Economic Outlook

The U.S. labor market remained extremely tight throughout 2022. According to the Bureau of Labor Statistics, 4.5 million jobs were added in 2022 and unemployment was at 3.5% for December, which is a significant drop from when it historically peaked at 14.7% in April 2020. The current unemployment rate, on track with pre-pandemic levels of 3.5%, is expected to increase as the coming 12 months unfold. According to the jobs report, hourly earnings increased by 5.1% on average over the last year. Additionally, the labor force participation rate in December was 62.3% and remained roughly the same throughout the year.

COVID-19 Recession

The coronavirus pandemic has caused significant hardship to the U.S. economy. From the very beginning of the crisis, the labor market was severely disrupted, sending the unemployment rate to record highs and causing millions of Americans to leave the labor force. Congressional Research Service data shows, that in April 2020, the unemployment rate reached 14.8%—the highest rate observed since data collection began in 1948, and nonfarm payrolls shed 22.1 million jobs between January 2020 and April 2020. Many individuals left the workforce over this period, and by April 2020 the labor force participation rate declined to 60.2%, a level not seen since the early 1970s.

Whether you are the interviewer or the interviewee, it is important to be prepared for the conversation by having solid questions to ask the other person. If you are the hiring manager, aside from asking a candidate questions about their background/resume, the job itself, and how they will succeed in the position, it is just as important to get a good idea of how one will perform in the workplace and how they will handle certain situations. Asking these types of questions can give you an idea of how one responds/reacts to successes or failures within the workplace.

2020 was a transformation year, to say the least. The COVID-19 pandemic, economic recession, and social justice movements are all forces that changed today's employment landscape and will shape the way we work in the future. Check out our infographic for workplace trends and changes we can expect to see this year and beyond.

Diversity, equity, and inclusion are more than just trends; they are imperative for all organizations. In 2020 the world learned, listened, and talked about diversity and inclusion and in 2021, people are taking action which will have a long-lasting impact. Last year, in response to social justice movements and protests, organizations all over the world addressed and made plans to tackle important DEI issues in the workplace. 

The COVID-19 pandemic has undoubtedly affected the labor market and economy in numerous ways. Despite many organizations having the difficult task of laying off or furloughing employees, there are companies actively hiring. And hiring top talent right now is more crucial than ever. While millions of individuals continue to work from home, interviews and hiring decisions still need to be made. Hiring remotely does present its challenges, especially for employers who are navigating this experience for the first time. You may be hesitant to hire someone who you’ve never met in person. At JOHNLEONARD, in addition to in-person interviews, we have experience conducting video interviews and screening candidates.

Below are tips, we as staffing professionals, have found successful when conducting virtual interviews. Try these steps the next time you conduct an interview remotely.

Are you on the job hunt and looking to get some of the latest recruiting facts? Our infographic includes updated recruiting statics you should keep in mind when job seeking!

Wrapping up the end of a recession-free decade

The U.S. labor market in 2019 can be described as historically record-breaking.  It surpassed Economists' predictions, reflected a surge of strength, and has been the greatest job market since the late 1990s. For an entire decade, the first time in history, there was no report of an economic recession. The unemployment rate in December 2019 dipped to a half-century low (3.5%), the lowest it’s been since September 1969. And the economy has been stable and steady for 126 consecutive months, adding thousands of jobs in a variety of sectors, including health care, professional and business services, manufacturing, transportation, and much more.

Beginning a new job is a big change and can be overwhelming. Many people feel nervous before their first day, wondering if they will fit in with the company culture and get along with their new colleagues. During a new hire’s first few weeks it is important that you, as a supportive employer, help ease the transition into their new position and the organization. For advice on how to make your newest employee feel welcome and comfortable, consider these six points.

Passive job seekers are those who are not actively looking for a job but may be interested in a new opportunity if it were to present itself. As a result of the lack of qualified candidates for open positions, employers have started to target passive job seekers in order to fill critical jobs. A report from Indeed stated, 70% of workers are not actively looking for a new job but would be willing to discuss the possibility if an opportunity emerged. Although the number of passive job seekers is astonishingly high, typically organization’s hire from the active candidate pool, as the recruitment process is geared towards those actively seeking employment.