Updated October 2021
Below is a quick analysis of the most recent Jobs Report released by the Labor Department (BLS). Referred to as “The Employment Situation” by the BLS, these reports are released on the first Friday of every month. Each report provides data on the previous month, and aims to paint an overall national picture on the labor sector and what it means for the economy as a whole.
Here are some key findings from the Jobs Report for September:
- Nonfarm payrolls increased by 194,000 in September, compared with the Dow Jones estimate for 500,000.
- The unemployment rate dropped to 4.8%, better than the expected 5.1%.
- The labor participation rate slightly dropped to 61.6%
- The the rate of workers quitting their jobs reached a record level, according to seasonally adjusted numbers
Some experts have hailed this Jobs Report as “disappointing,” and others have expressed concerns that it signals a blow to economic recovery. While these numbers may have fell short of expectations, upon further examination, they indicate a steady expansion. According to an analysis by the NY Times, the reports over time tell the story of expansion that is “more rapid than other recent recoveries.” They go on to write, “it is being held back by supply constraints, and in September at least, the emergence of the Delta variant. But the direction is clear, consistent, and positive.”
In other words, Jobs Report trends are looking positive for both employers and professionals as we navigate this recovery. As businesses look to grow and expand hiring initiatives, they should be aware that hiring and retaining talent will be much more challenging than ever before. With quit rates so high, it’s clear that professionals are taking advantage of new job growth to find opportunities that better meet their needs. As they leave their jobs in record numbers, employers must meet evolving employee expectations and identify pain points in their hiring process to better attract and retain top talent.
Employers looking to get ahead of their competition can check out: [INFOGRAPHIC] The Great Resignation: Hiring + Retaining Talent In A Candidate-Driven Market
On the other hand, professionals looking to participate in the “Great Resignation” should be strategic about their job search. With hiring on the rise, you can truly be in the driver’s seat when it comes to your career. When navigating your job search, be sure to keep your career goals and specific needs top of mind. By doing your due diligence and being a little patient, you’ll likely find what you’re looking for! For more tips, check out article: 2021 Job Search: The Trends You Need To Know