Jobs Friday | June 2024
May Jobs Report
Happy Friday and Happy Summer!
While some felt this was another 'booming' jobs report, our consensus was that it was a well-balanced report, most notably by seeing the number 4 for the first time in 27 consecutive months. The unemployment rate increased to 4.0%, which may not be great news, but does indicate a more stable employment market. In our opinion, the most disappointing statistic was a decrease in the labor participation rate, further straining an already shrinking labor force and increasing the demand for skilled talent.
In May, the U.S. economy added 272,000 net new jobs, surpassing economists' modest forecast of 180k. The healthcare sector remains a significant contributor to overall job growth, with its expansion in 2024 indicative of broader employment trends. This growth is driven by the continuous demand for healthcare services, influenced by an aging population and the increasing need for various healthcare services nationwide.
Looking ahead, there is a lack of strong confidence in a rate drop in June. However, there is a much stronger consensus about the economy avoiding any type of recession in the next 12 months. As we approach the end of the first half of 2024, the market remains steady. Investors are eager for a rate drop, but all signs point to a continued waiting game.
What we're reading
Global hiring slowdown moderates and AI at work accelerates via LinkedIn State of the Market
The best and worst industries for finding a job right now via Baltimore Business Journal
Turn the Tables: Proactive Questions to Ask In Your Next Job Interview via LinkedIn - Hiring & Getting Hired
Thank you to all of our Interns of the Week!
We are wrapping up our Intern of the Week series for the season and will reopen applications in August. Congratulations to Intern Michael Krohn on securing a position with Cloverland Dairy Farms this summer!
Choosing the Right Strategy for Your Search
A recent blog post by CSP explores the benefits of various search strategies and discusses how to pick the best model for your search.
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