Finding your bearings with the July U.S. Jobs Report: Job Growth Slows, but Unemployment Rate Remains Near Record Low
Volume 1; Edition #10
The Talent Compass: Finding your bearings with the July U.S. Jobs Report: Job Growth Slows, but Unemployment Rate Remains Near Record Low
The July Employment Situation Summary was released last Friday, August 4, 2023. The U.S. economy added just 187,000 jobs in July, the lowest number of job gains since December 2021. However, the unemployment rate dipped slightly to 3.5%, remaining near a six-decade low. This is a sign that the job market remains resilient and raising hopes the US could avoid a long-expected recession.
Key takeaways from the July Employment Situation Summary based on the Bureau of Labor Statistics report:
- The unemployment rate remained near a six-decade low at 3.5 percent in July. This is the lowest level since December 1969.
- The labor force participation rate was 62.6 percent for the fifth consecutive month. This is the highest level since February 2020.
- Employment in financial activities increased by 19,000 in July. This is the industry’s fifth consecutive monthly gain.
- Employment in wholesale trade increased by 18,000 in July, after showing little net change in recent months.
- Construction employment continued to trend up in July (+19,000), in line with the average monthly gain of 17,000 in the prior 12 months.
- Employment in the other service industries continued to trend up in July (+20,000), compared with the average monthly gain of 15,000 over the prior 12 months.
What does this mean for businesses?
The July Employment Situation Summary is a mixed bag of news. On the one hand, the low unemployment rate and strong labor force participation rate are positive signs for the economy. On the other hand, the low unemployment rate suggests that businesses looking to hire may find it challenging to find available talent, thus making labor-driven growth harder to come by.
If you are a hiring manager, here are some key strategies to focus on in order to attract and retain top talent:
- Offer competitive salaries and benefits. This is a no-brainer, but it’s worth repeating. In today’s competitive job market, top talent expects to be paid well. Make sure your salaries and benefits are in line with the market, or you’ll be at a disadvantage in attracting and retaining top talent.
- Provide opportunities for professional development. Employees want to feel like they are growing and developing in their careers. Offer opportunities for professional development, such as training, mentoring, and tuition reimbursement. This will show employees that you are invested in their success, and it will make them more likely to stay with your company.
- Create a positive and supportive work environment. Employees want to work in a place where they feel valued and appreciated. Create a positive and supportive work environment where employees feel like they can thrive. This includes having a good company culture, being fair and transparent in your decision-making, and providing employees with the resources they need to do their jobs. Take the time to create a strong company culture that employees will be proud to be a part of.
- Be flexible with work hours and location. In today’s world, many employees are looking for flexibility in their work arrangements. Be willing to offer flexible work hours and location, if possible. This will show employees that you value their work-life balance, and it will make them more likely to stay with your company.
360 can help you navigate recruiting challenges among a competitive employment market.
Our expert recruiters specialize in finding you the right candidates for your hard to fill positions. We can help you increase your interview show rates and offer rates. We are able to conduct market and compensation analysis to help you determine if your offerings are competitive in the market.
Schedule a call with our sales team to learn more about how we are ready to help you with your hiring needs.
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