Economic Update: Growth in Hiring and Paychecks

By: Fred Coon, Chairman, CEO

The December 2014 Economic Update report from CareerBuilder shows a continuing trend of positive signs for the economy from the November report. Hiring is on the rise; is your job search campaign and personal brand fully prepared and polished to be the candidate that gets hired?

Unemployment Rate Held Steady

The jobless rate for November 2014 remained at 5.8%. However, this number is an average of those unemployed, and there is a quite a difference between categories of job seekers. Those with only a high school diploma have an unemployment rate of 8.5%; whereas, job seekers with a bachelor’s degree or higher have an unemployment rate of 3.2%. Education is a key factor when companies are hiring. Overall, though, the projection for the unemployment rate is expected to decrease in the next update, as shown in the chart below.

Hiring Industries

Some job sectors are showing more job gains than others. The Manufacturing sector showed a significant increase in hiring for the past month than it has for the past year, adding 28,000 new jobs. The Professional & Business Services’ industries saw the most job growth followed by the Retail sector, which is a common trend for retail services during the holiday season.

As a job seeker, your skills and knowledge can translate into any of these sectors. You can tailor your resume and interviewing skills to showcase how you can add value to a company in any industry. Whether you’ve been in one or two particular sectors for your career path, consider another sector that is having positive job gains as this could be the opportunity you are looking for.

Healthy Paychecks

The latest report showed that the average hourly wage increased 0.4%. Not only have companies increased hiring, but they have also slightly increased their pay rates. This is good news for putting more money into people’s pockets and then back into the economy. Companies are also approving additional hours for employees, which has led to an increase in paychecks.

You don’t have to take the next available position that is offered to you and accept a lower pay level. If you are interested in the position, make sure your interview and negotiation skills are beyond exceptional, and you’ll get the salary you deserve. Companies are willing to pay those who demonstrate exceptional Value-Add propositions.

This December 2014 Economic Update report shows that all sectors are adding jobs. As a job seeker, how are you tailoring your resume or WebFolio to showcase your skills and expertise to get one of these jobs? Stewart, Cooper & Coon can help you manage your job search and land that executive-level position. Learn more about us through our LinkedIn page.

*Data Source and Use Notifications: The December 2014 Economic Update is generated by Careerbuilder.com along with permissions from other sources. No person, company or entity may sell, transfer or assign the report or any of the data provided in same to any third party without the express written authorization of Stewart, Cooper & Coon. No person, company or entity may remove or modify any branding, marks, copyright or trademark notices, or any other notices or disclaimers set forth in any of this data or report without Stewart, Cooper and Coon prior written consent, or otherwise modify the data or the contents of this data or this report in any way so as to falsely or otherwise misrepresent its content. Data and graphs supplied by CareerBuilder.