Last week, the number of Americans who applied for unemployment benefits decreased, as 8,000 fewer Americans filed jobless claims in the first week of April than in the final week of March. Seasonally adjusted to 196,000, this figure for the week ending April 6th is the lowest figure since October 1969.
This sharp decline in jobless claims refutes economists’ predictions of slowing economic growth as businesses continue to create jobs and attract workers. It also brings the four-week average of weekly unemployment applications to 207,000 – the lowest figure reported since December 1969.
Following a disappointing February, the US Economy added 196,000 jobs in March. This brings the monthly average of jobs gains to 180,000 over the first quarter of 2019, with the unemployment rate remaining steady at 3.8 percent.
While forecasts for the rest of the year vary, most experts remain optimistic that the US economy will continue to grow in 2019. In this candidate-driven market, employers may be struggling to find or retain high-quality talent for their organizations. With so many opportunities, the best employees can be selective when choosing a career; they have the opportunity to focus on the areas that matter most to them.
The challenges of today’s labor market
Candidates continue to have their pick of job opportunities. In fact, there is more than one job for every available candidate, according to the latest JOLTS Report. In other words, employers do not have the luxury of taking their sweet time to make hiring decisions. We understand it’s difficult to make these tough decisions while trying to keep up with your everyday job duties. But fortunately for you, you and your team don’t have to climb this uphill battle alone.
The labor market remains candidate-driven. If you are struggling to find and/or keep top performers, we understand your frustrations. Working with a recruiter, like one at Johnson Search Group, will help connect you with candidates ready to make an impact on your organization. Reach out to us today and let’s work together.