Unemployment Rate Holds Firm
The month of June saw the creation of 372,000 new jobs, essentially on pace with the previous month.
Gains were made in professional and business services, leisure and hospitality, and healthcare.
For the fourth month in a row, the unemployment rate held steady at 3.6%.
Average hourly earnings rose by 0.3% in June, bringing the annual average hourly increase to 5.1%.
The average work week was unchanged from May at 34.5 hours.
Temporary Job Trends:
The temporary help sector logged 5,400 new jobs in June.
What Does It All Mean?
Exceeding expectations in June, the jobs market continues to be a strong marker of economic stability, despite rising concerns about an impending recession. Although several big-brand employers announced hiring freezes and possible layoffs, the majority of employers, including small businesses, continue the search for talent. This is despite sustained challenges in finding candidates with the skills and experience needed to fuel growth. In a market that still carries more than 11 million unfilled opportunities and a high rate of monthly resignations, one-size-fits-all talent acquisition strategies no longer fit anyone well. In this environment, recruiting experts can be counted on to introduce fresh approaches and new technologies to energize the search for talent.
This newsletter references the BLS Report of June activity, released 7/8/22. Sources: U.S. Bureau of Labor Statistics (BLS), CNBC, Staffing Industry Analysts, American Staffing Association, Forbes, NBC, The Washington Post, Business Insider