More Good News for Job Seekers This Month
According to a recent jobs report by the Bureau of Labor Statistics, July was another booming month for the hospitality job market.
Hospitality & Leisure, one of the 10 largest industries in the United States, continues its exponential year-on-year growth by adding over 40,000 jobs in the month of July, the most jobs added to the restaurant and hotel industries in the last 9 months.
The hospitality sector that experienced the most significant growth last month was in restaurants/food and beverage, made up over 26,000 of those new jobs added. In total, the restaurant industry has risen by 128,000 so far in 2018 and by over 200,000 in the past year.
The national unemployment rate dipped back down below 4% in July to 3.9%, and overall wage growth stayed relatively unchanged from the previous month (although up 2.7% from the previous year).
According to the latest Jobs Openings and Labor Turnover Survey, the hospitality job market remains “tight” with more open jobs than available candidates. The most recent statistics cite nearly 900,000 open jobs across the hospitality & leisure industries, with the highest job openings rate occurring in the restaurant/food industry. Overall, the number of available candidates per job opening is currently at 1.77. For comparison, in 2009 just after the Great Recession in the US, there were nearly 10 candidates for each open position.
These healthy numbers are good news for job seekers and professionals in the hospitality industry who may be on the job hunt for new opportunities or ready to advance into a higher position. Here’s a round-up of the most updated career advice from Hcareers on how to take advantage of the current job market to advance your career:
- 5 Ways Job Seekers Benefit From a Tight Labor Market
- 10 Things Job Seekers Should do in a Tight Labor Market
- 5 Ways to be a Stronger Candidate on Hcareers
- Why Job Hunting is Good for You