Unemployment rate lowest in 50 years
As of October 2019, the unemployment rate is at the lowest it has been since December of 1969. The unemployment rate declined to 3.5% this year, and 136,000 jobs added to the U.S Economy, the U.S Bureau of Labor Statistics recently reported. Although there have been signs of the global economy slowing, it seems that the labor market is remaining steady.
Currently, the United States has more job openings than unemployed people, and economists would consider this full employment. With low work, employers are forced to increase pay and become more strategic about hiring and providing in-depth training for new talent. Unemployment has caused a sudden rise in the minimum wage as well, to help fill hourly roles quicker.
The manufacturing industry was hit tremendously due to the trade war. September was the second month in a row where activity in the manufacturing industry fell. Companies focused on producing make goods are in the most trouble currently due to the United States being dependant on sales to other countries and the different supply chains around the globe.
The manufacturing industry accounts for about 11% of the country’s output, although we have 13 Million workers . Last Spring, there were about 25,000 manufacturing jobs a month, and recently, the average fell to a few thousand.
Despite these numbers, the United States still has 4.7 Million people in part-time jobs and 1.2 Million people that are unemployed and have been active on the job hunt for more than six months. Economists believe this number is the result of untrained employees, and as a way to combat the chronically unemployed, we must improve workforce programs and training initiatives. A few ways to find talent during a hiring drought is to showcase the company’s culture, seek passive candidates, and offer onsite training.
Staffing firms are a great resource to assist with creating unique recruitment strategies to help gain the attention of passive candidates. A specialized staffing firm within your industry can bring a talent pool of candidates from their extensive pipeline. They also bring in-depth knowledge and experience in hiring in your industry.
To see what a professional staffing agency can do to help you with your hiring needs, contact MVP Staffing to discuss different recruitment strategies we can implement to ensure we meet your specific hiring needs.