Recently, the US Department of Labor released its November jobs report. Here are the highlights.
In November, companies added more than 228,000 jobs. This marks 86 months in a row of positive job growth and beats earlier forecasts by economists. 31,000 of these jobs were in manufacturing and 18,300 were in temporary services.
The national unemployment rate is at 4.1%, marking the lowest rate since 2000. Unemployment in the manufacturing sector is even lower at 2.6%. But many people without jobs are not captured in this number because they are still not looking for work. This is indicated in the labor-force participation rate of 62.7%. So, while unemployment remains low, the workforce is still far from operating at optimal performance.
There are also a record number of job openings in the US, estimated at nearly 6.2 million. While employers are adding jobs at a steady clip, it is becoming increasingly difficult for them to fill positions. We see this with clients that come to Micro Tech Staffing Group for assistance, particularly in the technology and skilled trade sectors.
Weekly wages increased by 3.1% in November compared to the previous 12 months; however, there is some indication that this is due to employees working longer hours, not increases in hourly pay. This rate is just slightly higher than inflation. Based on past trends, wages should continue to increase in coming months if the unemployment rate continues to drop.
What does this mean in terms of recruitment? For employers, it means they need to work harder and smarter to get top talent before their competition. For job seekers, it means that they have the opportunity to weigh their options in seeking out the perfect career fit. For both, working with an experienced firm like Micro Tech Staffing Group can greatly help their chances of success. Visit www.mtsg.com to see how our team can help you.