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The Bayard Brief — August 2022

Labor Market InsightsLabor Market Insights

July's Labor Market Hits Pre-Pandemic Milestones, Shatters Expectations

Undeterred by recession fears and a rising tide of layoff reports, July delivered red-hot labor market results, adding 528,000 jobs. This month's massive job gain is more than double economists' predicted 250,000 and marks a significant increase from June's upwardly revised 398,000 jobs.

Job Seeker Traffic

July's Traffic Performance + Expected Trends

July's job traffic patterns were somewhat flat to last month but continued the positive trends observed in June. Though generally flat through the past 90 days, queries at the end of June and early July were on the upswing.

Click Trends

July Average Clicks Per Day

This month, clicks were up by approximately 16% compared to last year and are over 52% higher than pre-COVID levels (July 2019), per Talroo data.

What To Expect

Takeaways for the state of hiring moving forward. What does July's performance mean for employers?

Employment trends will be stable for the foreseeable future. In other words, employers that want to recruit and retain workers must respond to the needs and wants of job seekers. The majority of job seekers, for example, consider fair pay to be the most essential part of their job search, followed by the ability to work remotely. Therefore, employers must offer competitive salaries and benefits, flexible hours, and hybrid or remote work opportunities.

Download the full Labor Market Insights report for August here.