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Layered Monster job numbers with data from the newest BLS monthly jobs report to help employers navigate the current hiring landscape. Here’s what you need to know.
June 08, 2024
Weston, MA (Highpoint Digest) — It was a nice run, but the reacceleration of the labor market appears to be slowing back down. Falling short of Wall Street expectations and coming off robust gains of 315,000 in the prior month, the U.S. Bureau of Labor Statistics reported gains of 175,000 in April — the lowest job numbers in six months.
While no major losses were seen in the BLS monthly jobs report, job gains were uneven across the board. “Health care, social assistance, and transportation and warehousing are seeing job growth, while other sectors like manufacturing, wholesale trade, and professional services are seeing little change,” Monster Economist Giacomo Santangelo says. “This suggests further shifts in the types of jobs being created, reflecting broader economic trends, such as the growing importance of the healthcare sector and signaling a potential worsening of the skills gap.”
Looking ahead, Monster data suggests that hiring may pick back up as total active job postings increased 3% and the number of job searches were up 6% in April. Below, we shared our breakdown of the latest job numbers along with key takeaways to help employers plan for the months ahead.
Labor Demands Persist Within Healthcare
Healthcare hiring remained strong in April, leading the way in the BLS monthly jobs report for the third consecutive month and accounting for nearly one-third of the month’s overall gains. With the addition of 56,000 payrolls, job growth was primarily seen in ambulatory care services (+33,000) and hospitals (+14,000), which may be indicative of the ongoing shortage of primary care physicians and nurse practitioners.
Monster job numbers draw further attention to the high demand for nurses and other healthcare professionals with the number of active healthcare job postings continuing to increase in April, up 3% over the past month. Of the top healthcare jobs hiring, job postings for registered nurses remain #1 overall on site, while other top open positions include:
- Physical therapists (#6 overall)
- Licensed practical and licensed vocational nurses (#8 overall)
- Critical care nurses (#9 overall)
- Nursing assistants (#10 overall)
To meet demand, Santangelo says, “Employers in the healthcare industry (as all industries affected by the skills gap) must collaborate with academic institutions to develop a pool of qualified candidates who can address changing demands in the field. In addition to providing chances for professional progression, they may expedite the recruiting process by utilizing technology and creative recruitment strategies like focused outreach campaigns. Also, to overcome the labor shortage, healthcare settings must recruit top talent, which may be achieved in part by offering competitive compensation and a supportive work environment.”
From a candidate perspective, Monster data shows that healthcare job searches increased 11% in April — a positive sign toward meeting demand and combating shortages. Here’s where job seekers are focusing their efforts within healthcare:
- Registered nurses
- Medical assistants
- Phlebotomists
Retailers are Capitalizing on Market Opportunities
Retailers have been on a bit of a hiring spree this spring. The BLS monthly jobs reports showed they added 19,0000 payrolls in March, then matched it with another 20,000 in April — a welcome change compared to the sector’s stingy 7,000 average over the past year. Looking ahead to May, Monster data shows that this hiring trend may continue as retailers continue to maintain a steady number of active retail job postings on site, including those for:
- Sales representatives
- Retail salespersons
- Cashiers
“Seasonality and the influx of teen employment during spring are pivotal in shaping the retail employment landscape,” Santangelo says. “As spring heralds heightened consumer activity fueled by seasonal promotions and improved weather conditions, retail establishments experience increased demand for goods and services, prompting the recruitment of additional workforce, including many teens seeking employment opportunities during school breaks.”
Indeed, it won’t be long before school is out for the summer and teens will be looking to fill their time working for their favorite retail brands. In fact, Monster data already shows increased interest from job seekers with sales, cashier, and other retail job searches up 7% in April. However, as inflationary pressures threaten consumers’ purchasing power and confidence in the economy, it remains to be seen whether retailers will be able to continue this strong hiring pace into the summer.
The State of Freight
Transportation and warehousing jobs have been shaky, but April saw positive growth as manufacturing output increased and retail employment expanded. The BLS reported gains of 22,000 payrolls within the sector, while active job postings increased 8% over the past month on Monster. Top jobs hiring included:
- Heavy and tractor-trailer truck drivers (#4 overall)
- Light truck or delivery services drivers
- Taxi drivers and chauffeur
“Job growth within the transportation and warehousing sector is strongly linked to the rise of employment in the retail sector when combined with a corresponding rise in manufacturing production,” Santangelo says. “More transportation and warehousing services are required as retail organizations attempt to meet the spike in customer demand. This emphasizes the need for effective supply chain management and logistics. At the same time, as industrial activity rises, so does the need for transportation services, which are necessary for raw materials to be moved to production locations and completed goods to be delivered to markets.”
As employers strive to fill open positions, increased job growth is being met with similar interest from job seekers within the transportation and warehousing industry. With job searches up 8% in April, some of the top keywords being searched by candidates include:
- Delivery driver
- Forklift operator
- Warehouse
Employees are Making More Money, Working Fewer Hours
For the past two years, wages have been growing at an exponential pace — a trend that continued in April. According to the BLS monthly jobs report, average hourly wages increased by 7 cents (0.2%) over the past month, or 3.9% over the past year.
“The increase in average hourly earnings suggests that wages are growing, which is a positive sign for workers,” Santangelo says. “However, the slight reduction in the average workweek [down by 0.1 hour] could indicate that while people are earning more per hour, they are working fewer hours.” As increased adoption of artificial intelligence improves workplace efficiency and the number of part-time jobs increases (up 3.7% in April), it’s clear that employers are reevaluating their hiring strategies in the face of still-high inflation and rising labor costs.
Here Comes the Class of 2024
Graduation season is upon us, and the class of 2024 is not only ready to find a job, they’re confident they’ll be able to land one in the next few months. When it comes to choosing who they’ll work for, Monster’s recent State of the Graduate report shows that graduates will be prioritizing salary above all, but will also be looking for employers that offer career growth opportunities and work-life balance.
“Employers must engage graduates by personalizing recruitment strategies to align with graduates’ priorities, such as work flexibility and career development opportunities,” Santangelo says. “Leveraging diverse communication channels and fostering transparency throughout the hiring process enhances trust and confidence among candidates. Attracting graduates demands a holistic approach that emphasizes competitive compensation and avenues for growth and work-life balance. Proactive measures, including clear communication and support mechanisms, can alleviate candidates’ anxiety and foster a more positive candidate experience.”
Source: Monster.com
Image courtesy of Monster.com
