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LifeWork Search Newsletter - January 2018

 

 

 

Janus

January 2018 Newsletter 
Employment Situation Recap  
 

Did you know?:
January was named after the Roman god Janus who had two faces, allowing him to forward into the coming year and backwards into the past.

We've gathered some information to take a look back at 2017 and how we closed out the year, and some things we should expect to see in 2018!

A Look Back

Q4:
The unemployment rate remained consistent October through December, closing out the year at 4.1% (0.6 percentage points lower than 2016's Q4 average of 4.7%). 

In the professional/ business services sector there was an average of 38,333 gained positions, and in the manufacturing sector there was an average of 26,333 gained positions. There was an average of 152,750 total jobs added throughout the quarter. 

The seasonally adjusted unemployment rate for the population 25 years and older who hold at least a bachelor's degree averaged 2.1% for the quarter. Those who have some college or associate's degree averaged 3.6%, highschool graduates with no college averaged 4.3%, and those with less than a highschool diploma averaged 5.9% for the quarter.

2017:
The year averaged an unemployment rate of 4.4%. This is the lowest yearly average since 2000. With this average, 2017 was 0.5 percentage points lower than the year prior. 

There were a total of 2,055,000 jobs added to the US economy throughout the year, and an average of 171,250 jobs added per month

The seasonally adjusted unemployment rate for the population 25 years and older who hold at least a bachelor's degree averaged 2.3% for the year. Those who have some college or associate's degree averaged 3.7%, highschool graduates with no college averaged 4.6%, and those with less than a highschool diploma averaged 6.5% for the year.

A Look Ahead
 

2018:
According to an article published on Forbes.com, written by Steven T.Hunt, change is about to take place in 2018 when it comes to hiring and workplace expectations. As I'm sure you've heard, technology is changing things- from the process to the talent requirements. Looking into 2018, companies will need to redefine workforce planning, recruiting, staffing, and management in order to keep up with the complex labor market. 

Daniel B. Kline writes on USAtoday, that some trends are becoming evident in the labor market, although it may not have an immediate impact in the new year. These trends include job growth in sectors such as healthcare, technology, and labor-intensive roles, increased transparency in the application and interview process, and encouraging employee passions through role experimentation. In 2018 Glassdoor expects the growth of technology jobs to move well beyond the technology sector- specifically expected to impact retail, finance, manufacturing, consulting, and healthcare. 

According to the forecast of statista.com, the unemployment rate for 2018 is predicted to be 4.4%- meaning we are right in line with their prediction. By 2019, it is predicted to increase to 4.5%.

The low unemployment rate has made it difficult for companies to hire outside talent. We are clearly in the middle of what we call a candidate-driven market. Candidates with solid experience and good work ethic are finding it relatively easy to not only get interviews, but also to secure multiple offers at once - driving up the salary levels as the candidates tend to play one offer against the other. Another unexpected benefit to candidates has been the internal opportunities presented to them. As companies find it more difficult to find external talent, they are looking internally to individuals that already know the business and are trainable. Whereas they may have overlooked a given internal candidate in the past, companies are clearly becoming more open-minded.  


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Important Dates: (linked for details)

February 15, 2018: Join us for our IBF New England Chapter event at UMass Boston! Panel members will have an interactive discussion of an advanced concept in demand forecasting called Quick Response Forecasting (QRF).

 


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