2018 US Jobs Reports: What Employers Need To Know

It’s hard to believe we’re over halfway through 2018. Six months in, the unemployment rate for the US economy has remained close to 4% and a total of 1.2 million jobs have been created across all industries. With the biggest job gains in manufacturing, healthcare, mining, and professional and business services. To put this into perspective, the current unemployment rate is the lowest its been since 2000, and experts predict 2018 will edge out 2017 for the total number of jobs added to the economy. In 2017, 2.1 million jobs were added.

However, not all news is good news on the economic front. According to the US Department of Labor, monthly wage gains since January are barely outpacing inflation despite the strong labor market. On average, hourly wages increased by $0.06 each month in 2018.

For a deeper dive into the data provided by the US Department of Labor, check out the following monthly jobs report infographics below.

January 2018 Jobs Report

  • Unemployment rate: 4.1%
  • Jobs created: 200,000
  • Wages increased: $0.09 to $26.74

February 2018 Jobs Report

  • Unemployment rate: 4.1%
  • Jobs created: 313,000
  • Wages increased: $0.04 to $26.75

March 2018 Jobs Report

  • Unemployment rate: 4.1%
  • Jobs created: 103,000
  • Wages increased: $0.08 to $26.82

April 2018 Jobs Report

  • Unemployment rate: 3.9%
  • Jobs created: 164,000
  • Wages increased: $0.04 to $26.84

May 2018 Jobs Report

  • Unemployment rate: 3.8%
  • Jobs created: 223,000
  • Wages increased: $0.08 to $26.92

June 2018 Jobs Report

  • Unemployment rate: 4%
  • Jobs created: 213,000
  • Wages increased: $0.05 to $26.98

What does today’s economy mean for employers looking to hire?

Toward the end of the first decade in the 2000s, the US economy took a sharp and dramatic downturn and the market flooded with job seekers. For employers that needed to hire, there was no shortage of applicants to choose from. The problem was sorting through unqualified candidates to find the best ones.

Today, we’re seeing the lowest unemployment rate in nearly two decades and no signs of change in sight. There’s now a smaller number of people looking for work, meaning fewer candidates per open job. For recruiters needing to fill open positions, finding qualified candidates is more challenging than in previous times. In fact, according to research conducted by LinkedIn, 46% of recruiters and hiring managers cite “finding the right candidate” as the biggest hurdle in hiring today.

For employers looking to expand, here’s our 3 recommendations for winning in today’s economy:

1. Leverage Technology

The right recruitment technology will support you in your mission to find qualified candidates. Technology built on AI, Big Data, and Predictive Analytics will improve everything in your recruitment process from job advertising and resume screening to applicant engagement, scheduling, and recruiting by text. It will also help eliminate biases inherent in recruiting with automated processes that are hyper-responsive to market data, complex metrics, and even budget constraints.

The right recruitment technology will also help you reach active and passive candidates by determining the ideal targeting strategy for each job ad to the best ROI.

2. Refresh Your Job Ads

A job advertisement is often your first impression with potential candidates. Are you taking advantage of this opportunity to communicate why your company is the best place to work? A good job ad should stand out in search results with a clear and concise job title and summary and make it easy for candidates to apply online. Take a look at your current ads and use our guide, 5 Steps for Writing a Top Performing Job Ad, for tips and best practices to entice relevant job seekers to apply.

3. Get Creative

In today’s economy, you need to compete with other employers for qualified candidates. This will require thinking outside of the box for what your company can offer over other companies. With wages barely outpacing inflation, one solution is to offer better pay. If you’re short on cash, consider offering other benefits such as flexible work hours, gym discounts, and regular happy hours. Employee engagement programs focused on volunteering is a surefire way to show you’re invested in the community all while increasing collaboration among team members. For more ideas, ask your employees to take an anonymous survey about your current company culture and how it can improve. Take this opportunity to assess how you can make your place of work more attractive to candidates and retain current employees.

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