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May 16, 2023
May 2023
3.4%
The U.S. economy added 253,000 nonfarm jobs in April, as the unemployment rate decreased slightly from 3.5% in March to 3.4% in April. The unemployment rate has ranged from 3.4% to 3.7% since March 2022. Both the labor force participation rate (62.6%) and the employment-population ratio (60.4%) were unchanged in April.
Notable Gains
- Professional and Business Services: +43,000
- Health Care: +40,000
- Leisure and Hospitality: +31,000
- Government: +23,000
- Social Assistance: +25,000
Employment was little changed over the month in other major industries, including construction, manufacturing, wholesale trade, retail trade, transportation and warehousing, information, and other services.
US Consumer Confidence Declined in April
The Conference Board – April 25, 2023
The Conference Board Consumer Confidence Index® fell in April to 101.3, down from 104.0 in March. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—increased to 151.1 from 148.9 last month.
AI in Hiring and Evaluating Workers: What Americans Think
Pew Research Center – April 20, 2023
Sixty-two percent of Americans believe artificial intelligence will have a major impact on jobholders overall in the next 20 years, but far fewer think it will greatly affect them personally. People are generally wary and uncertain of AI being used in hiring and assessing workers.
US Small Business Sentiment Slumps to More than 10-Year Low
Reuters – May 9, 2023
U.S. small business confidence fell to more than a 10-year low in April on worries about the near-term economic outlook and persistent worker shortages, but there were few signs that businesses were having difficulties accessing credit.
Demand for Recent College Grads Hits Highest Level in Three Years
ExpressPros.com – April 26, 2023
Fifty-six percent of U.S. hiring managers say they plan to include recent college grads in their 2023 headcount, marking the highest level in three years as companies look for more entry-level talent.
With companies reporting intentions to hire for entry-level positions in 2023, it may explain why the interest in college graduates continues to climb, as 51% of hiring managers reported plans to hire recent grads in the first half of 2022, and now 56% report the same intentions for 2023. Read more at ExpressPros.com.
Social Media Integral to Recruiting as Most Businesses Use It to Source, Research, and Screen Candidates
ExpressPros.com – May 10, 2023
Social media could be a standard recruiting tool for U.S. companies as a majority of hiring managers report they currently use it to source, research, and screen applicants.
Roughly 2 in 5 U.S. hiring managers (41%) feel social media sites are among the best places to source candidates, and 7 in 10 companies (70%) report they utilize them to research potential job candidates. However, only 17% research every candidate this way. Read more at ExpressPros.com.
