There are many experts claiming that the numbers on this month’s new report show that the economy is returning to its pre-pandemic state. With downward revisions to both May’s and June’s new job counts, some are saying that the federal reserve may be able to achieve the “soft landing” they have desired from inflation. June’s job report saw the number of open jobs decrease to 9.6 million. The number of new Nonfarm payrolls increased by 187,000 for the month of July. Unemployment made another slight decrease to 5.8 million, with the unemployment rate falling slightly to 3.5% from the month of June. Transportation and Warehouse job openings decreased by 78,000.
June's Job Opening and Turnover Survey
At the end of June, job openings decreased to 9.6 million, and hires decreased to 5.8 million from the previous month. The quit rate also decreased minimally to 3.8 million, and layoffs and discharges stayed roughly the same at 1.5 million.
Several sectors saw increases in job openings. The Healthcare and Social Assistance industries saw combined gains of 136,000. However, job openings decreased in the Transportation and Warehousing sectors by 78,000. State and Local Government Education and the Federal government sectors also had decreased job openings by 29,000.
There was a small decrease in the number of quits (3.8 million), as well as a decrease in layoffs/discharges (1.5 million).
July's Jobs Report
Non-farm payrolls grew by 209,000 in July. Unemployment decreased slightly to 3.5%, while the labor force participation rate continued to stay the same at 62.6%. This is the fifth consecutive month at this rate.
Transportation and Warehousing jobs showed so few changes in July that they are not attributed any numbers in the report for last month. Leisure and Hospitality added 17,000 jobs in July, marking the fourth month in a row that this industry has seen miniscule changes. Construction (+19,000) and Healthcare (+63,000) also saw gains in July.
Conclusion
The July Jobs Report and the June Job Opening and Turnover Survey reveal that the labor market is finally starting to cool down, something the Federal Reserve has been maneuvering towards for several years now. While another interest rate hike could be looming in the near future, for now, experts are starting to heave a sigh of relief as the economy starts to look more like it did before the Covid-19 pandemic. Although other forces continue to fuel economic changes, the labor market continues to try and right itself in a post-pandemic world.
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Meaghan Goldberg covers recruitment and digital marketing for Lionzone. A Patterson, GA native, after graduating from both Valdosta State University and Middle Tennessee State University, Meaghan joined Lionzone in 2018 as a digital recruitment strategist before becoming the social media manager.
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