The Bureau of Labor Statistics’ monthly jobs report came out recently, finding the U.S. economy added about 115,000 jobs last month, nearly double what most economists predicted. In addition, payroll was up, alongside wages.
“On the surface, the report was reassuringly solid,” writes economist Andrew Flowers. However, despite the pace of job growth, unemployment still inched up.
“By no means is this a jobs boom—far from it,” Flowers says. “But it provides evidence of labor market stability.”
In a post on LinkedIn, Guy Berger, Ph.D., senior advisor on labor markets at Access/Macro, called the news a “good, not great jobs report.” Healthcare and transportation saw big gains, he notes, while information services and financial activities reported significant declines.
The labor market continues to “show resilience at the headline level,” adds Ger Doyle, regional president, North America at ManpowerGroup, while also becoming harder to access and increasingly selective.
Entry-level hiring has also cooled, he notes, with employers focusing on in-demand roles at the senior and specialized levels.
“Employers currently hold more leverage in the labor market and are hiring with greater precision,” Doyle says.
That’s a reality that puts the onus squarely on HR, already tasked with evolving hiring to meet the demands of the AI age. As restructuring related to AI integration reshapes workforces, HR functions are not only hiring more precisely but also leaning into retention, with a focus on internal mobility and talent development.
Aly Sparks, global head of HR at talent advisory LHH and group SVP at workforce solution Adecco Group, recently told HR Executive that organizations today are driving mobility by closely examining the roles they actually need, the skills required in those roles and adjacent jobs that can enable people to move with “targeted reskilling.”
“While employers have the power right now, skills are the real value,” Doyle notes, “and access to employment increasingly depends on how closely workers align with evolving role requirements.”
Credit: Source link
