The manufacturing and service-sector industries are expanding, which will lead to major hiring, particularly in the manufacturing sector, according to a study by the Society for Human Resource Management (SHRM).
The Leading Indicators of National Employment survey asked 1,000 major industry professionals if they were planning to hire or not, and the results show that employers expect to hire more in July 2014 than the previous year.
For manufacturing, the index rose by 14.8 points, which indicates a major change. About half of manufacturing companies (53.2 percent) will be hiring in July this year. For the service sector, expectations of hiring have risen from last month by 6.7 points, which indicates that 49.2 percent of companies in that sector will hire new workers.
The report also shows that layoffs will be reduced from last year. Approximately 22.1 percent of manufacturers reported a boost in the number of exempt vacancies in June, which is an increase of 1 point from 2013. Job openings have also risen. A total of 37 percent of manufacturers reported gains in job vacancies for the month of June, which is the highest this number has been for June in the past four years.
The U.S. jobs report shows positive growth
The numbers determined by SHRM coincide with the figures released on July 3 by the U.S. Department of Labor. Employment grew by 288,000, and unemployment declined by 6.1 percent. Manufacturing jobs for June rose by 16,000. For durable goods, employment increased by 6,000 in the motor vehicle and parts sector, and the computer technology and peripheral equipment industries saw jobs rise by 3,000.
This is an improvement from last month, according to The Wall Street Journal. In May, jobs rose by 224,000. Additionally, the DOL upgraded its April figures from 282,000 to 304,000 jobs added for the month, which is the biggest gain since January, 2012.
June has been the fifth month in a row that jobs have grown by over 200,000 a month.
Some of the highlights of the report, according to the Journal, are that there are fewer people in positions of long-term unemployment. Additionally, gains across the market were far-reaching across several industries.
Employee positions better than in the past
According to SHRM, the situation for employees has also improved over past years. In the manufacturing sector, 10.9 percent of respondents reported they had increased compensation for new hires in June.
Those seeking to find new talent for their manufacturing business should should work with manufacturing recruiters to find the best available talent for their open positions.