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The latest US job report is making its way around the web. Here is the long and short of it. Good news first:
The latest jobs report from the Bureau of Labor Statistics showed that US employers added 252,000 jobs in December, better than expected.
Unemployment dropped to 5.6%, another good sign, the lowest unemployment percentage since June 2008.
Now some disappointing news for those that got hired, the average rate of pay actually dropped from November to December by .02%. Sounds like a small number, but considering that living costs always rise it is a tremendous drop for the actual buying power of the American workforce.
What does that mean for employers?
As unemployment rates drop, the available pool of active job seekers diminish, meaning online job boards have a shallower pool of applicants.
So if you need employees what is the answer?
When pay rates and unemployment is low the best answer is to resume database search to reach passive job seekers. People that are not willing to be unemployed in what is still a topsy-turvy economy, but have been under-employed for a long period of time now and have abandoned their active job search.
Gregory Gershman - Managing Partner - Recruitment HQ