Jobs keep trending up and unemployment keeps dropping. We are in a golden age of jobs. The BLS has recently put out its May jobs report and the results are keeping everyone talking today. The unemployment rate dropped to 4.3 percent, a record low since 2001, and the payroll of nonfarm jobs rose by 138,000. While that number is lower than expected (184,000), the trend is still up and could still trigger the Federal Reserve to raise interest rates later this month.
Wages Are Up
Another positive part of the report is wage growth in private sector jobs. Paychecks of these workers have grown by 2.5% and this is another hopeful catalyst in increasing the economy's growth. All in all, the job report seems positive for May, but a closer look from a staffing perspective could tell a different tale.
Good Help Is Hard To Find
Obviously there is a connection between unemployment dropping and the labor force shrinking. There are many employers struggling with filling roles now that the amount of available workers is diminishing. Specifically, the labor force fell by 429,000 and this could be the scariest part of the report.
Companies Can Find Top Talent
Companies will need help finding the top talent out there and they will need to be aware of the salaries their competitors are offering to remain competitive. Talent will be attracted to a variety of factors, but first companies will need to find them. That is where a staffing agency comes in to help match talent with employers. A good agency will find you employees to fill your roles, but a great agency will put the "person" back in personnel.
ICS can help you find the perfect fit for your company culture and goals. Even in these times where talent may be hard to find, we know where to look. Let us speed up your process and get you on track for growth. If you're struggling to fill positions, just reach out and give us a call.