October Jobs Report 2022

October Jobs Report 2022

This October, hiring numbers exceeded expectations set forth by Wall Street economists. One item to note in particular is that the following three sectors continue adding jobs at a robust pace for several consecutive months: 

• HealthCare/Education – 79,000+
• Professional & Business Services – 39,000+
• Manufacturing – 32,000+

Manufacturing is especially important to note because this sector continues to grow while manufacturing continues to return to American shores, given the constant supply chain disruptions and other macroeconomic fears or concerns.

Something else to keep in mind is the YTD compensation growth has slowed to 4.7%. 

As we enter the Thanksgiving and Christmas seasons, job-seekers tend to take their foot off of the gas. They often believe the myth that companies stop their hiring processes around the holidays and that hiring slows down to a trickle during November and December.

This is historically untrue. Combined hiring in November through December 2021 equaled 439K jobs added, and we predict that this November and December will tick higher given the aftermath of the midterm elections.

At Executive Career Partners, we have added additional team members due to the number of job-seekers engaging our services. Many of our new clients are strategic in that they want to be prepared for not only Quarter 4 opportunities but be positioned for Quarter 1 opportunities as well! 

If your results continue to provide lackluster results, it is NOT you. It is the approach you are utilizing. You have a doctor for your medical affairs, a lawyer for your legal affairs, and an accountant for your financial affairs. In today’s complex job market, where Artificial Intelligence rules the day, it is equally important to have specialists for your career affairs. 

One always needs “Hope to Cope” in all areas of our life journeys… allow ECP to provide the necessary runway as we assist you to your next career destination!