Q2: An Outlook Of The Quarter Ahead
This year’s job market has been met with nothing short of optimism. For those looking to either rejoin the workforce or venture into a new sector, 2019 was predicted to be the year to do it. In fact, Q1 saw almost 200,000 new jobs added to the market. Looking forward to Q2, should we have the same optimism?
According to a recent survey, as many as 24% of companies were looking forward to hiring in the second quarter. Adjusted for seasonal opportunities, Q2 businesses stand at about 19% looking to increase payrolls. Not only is this good news for the recovering economy, but it is good news for those looking for new opportunities. The industry leader for hiring looks to be leisure and hospitality as well as transportation and utilities both at a 25% increase. The increase in leisure and hospitality hiring is an excellent sign of the economy rebounding, as more people are traveling and spending money on luxury as opposed to a necessity.
Beyond the industries with strong outlooks, there are projected states and metros that are looking forward to a Q2 increase. Most notably, the West and Midwest are projected to have strong hiring trends. From Indiana and Kansas to Oregon and Alaska, jobs should be readily available in various sectors. The Midwest should have strong gains in the financial job sector since the Midwest is looking to have a huge upward trend in durable goods manufacturing. Some metro areas to look for increasing hiring trends include Madison, Wisconsin and Denver, Colorado.
Even with all of the upward trends, a few job markets aren’t looking as hopeful in the second quarter. Sectors like education, health services, construction, professional and business services are looking at a weaker hiring plan going forward. The Northeast is also looking at a slight decline of around 2 percentage points in hiring when compared with Q1.
Looking ahead, the second quarter looks hopeful for both companies looking to hire and people looking for their next job. With hiring trends across the board, it might be time for your company to put themselves out there to find the perfect candidate for your job. If you need help taking advantage of Q2 trends, give Skywalk Group a call.