The U.S. Bureau of Labor Statistics department released their monthly jobs reports stating steady findings. The number of unemployed persons remained unchanged at 7.8 million in August, and the unemployment rate was 4.9 percent for the third month in a row. Based on these reports of a stable economy, most of the country has positive expectations for the remainder of the year which includes hiring. A recent survey asked more than “11,000 U.S. hiring managers about their hiring plans for the next three months,” and they confirmed our expectations for Q4 hiring. Take a look at their findings:
U.S. employers’ hiring plans for the fourth quarter of 2016
22% Plan to Hire
69% Plan to Keep Workforce Levels Steady
3% Are Unsure about Hiring Plans
6% Expect to Let Staff Go
Although there are several employers that are not planning to hire in Q4, there are still an impressive twenty-two percent that have hiring plans. That’s great news for the coming holiday season and for the U.S. economy. Even better news was the amount of companies expected to downsize their staff which was a low six percent. Some additional news to support the economic progress was reported by the Commerce Department a few months ago. According to a recent Reuters article, “The Commerce Department said consumer spending, which accounts for more than two-thirds of U.S. economic activity, surged 1.0 percent last month as households bought a range of goods and services.” This increase, which was noted back in April “was the largest since August 2009 and beat economists’ expectations for a 0.7 percent rise.”
With the 2016 economy improving and the Q4 hiring outlook being so positive, the study also featured “positive Net Employment Outlooks” for the below metropolitan areas. Take a look at the top ten areas.
29% Miami, Raleigh
27% Charleston, Nashville
25% Cape Coral
24% Richmond, Riverside
23% McAllen, Orlando
22% Denver, Memphis, Phoenix, Sacramento
21% Chattanooga, Deltona, North Port, Stockton, Toledo
20% Albany, Cincinnati, Portland, Providence, St. Louis
Although, the Chicago metropolitan area didn’t make the top 10 listed, it did feature a positive Net Employment Outlook of 12% along with other metropolitan areas such as Albuquerque, Bakersfield, Boise City, Madison and Virginia Beach. That’s good news for Chicago and the surrounding areas. You may even find your business has plans for hiring within the next few months too.
With all the positive momentum going with our economy, there are many things to consider when hiring before the end of the year. If you find you’re looking for more insight into these findings and how they affect your business, give us a call for a free consult. We’ll help you maximize your efforts and find the right candidate fast.
ABOUT THE AUTHOR, Ingrid Moore
Ingrid Moore is the President and Owner of Corporate Resources of Illinois, an employment & staffing agency with over 20+years’ experience located in Schaumburg, IL. Ingrid and her team assist employers with finding the right hire for their business. For more info, follow us on our LinkedIn Company Page, or follow us Corporate Resources of Illinois‘s Google+ page.