The continued expansion of the jobs market is finally reaching those who were left behind after the 2008 recession. This stronger performance of the job market can only mean a win-win situation both for companies looking to hire and for those currently unemployed.
A Return to 2000s Standards
In July 2019, the U.S. unemployment rate fell to the lowest level in 19 years. The U6 rate—which includes those doing part-time before but now looking to do full-time jobs and those unemployed and recently stopped looking for jobs—went from 7.2% to 7%, according to the Labor Department.
The official unemployment rate, which excludes those individuals accounted for in the U6 rate, has remained at 3.7%. Though relatively unchanging as of recent months, the rate is low compared to the all-time high of 17.1% unemployment the U.S. experienced just 10 years ago.
The good news keeps coming. The number of people who can’t find a full-time job, also known as involuntary part-time workers, fell below four million for the first time in nearly 13 years.
Those people who don’t have any employment but are actively looking slid down to 5.5 million, the lowest in 11 years.
Benefits for the Employee and the Employer
According to Federal Reserve Chief Jerome Powell, this growth highlights how the job market expansion can profoundly impact job seekers and the companies that hire them. Those who have struggled to find jobs in the last decade are finally getting the opportunity to find sustainable, long-term work that then positively impacts the rest of their lives.
This is critically important for those with low- and middle-income, trying to recover after the difficulties of the recession.
On the flip side, companies are also benefitting from the expansion of the market. Businesses of all sizes are seeing the opportunity to hire more qualified talent and are seeing the rewards of a stronger workforce.
Join the Expanding Jobs Market
Now’s a better time to bring new talent to your company. With the labor market at a stronger point than ever, you too can hire exceptional employees that’ll take your business to different levels of success.
At ICS, we can help you find and connect with those candidates today. Just click below to get started!