Today We Give Thanks for a Strong Labor Market
November 20th, 2019 by Cassie Fisher
Economists say we are in the strongest labor market in decades (J. Bartash) which is great timing for Americans as we get ready for the hustle and bustle of a busy holiday season.
- The pace of layoffs and the unemployment rate remain near a 50-year low, giving Americans the confidence to keep spending at healthy levels. In fact, a recent Gallup report shows Americans’ holiday spending estimates have increased sharply from 2018 (L. Saad).
- Steady consumer spending, in turn, has allowed businesses to keep up production and largely avoid the sort of broad-based layoffs that could send the economy into a recessionary spiral.
What is the impact on staffing and recruiting?
As we experience a strong labor market, competition for top talent is fierce. We are seeing employers work harder at retention because they know declining numbers in the talent pool require them to focus on keeping employees. We are all aware of the talent shortages in high-demand skill sets, however this does not make recruiting impossible, it just means clients must be smarter and quicker about attracting and retaining professionals.
Here are a few articles regarding attracting and retaining top talent. Have more questions? Contact us for ideas on how to attract and retain top talent. always, we’re here to serve with your staffing and search needs.
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