2019 Job Market Outlook with SVP Perry Paden

job market

Job growth in 2018 ended on a high note with U.S. employers adding a whopping 312,000 jobs in the month of December. Over the last three months (after adjustments), employers have generated an average of 254,000 jobs per month. The 4th Quarter of 2018 ended strongly, and all indications look like 2019 is poised for another big year of job growth.

We sat down with Perry Paden, Senior Vice President of Johnson Search Group, and discussed how the job market is looking in 2019.

2019 Job Market Outlook with Perry Paden

The jobs report for December 2018 just released showing signs of strong growth for the job market. Do you think the job market will continue to strengthen in 2019?

2018 was a fantastic year for job growth and economists expect the labor market’s historically tight trend to continue throughout 2019. In fact, economists project the job market to reach highs not seen since before the Great Recession.

If we maintain 2 to 3 percent of growth throughout 2019, the U.S. has the opportunity to have an even stronger year in 2019. Moreover, the unemployment rate remained steady in 2018 and economists are predicting that the unemployment rate will decline below 3.5 percent. As a result, employers will continue to face hardships when it comes to attracting (and retaining) top talent.

The Healthcare, Mining, and Banking industries experienced tremendous growth throughout 2018. Will we see this growth continue in 2019?

The three industries Johnson Search Group operates in (Mining, Healthcare, and Banking) illustrated strong growth throughout the entire year of 2018.

Mining and Heavy Industrial

One of the biggest trends in the Mining industry is the aging workforce. As we see more and more workers retire, employers will continue to face difficulties finding qualified workers for open positions.

Job growth in the Mining industry started out strong and slowed down a bit towards the 4th Quarter. However, over the year, the Mining industry added 62,000 jobs.

Healthcare

We will start to see more opportunities as healthcare organizations continue to incorporate artificial intelligence into everyday working lives.

Healthcare job growth was outstanding in 2018. Last year, the Healthcare industry added 346,000 jobs compared to the 284,000 jobs in 2017. The Healthcare industry is continuing to expand and will look to continue this trend in 2019.

Banking

Despite the fluctuating stock market over the last month or so, the Banking/Financial industry continued to add jobs in December. Throughout 2018, the Finance and Banking Industry grew by 110,000 jobs.