The latest jobs numbers are out from the federal government. What do they mean for job seekers and employers? Here’s a quick take from Glassdoor.
Today’s report is solid and shows continued steady improvement. Though 223,000 jobs added in June fell slightly below most economists’ predictions, the numbers still point to a strong labor market. In other good news, the unemployment rate continued to decline from 5.5 percent to the expected 5.3 percent in June.
Wage growth continues to be something we’re closely monitoring and falls just short of our predictions, with average hourly wages up 2 percent in June. However, at Glassdoor, we are seeing a bigger trend in the labor market toward total compensation including benefits and workplace perks. For example, Glassdoor’s Q2 2015 Employment Confidence Survey found that two-thirds (61 percent) of employees (who reported a positive change at their company in the past six months), were awarded new perks, new stock or other compensation over the last six months, up 10 percentage points since last quarter.
One flat note in today’s report: the number of sidelined workers remains at 6.1 million and the labor force participation rate declined to 62.6 percent from 62.9 percent last month. As Chief Economist Andrew Chamberlain mentioned in his June jobs report expectations blog post, retiring Baby Boomers and younger generations staying in school longer contribute to a stagnant labor force participation rate.
Along with healthy jobs growth and a declining unemployment rate, Glassdoor’s quarterly Employment Confidence Survey found the majority (52 percent) of U.S. employees (including those self-employed) are confident in the job market – the first time since 2009 that this indicator has reached or surpassed 50 percent.