The latest U.S. jobs report shows the economy added 156,000 jobs in September, according to the Bureau of Labor Statistics. This figure is a tick down from projections, which had pegged the gains at roughly 176,000, CNBC reported, but remains nothing more than a lull before the seasonal hiring storm arrives.
History tells a story
Recent jobs report figures point to a hiring trend that's been developing over the past few years. In 2015, September economic growth fell to 150,000 new jobs, according to BLS data, yet October, November and December all saw over 200,000 new jobs being added to the economy. This ebb and flow—a dip in September before a surge in the following months—occurred in 2012 and 2013 as well.
"Unemployment rate fell 0.1 percent year-over-year."
Job seekers looking for a change in occupation couldn't ask for a better time to start their search for new careers. History suggests hiring will increase across the board during the holiday season, likely fueled by increased consumer spending. While September saw a slight rise in the unemployment rate, from 4.9 percent to 5 percent, this miniscule uptick is well within expected fluctuation, and it's actually down 0.1 percent year-over-year, according to BLS data.
"I have found that pharmaceutical, biotech and medical devices companies are representative of the larger market," says Ryan Pirnat, Managing Director of Beacon Hill Pharma. "We work with everyone, from small start-ups to large Pharmaceutical companies, and they are all hiring both contract and permanent resources rapidly. Even with public pressures for lower prices, companies continue to invest in new therapies to advance medicine and are making great progress."
Also noteworthy is the increase in wage growth, another indicator of a healthy economy. Average hourly wages jumped $0.06 in September, bringing the annual growth to 2.6 percent, according to CNBC. The Wall Street Journal reported this could be a sign that companies are paying more to hire top talent away from industry competitors.
Where's the growth?
It's become abundantly clear over the past year that the economy is back on track and in full swing, as the unemployment rate is hovering around 5 percent—a figure that analysts see as the optimal unemployment rate for a nation, as there will always be those who don't work for one reason or another.
Taking a closer look at where the gains emerged can reveal future trends heading into the seasonal hiring spree:
- Roughly 67,000 jobs were added in the professional and business services sector, the BLS reported. As companies expect to sell more products over the next few months, it makes sense that technical consulting services were responsible for 16,000 new jobs, while administrative and support services rounded out with 35,000 new employment opportunities.
- Food services and beverages accounted for 30,000 new jobs in September, raising its total to 300,000 on the year. It's likely this sector will continue to trend upward, as more families opt to go out to eat in colder weather than in warmer months, especially during the holiday season.
- Health care chipped in another 33,000 jobs in September, with 24,000 coming from the ambulatory sector.
- The retail industry added just 24,000 jobs last month, yet its total rests at 317,000 on the year. Expect hiring to increase in the coming months, as brick-and-mortar retailers become prime destinations for many consumers.
All in all, September's U.S. jobs report signaled a healthy economy that's steadily curtailing unemployment rates. Expect hiring to increase through the end of the year as the holiday season opens up new opportunities among many industries.
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