The United States job market is continuing its growth efforts. In July, employers in the United States added 209,000 jobs. This is the 82nd straight month of job growth, which sets a new record. In addition, this growth beat economists’ expectations with unemployment at just 4.3 percent. This is the lowest level of unemployment since 2001.
There is a fear that the job market is starting to reach full employment. This economic term basically means that everyone who would like a job has attained one. Once the economy reaches this point, companies have to raise pay rates in order to attract new employees. If this happens, then the Federal Reserve will most likely raise interest rates so that the economy does not overheat. The economy is not quite at this point yet. The July jobs report showed that average earnings were only up 2.5 percent over the last year.
At the moment, it seems unlikely that the United States job market is out of workers. The labor force participation rate advanced by 349,000 people during July. This figure has been essentially flat for about a year and a half.
Finally, it appears that a better job is starting to reach all corners of the economy. Many Americans did not receive consistent wage increases during the long job growth. In the first half of this year, the Economic Policy Institute found that the lowest-earning or less-educated workers enjoyed the strongest wage growth. Recently, Goldman Sachs economists have even forecasted that unemployment could drop to as low as 3.8 percent in the next year.
While wages are growing slightly, many are still searching for a better job. There hasn’t been a steady rise in inflation or wage acceleration yet. As the labor market grows more vibrant, employers are trying to prompt thousands of Americans back into the workforce. From June to July, the labor force grew by 700,000 as more workers flooded back into the marketplace.
To get a better job, it’s critical applicants have an impressive resume and cover letter. Many hiring managers use software to scan resumes for specific keywords. From the resulting list of resumes, they spend only a few seconds skimming the resume to decide if the applicant warrants an interview. To land a suitable job, applicants must make sure that their resume is focused, concise and tailored to the position description.
Upon landing an interview, the applicant still has more work to do. To learn how to get a job, the applicant should practice mock interviews incorporating behavioral interviewing questions. With practice and actionable feedback, they can focus their responses to truly showcase their relevant skills and experience.
As the economy and job market continue to progress, getting a better job is within reach for many Americans. An estimated 10,000 Baby Boomers are retiring every day, which will ultimately free up more jobs for the average worker. As the economy nears its full-employment rate, wages will rise and provide workers with better career opportunities.