In January 2023, data from the U.S. Bureau of Labor Statics shows that the employment situation in the US continued to improve. Unemployment continued to drop even further to 3.4%, the lowest rate in 54 years. This job growth can be traced back to several industries, including leisure and hospitality, professional and business services, health care, and government.
The 3.4% unemployment rate is approximately equal to 5.7 million persons. Diving further into this slight unemployment decrease, people who are jobless for less than five weeks decreased to 1.9 million in January. People that are unemployed for 27 weeks or more remained around 1.1 million. We’ve created a graph visualizing employment change by industry, it can be observed below.
A Competitive Hiring Environment
As the unemployment rate drops, the number of people actively searching for a job continues to decrease. This means the hiring environment is getting more and more competitive, making it difficult for companies to hire the talent they need. To counteract this, companies must optimize their hiring efforts to stand apart from their competition. Increasing your applicant number can be done in several ways, including a competitive compensation package, improving job titles and descriptions, and utilizing programmatic advertising solutions.
The AcquireROI programmatic advertising platform allows its users to integrate all, some, or none of their jobs directly into Easy Apply, increasing clicks by an average of 12%. It also allows your team to automate the buying of job ads across hundreds of job sites. Our platform goes even further to pass applicants directly into your ATS, allowing your team to focus on hiring. Reach out to our team today to learn more about how AcquireROI can get you the hires you need!
Bureau of Labor Statistics January Data https://www.bls.gov/news.release/empsit.nr0.htm