As of December 2019, the United States unemployment rate was at 3.5 percent and the number of unemployed persons was at 5.8 million. A year earlier, the jobless rate was 3.9 percent, and the number of unemployed persons was 6.3 million. Generally, the ideal unemployment rate is 4.5 percent.
What does the current unemployment rate mean for Job Seekers?
Are you looking for a job? If so, this is a great time for you to be on the job hunt! We are currently in a job seeker’s market. Now is the time to get out there to review the plethora of jobs that are available. Since fewer people are looking for a job, you will most likely have more job offers to choose from.
Conversely, employers may have trouble with their hiring since we are in such a tight labor market. Since job seekers have their choosing for whichever position they are most interested in, retaining the best talent is becoming more difficult for companies. They may see more job-hopping occurring, and there is a higher level of competition.
What to expect during your job search process
Ray Bixler with U.S. News & World Report gives some tips of what you can expect in our current job seeker’s market.
If you are just beginning your job search or have been in the market for a while, GeoSearch can help you to find the right fit. We offer free resume reviews and can help you to find a position that is a great match. Contact us today or view our job openings to start your search!