Despite Strong August Job Gains, Expect A Bumpy Road Ahead
ThinkWhy, a SaaS company helping businesses navigate the labor market, released their national jobs report following the announcement from the Bureau of Labor Statistics that the economy added 1.4 million jobs in August with the unemployment rate at 8.4 percent.
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“Talent supply for occupations in finance and the professional and business industries is often tighter than others, but it favors those with at least a few years of hands-on experience in today’s environment of needing immediate results.”
August was the fourth highest month of job gain on record, following the previous three months of unprecedented growth from May to July. Still, tens of millions remain unemployed, and challenges will persist until COVID-19 is under control.
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“Though job gain remained at a historic level, the supply of talent varies significantly by location, industry, and experience. Practically every metro shows a relative surplus for entry-level workers seeking employment, even in some high-demand technology jobs,” said Jay Denton, SVP, Business Intelligence and Chief Innovation Officer at ThinkWhy. “Talent supply for occupations in finance and the professional and business industries is often tighter than others, but it favors those with at least a few years of hands-on experience in today’s environment of needing immediate results.”
Looking to the fall, it is hard to envision a major boost to demand for some of the hardest hit industries. Among other things, September and October are usually known for being major months for conferences, as well as the kickoff for major sports seasons. Given practically all large, in-person events have been cancelled or their capacity significantly limited, it will put more pressure on travel and other associated industries within local economies.
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