The Bayard Brief — September 2022
Labor Market Insights. Labor Market Insights.
Labor Market Delivers Softer But Still Healthy Gains in August
On the heels of an exceedingly robust July report, August delivered 315,000 jobs, right in line with economist expectations as the labor market holds strong but returns to trend. In tandem with a spike in the labor force participation rate, broad-based job gains underscore the market’s solid yet steadying movement.
Job Seeker Traffic
August’s job traffic patterns were generally flat to last month but, on the whole, continued the positive trends we observed in July. Queries were primarily flat over the past 90 days, with a slight decrease in early August.
August’s job traffic patterns were generally flat to last month but, on the whole, continued the positive trends we observed in July. Queries were primarily flat over the past 90 days, with a slight decrease in early August.
Click Trends
In August, clicks were up by approximately 30% compared to last year and are more than 52% higher than pre-COVID levels (August 2019), per Talroo data.
In August, clicks were up by approximately 30% compared to last year and are more than 52% higher than pre-COVID levels (August 2019), per Talroo data.
What To Expect
Takeaways for the state of hiring moving forward. What does August's performance mean for employers?
Over the next few months, employment trends will hold steady, even as the labor market finds its balance between blockbuster gains and more lukewarm growth. Thus, employers aiming to recruit and retain qualified candidates must address job seekers’ needs. From competitive wages and benefits to remote flexibility and diversity initiatives, better perks and workplace satisfaction are paramount to hiring and retention.
On a related note, the frequency and attractiveness of remote work are at their highest levels ever. In 2022, over 40% of companies offer remote or hybrid work options, and 74% of job seekers said remote work figures prominently in their decision to reject or accept a job offer.
As always, hiring conditions vary by location and job type—but owing to the resiliency and robustness of the labor market, the current state of hiring will not be impacted by a recession or other macroeconomic factors for the foreseeable future. Ergo, employers must also utilize active and passive channels to recruit and retain staff.