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Each month in 2022, the U.S. will add about 388,000 new jobs. In July, the number hit 528,000 as the unemployment rate fell to 3.5% —Lowest point in half a century. This number comes as a bit of a surprise. The negative growth in the first two quarters was no one predicted such a high number. The supply chain crisis is also far from over. Consumer spending fell. So, is this good news from a resilient job market? Or the last shock before deep freeze?
Both. External shocks continue to dominate labor market realities. Some industries, like hospitality, are still recovering from Covid-19. Other sectors, including utilities and energy, benefited from geopolitics. Still others, like the recently booming tech sector, continue to decline. So yes, multiple industries are bucking the trend of a slowing economy. But if they persist, that’s unlikely.
Year-over-year hiring in retail declines nearly 10%. Nearly 7 million disturbing 46 separate safety recalls vehicle A disaster for an automaker. Technology stocks tumbled in June.Results: Twitter, Oracle, Robinhood, Walmart and Ford are all announcing Mass layoffs. even hire giants such as Google hit the pause button About increasing their numbers.
This 32,000 layoffs In July 2022, the tech industry is only pointing in one direction.Currently, only 9% of tech workers feel be secured in their work. So, what are the sectors driving job growth? As a new wave of uncertainty sweeps the labor market, what can employees do to stay employed?
What’s beyond the tech hub?
Nearly one-fifth of July hiring figures come down to hospitality and leisure 96,000 new jobs added. It was followed by professional and business services, which added 89,000 jobs. Greater gains also came from healthcare (+70,000 jobs), government (+57,000), construction (+32,000) and manufacturing (+30,000). So much for the sheer numbers that answer where the growth is happening. What is the participation rate indicating who is doing these jobs?
According to the report, “Latino and other women of color tend to be overrepresented in service industries,” which added the most jobs.Not surprising Labor force participation rate rises for this demographic. Less optimistic among the strong performance was the rising unemployment rate for black men, but still above the national average at 5.7%.
Turmoil and Gas
Just as there will be a world after Covid-19, there will be a world after the ongoing war in Ukraine. Just as lockdowns fueled the growth of streaming services, video conferencing and e-commerce, the current conflict in Eastern Europe is pushing energy company stocks to new heights. Earnings season confirmed this with record numbers.Some energy giants will release their best quarter on record.
But it’s not all oil and gas. It is an energy source across the entire climate-friendly range.recently passed Inflation Reduction Act It’s a strong indicator of where job growth will continue to happen when peace (and more affordable gas prices) return.
There will be no shortage of solar and wind technicians as public funding seeks to stimulate the renewable energy industry long-term. Battery technology that will elevate the electric vehicle (EV) industry to the required scalability will be another key growth area. This growth area is likely to boost the automotive industry. It could also help address the woes of renewable intermittency as we continue to move away from fossil fuels.
The best way is to improve your skills
As fears grow that the word “r” will go global, fears of a continued slowdown become very real. While no job is recession-proof, employees can always do more than let the job market determine their fate.
Your resume is a living document. It requires far more than the sum of the tasks and responsibilities assigned to you during your tenure with your most recent employer. The number of ways to increase your skills and knowledge base through courses, certifications and training has never been greater or more accessible.
Does your employer set aside a budget for employee training? Or are there any related free courses that I can sign up for? No qualifications are exempt from the benefits of continuing your studies or upgrading your resume.
Today’s heir, tomorrow’s heir
Upskilling goes a step further than dressing up a resume and going beyond the Red Sea. Take the employer’s point of view. Upskilling a team can mean shaping an organization’s next leader. A seemingly internal succession plan is a smart move during a hiring freeze. Avoid seeing senior team members resign or retire during a downturn, leaving only a group of talented but unprepared potential successors.
double down
The July figures were a boost — no doubt about it. But a closer look reveals that much of the growth stems from an industry that is still bouncing back from the jaw-dropping Covid-19 hit into 2020. We are only just getting back to pre-pandemic employment levels – a healthy rebound, yes, but the signs of a slowdown are already evident. In fact, in times of inflation, people take up second jobs to make ends meet, explaining some of the overall lauded employment figures.
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