The job market is on fire! If you’ve been considering looking for a new job, think about it no more. There’s never been a better time to change jobs. The market is red hot and you’re in demand. With the changes to the corporate tax laws, this isn’t likely to change anytime soon.
What we know
I’m going to share and interpret some recent data from the Bureau of Labor Statistics. These are the folks we turn to for information on the job market. I’m doing this because I want you to feel a level of confidence you probably haven’t felt in a while. If you’ve been sitting in the same cubicle for 5-10 years, guess what, everything has changed. Seriously, it has! You’re a hot commodity now and should feel on top of the world. Let me prove this to you.
The Bureau of Labor and Statistics loves charts and tables. Most of us don’t. I’ll break them down for you.
Job competition is way down. Way, way down.
The competition for open positions has been dropping like a rock for the last eight years. In other words, the lower the number, the less competition you have. Now, if you look too hard at this chart, you might say, “Wow! There’s only one person looking at any given job and that could be me!” Well, that’s not exactly what it’s saying as not all positions are equal. However, the trend for the current job market should certainly tell you that there’s less competition on average for each position.
The days of being unemployed for six months in this job market are gone.
This chart is complicated. However, if you look at the neon green line you can see that number of people who were previously unemployed for 27 weeks or more (e.g. 6 months) has fallen from roughly 7 million to about 1.5 million over the last eight years.
This means the number of people who find themselves unemployed for that incredibly long period of time is about 4.5 times less. 4.5 times less! Amazing. This is another great indicator that if you are looking for a new job, it probably won’t take as long as it did in the past in the present job market.
So what industry are you in?
The good news is, it probably doesn’t matter. Over the last 6 months, employment in nearly every industry has grown.
This isn’t the case for the information industry. But, this is a bit deceiving as the industry “information” includes a wide variety of jobs types. For example, it includes the television and movie industries as well as web hosting. The bottom line is that if you happen to be in the technology sector, and I know many of you are, job opportunities have never been better in the 2018 job market.
For example, the outlook for Computer and Information Managers is 12% job growth, faster than the average.
Certain industries are poised for amazing growth
Every industry is poised for a month over month employment improvement as can be seen below.
This chart also tells us that on average what individuals in those industries can expect to be paid. But, don’t focus on that. Focus on the position of the dots horizontally.
What do the four dots furthest to the right tell us? Well, they tell us is that the following industries that will be scouring the country looking for talent. That is great news if you are in the following industries.
- Education and Health Services
- Leisure and Hospitality
- Professional and Business Services
So what does all this data really mean for you?
Fist, it means there’s never been a better time to look for a job or change jobs. The job market is amazing. So much so, that this months edition of Fortune magazine tells us that in many cases, companies are hiring the same day before candidates escape and are even relaxing some policies regarding drugs such as marijuana use where the law allows.
Second, it means your resume, your cover letter (email) and your interviewing skills need to be top notch.
Every employer is going to run first to check out your LinkedIn profile, it needs to be amazing and better than your competition.
So, if you want an amazing LinkedIn profile, and don’t want to spend a lot of time working on things that really don’t matter, download this free resource.
In it, I tell you how to focus on just those aspects of LinkedIn that will make an immediate impact.
- Using LinkedIn as a 24/7 career manager
- Branding yourself
- The advantages of going Premium
- How to look for a job without appearing that you are looking for a job
- What metrics you should monitor
- What groups to join
- How to become a LION and grow your connections astronomically
Take care till next week,
P.S. Feel free to share this email