A Look at Recent Unemployment Trends and the Demand for Talent

Knowing which skills and roles are in demand is vital to filling staffing vacancies.

When sourcing new talent, it’s important for businesses and hiring managers to stay on top of the latest employment trends affecting their industry, including how many within the industry are looking for work. Organizations hoping to hire accounting or information professionals, for example, are likely to find a shortage of qualified candidates as unemployment numbers within those sectors are low.

Competition for skilled talent within industries with low unemployment rates is fierce and it can be difficult for companies to attract top talent. By understanding the unemployment market, however, companies can gain important insights to help them retool hiring strategies and find qualified candidates.

Here is an overview of the current hiring and unemployment landscape, according to the Bureau of Labor Statistics.

• In August 2017, the national unemployment rate was 4.4%.
• There were job gains in computer systems design and related services in August, and employment in professional and technical services continued to trend up for that month.
• There was little change over the month in other major industries, such as financial activities, information, government, wholesale trade, retail trade, and transportation and warehousing.

When breaking down the landscape by occupation for August 2017, the unemployment rates were:

• Management occupations: 2.1%.
• Business and financial operations occupations: 2.9%.
• Computer and mathematical occupations: 2.4%.
• Architecture and engineering occupations: 2.2%.
• Arts, design, entertainment, sports, and media occupations: 3.9%.
• Sales and related occupations: 4.2%.
• Office and administrative support occupations: 3.9%.

As the unemployment numbers within these occupations show, it is a job seeker’s market. Are you prepared to compete with other businesses for today’s most talented workers? Do you need help refining your hiring plans? Working with a staffing agency can offer you the leg up you need to source and hire skilled employees.