With a slow demand for products and services as well as ongoing talent mismatches, the labor market is still facing slow job growth, reveals ManpowerGroup's recent survey.
"Finding people with the right skills is extremely challenging, and employers are unwilling to compromise while demand remains sluggish," says Jeffrey A. Joerres, chairman and CEO of ManpowerGroup. "Clearly, when you have 14 million people out of work and vying for the same positions posted online, companies are swimming in candidate resumes short on the right skills and other qualifiers. As soon as companies sense danger on the economic horizon, they instantly hit the pause button on hiring."
However, after poor job growth in May and June, the Bureau of Labor Statistics reports that the overall July unemployment rate slightly dipped to 9.1 percent, and 117,000 private sector jobs were created during the month. The number of temporary workers hired in July experienced little change.
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