On Friday, the Bureau of Labor Statistics published their jobs report for October 2019. Check out the highlights below, and learn what employers can do to continue lifting up the job market and attracting top talent.
3.6% unemployment rate
128,000 jobs added in October
Continuing on with a historically low unemployment rate, the U.S. job market is exceeding expectations. In addition to the numbers in the headlines, here’s a few more takeaways for employers:
The job market remains defiant
In the face of whispers about a potential economic downturn, the job market appears not to listen. Amidst trade tensions, investment slumps, and a slowing economy, consumers continue to spend, and employers continue to hire.
While you may struggle to find your dream candidate in this job market, continuing to hire and train new employees keeps the job market afloat. When you stop hiring out of fear of the unknown, you create a self-fulfilling prophecy.
This month, it’s important to take the number of jobs added with a grain of salt. Not only will this number be adjusted as more data becomes available, but the General Motors strike removed almost 50,000 employees from payrolls. The strike aside, it could be inferred that the job market may still be doing better than the numbers suggest.
Wage growth remains stagnant
Considering headline after headline suggests the job market is the best it’s been in a generation, the wage growth numbers from month to month don’t seem to tell the same story. While employees certainly have a job, they aren’t necessarily seeing the benefits of this booming economy in their pockets.
This is a chance for you as an employer to stand out amongst your competition. While job seekers may not struggle to find a job, they are struggling to find one that pays enough. When you’re able to make the better offer, you’ll find that you’re more likely to secure top talent in the job market.