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Millions of college seniors are donning their caps and gowns this week to walk across the Official king Charles III Coronation tShirt also I will do this stage and grab their hard-earned diplomas. They’ll also be walking into a labor market that is very much in flux, with some bright spots for employment opportunities alongside some toppling of expectations. Jobs growth last month beat analysts’ expectations in numbers released on Friday. Nonfarm payrolls increased 253,000 for April, more than the estimated growth of 180,000, according to the Bureau of Labor Statistics. The low unemployment rate edged even lower, from 3.6% to 3.4%. But the report was the latest in a host of mixed signals about the health of the job market awaiting new graduates. Earlier this week, the latest Job Openings and Labor Turnover Survey for March showed new positions in the U.S. falling for the third consecutive month. Openings were down 384,000, the lowest level since April 2021. In an April survey by the National Association of Colleges and Employers, an industry group for recruiters and higher ed professionals, businesses said they expected to hire 4% more graduates from the class of 2023 than they did from the class of 2022. But that was a drastic decline from the group’s December projection of about 15%. Then, the ADP payroll report said private businesses added 296,000 jobs in April, more than double that of the previous month. Experts said a combination of factors got us here. Some industries, like the tech sector, have felt the brunt of the 10 interest rate hikes the Federal Reserve has implemented since March last year. In other areas, while the economy has generally recovered from the pandemic disruption, employers can’t find enough workers. “There still are sectors and enterprises that are having trouble getting the workers they need, and all one needs to do is travel in the United States to experience that,” said Mark Hamrick, senior economic analyst for Bankrate. Those sectors include health care and leisure and hospitality, which posted gains in Friday’s job report by about 40,000 and 31,000 openings, respectively. Gabbie Ferron, 22,
will have a position waiting for her when she graduates from the Official king Charles III Coronation tShirt also I will do this University of Portland in Oregon on Sunday with her nursing degree. Ferron applied for the nurse resident opening at nearby Legacy Emanuel Medical Center one day in mid-April, received a call to interview for the role, and was hired the day after her interview. The process lasted all of two weeks. “It is, like, shocking,” said Ferron, who will participate in an 18-week apprenticeship at the hospital before becoming a registered nurse. It was the only job application she completed, and she agreed to take the night shift for an additional $6 per hour. Gabbie Ferron.Courtesy Gabbie Ferron A report released Tuesday by the recruiting software company iCIMS found that the class of 2023 expected an average salary of about $66,500, more than $8,000 higher than what employers expected to pay entry-level employees but lower than the previous year’s expected pay of $70,000. Ferron declined to say what her full pay rate will be, but said it was “more than I was expecting” and was “very comparable to all the other hospitals around here.” “I was stressed because every week in class, my nursing professors would be like, ‘OK, who has jobs?’” said Ferron. “And even in February, March, like half the class already had jobs.” A recent state-commissioned study showed that Oregon, like much of the country, is contending with a shortage of registered nurses. It would need to fill at least 13,500 positions to meet the need, the report said. Recommended BUSINESS NEWS Warren Buffett says bank runs would have been ‘catastrophic’ without government intervention ECONOMY Debt limit debate endangers
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