Labor Market Update: Fall 2016

the labor market update for fall 2016
Here at MyPerfectResume, we keep a close eye on the job market so we have the information we need to support our job-seeking, career-building readers. We also like to track the trends that influence the job market indirectly; for example, hiring rates and open positions can give us a sense of job availability in each market sector (like manufacturing or healthcare). But at the same time, other factors like GDP and stock market trends can help us look into the near future and assess whether the job market will rise or fall. Let’s explore the labor market update of the fall to get us ready to plan. So, how did August fare? August’s unemployment rate was 4.9%. This has been the unemployment rate for three months in a row. Not bad! Of this figure, only 26% were long term job seekers (this means they have been looking for at least 27 weeks, which, for reference, marks the beginning of a pregnant woman’s third trimester). The labor force participation rate (62.8%) and the employment-population ratio (59.7%) were also consistent with three previous months. In this time, all non-farm hourly employee salaries rose by an average of 3 cents to $25.73. In the private sector, non-supervisory employee salaries rose by 4 cents to $21.64.All in all, the momentum slowed but the pace remained steady overall. If you’re looking for a job, the industries creating the most jobs are food service (so, restaurants and cafes), social assistance, professional and technical services (which are specialized services that require a lot of knowledge; it can be anything from engineering to legal advice), financial, and healthcare. And that’s our labor market update for you! Here’s hoping for continued improvement, even if it’s slow. Source: BLSThese trends may affect job availability in your specific field, but with a strong resume, you’ll stay ahead of the curve and find the opportunities you’re looking for. Visit MyPerfectResume to learn more.

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