July Jobs Report Crushes It

A more than encouraging jobs report came out today – jobs growth crushed all expectations with an addition of 943,000 jobs! That’s the most new payrolls in almost a year. The unemployment rate also continues to go in the right direction, falling from 5.9% to 5.4%. Such a great report – we’ll keep an eye on performance as the Delta variant expands.

Pay increases continue as way for U.S. employers to attract talent and KEEP talent – looking forward at 2022, an average increase of 3% for executives, management, and professional employees/support staff is forecasted.

At an average of 2.8%, production and manual labor employees are also to see an increase in wages – above this year’s 2.5%.

Who had the highest projected increases? The lucky ones in ‘high-tech’ and pharmaceutical sectors. The lowest? Oil and gas as well as leisure.

Fancy a change? Over half of active job seekers (60%) have considered opportunities in career fields other than the one they currently work. What does this mean? Well, that there is a huge need for skills training. If the majority of the U.S. workforce is looking at a career change…that will require new skills and knowledge to be procured.

There’s a percentage of the U.S. workforce who want their cake and eat it too – they like going into the office…sometimes…and also value their time working from home. These ‘hybrid’ jobs are growing in popularity – here’s a list of the top 10 job titles for hybrid work:

1. Account executive
2. Project manager
3. Senior accountant
4. Recruiter
5. Customer success manager
6. Administrative assistant
7. Account manager
8. Product manager
9. Marketing manager
10. Program manager

Freelancing…where it’s at? A smashing 85% of knowledge workers would consider becoming freelancers. The ability to work from anywhere, control their day/be their own boss top the reasons for their attraction to this way of work.

The contingent workforce certainly has become a powerful tool for both candidates and employers – offering flexibility for both – check out our report on the in’s and out’s here.

‘Til next week!

Erin and Team BountyJobs