There is finally some light at the end of the tunnel as job market growth is gaining momentum, particularly in the private sector. The labor department reported an increase of 192,000 jobs in the US during the month of February. This is exciting news and economists predict the trend will continue.
So what does this mean for job seekers?
Those who have been out of work for a lengthy time are seeing increased activity and more potential opportunities than they have in quite some time. Either that or they have actually already gotten a job. I know of at least three personal friends who have been hired in the past few months.
My clients are also reporting a tremendous upswing and recruiters are busier than they have been in a long time. One of the other trends I am seeing is senior level executives who are finally peeking around the corner office to see what is out there in terms of career advancement. They are dusting off their résumés to re-enter the job market as the situation gets brighter.
While things are still shaky and not at all certain, to paraphrase Ben S. Bernanke, chairman of the Federal Reserve, there is improvement. However, it is far from a full recovery and roughly 13.7 million people are out of work and actively seeking employment.
The “hot” sectors considered to be on the upswing include information technology, manufacturing, and construction. Although improvements were seen across the board and healthcare remains strong.
If you are among those who are ready to stick your toes in the water, you need to be prepared; as more qualified candidates do the same, the market will become increasingly competitive. The unemployment rate may even temporarily rise a bit as a result. When others who have been hesitant about seeking a new career opportunity enter the arena, the marketplace may become a bit crowded in the short term.
Nevertheless, it is predicted that as companies gain a stronger foothold, employment needs will continue to rise and hiring will follow. Your best move if you are thinking about making a change is to be prepared.
Get your career documents updated and see what is out there; if you are currently employed be certain to do your due diligence when making a career move. Research companies carefully and be sure that your next step is a wise one. While the job market is encouraging, the economic challenges of the past few years still need to be monitored closely.