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The U.S. economy added a far-better-than-expected 272,000 jobs in May, while the unemployment rate edged up to 4%, its highest level in more than two years. The labor market remains strong, with good news in terms of growth and participation. It continues to fuel the economy and support workers. At the same time, the report has some concerning, underlying numbers to watch, such as the unemployment rate, wage growth, part-time employment rate and the number of discouraged workers leaving the workforce.

Darren Findley, President of Engage2Excel Recruitment Solutions, has a unique perspective on today’s job market based on three decades of recruiting experience across all major industry sectors. He shared the following key statistics* in our last Trendicators Report, along with insights on trends and how to optimize recruiting for 2023: 

There is an unprecedented convergence of labor dynamics that are driving our hiring and recruiting challenges. Strong economic growth is driving labor demand in all sectors of the economy. Labor participation rates are the lowest since 1976 and have not improved over the past 12 months. And we are at 4.8% unemployment for September.

We may be living and working in a new world with unique challenges, but the world of video interviewing is not new. Many in the younger generations have already adopted casual use of video conversations via FaceTime, Facebook and Instagram before it was a necessity, the challenge is to help other demographics utilize the medium effectively for recruiting and hiring.