Operations position.  This gave me ability to be well prepared for my interviews.   Not only would I recommend Corina, but planning on using her in my new role to continue to staff accordingly.
    Thank you,
    Pete Hodges
    Corina Mack was amazing!