The U.S Bureau of Labor Statistics released its jobs report Friday, finding US employers added 390,000 jobs in May and the unemployment rate stayed at 3.6 percent for the third month in a row.
The numbers signal to experts that it’s never been a better time for employees to find a new job, with better wages and more opportunities for career growth.
Dr. Chris Kayes is a professor of management at the George Washington University School of Business. He is an expert on leadership, resilience, teams, and workplace well-being.
“There’s never been a better time to look for a new job and it’s also the best time to ask your boss for a raise, with unemployment low, wages rising, and a lot of job openings. It looks like there’s about two job openings for every person out there looking for a job, so there’s a lot of opportunities out there,” Professor Kayes says.
“Companies are particularly desperate for managers right now, looking for people to lead organizations. So it’s also a perfect time right now to think about getting that next job, getting that next promotion, or moving into management.”
“For every company that’s maybe laying somebody off, so Tesla for example is suggesting they may lay off as many as 10,000 people, there’s another company that’s hiring. Ford just announced that they’re going to hire between 6-and 7,000 people. There seems to be some shuffling in the economy but there’s still many opportunities.”
Professor Kayes can also speak on how these numbers, combined with interest rates and inflation, may affect employee’s personal spending choices.