Pictured: Candidates wait for a job interview/iStock, PeopleImages
On Friday, the U.S. Bureau of Labor Statistics issued an Employment Situation Summary that showed hiring slowed down over the month of June. Although the month saw more job openings than in May, there were about 20,000 fewer jobs added in June than the 230,000 that were predicted.
Though any increase in jobs is positive, June marked the lowest monthly gain since a dip in jobs in December 2020. Of the jobs added, the biggest gains were in the healthcare industry and government roles.
The gains in these sectors mirror those seen in the life sciences industry. From May to June, the BLS stated there were 41,000 healthcare jobs added in the U.S. Similarly, there was a 28% increase in jobs posted on BioSpace’s life sciences-focused job board, showing that despite layoffs remaining steady, employers’ economic situations may be on the up-and-up.
Despite the jump in job postings, however, the number of applications submitted on BioSpace’s job board dipped slightly in June, down 17% from May. Still, the total applications received are up dramatically year over year. June saw a 47% increase in job applications from June 2022, and applications were up 114% in Q2 compared to the same quarter in 2022.
This shows that though the unemployment rate has stayed relatively stagnant—according to the BLS, both the unemployment rate, at 3.6%, and the number of unemployed persons, at 6 million, changed little in June—significantly more life sciences workers are looking to leave their jobs now compared to last year.
This decrease in applications could be due to the unstable economy and tight labor market—as inflation remains steady, many workers may be staying put to avoid the financial risk that comes with taking on a new role, should it not work out as planned.
And despite the increase in job postings, there is a long way to go before the market returns to the stability it saw last year. June saw 22% fewer jobs posted on BioSpace’s job board compared to the same month in 2022.
