U.S. Talent Market Monthly July 2012.


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U.S. Talent Market Monthly July 2012.

  1. July 6, 2012 U.S. EMPLOYERS HIRED A AVERAGE HOURLY EARNINGS THE UNEMPLOYMENT RATE TOTAL OF (ALL WORKERS) HELD AT 80,000 WORKERS IN JUNE $23.50 2% ABOVE LAST YEAR 8.2% 9.1% LAST JUNEJOB CREATION INCHES UPWARD• Continued modest employment gains and a stubbornly high unemployment rate suggest that the U.S. labor market has hit a soft patch.• Although demand for workers has been increasing steadily and the pace of layoffs has slowed, actual hiring numbers have yet to reflect these positive trends.• Employers remain cautious about adding full-time employees in the midst of the uncertain economic and political climate.U.S. employers added 80,000 jobs in June, continuing along a lukewarm pace in the second quarter of 2012. Employment gains haveaveraged just 75,000 a month in the second quarter, after growing three times as fast in the first three months of the year. Thedeceleration in the labor market comes amidst continued global economic uncertainty, with the European crisis, slowdowns inemerging economies, and concern over U.S. policies weighing heavily on employers’ minds. (Continued)
  2. Talent Market Monthly: July 6, 2012The unemployment rate remained unchanged at 8.2% in U.S. MONTHLY EMPLOYMENT CHANGE AND UNEMPLOYMENT RATEJune. Although well below the 9.1% rate seen in June 2011, Unemployment Rate (%)the unemployment rate has not shown any significant 600 11 Employment (000’s)improvement thus far in the first half of 2012. 300 10 0 9Job creation was centered in professional and business 8 -300 7services in June, with temporary employment services -600 6(+25,000) leading the way. Temporary workers accountedfor around one-third of the jobs added both in June and in -900 5 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Dec-09 Dec-10 Dec-11 Jun-09 Jun-10 Jun-11 Jun-12the second quarter on average. The healthcare sectorcontinues to add jobs (+13,000), and manufacturingemployment also edged up, with an increase of 11,000 jobs Non-Farm Employment Private-Sector Employment Unemployment Ratein June.Job openings have been steadily rising and layoffs have EMPLOYMENT OVERVIEWeased considerably since the recession ended, but so far JUN MAY APR MAR FEBthese encouraging trends haven’t translated into significantand sustained job creation. Some employers indicate that Total non-farm employment growth 80K 77K 68K 143K 259Kthe lack of hiring stems from the inability to find skilledworkers, but many simply remain hesitant to ramp up their Private employment growth 84K 105K 85K 147K 254Kfull-time workforces in the midst of uncertain economic andpolitical conditions both overseas and at home. Unemployment rate 8.2% 8.2% 8.1% 8.2% 8.3% Source: Bureau of Labor StatisticsFILLING THE TALENT GAP Despite still-high unemployment rates, companies across the U.S. still have plenty work and lower morale, and nearly one-fourth cite a loss in revenue due to the of help wanted signs out. And even though keeping these positions unfilled is inability to fill open positions. taking a toll on employees’ morale and firms’ finances, many employers don’t have Less than half (41%) of employers surveyed say they are engaging workers in programs in place that can prepare workers to help bridge the talent gap. training or other programs to help alleviate the talent crunch. Job seekers, According to a recent CareerBuilder survey, 38% of employers say they currently however, say that they are more than willing to gain the additional skills that have open positions for which they cannot find qualified candidates. These ongoing employers are looking for. Nearly two-thirds of candidates (65%) say that they are job vacancies are affecting current workers’ attitudes and performances, and the extremely or very willing to learn new skills, and more than three-fourths (77%) say companies’ bottom lines. More than one-third of employers report that job they would be willing to train for a job in a different field. vacancies have led to overworked employees, resulting in a reduced quality of Source: CareerBuilder, June 2012An Equal Opportunity Employer ©2012 Kelly Services, Inc. W1093e