Cruising along, hiring kept a solid pace in June with the addition of 206,000 payrolls, according to the latest U.S. Bureau of Labor Statistics (BLS) monthly jobs report. Despite minor losses suffered in retail and professional and business services, job gains were seen in a number of sectors, including government, healthcare, and social assistance. Meanwhile, the unemployment rate increased slightly to 4.1% — the highest it’s been since October 2021. Below, we shared our breakdown of these job numbers along with key takeaways to help employers plan for the months ahead.
Rising Wages Good For Labor Market
Strong hiring in June, along with a rise in the labor force participation rate, may be partly attributed to continued wage hikes. According to the BLS monthly jobs report, average hourly wages increased 10 cents (0.3%) last month or 3.9% over the past year. “The rise in average hourly earnings suggest that higher wages are attracting workers back into the labor market despite inflation,” Monster Economist Giacomo Santangelo says. Looking ahead, he says workers can anticipate pay to continue to increase with projections showing average base pay increases of 4.5% in 2024.
As more candidates look for work, Monster data reveals where job seekers are focusing their efforts. Top job searches in June included:
- Work from home
- Administrative assistant
- Customer service
- Part time
- Data engineer
- Remote
- Data entry
- Java developer
- Retail
- Project manager
Healthcare Hiring Slows As Demand Continues to Rise
Healthcare hiring decelerated a bit in June, although it continued to boast solid job numbers in the BLS monthly jobs report. With gains of 49,000, below its monthly average of 64,000, hiring was seen primarily in ambulatory health services and hospitals. “Seasonal hiring trends in the healthcare industry might influence this slowdown, as facilities often prepare for flu season or other demand surges at different times of the year,” Santangelo says. “Additionally, while many healthcare professionals graduate in May or June, there can be a lag before they enter the workforce due to licensing exams, further training, or the job search process.”
Despite weakened job numbers in June, demand for healthcare professionals remains strong on Monster, which may be reflective of ongoing labor shortages and a growing skills gap. With the number of active healthcare job postings increasing 5% over the month, job ads for registered nurses remain #1 overall on site. Other top healthcare positions hiring include:
- Physical therapists (#5 overall)
- Critical care nurses (#6 overall)
- Licensed practical and licensed vocational nurses (#8 overall)
- Medical and health services managers (#10 overall)
Continued Growth Projected for Social Assistance
Social assistance jobs have been on the rise, both in the BLS monthly jobs reports and on Monster. Such was the case in June, as BLS job numbers showed a strong addition of 34,000 payrolls, primarily in individual and family services. Similarly, on Monster, the number of active job postings skyrocketed, up 25% over the past month. Top jobs hiring include:
- Substance abuse and behavioral disorder counselors
- Educational, guidance, school, and vocational counselors
- Mental health counselors
Between the aging population, increasing prevalence of chronic conditions, and emphasis on public health and preventative care, Santangelo says, “The healthcare and social assistance sector will experience the fastest employment growth from now until 2032, accounting for 2.1 million of the 4.7 million total number jobs, which we are seeing every month in the data.”
For employers hiring, here’s where job seekers are currently focusing their efforts within the category on Monster:
- Social worker
- Case manager
- Mental health
Demand Drops for Temp Jobs Amid Inflation
Employment in professional and business services declined by 17,000 in June, due to a loss of 49,000 in temporary help services. According to the BLS monthly jobs report, temporary jobs are down by 515,000 since reaching a peak in March 2022. Amid periods of economic uncertainty, such as now, Santangelo says employers tend to reduce their reliance on temporary workers. Likewise, he says, “Rising inflation affects the labor market as higher living costs may drive workers to seek more stable, permanent employment.”
Within the professional and business services sector, Monster data shows where both employers and job seekers are concentrating. On the hiring front, the most in-demand positions include:
- Business operations specialists
- Compensation, benefits, and job analysis specialists
- Market research analysts and marketing specialists
On the candidate side, top job searches include:
- Administrative assistant
- Customer service
- Project manager
- Data analyst
- Business analyst
Retail Hiring Reflects Changing Consumer Behavior
After a fruitful spring, retail hiring turned into a drought in June, at least in certain subsectors. According to the BLS monthly jobs report, the retail sector reported 9,000 fewer payrolls overall, thanks to losses seen in furniture, home furnishings, electronics, and appliance retailers. As retailers shed workers, Monster saw “retail” job searches jump to the #9 overall search by candidates in June.
Despite losses, gains were seen in more bargain-focused establishments, such as warehouse clubs, supercenters, and other general merchandise stores, a trend which Santangelo says may be reflective of changing consumer behavior amid inflation. “If inflation remains high,” he says, “consumer behavior may even shift toward fewer purchases of non-essential items, leading to further job losses in the retail sector.”
While the types of retailers hiring may be shifting, Monster data shows which retail jobs are most in-demand right now. These jobs include:
- Sales representatives
- Cashiers
- First-line supervisors
Stay Tuned for the Next Monthly Jobs Report
Monster aims to provide employers with the insight needed to move forward. As you plan your hiring strategy over the next month, check out Monster’s 2024 Work Watch report for the latest hiring trends and insights.
We’ll see you here again in August when we will release our next take on the monthly jobs report.