Across the nation, the unemployment rate has gone down. Now it is time to expect to see or experience a tough competition to fill roles across U.S. companies in various industries for Q4. This positive news across indicates a resilient employment market, and a small labor pool.
In looking at specific progress, the net employment outlook is down from Q3, coming to be at a +33%. Demand is high, and hiring needs show no sign of slowing down in Q4. Additionally, the unemployment rate is at a low 3.7%. As more candidates are competing for roles, more companies will be competing for the talent out there. The technology industry has the strongest outlook in hiring, rising to +56%, followed by banking / finance/ real estate with 42%.
All in all, with the pool of candidates shrinking, companies need to look at best practices in hiring and/or keeping the talent they currently have. The U.S. employment outlook remains strong for Q4, as the total percentage of those unemployed has drastically shrunk. As employers in all sectors are expected to be hiring in Q4, the IT industry has the strongest outlook. Companies now more than ever need to improve their hiring skills to keep up with competition.