The Bureau of Labor Statistics shared its March jobs report recently and gains were below expectations. Typically this would be bad news for employers, but economists and companies are singing a different tune because the report as a whole is much more positive.
“Job gains are consistent with the pace prior to the brutal winter,” Mark Zandi, chief economist of Moody’s Analytics told MarketWatch prior to BLS report. “Even better numbers are likely in coming months as the weather warms.”
For example, economists at ADP predicted that private sector organizations would post 200,000 positions in March, a strong sign that the winter hiring freeze is over. March’s report found that only 192,000 jobs were created, but also explained that February and January’s low figures had to be revised up 37,000.
During a time when retirement-eligible staff members are beginning to take up a larger piece of the workforce, human resources departments may want to utilize HR software solutions to keep a close eye on what positions will need to be replenished in the near future. Especially since the labor participation rate rose last month from 63 percent to 63.2 percent, USA Today reported.
When the job market looks good, companies should also anticipate higher turnover as well.
“It’s a signal that (better job prospects) are bringing people back into the labor force,” TD Economics economist James Marple told the news source.
Professional and business services, hospitality and health care sectors played a significant role in last month’s job creation, BLS’ report noted. However, due to stagnant hiring at the government level, the number of unemployed Americans only dropped by 100,000 and the unemployment rate remained at 6.7 percent.
Companies that are looking to revamp hiring efforts in the near future may want to utilize HR software solutions to expedite the search.