Dive Brief:
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Based on the latest Labor Department unemployment data, the economy is bouncing back after a slight dip in the fourth quarter of 2015, according to a report from Reuters.
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Despite the number of Americans filing for unemployment benefits inching up from a five-month low last week, Reuters reports that the statistics are still correlated with a strengthening labor market, as job openings reached a six-month high in January.
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That's all good economic news for the country, but not as good for employers who may be trying to attract new talent in an unforgiving job market.
Dive Insight
Chris Rupkey, chief economist at MUFG Union Bank in New York, told Reuters the labor market is "tight as a drum."
Federal Reserve Chair Janet Yellen told media outlets on Wednesday that "the labor market continues to strengthen" and that economic growth appeared to have picked up from the fourth quarter's "modest" pace. Reuters reports the economy grew at a 1.0% annualized rate in the final three months of 2015 and first-quarter gross domestic product growth estimates are around a 2% rate.
Employers who are dealing with that shrinking labor pool and higher wages that are driven by competition need to strengthen their focus on recruitment strategies.
