The U.S. Department of Labor, Bureau of Labor Statistics released its State Unemployment and Unemployment Summary for August 2019 toward the end of September. The jobs report states that there has been a steady 3.7% unemployment rate, and less than predicted job growth for this period.
Unemployment Continues to Hover Near 50-Year Low
The 3.7% unemployment rate has remained steady throughout this quarter. The U.S. hit the 50-year low of 3.6% in April 2019.
According to the jobs report, unemployment generally remained stable in 42 states. Five states had decreased rates, and just two had increased rates.
Job creation has been the highest in:
- Professional and business services
- Education and health services
- Financial Activities
Government jobs increased significantly as they have hired 25,000 new temporary workers to prepare for the 2020 census.
Medium and High-Wage Industries See the Most Growth
Twenty-six states have seen job opportunity increases, with the largest in California, Texas, and Florida. Five states increased employment in August 2019 alone.
Many of the job growth opportunities are in sectors that provide medium to high wage opportunities. Jobs like accountants, auditors, marketing and sales, and software developers are in high demand, and the unemployment rate is much lower than the national level in those industries. Unemployment for those with college degrees has also dropped to 2.1% as well.
What Employers Need to Know About the Jobs Report
As employers engage in planning for Q4 and beyond, keeping the jobs report in mind will be critical. Because companies are creating new jobs at steady rates, there is an increased likelihood that your top-performers will look elsewhere for work if they are unhappy.
Hiring may also need to change slightly. You may not be hiring someone who is unemployed—your next employee may be employed already and looking for a change. Hiring tactics may need to adjust to account for this reality.
Taking steps to ensure that your current talent is happy can be a good way to keep them long-term. Read more about being an Inspirational C-Suite Executive or Employee Health and Wellness for ideas on what you can do to keep your team happy and healthy.
For more finance and accounting employment trends and insights, click here to download your copy of the DLC Group 2020 Salary Guide.
If you are an accounting and finance professional seeking a new position, click here to view DLC’s available job openings.