August 2023 Jobs Report and what to expect for September
Volume 1; Edition #14
The Talent Compass: August 2023 Jobs Report and what to expect for September
The August 2023 jobs report showed that the U.S. economy added 187,000 jobs, beating expectations of 170,000. However, the unemployment rate also rose to 3.8%, the highest since February 2022.
This mixed bag of data has implications for hiring. On the one hand, the strong job growth suggests that businesses are still hiring. However, the rising unemployment rate could make it more difficult to find qualified candidates.
According to the report, in August, healthcare added 71,000 jobs, following a gain of similar magnitude in the prior month. Over the month, job growth continued in ambulatory health care services (+40,000), nursing and residential care facilities (+17,000), and hospitals (+15,000).
Employment in leisure and hospitality continued to trend up in August (+40,000). In the prior 12 months, the industry had gained an average of 61,000 jobs per month. Employment in the industry remains below its pre-pandemic February 2020 level by 290,000 or 1.7 percent.
Construction employment continued to trend up in August (+22,000), in line with the average monthly gain over the prior 12 months (+17,000). Within the industry, employment increased over the month in specialty trade contractors (+11,000) and in heavy and civil engineering construction (+7,000).
Transportation and warehousing lost 34,000 jobs in August. Employment in truck transportation fell sharply (-37,000), largely reflecting a core business closure. Couriers and messengers lost 9,000 jobs, while air transportation added 3,000 jobs. Employment in transportation and warehousing had shown little net change over the prior 12 months.
Employment in professional and business services changed little in August (+19,000) and has shown essentially no net change since May. Professional, scientific, and technical services employment continued to trend up over the month (+21,000). In contrast, employment in temporary help services continued to trend down (-19,000) and has declined by 242,000 since its peak in March 2022.
Information employment changed little in August (-15,000). Within the industry, employment in
motion picture and sound recording industries decreased by 17,000, reflecting strike activity. Job losses continued in telecommunications (-4,000).
Employment showed little change over the month in other major industries, including mining,
quarrying, and oil and gas extraction; manufacturing; wholesale trade; retail trade; financial
activities; other services; and government.
Multiple experts are predicting that September would mark the start of a hiring increase for the following reasons:
- Recruiters and hiring managers are returning from summer trips
- Kids are returning to school giving employer parents more time to focus on hiring
- Hirers are hoping to fill open positions before the busy holiday season
This “September Surge” traditionally starts after Labor Day and lasts through the end of October and is the perfect time for both job seekers and hiring managers to find the right opportunities. See the following article in Job Seeker Street section of this newsletter for more information. Looking to find candidates for your hard to fill positions? 360 Talent Avenue can help. Click here to set up a call with an agent to learn more about how we can help you find the right talent.
Job Seeker Street
The September Surge
While January is the hottest month for hiring, companies also look to add new team members in late summer and fall due to increased demand for seasonal employees. “September Surge” is currently trending on TikTok, as many recruiters and career coaches predict that the time after Labor Day in September through the end of October is the best time of the year to get a new job.
360 Talent Avenue shares tips for our job seekers out there:
Update Everything: Always be job-ready in case an opportunity comes along. Start updating your résumé and LinkedIn profile to reflect your latest skills and accomplishments. It is ideal to have these at the ready when the perfect job opportunity arises. Another quick note, when using LinkedIn, ensure that your profile is searchable by recruiters even if you are not actively job hunting. This will allow recruiters to find and match you to a new position when it becomes available.
Tailor your outreach: Use keywords throughout your resume and LinkedIn profile that are relevant to the jobs you are interested in. It is important to personalize your resume and cover letter to each job you apply for.
Keep building your skills: The first step in keeping your skills current is to identify the talents which employers value the most in your field. Discover the most desirable skill sets for your job search and see how you can develop additional skills to become a competitive candidate.
Stay in touch with your professional network: According to Harvard Business Review, professional networks lead to more job and business opportunities, broader and deeper knowledge, improved capacity to innovate, faster advancement, and greater status and authority. Find time to attend industry events, connect with people on LinkedIn, and reach out to former colleagues and mentors.
Setup alerts: Most online job boards such as LinkedIn allow you to set up alerts for certain job locations and titles. Take advantage of this feature and get notified as soon as jobs are posted so that you can be an early candidate.
Apply Early: Applying early in the job posting process can give you an advantage, as your application may be more likely to be reviewed before the hiring manager has a chance to become overwhelmed by the number of applications.
Join our 360 Talent Community: 360 partners with well-known, respected, cutting-edge companies who are always looking to expand their teams with talented individuals! Be their next great hire. Click here to explore exciting opportunities with valued clients or add your information to our ever-growing Talent Community.
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