What the August 2019 Jobs Report Tells Us09/27/2019
Mixed opinions about the economy’s stability require business owners to track the monthly jobs report. You can use this August 2019 Jobs Report to guide your organization, along with staying informed about the economic outlook.
August 2019 Jobs Report Data Overview
August’s unemployment rate held steady at 3.7% for the third month in succession. Unemployment for those with college degrees who are 25+ years of age still hovers just above 2%.
- This represents 6 million who are unemployed.
- The number of long-term unemployed, out of work for 27+ weeks, is consistent at 1.2 million.
- The number of people working part-time who want full-time work is 4.4 million, up from July, although consistent with August 2018 data.
Make Note of Gains by Sector
Nonfarm employment added 130,000 jobs in August. Of the 28,000 federal government jobs added, 25,000 hires are temporary workers assisting with the 2020 census.
Gains that involve or affect the finance/accounting sector are:
- Financial activities jobs increased by 15,000 in August, for an annual increase of 111,000 positions. This represents 7,000 insurance carrier and related jobs.
- Professional and business services increased by 37,000 in August, with 10,000 each of this number being:
- Computer system design and related services.
- Company and enterprise management.
There have also been notable increases in health and social services in recent months:
- Health care has added a total of 392,000 jobs over the last year, this figure representing both ambulatory care and hospital work.
- Social assistance employment has increased by 100,000 positions in the last 6 months.
Reflect on What the Numbers Mean for You
The numbers offer insights for you to consider related to recruitment, retention, and potential expansion. With unemployment low for those with college education and in finance and accounting, competition for filling positions is fierce. This compels business leaders and HR managers to:
- Take immediate steps to retain current talent.
- Assure that your staff has a reasonable workload.
- Create pathways for advancement, focusing on systems upgrades for efficiency.
- Make use of recruitment advances for hiring and onboarding new staff.
- Work with a recruitment firm to hire interim staff and consultants.
For more accounting and finance employment insights and trends, click here to download your copy of our DLC Group 2020 Salary Guide.