News that Massachusetts’ unemployment rate is at the lowest point since 2001 follows a trend that we’ve been experiencing for several years now. The unemployment rate has been decreasing, especially among workers with college degrees in professional roles, as the economy has continued to get healthier.
While this news excludes other trends, such as the number of workers who are in jobs that they actually like or those who are working part-time when they’d prefer to be in a full-time position, it is trend in the right direction. Another positive trend includes the recent news that wage growth hit 2.6 percent for the past year, the highest level since the Great Recession. Job and wage growth are signs that employers are feeling confident and investing in the economy.
What does this mean for employers? As many Boston firms know, hiring talent when unemployment rates are low means being flexible, acting quickly, and staying focused. It’s also important to focus on retaining existing staff and to make sure you are on top of staff development and promotions to reduce the risk of losing people. PSG is proud to help clients meet their recruiting and hiring goals in this challenging market.