The latest jobs report brought mostly positive news for the workforce. The “official” unemployment rate, which is the total percentage of the civilian workforce that is unemployed, stands at 5.4%, the lowest it’s been in 16 years. Many experts consider the “U6” rate a more accurate assessment of unemployment, as it takes into consideration the number of unemployed workers as well as those who are under-employed and/or discouraged, but even that rate is improving, standing currently at 8.4%, the lowest rate our job market has seen in a decade.
1. Overall, job growth is solid, although it’s not quite where it needs to be. The economy needs at least 150,000 new jobs added each month to keep expanding, and there were only 138,000 new jobs added last month. So the numbers aren’t quite meeting the threshold that we need, but they’re close.
3. Some industries are doing better than others. Jobs in government and retail shrank in May, but jobs in health care, hospitality, mining, and business/professional services increased. This doesn’t necessarily mean the death of retail, and there will always be government jobs although hiring tends to ebb and
4. As I predicted for 2017, it’s still a job seekers market. The unemployment rates are dropping, jobs are getting added, and the long-term trends continue in the positive direction, meaning job seekers have more and more leverage over employers.
5. Demand for skilled workers remains high, so people in careers like engineers, healthcare workers, and technicians have a major advantage in the current job market, as their
Overall, unemployment rates have been improving since around 2010, which is great news as it’s a strong indication the positive trends will continue. So if you’re thinking about switching jobs, there’s no better time than now!
Ashley Stahl is a career coach who helps millennials find their purpose, get job offers or launch their dream business.
Published by: https://www.forbes.com/sites/ashleystahl/2017/06/27/what-the-latest-jobs-report-means-for-your-job-search/#2eb987664d30