At the end of May, the U.S. Department of Labor released its official findings for its May jobs study. The results were unexpectedly positive.
The U.S. economy added 223,000 jobs in May alone. Unemployment now stands at only 3.8%, it’s lowest level in over 18 years.
While economists expected new jobs, the actual number of jobs added exceeded expectations by around 25%. In addition the average hourly earnings for American employees rose about 8 cents per hour, up nearly 3% over the last year alone.
Where are the Jobs?
If you’re still looking for work, you might be wondering where all the much-talked-about job openings are. Unlike some months before it, May’s new jobs were relatively stratified, ranging across a number of different industries and job types.
A few of the fastest-growing industries include:
Education and Health Services (+39,000 jobs)
Retail Trade (+31,100 jobs)
Professional Business Services (+31,000 jobs)
Construction (+25,000 jobs)
What Does this Mean for You?
How the jobs report affects you greatly depends on your industry. The month-over-month change for the utilities sector, for example, has been relatively steady throughout 2018. A slight dip in utilities jobs for May isn’t likely to have reverberating impacts across the sector.
In general, a good jobs report is good for all industries. It inspires economic confidence from investors and encourages businesses to put more money into operations. So far, the federal interest rate and the value of the dollar have both climbed on the positive report.
The lower unemployment is, the better it is for you to make a career change. As employees begin to struggle to find skilled, qualified workers for open positions, sharp candidates will continue to have more and more options.
The Continued Rise of Contract Work
Don’t forget to consider that the Labor Department doesn’t necessarily make any claims about what kind of jobs were added during any particular period. Statistics suggest that contract work and temporary work have been and will continue to be on the rise in the U.S. as companies look for more cost-effective ways to fill open positions quickly.
Contract work can be a boon for both companies and contract workers. It provides both parties with a certain level of flexibility and many highly skilled contract jobs pay quite well relative to permanent positions. A rise in staffing companies that provide benefits such like Verigent means contractors have more security and more optionality than ever when working in the “gig economy.”
Are you in the market for a new job?
Verigent can help. We’re a leading staffing provider in the telecom and IT industries and we’re always looking for friendly, experienced workers to join our team. Our clients ask us to help fill both temporary and permanent positions in a wide variety of project areas.
Search for jobs directly on the Verigent website or contact us for more information today.