Monthly Job Reports

“To the moon, Alice, to the moon!”

With all systems on cool and the Labor Market still running hot, wages for Highly-Skilled Labor are poised to skyrocket.

U.S. employers added 261,000 jobs in October down from 263,000 in September, while the unemployment rate rose to 3.7% increasing by 0.2%.

The Canadian economy added 108,000 jobs in October, increasing from 21,000 in September, while the unemployment rate remained unchanged at 5.2%.

All indicators are pointing towards Inflation peaking in 2022 within the ranges of 7.0% to 8.5%, and leveling off to 2.5-3.5% in 2023 as Cost-Push Supply Chain pressures ease.  However given the Relative Scarcity for Highly-Skilled Labor, and the Resilience of the Labor Market compounded with Continued Short-Term Expected Increases in the Consumer Price Index, we are continuing to see an Upward Transmission of Wages in the Highly-Skilled Labor Segment.  This exasperated Cost-Pull Inflation will put extra pressure on hitting Output/Real GDP targets in 2023.

Employers are needing to balance Market Uncertainty with Higher than Expected Current Demand, and Higher Wages.

The Cost of Hiring the Right Person at a Higher Than Expected Salary is Always Lower than Any Alternative in the Long Run.

We have a lot more work to do in order to hit these productivity targets – Get the Right People.

Sources:

U.S. Bureau of Labor Statistics

Statistics Canada – Labor Force Survey

#startups , #technicalrecruiting , #executiverecruitment

#employmentsituation#jobs#jobsreport#jobsurvey#hrmanager#staffingsgency#laborforcesurvey#employmentreport#humanresources#recruitingagency#employer

Right Hook, Uppercut Combo

The Federal Reserve increased interest rates to a 15 Year High, as Intensified International Uncertainty and Conflict delivers a 1-2 Punch to the Equity Markets, but not the Labor Market.

U.S. employers added 315,000 jobs in August down from 528,000 in July, while the unemployment rate rose to 3.7% in August up from a fifty year low of 3.5% in July.

The Canadian economy lost 40,000 jobs in August increasing from July’s monthly loss of 31,000, while the unemployment rate rose to 5.4% from the record-low of 4.9% observed in the previous two months.

Although GDP Levels are at 10 Year Highs with Strong Current Quarterly Growth and Unemployment Rates are at 10 Year Lows, All Major Equity Indices dropped 3-4% on the August Month End indicating Investor Sentiment is well ahead of a Stable Economy.

While employers are struggling to find Highly-Skilled Labor in the short-run, Q4/Q1 New Jobs are expected to cool further as Market Volatility Increases and Next-Year’s Operational Budgets are mobilized.

We are starting to see more “Project Based” work being assigned on a Temporary Employment Basis reducing Employer Risk in the short-run, while offering greater Flexibility and Employee Freedom.

The Labor Market is Strong – We got this:)

Sources:

U.S. Bureau of Labor Statistics

Statistics Canada – Labor Force Survey

#employmentsituation #jobs #jobsreport #jobsurvey #hrmanager #staffingsgency #laborforcesurvey #employmentreport #humanresources #recruitingagency #employer

Fiscal Policy – Arm Wrestle?

New hires in July far exceeded expectations despite Global Recessionary Indicators.

U.S. employers added 528,000 jobs in July representing a healthy increase from the 372,000 jobs added in June, while the July unemployment rate remained stable for the fifth consecutive month dropping to 3.5%.

Canada’s economy shed 30,600 jobs in July, an improvement from the loss of 43,000 jobs in June, while the July unemployment rate remained at a record low of 4.9%.

With Leisure and Hospitality still leading the growth in New Jobs Added for the period, the U.S. Government added 57,000 in July (still below pre-pandemic levels), with Canada seeing an interesting growth in Self-Employment.

Perhaps both Push and Pull Inflationary forces are driving wages up and unemployment down.  The past two years have put pressure on supply chains and the availability of factor inputs, and although GDP has recently been slowing due to Fiscal Policies the Economy is still operating at very high relative productivity levels.

Insulating employees from inflation is becoming more and more a part of the onboarding discussions at all levels of employment.  We are starting to see more requests for annual salary increases/reviews as a hedge (COLA) over anticipated inflation.  Employers are still faced with a Relative Scarcity for Highly-Skilled Labor and continue to offer Flexible Work Environments in addition to High Wages.

Run Fast – We are still chasing Top Talent 🙂

Sources:

U.S. Bureau of Labor Statistics

Statistics Canada – Labor force survey

#employmentsituation #jobs #jobsreport #jobsurvey #hrmanager #staffingsgency #laborforcesurvey #employmentreport #humanresources #recruitingagency #employer

 

Hang-On… Tight!

Global Indicators are pointing towards a bumpy ride.  Inflationary pressures continue to dominate the air-waves as the US Dollar tops the global monetary exchange.

US employers added 372,000 jobs in June down from 390,000 in May, while the unemployment rate remained unchanged at 3.6% for the fourth month in a row.

Canada lost 43,000 jobs in June as compared to adding 40,000 in May, as the unemployment rate decreased to 4.9%in June from 5.1% in May.

Both Canada and the USA have reductions in the Labor Participation Rate with a larger percentage of out of work employees not actively looking for work, perhaps explaining the stability in the Unemployment Rates.  We are also starting to see more of a move towards Part-Time/Temporary Employment as both employers and employees are adjusting to work-load fluctuations.

Despite the current macroeconomic conditions and microeconomic trends, we are still moving towards solid improvements in the Labor Market.  We just need to Hang-On and continue to offer employees challenging and flexible work environments.  Worker productivity has never been higher, further justifying an upward transmission of wages reflecting the higher price levels in the economy.

Source:

U.S. Bureau of Labor Statistics

Statistics Canada – Labor force survey

#startups , #technicalrecruiting , and #executiverecruitment

CANADA JOBS REPORT MAY 2022

Canada MAY JOBS REPORT 2022

Push and Pull at the Sametime?

The Canadian Economy added 40,000 jobs in May while the Unemployment Rate fell slightly from 5.2% in April to 5.1% which are seemingly positive indicators.  

Although both Interest Rates and Prices are increasing, the labor market has remained relatively stable.  Much of the growth for the month of May was in the Leisure and Hospitality sectors.

While the number of open jobs in the economy is strong, Employers are perhaps revisiting short-term growth and hiring plans as we enter into a state of Economic Uncertainty.  Employees are also trending towards a more cautious approach, and evaluating the risks of moving to a new company during times of uncertainty.

Looks like we are approaching a “Wait and See” mode to Employment as we understand the impact of reduced Global Inventories and broken Supply Chains on Prices, and which levers to Push and or Pull to get the Economy back on track – quickly.

Source:

Statistics Canada – Labor force survey

#employmentsituation #jobs #jobsreport #jobsurvey #hrmanager #staffingsgency #laborforcesurvey #employmentreport #humanresources #recruitingagency #employer

US JOBS REPORT MAY 2022

Fingers Crossed 🙂

Although both Interest Rates and the Consumer Price Index have increased in May, the labor market remains stable.

The US Economy added 390,000 jobs in May despite recession inflation fears, while the unemployment rate remained unchanged for the third month in a row at 3.6%.

Sentiment is trending towards caution and stability as the labor growth rate continues to slow. Leisure and hospitality segments outperformed, with some growth in professional and business services, and transportation and warehousing.

Employees are perhaps entering into a phase of continuity and not as eager to entertain a change in the short-run. This calmer, longer-term approach to employment is the perfect opportunity for companies to shift from a rapid/tactical sourcing and onboarding process to a longer-term/strategic candidate selection cycle.

Source:

U.S. Bureau of Labor Statistics

#employmentsituation #jobs #jobsreport #jobsurvey #hrmanager #staffingsgency #laborforcesurvey #employmentreport #humanresources #recruitingagency #employer

Canada April JOBS REPORT 2022

Just Take’n a Break

After two months of growth, April fell a little short. The number of New Jobs added to the Canadian Economy seems to be stabilizing, indicating that the Pandemic Employment ebbs and flows may be behind us – Finally.

The Canadian Economy added 15,300 jobs in April, while the Unemployment Rate fell slightly from 5.3% in March to 5.2%.

It appears that while Wages are continuing to Increase, the Consumer Price Index and Inflation Rates are also increasing, eliminating any real improvements to the Standard of Living.

Employees are looking forward to challenging and stimulating engagements, in nurturing and inclusive work environments – while working from Coffee Shops/Travel Stops and on their own time. Employee productivity indicators over the past couple of years are higher than ever before.

Maybe balance is a good thing.

Source:

Statistics Canada – Labor force survey

#employmentsituation #jobs #jobsreport #jobsurvey #hrmanager #staffingsgency #laborforcesurvey #employmentreport #humanresources #recruitingagency #employer

US APRIL JOBS REPORT 2022

Despite it all – Still Strong

With all that has been going on, we would expect a greater reduction in the growth rate.

The US Economy added 428,000 jobs in April amidst price increases, supply shortages, higher interest rates, and uncertainty. The Unemployment Rate remains unchanged in April from March, at 3.6%.

Much of the growth was in sectors that were most affected by the pandemic, mainly Leisure and Hospitality.

Employers are continuing the struggle to find skilled labor, while employee mobility is starting to drop. Candidates still have plenty of options, however we are starting to see a calmer, longer-term perspective as the employment of choice is trending towards Stronger Corporate Growth Plans.

Source:

U.S. Bureau of Labor Statistics

#employmentsituation #jobs #jobsreport #jobsurvey #hrmanager #staffingsgency #laborforcesurvey #employmentreport #humanresources #recruitingagency #employer