The July 2016 labor market stats from the Bureau of Labor Statistics showed a strong month of job growth that exceeded expectations. Here’s an overview:
MORE JOBS!
☑ We added 255,000 new jobs in May and June – 18,000 more than previously estimated. with gains in retail trade, construction, and health care.
☑ The unemployment rate didn’t change. It remains at 4.9 percent as more people entered the labor market.
MORE TAKE HOME PAY
Although it may seem small, average hourly earnings increased eight cents and workers put in more hours. The average year-on-year gain stands at 2.6 percent, and the average workweek increased by 0.1 hour to 34.5 hours. This is the most since January 2016 and should boost take-home pay for many.
WHICH INDUSTRIES HIRED THE MOST?
- Retail: 14,700 more jobs
- Leisure & Hospitality: 45,000 more jobs.
- Temp or Contract Roles: 17,000 jobs.
The biggest winners? The Healthcare & Social Assistance sector with 48,800 jobs and the Government sector with 38,000 jobs.
WHAT THIS MEANS FOR JOB SEEKERS
There are more jobs to be had but steep competition as more people venture into the job market now that hiring is in full force.
THREE TIPS TO MAXIMIZE YOUR EARNING POTENTIAL
#1 Write for Online Readers
Online resume reading, not print reading, is the norm, and small screen, online reading is fast on its heels. Your resume must be easy read on a screen of any size. Do this by:
☑ Keeping bullets to about two lines on a standard laptop screen
☑ Selecting sans-serif fonts (i.e. Arial, Tahoma, Calibri)
☑ Keeping at least .5 pts between each bullet.
TIP: Read your resume on your handheld – see if you can read the salient points in less than 10 seconds.
#2 Remember that Numbers Speak Louder than Words
Numbers are more compelling than words when it comes to resume reading. Wherever you can quantify an achievement, do so. Having trouble translating successes into quantifiable achievements? Ask yourself:
☑ Did I save money?
☑ Did I save time?
☑ Did I contribute to the company’s bottom line?
☑ Are people happier because of me and by how much?
#3 Results v. Responsibilities
Ask yourself when/if you walk(ed) out the door what you are/were proudest of…and lead off with it when describing each role.
Skim readers often never make it past the first bullet when reading about a role – make sure your response to a proud moment is the first thing they see.
TIP: Read just the first bullet under each job description on your resume to confirm it showcases achievements only you could have achieved.
YOUR BEST SHOT AT TOP PAY
Now that more folks are jumping into the job market and even more are on the job search bandwagon, the hope is that people will see a bump in pay industry-wide.
Let’s hope this happens sooner rather than later but until then put your best foot forward to maximize your shot at top pay!