The U.S. Department of Labor’s January 2018 jobs report showed signs of a strong economy—the unemployment rate remained at 4.1% and 200,000 new jobs were created, surpassing economists’ expectations by over 10%. The biggest gain was in average hourly wages, marking a 2.9% annualized gain—the best since 2009.
What does this latest report mean for recruiters? It means we are now entering one of the tightest labor markets in nearly a decade. In a tight labor market, or full-employment economy, there are more open jobs than there are workers to fill them. Therefore, employers are now faced with offering higher wages to recruit and retain employees. Check out the following infographic for a breakdown of the January 2018 jobs report and subscribe to RecruitmentAdvisor for tools and tips on how to ramp up your recruiting in a tight labor market.