The numbers are in from the July jobs report, and it was another great month for hiring. In fact, total nonfarm payroll employment increased by 209,000 in July. This represents the 82nd consecutive month of job growth.
Unemployment remained steady at 4.3 percent, with an estimated 7 million unemployed persons still looking for work. The summertime can be a difficult season for finding jobs, making this month's growth even more impressive. If this trend continues into the autumn and the holiday season, job seekers could be in for a treat.
Keep reading to learn about which industries benefited most from July's job growth.
July's winning industries
As the Bureau of Labor Statistics noted, the majority of the jobs added in July came from restaurant, business services and health care industries. Here are the numbers:
Food services: 53,000 jobs.
Business services: 49,000 jobs.
Healthcare: 39,000 jobs.
Growth in the food services industry is important to note, because it could signal rising wages. Business Insider reported that the average wage statistics tend to obscure wage growth in lower-income subsectors. That means that food service employees may experience a wage raise which isn't reflected in this month's numbers. It may become clear that improved wages in low-income sectors could signal a larger, slower upward trend in the wages of all American workers. More on that below.
Growth in the business services subsector should also be promising news for job seekers. As more professionals find jobs, those still in the market can expect improved negotiating power when it comes to salaries. With fewer skilled workers looking for open positions, job seekers will be able to bargain for higher wages. "As we are experiencing close to full employment in finance and accounting professions, we are seeing an increased demand for highly skilled project consultants across our client base," notes Kavery Cariapa, Division Manager of Beacon Hill's Financial Division in Milwaukee.
Wage growth could be in the cards
Looking at the July jobs report, it may seem that wage growth isn't moving very fast. In fact, average hourly earnings have only risen 2.5 percent over the year. With inflation at 1.7 percent, that growth becomes negligible. However, there's still hope for workers looking for a pay raise.
It hasn't been long since the job market was volatile and risky, which means currently employed individuals may be hesitant to leave their current positions for a minor pay raise. The Wall Street Journal noted that, in addition to employee hesitation, low productivity growth may be another factor keeping wage growth from accelerating.
With each passing month of positive jobs reports, employees may grow more confident in the market and begin to look for higher-paying opportunities. Workers today were likely burned by the economic recession of 2008. They're wary that today's growth may burst just as easily. When employee outlook improves, wages may follow.
In-demand jobs to consider
The monthly jobs report deals in averages, which means each individual worker may struggle to find his or her own situation reflected in the numbers. Those at higher income tiers may wonder what growth in fast food has to do with their own job prospects.
To help address this feeling of detachment, Glassdoor released a survey of the 20 most in-demand jobs that pay over $100,000. Here are the top 10:
- Software Engineering Manager: $150,000.
- Patent Attorney: $150,000.
- Engineering Manager: $145,000.
- Technology Manager: $140,000.
- Medical Science Liaison: $140,000.
- Pharmacist: $120,000.
- IT Manager: $118,000.
- Finance Manager: $118,000.
- Product Marketing Manager: $116,000.
- Financial Planning and Analysis Manager: $115,000.
It should come as no surprise that the majority of these positions come from the business services and healthcare industries.
If you're looking to make your next career move, you'll need someone to help you navigate this tightening labor market. For expert advice, contact the experienced recruiters at Beacon Hill Staffing Group today.
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