January Jobs Report Smashes Expectations
The longest period of continuous job growth on record.
Unprecedented Job Growth
- The economy added 304,000 jobs in January, well exceeding market expectations.
- This was the 100th consecutive month of positive jobs growth—the longest period of continuous jobs growth on record.
- This was the 16th consecutive month with at least 100,000 jobs created.
- Since President Trump’s election, there have been 5.3 million jobs created.
- In January there were significant jobs gains in construction (52,000), transportation and warehousing (27,000), and mining and logging (7,000).
Historically Low Unemployment
- This marks the 11th consecutive month that the unemployment rate was at-or-below 4 percent, the longest streak in nearly five decades.
- Since the President was elected, nearly 1.6 million prime-age workers (25 to 54 years of age) have entered or re-entered the labor market.
- The labor force participation rate reached 63.2 %–the highest since August 2013.
- In January of 2019, over 70 percent of workers entering employment came from out of the labor force rather than from unemployment.
- Nominal average hourly earnings rose by 3.2%
over the past 12 months.
- This is the 6th straight month that year-over-year wage gains were at or above 3 percent.
- Prior to 2018, nominal average hourly wage gains had not reached 3 percent since April 2009.
- Nominal average weekly earnings increased to 3.5% over the past 12 months.
- Real wages are growing with inflation at 1.8%, well below nominal wage growth.
How you can fill your job openings in 2019
With it being harder to find employees, recruiters are turning to employee sniping from competitors and offering them better pay, better benefits and better working conditions to steal skilled workers away from where they currently work. Loyalty to the workplace is few and far between in today’s work force. Recruitment solutions are needed to help fill positions all over the country.
If you’re a recruiter or HR professional and you’re struggling to fill your open positions, watch this brief 2 minute video that explains HOW we’re able to target and snipe employees from nearby businesses.