Category: Employment Report

The Big Picture

And the good news keeps on coming. U.S. employers added 850,000 jobs in June — a feat the White House Council of Economic Advisers touted as the fastest monthly job growth since August 2020. Of those, 33,000 were temporary jobs, rising from the previous two months with a 1.83% penetration rate. Leading the way in industry gains include leisure and hospitality, professional and business services, retail and trade, transportation and utilities sectors.

The national unemployment rate, however, ticked up slightly from May to 5.9% last month, according to the U.S. Bureau of Labor Statistics. This number is still relatively steep compared to the pre-pandemic’s low of 3.5%, but falls well below the high unemployment rate from April 2020.

Credit: U.S. Bureau of Labor Statistics

“Job openings are still near historic highs, the rate of quitting is still above pre-pandemic levels and employers are laying off workers at record lows,” says Nick Burner, Director of Research at the Indeed Hiring Lab. “The outlook for hiring remains bright.”

We break down what employers and job seekers can expect in Q3:

For Employers

To say it’s a competitive job market is an understatement — specifically for securing in-demand professionals like accounting and finance talent. The unemployment rate for these individuals is much lower than the national average, with most accounting and finance positions falling below 5% and professionals with a Bachelor’s degree or higher at 3.5%.

In fact, job openings on a larger scale remain largely unfilled as there appears to be a disconnect between the type of roles candidates are seeking and the positions currently available. In a recent survey by ZipRecruiter, the pandemic not only shifted where workers moved in the market but how they want to work. Fifty-five percent of job seekers want remote work opportunities, and three in 10 workers don’t intend on returning to their old jobs, according to an April report by the Federal Reserve Bank of Dallas. The extended unemployment benefits and national relief checks have also allowed people to be more selective in their career decisions.

To attract and retain top talent, employers must:

• Provide flexibility. Hybrid work environments are here to stay. In a CareerBuilder survey, 73% of professionals surveyed want flexible work options to stay — and many companies are listening. Sixty-six percent of employers are considering changing their office formats to support a hybrid workplace in an effort to meet these needs.
• Pay salaries at market rate. As open positions get tougher to fill, employers are sweetening the deal by offering candidates at market and above compensation packages. This is happening across the board, as average hourly earnings for all employees continue to gradually increase over the past couple months. Download our 2021 Salary Guide to make sure you’re properly compensating your accounting and finance professionals in your area.

Credit: CareerBuilder

For Job Seekers

Skilled candidates are using this time to expand their job search and consider any and all opportunities that might be best for them. Ask yourself these key questions to evaluate your current career path, and make any pivots or adjustments necessary to get you in the accounting role or industry you desire.

To find the right opportunity, job seekers must:

• Take informational interviews. Seeking out other professionals who are in positions, companies or industries you aspire to join is integral to your job search process. View these meetings as an opportunity to network, gain valuable insight and brush up on your interview skills. Many employers are incorporating virtual interviews into their hiring process, so make sure you are equipped to ace your next video job interview.
• Partner with a seasoned recruiter. It’s difficult to always be attuned to how quickly the market is moving and the pros and cons of each new opportunity — that’s where partnering with a recruiter comes in. These professionals make it their job to know the latest in industry and hiring trends, helping to guide in-demand candidates on interview prep, negotiating appropriate salaries and ensuring the company’s culture and values align with theirs.

Contact our team for your job search or hiring needs today!

The Big Picture

Both the S&P 500 and the Dow closed in early April at all-time highs. It was the market’s first reaction to the latest jobs report, which showed employers adding 916,000 jobs in March — the largest increase since August. The accelerating pace of hiring is leading forecasters to predict a strong economic recovery in Q2 and Q3 of 2021 that could run through 2022.

Other economic data released this month showed service sector making significant gains by surging to all-time highs in March, after months of COVID-19 driven shutdowns, stay-at-home orders and consumer caution. The Institute for Supply Management’s services index rose to 63.7 in March from 55.3 in February — far ahead of economists’ forecasts of a 59 reading. Anything above 50 points to expansion. These and other improving economic forecasts have led many analysts to raise estimates for companies’ Q1 earnings results.

 

 

 

 

 

 

 

Credit: ISM Report on Business

While lingering concerns about new variants of COVID and continued outbreaks persist, the faster than expected rollout of new vaccines (more than 3 million per day) and the encouraging news about continued declines in the number of new COVID cases have provided a counterweight.

GDP Forecast (3 month moving average)

 

 

 

 

 

 

 

 

Credit: ITR Economics

As have many economists we follow, the forecasters at ITR Economics maintained their outlook for ongoing economic recovery through 2021 and an extended rise in 2022 and 2023. ITR is projecting the following US Real GDP Q4-to-Q4 changes through 2023:

• 2021: +1.3%
• 2022: +2.5%
• 2023: +2.0%

Employment for Accounting and Finance Professionals

The economy added jobs faster than expected in March, leading to forecasts of rapid employment growth in the coming months as vaccinations increase and jobs across industries return.

Additionally, January and February had big revisions as reports were updated for January to 233,000 jobs from the 166,000 as previously reported, and February’s job growth was revised to 468,000 from the 379,000 reported. It’s clear the reopening of the economy is happening faster than most expected. Overall, the U.S. economy remained about 8.4 million jobs short of its February 2020 levels as of March 2021.

Professional and Business Services added 66,000 jobs in March 2021

 

 

 

 

 

 

 

 

Growth in service sector was the single biggest contributor to monthly job gains. Leisure and hospitality along with education made big gains in recovering lost jobs in March, reflecting easing social distancing restrictions and increased capacity limits at bars, restaurants and other establishments. Leisure and hospitality payrolls rose by 280,000 in March after an upward revision of 384,000 in February. These industries represent the hardest-hit industry category tracked by the U.S. Bureau of Labor Statistics.

Within the private service sector, education and health services positions rose by 101,000 to nearly double their February gain and professional and business service jobs posted a third consecutive monthly increase, with jobs increasing by 66,000.

National Unemployment Rate: 6%

 

 

 

 

 

 

 

 

 

 

Credit: U.S. Bureau of Labor Statistics

The unemployment rate dropped to 6% in March 2021. This is a dramatic decrease from April 2020 and is 2.5 percentage points higher than the 50-year low 3.5% unemployment rate we saw just prior to the pandemic in February 2020. The Federal Open Market Committee suggests that unemployment will return to those 50-year lows of 3.5% by the end of 2023.

The rate of unemployment for professionals with a Bachelor’s degree or higher is an important marker since most Accounting and Finance professionals fall into this category. In March 2021, the unemployment rate continued the downward trend, falling to 3.7%. This is significantly lower than the 4-6% rate of unemployment that many economists believe constitutes full employment, and explains the difficulty employers are having recruiting these professionals.

Century Group’s Forecast

For Employers

• New Realities: Competition for top accounting and financial talent is fierce. Employers need to expect a tight talent market for the foreseeable future and adjust their hiring criteria. According to the Bureau of Labor Statistics, the outlook for job growth in the Accounting and Audit field is 11% growth through 2026. In the current market, job openings outnumber job seekers in accounting and finance. Consider narrowing your requirements to the most critical.
• Rising Compensation: Expect competition and compensation for accounting and finance professionals to increase as demand for these professionals increases, the baby boomer generation retires, labor force participation shrinks and fewer accounting and finance degrees are conferred.
• Get Flexible: CPA firms have been at the forefront of flexible work arrangements and work/life balance. Traditionally known for long hours, weekends and extensive travel, many have transformed their cultures to offer flexible arrangements as a means of attracting and retaining critical accounting and audit professionals.
• Think Remote: Recent surveys have shown that up to 34% of professionals indicate they won’t return to work in an office if their company requires it. Accounting is a profession that lends itself to successful remote work. A recent McKinsey study, “What’s Next for Remote Work,” analyzed 800 jobs and 2,000 tasks and concluded that Finance, Professional Services and Information sectors have the highest potential for remote work.
• Streamlined Hiring: When you find someone that meets your criteria, don’t wait. In the current professional labor market, speed is critical in making hiring decisions. Top candidates generally receive multiple offers and perceive long hiring processes as outdated.
• Flexible Staffing: Many employers utilize temporary and interim professionals to manage skill gaps on their own teams, complete key projects and handle peak periods (month-end, annual audits, M&A integrations, etc.). Others utilize interim consultants to keep their day-to-day operations going while they conduct a search for a full-time employee.

Have a hiring need? Contact our team today for temporary or direct hire roles.

For Job Seekers

• Know Your Value: Before you launch your job search, you should have a clear picture of your market value. Accounting jobs are one of the fastest growing occupations, with the BLS forecasting a 4% growth in demand from 2019-2019. In that period, an estimated 61,700 jobs should open up. There are many resources available to help you determine your value, including Century Group’s 2021 Salary Guide for Accounting and Finance Professions.
• Get Your CPA or MBA: The world of business is getting more (not less) complex and the demand for accounting and finance professionals with advance credentials and experience is accelerating. Individuals that earn these designations place themselves at the forefront of the profession and are in high demand.
• Expand Your Network: Don’t limit yourself to easily found opportunities. Consider joining a professional association to expand your professional network. And take a call from an Executive Recruiter. Recruiters build networks and can provide you access to leading companies and opportunities that you may never learn of on your own.
• Take a Gig: Join the “gig” economy by taking on a temporary or interim assignment to gain entry to a new industry, increase your market value, develop new skills or gain more experience.

Submit your resume to be considered for one of our latest accounting and finance jobs in your area!

The theme for the start of 2021: cautious optimism.

As we turn the page on an unprecedented year, experts are looking to key indicators — including gross domestic product and the national unemployment rate — to make predictions of how quickly the labor market will continue to rebound from the impacts of the pandemic.

December’s national unemployment rate remained unchanged at 6.7%, according the U.S. Bureau of Labor Statistics, with job gains in professional and business services, retail trade and construction. But for professionals in the financial activities sector, the unemployment rate is much lower — hovering at 3.1%.

– U.S. Burea of Labor Statistics

Looking ahead to the rest of 2021, ITR’s Trends Report points to the gradual rise in the U.S. Industrial Production and U.S. Total Retail Sales as healthy signs of economic recovery. And on a larger scale, PwC Global projects the global economy to expand 5% — touting it as “the fastest recorded in the 21^st century.”

We forecast what this means for employers and job seekers in Q1.

For Employers

After experiencing a brief holiday lull toward the end of December, staffing employment has bounced back up 2.8%. In fact, staffing jobs for Jan. 11-17 were nearly 1% higher than they were the same week last year, according to American Staffing Association.

This positive trend falls in line with Monster’s Future of Work 2021 Global Outlook Special Report, which found that “82 percent of the respondents plan to hire in the New Year, and 93% feel confident they will find the right candidates.”

Put plainly: all signs indicate companies plan to do a lot of hiring this year — and are already well on their way.

To remain competitive, employers must prepare to offer accounting and finance professionals a salary at market rate, as well as showcase an attractive benefits packages and strong company culture. Top hiring trends for 2021 also illustrate a focus on remote work capabilities and flexibility as key to engaging skilled workers.

For Job Seekers

If there was any unease for job seekers in 2020, it seems that trepidation has vanished with the change of the calendar year.

Eighty percent of candidates — passive and active in their search — see themselves working at a new company within the next 12 months, according to the 2020 Candidate Sentiment Study by American Staffing Association and ClearlyRated.

Whether it’s because of or is in spite of the pandemic, a rallying optimism around future employment opportunities is evident. And job seekers need to be prepared for a crowded candidate pool as they begin to apply for new roles. Having remote work accessibility and strong soft skills are crucial to helping you stand out from your peers.

Contact our team today for your job search or hiring needs!

In a year like no other, this economic trend continuing into Q4 is a welcome one: steady growth. The U.S. Bureau of Labor Statistics reported an added 661,000 jobs in September, with unemployment dropping to 7.9%.

“These improvements in the labor market reflect continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic and efforts to contain it,” the BLS says. “In September, notable job gains occurred in leisure and hospitality, in retail trade, in healthcare and social assistance, and in professional and business services.”

In fact, the UCLA Anderson Report’s already optimistic forecast projected the national unemployment rate to hit 7.8% by the end of 2020 — a figure we’ve nearly met at the top of Q4. That number for college-degreed professionals was even lower in September, falling to 4.8% from 5.3% in August.

 

 

 

 

 

 

 

 

 

 

 

 

– U.S. Bureau of Labor Statistics

For Employers

As various sectors continue their rapid recovery, the influx of skilled accounting and finance professionals on the market for the past several months is quickly dwindling. Professional Services and Financial Activities — the two industries where our niche falls — had an unemployment rate of 6.6% and 4.4%, respectively, and demonstrates the growing demand for these candidates.

The pandemic has shifted many job seekers’ priorities, requiring companies to make the necessary adjustments to attract top candidates. Some of these include highlighting a strong company culture — one that emphasizes its employees’ well-being — and growth potential in their new role. Employers should also expect to offer flexible work arrangements when hiring in the near term.

Contact our recruiters for more candidate insights and hiring trends, so you can find the right talent to grow your team.

For Job Seekers

This hiring environment has made it imperative for workers to be adaptable. Being remote-ready is no longer a nice-to-have, but a must. And proving that you can be a productive, resourceful employee in a work-from-home setting is key to your hireability during the interview process.

For accounting and finance professionals looking to grow their resume or diversify their industry experience, taking on temporary or interim assignments is a great option. Employers are always seeking accounting and finance talent to help their management navigate uncertainty, regain financial stability and forecast the future. According to the American Staffing Association, 30% of staffing companies are reporting gains of new assignments week-to-week — illustrating how companies are turning to temporary workers to handle these responsibilities.

Check out our latest temporary and permanent jobs nearest you.

Twenty-twenty has proven itself to be a historic year in many ways — and June’s jobs report was no different. According to the U.S. Bureau of Labor Statistics, employers added a record 4.8 million jobs last month as the national unemployment rate continued its steady decline to 11.1% from April’s 14.7%.

This is the fastest employment increase in history, with 27% of lost jobs returning within May and June. And the momentum translated to other areas, as well. Staffing Industry Analysts reports that temp jobs rose by 148, 900 in June, and job postings were also up 15% from the last week in May — illustrating a broader increase in economic activity.

 

 

 

 

 

 

 

 

But as the country at large continues to navigate city and state mandates in response to the pandemic, the market’s cautious comeback requires both employers and talent to remain flexible and remote-ready in Q3.

CENTURY GROUP’S FORECAST

For Employers

In June, Business and Professional Services — the industry accounting and finance professionals are grouped — added 306,000 jobs. In fact, BLS reports of those gains, accounting and bookkeeping services added 18,000 positions last month. But as the hiring market ramps up, employers must continue to focus on the needs and ever-changing priorities of today’s professionals.

According to a recent survey by Haley Marketing Group, the pandemic has made flexibility and meaningful work even more valuable to employees. Rather than compensation, an engaging culture that prioritizes the health and happiness of its talent is critical to job satisfaction. To ensure this, companies with strong communication and transparency measures are more likely to create an environment that benefits everyone. Check out these key considerations for both employers and employees to promote a safe return to the workplace.

For Job Seekers

While the national employment rate hovers around 11.1%, that number for college-degreed workers was 6.9% in June. Credentialed and skilled accounting and finance professionals remain in-demand for employers — especially those with proven ability to successfully work both remotely and onsite.

And despite the circumstances, many employees are re-evaluating what makes an ideal career. Job seekers should seek partnership with a recruiting and staffing firm or expand their professional networks to find the best new opportunity. Now that remote work is becoming the norm, don’t be afraid to apply for work that meets your needs but is out of region. Taking on temporary assignments, which are also on the rise, can allow you to grow your skill set and professional experience.

To get hiring help or find your next role, contact our team.

Within the last several weeks, stay-at-home measures have shut down normal life in California and much of the United States. Most reports indicate a dramatic increase in layoffs that is both historic in size and speed. The pandemic has impacted nearly every facet of life as we know it — from the way we grocery shop to how we interact with one another. Schools, retail, offices and manufacturing plants have had to learn to work remote, while essential services in health care, grocery stores, distribution services and construction are seeing rapid increases in activity levels.

Overall, these developments point toward a sharp drop in GDP in Q2. According to Goldman Sachs, we can expect “declines in services consumption, manufacturing activity, and building investment to lower the level of GDP in April by nearly 10%, a drag that we expect to fade only gradually in later months.” The venerable investment banking firm is now forecasting quarter-on-quarter annualized growth rates that could hit -24% in Q2. That said, they’re projecting a rapid acceleration of the economy by as much as +12% in Q3 and +10% in Q4.

At the heart of these predictions is the general belief that prior to the impact of COVID-19, the economy was not in a recessionary phase of the business cycle. In fact, the growing consensus appears to be that economy was strong. And, assuming we don’t wait too long to restart, it will ramp back up over the remainder of 2020 and throughout 2021. Alan Beaulieu, lead Economist for International Trends Research, recently put this process into perspective: “The lights will come back on like the fluorescent lights on the factory floor… they won’t come on immediately … they’re going to flicker a bit and they’re going to come on in different parts of the factory … but they will come on. The same is true for the economy as a whole … it will come back, but certain parts of the economy will come back faster than others.”

On the employment front, the U.S. Bureau of Labor Statistics reported the national unemployment rate climbed to 4.4% in March. This represents only the beginning of the effects of social distancing measures, with ITR forecasting an increase to 15% in April and May before starting a relatively speedy decline as the country comes back to work. The March numbers showed a total of 701,000 jobs were lost, with major declines in food services, retail trade and manufacturing. Still, after a decade of record growth and demand, it appears that degreed professionals and managers in the fields of accounting and finance have been largely spared to this point — likely the result of the extraordinarily tight labor market that preceded the crisis.

CENTURY GROUP’S FORECAST

For Employers

Finance and Accounting executives have been at the forefront of the rapid transformation in the way we work — transitioning entire departments to remote work over the course of days. The challenge: learning to manage teams of remote professionals and temporary associates. Early reports of successful transitions point toward the key role of communication — setting clear expectations, providing support, holding frequent team meetings via phone and video and building new tools for maintaining productivity and accountability.

We have remote-ready accounting and finance professionals available on a direct hire and temporary basis. Contact our team to learn how we’ve helped other clients with hiring in the new world of remote work.

For Job Seekers

Is it too obvious to say that the hiring landscape has shifted drastically within the past month? But the more things change, the more they stay the same.

Great companies and great teams are still built on having great people. That’s never more true than when you’re facing a crisis. We’ve been impressed at how quickly our clients have adapted to current conditions by moving to remote work arrangements. And we’ve seen the same adaptability in the people we represent. The only constant is change. Leading companies continue to build their teams; they continue to hire, execute interim roles and complete key projects in response to the challenges they’re facing. They need great people.

Keys to success in this new environment:

• Be Remote Ready: Develop a remote work routine and work space.  Acquire and learn the necessary technology tools.
• Video: Get comfortable video interviewing.  Practice.
• Remote Networking: Let professionals in your network know you’re open to new opportunities, as well as to recruiters using LinkedIn Recruiter.
• Find a Partner: Build a relationship with a professional staffing and executive recruiting firm to gain access to a select group of hiring managers.

Submit your resume today to connect with one of our team members.

The decade closed on a high note for the U.S. economy — capping off 11 years of consecutive job growth with the creation of more than 2.1 million jobs in 2019. In fact, employers added a solid 145,000 workers in December, while the unemployment rate remained unchanged at a record-low of 3.5%.

Economists expect the pace to continue its cool down in 2020, projecting an average fall of 25,000 jobs created per month, according to The New York Times. Wage growth is also an area of concern, as the average increase within the last 12 months was just 2.9% compared to 2018’s average of 3.3%.

But for job seekers, 2020 is rife with opportunity. The U.S. Bureau of Labor Statistics reported the unemployment rate for college-degreed workers tumbled well below the national average last month to a mere 1.9% — illustrating the continued value of skilled and credentialed workers in a candidate-driven labor market.

December 2019 Unemployment Rate: 3.5%

Source: BLS

CENTURY GROUP’S FORECAST

For Employers

Top hiring trends haven’t changed much in the past few years, highlighting the fierce competition for workers in a tight labor market. And for employers, perfecting the candidate experience is everything. From offering competitive salaries to engaging candidates with a strong sense of your company’s brand and culture, buying into these key areas will encourage professionals to buy into you.

“In a world of increasing transparency and corporate accountability, a strong company culture is no longer a nice-to-have — it’s a business imperative,” explains Glassdoor. “For one, company culture has a significant impact on a company’s ability to recruit and retain top talent.”

The looming recession also has employers preparing for candidate pools to widen, but maybe not with the caliber of skill they’re used to. Loosening job requirements and hiring for potential is a mantra companies should embrace. Seek candidates that exhibit soft skills like adaptability, willingness to learn and problem solving experience — these abilities will be key to your business’ future success.

Look out for the 2020 Salary Guide for more hiring trends and comprehensive salary data to help you attract accounting and finance professionals in your area.

For Candidates

Sure, job seekers hold more of the power in today’s hiring dynamic. But a slowing economy and the allure of a new year makes competing against your colleagues challenging, even for the most qualified applicants. Streamline your resume to include key words the job description asks for and tailor your cover letter to the specific role. Be sure to highlight your software skills and quantify how you’ve added value in your previous positions.

It’s also imperative to look beyond traditional job search sites when finding the right career move for you. The start of the year brings many networking events to get on your calendar, and don’t be afraid to reach out to former colleagues or LinkedIn connections to ask for references or leads. For those looking for a speedier, more specialized search, partner with a staffing and recruiting firm to find roles not listed on job boards or that meet your specific criteria.

Not sure where to start? Check out some of our latest jobs nearest you or submit your resume today to connect with one of our recruiters.

Q4 comes on the heels of record unemployment for September: 3.5% — the lowest it’s been since December 1969.

Job growth continued to trend downwards, however, with the U.S. Bureau of Labor Statistics reporting that employers added 136,000 jobs last month. This remains in-line with 2019’s average pick-up of 160,000 jobs for the first nine months of the year.

Compared to 2018’s monthly average of 223,000 jobs, the story is clear — the economy may still be expanding, but at a slower rate. Both the manufacturing and retail sectors continued to shed jobs for a second consecutive month, while economists fear the trade war with China is causing wage growth to stall.

Still the outlook for accounting and finance professionals remains distinctly positive. Education and health services and professional and business services led the way in job creation — together adding a combined 73,000 jobs in September. The unemployment rate among college graduates also fell to 2%, illustrating the strong demand for skilled professionals in a tight labor market. For accounting and finance professionals, it remains well below this rate.

September 2019 Unemployment Rate: 3.5%

Source: BLS

CENTURY GROUP’S FORECAST

For Employers

We saw wage growth tumble from 3.2 percent to 2.9 percent last month, even as the national unemployment rate dropped. Some economists attribute this to businesses playing it safe in response to the cooling market. But employers must remain competitive when it comes to offering top candidates great pay, benefits and career development opportunities. This is especially true in high-demand professions, including accounting & finance, healthcare, science, technology, engineering and mathematics.

In fact, The Science of Care’s recent study reported “60% of workers who said they felt cared for plan to stay with their companies for three or more years.” This can encompass everything from a strong benefits package to providing training and an inclusive company culture. Ninety percent of participants who feel cared for are also more likely to recommend the company to others, and can function as a strong recruitment strategy.

For Candidates

In today’s strong labor market, accounting and finance professionals with MBAs, CPAs and specialized skill sets are increasingly valuable — especially with more open roles than job seekers. Many employers cite lack of available skilled employees as their No.1 concern, and are turning to temporary professionals to complete key projects and fill roles on an interim-basis rather than investing in a permanent hire. BLS reported temporary employment edged up 0.3% in September from the previous month.

Use this trend to your advantage.

Exploring temporary employment opportunities is a lucrative route to explore different roles and find the best fit for you. If you’re looking for something specific, partnering with specialized staffing finance firms can help expedite your search by connecting you with positions that best meet your criteria.

Submit your resume or contact us today to help with your hiring needs.

May’s lackluster 72,000 added jobs indicated what many had feared — the economic slowdown is here. But if June’s encouraging bounce-back showed anything, we’ve staved off that reality for a bit longer.

The Labor Department reported 224,000 jobs were created last month and helped to close Q2 on a strong note. The unemployment rate’s slight rise from 3.6% early in the quarter to 3.7% is also a positive marker, according to the The New York Times. And actually illustrates the influx of people participating in the U.S. workforce rather than a warning of something more dire. For college-degreed individuals, unemployment remains at 2.1%.

Signs that wage growth is beginning to slow are also apparent. Hourly earnings rose only 3.1% percent within the last year — barely missing market expectations of 3.2%.

Source: BLS

UNEMPLOYMENT RATE DOWN FOR FINANCIAL PROFESSIONS

One thing is evident: the demand for accounting and finance professionals remains in full force. According to The U.S. Bureau of Labor Statistics, unemployment for accountants and auditors dropped from 1.8% to 1.5% at the end of Q2 — falling well below the national unemployment rate and those with a Bachelor’s degree and higher.

Here’s the unemployment breakdown by roles:

• Accountants and auditors: 1.5%
• Financial managers: 1.2%
• Financial analysts: 1.4%
• Bookkeeping, accounting and auditing clerks: 1.8%
• Billing and posting clerks: 1.0%

CENTURY GROUP’S FORECAST

For Employers

ITR Economics’ Trends Report foresees an optimistic outlook for the U.S. Private Sector within the next couple of years: employment will rise through at least 2021. Yes, the pace is expected to slow as we head into the last quarter of 2019 and into next year. But companies should resist the impulse to reduce their teams, as today’s tight labor market continues to make it difficult to replace employees.

Bottom line: Employers should continue courting candidates. Focus on offering competitive salaries, remaining engaged throughout the hiring process and presenting job offers quickly.

For Candidates

Now is a great time for job seekers to explore their options. Evaluate your current role — are all your needs being met? Networking with colleagues and other professionals can help introduce you to new positions that are a better fit.

But remember: when considering a new role, it’s important to remain a courteous candidate. Practicing flaky and rude habits like “ghosting” can have long-term effects on your career.

Download your copy of our 2019 Salary Guide for more employment trends and insights.

Q1 ended on a high note — painting the picture of a healthy job market as March came to a close. February’s disappointing 20,000 jobs even edged upward to a revised 33,000, while the Labor Department reported an impressive gain of 196,000 jobs last month.

These figures surpass most economists’ expectations as the threat of a slowing economy appears to be abated for now. But growth is moderate, especially in comparison to last year’s stellar numbers. According to The New York Times, 2018’s high job production rate wasn’t sustainable long-term, and strong hiring in several sectors — including professional and business services — is a positive sign for the U.S. labor force. Pay increases also indicate continued economic expansion, with hourly wages reported as 3.2% higher than last March’s.

UNEMPLOYMENT RATE REMAINS STEADY

Source: BLS

The Bureau Labor of Statistics reported the unemployment rate remained at 3.8% in March, while the number for college-degreed workers shrunk from 2.2 to just 2 percent. This number is even lower for accountants and auditors. For Q1, BLS reported the unemployment rate at 1.8% .

Here’s the unemployment breakdown by roles:

• Financial analysts: 1.0%
• Financial managers: 2.3%
• Accountants and auditors: 1.8%
• Bookkeeping, accounting and auditing clerks: 2.0%
• Billing and posting clerks: 1.2%
• Compliance officers: 0.8%

Bottom line: Skilled and credentialed financial professionals remain in-demand, as employers continue to compete for top talent.

CENTURY GROUP’S FORECAST

For Employers

The story hasn’t changed much. For employers, a tight labor market and a low, steady unemployment rate translates to more hiring and recruiting challenges as we move into Q2. To stand out, showcase aspects that are attractive to today’s talent: engaging company culture, competitive compensation packages and roles that offer growth and mentorship opportunities.

Companies seeking candidates with specific skill sets should consider the help of staffing and recruiting firms that can help identify professionals with the right background.

For Candidates

This candidate-driven market has given job seekers an edge. Your skills are a valuable resource — use that to your advantage.

Take the time to weigh what factors are most important when identifying your next career opportunity. Is work-life balance a priority? How about benefits and perks? Make sure you address these areas during the interview process, so you can find the best position — and company — for you. Becoming a temporary worker is also a profitable way to experience different roles on a more flexible schedule.

For those candidates who want to make themselves even more attractive to employers, consider upskilling. According to our 2019 Salary Guide, accounting and finance professionals with CPAs and MBAs are the most sought after. Improving your soft skills is also an option for job seekers looking to get ahead, and can be applied throughout your career.

Download our 2019 Salary Guide for more industry trends and insights, or contact our team to help with your hiring needs.