Dive Brief:
- A MarketWatch poll surveying economists indicates that approximately 177,000 new jobs were added to the U.S. market in June; ADP puts the number around 158,000.
- This gain may seem smaller than expected considering unemployment remains near record-low numbers. The reasons for this are complex, MarketWatch reports, but one thing is certain: employers are facing a shortage of skilled workers.
- Royce Mendez, senior economist with CBIC World Markets told MarketWatch the cooling of the job market is no surprise given that the U.S. is getting closer to "full employment."
Dive Insight:
Experts have been forecasting for years that the U.S. would eventually be restored to pre-recession employment rates while simultaneously facing a talent shortage. It's all part of a cycle that corresponds with industry growth and a thriving consumer market. When there is extra money to be spent, business is good.
In the current job market, the challenge is the increasing use of part-time employees versus full-time employees — perhaps initially due to health care reform requirements. To attract better-qualified candidates, however, experts have suggested that employers rethink that move.
Training also may be a way to address the gap. The Trump administration has announced its intent to fund apprenticeships. And some employers have taken matters into their own hands; IBM, for example, recently launched its very own STEM high school.
