The job market is still incredibly strong, as evidenced by the significant increase in employment in May. Economists predicted 190,000 jobs, but the actual number was 339,000, surpassing expectations. This trend has been consistent throughout the year.
The job gains were observed in various sectors, including professional and business services, government, healthcare, construction, transportation and warehousing, and social assistance. This diversity indicates a robust job market.
Over the past 12 months, there have been consistent monthly average gains of 341,000 jobs, debunking concerns of a job market decline. Specifically, employment in professional and business services increased by 64,000 jobs in May, with an additional 43,000 jobs in scientific and technical services.
Government employment also saw a significant increase of 56,000 jobs in May, exceeding the average monthly gain over the last 12 months. However, government jobs are still below pre-pandemic levels.
While these positive indicators suggest a hot job market, there are also negative aspects to consider. The unemployment rate rose by 0.3% in May, indicating that more individuals were unable to find jobs. Additionally, around 3.7 million individuals working part-time still desired full-time employment.
Another concerning statistic is the number of individuals who want a job but are not actively looking for one, which remained at 5.5 million in May. This group is not considered unemployed, but they still wish to work and face obstacles preventing them from doing so.
Furthermore, about 1.5 million individuals were in the workforce but not available to work. Among them, 422,000 were discouraged workers who believed no jobs were available. This highlights a common sentiment among job seekers, which could be contributing to the high number.
Despite job gains in various sectors, overall employment levels are still below pre-pandemic levels, potentially impacting the availability of full-time job opportunities.
Considering this mixed scenario, it's crucial to prepare yourself for various economic and employment circumstances. Even if you're not currently working or don't want to work, the events unfolding will likely have an impact on your financial situation and the purchasing power of your income due to rising inflation and the possibility of a recession.
To achieve the just-right balance, it's advisable to develop multiple income streams. This will provide a safety net in case of reduced hours, difficulty finding full-time employment, or other challenges in the job market. Throughout the month, we'll feature interviews with individuals who have successfully created additional income streams to protect themselves from job losses, layoffs, or economic changes.
These individuals have built side businesses, developed products or services, and found remote work opportunities to diversify their income and safeguard their financial well-being. Join us in the upcoming episodes to gain valuable insights and learn from their experiences.
To explore further creating multiple income streams, visit www.CamilleAttell.com and click on the "Free Training" option in the menu bar. There, you'll find a one-hour training session that will provide you with ideas, resources, and optimism about reinventing yourself for remote work opportunities.
Stay tuned for the next episode, where we'll introduce you to one of the incredible individuals we'll be featuring this month. See you then!
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