Hospitality Job Market Still Going Strong and Getting Tighter by the Month
According to the Labor Department's recently released report on job market gains in October, the hospitality and leisure industry added 42,000 jobs last month. The hospitality industry enjoyed the second highest job gains in the US, following healthcare with 46,000 new jobs.
Overall, the US economy added 250,000 jobs for the month of October, a figure that surprised most economists who were anticipating a more modest figure. In fact, US job growth reported its laregest annual gain last month in almost ten years, as the unemployment rate remained at a near 50-year low at 3.7%. This marks 97 consecutive months of growth for the US job market, one of the longest economic expansions in the country's history.
For the hospitality industry, October saw a sharp recovery from the job growth that was negatively affected in September by Hurricane Florence.
Wages, including hourly compensation, also increased last month. Average earnings were reported to be about $27.30 per hour, which is 3.1% higher than October 2017.
These healthy numbers are good news for job seekers and professionals in the hospitality industry who may be on the job hunt for new opportunities or ready to advance into a higher position. Here’s a round-up of the most updated career advice from Hcareers on how to take advantage of the current job market to advance your career:
- 5 Ways Job Seekers Benefit From a Tight Labor Market
- 10 Things Job Seekers Should do in a Tight Labor Market
- 5 Ways to be a Stronger Candidate on Hcareers
- Why Job Hunting is Good for You
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