Many fear that an economic slowdown is near and that we could be faced with a recession in 2020. However, recent statistics show that a slowdown may still be further out on the horizon. According to an employment report presented by the Bureau of Labor Department (BLS), 224,000 jobs were created during Q2. Letting us end the second quarter on a strong note.
While the national unemployment rate had a slight rise going from 3.6% to 3.7% by the end of the quarter, it shows us that most people are participating in the workforce. Which gives hope to many analysts that there is no immediate economic collapse looming.
The U.S. Bureau of Labor Statistics reports that the requisite for finance professionals and accountants are still in demand. The unemployment rate for financial professions has gone down, dropping 0.3% by the end of the second quarter.
Even better, the hourly earnings have made a small climb, and the weekly hours had a slight decrease. With hourly earnings rising to 3.1% within the last year, it comes in at 0.1% lower than what the market had initially predicted.
Unemployment Breakdown by Roles:
- Accountants and Auditors: 1.5%
- Financial Managers: 1.2%
- Financial Analysts: 1.4%
What This Employment Report Means
The job market is giving full advantage to candidates. Job seekers are at a buffet of job openings and are having little to no issues locating their dream jobs. This is excellent news for those graduating from college and entering the workforce. They have the opportunity to take their time and scout out the best employers, seeking the best pay and benefits.
Meanwhile, employers are facing intense competition to find top talent. While usually, they’d prefer candidates with experience and training already, it’s becoming harder and harder to locate such ideal candidates. Not only that, but top-level job seekers are being scouted regularly, so employers don’t have much time to think, and must act quickly if they want the best talent.
With there being more job openings than there are job seekers, employers need to become more flexible with their hiring criteria.
Job seekers, click here to view our open finance and accounting positions.
Also, you can click here to download your copy of our 2019 Salary Guide for more finance and accounting employment trends and insights.