Although the unemployment rate edged down to 3.9% in July, the latest jobs report released by the US Department of Labor shows the US economy is growing at a slower rate than expected. 157,000 new jobs were added last month, missing expectations of 190,000.
Here's our key takeaways from the July jobs report and what the economy means for employers looking to hire their dream team:
- The labor market is tightening, making hiring harder than ever: With the unemployment rate at an all-time low, recruiters are having a difficult time filling open positions, resulting in fewer jobs created in July.
- Employers are looking at a new crop of candidates: Because the labor market is tight, employers are now looking to hire candidates they may have overlooked in the past, particularly those without a college degree or high school diploma. The unemployment rate for those without a high school diploma fell to 5.1%, the lowest since 1992.
- Slow wage growth is an area of focus for attracting candidates: With wages barely outpacing inflation, employers needing to hire should consider offering higher compensation to win over candidates from choosing to work elsewhere.
Check out the infographic below for a breakdown of the July jobs report, and get a copy of Today's Race for Recruiting Talent: Winning with AI for secrets for finding candidates in a tight labor market.