Jeff: Good morning, Paul!
U.S. employers added a robust 528,000 jobs in July. The unemployment rate dropped to a strong 3.5% last month, but how do these numbers compare to what we’re seeing here in Michigan? And how does the strong job market impact small businesses here? We called on Greg Powell, senior director of business experience marketing at Indeed.com, and he breaks it down for us. Greg?
Greg: So, the U.S. labor market remains very hot. Demand is still elevated and joblessness is low. What we’re seeing with Indeed data is that we’re 53% above pre-pandemic baselines in terms of job postings as of late July. July 22. So there’s really, really robust hiring happening right now. Last year, we saw a lot of pent-up demand amongst businesses and out of the gates by the middle of last year, an explosion of new jobs posted, but that heightened-level pre-pandemic levels has persisted.
Jeff: Well, Greg, specifically, how does the Michigan jobs market look based on your data?
Greg: Michigan is pretty consistent with the rest of the country. It’s a thriving state for small business right now. We’ve seen a lot of new business starts in 2021; 150,000 new small businesses were started up in Michigan, 59% more than in 2019. Michigan is home to 900,000 small businesses with 1.9 million small business employees. That is almost half of Michigan’s workers. Small businesses represent the lion’s share of businesses in Michigan and across the U.S. Michigan’s job market is still very strong.
Jeff: While those numbers are good news for those seeking employment here in this state of Michigan, it could spell continued challenges when it comes to Michigan’s small businesses seeking to hire new team members as a super-heated jobs market means small businesses have to compete to hire the best. And in many cases we’ll have to pay more as well.
I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.
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On this episode of the Business Beat, Jeff talks with Greg Powell of Indeed.com about the jobs outlook in Michigan and the United States.
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Jeff: Good morning, Paul!
U.S. employers added a robust 528,000 jobs in July. The unemployment rate dropped to a strong 3.5% last month, but how do these numbers compare to what we’re seeing here in Michigan? And how does the strong job market impact small businesses here? We called on Greg Powell, senior director of business experience marketing at Indeed.com, and he breaks it down for us. Greg?
Greg: So, the U.S. labor market remains very hot. Demand is still elevated and joblessness is low. What we’re seeing with Indeed data is that we’re 53% above pre-pandemic baselines in terms of job postings as of late July. July 22. So there’s really, really robust hiring happening right now. Last year, we saw a lot of pent-up demand amongst businesses and out of the gates by the middle of last year, an explosion of new jobs posted, but that heightened-level pre-pandemic levels has persisted.
Jeff: Well, Greg, specifically, how does the Michigan jobs market look based on your data?
Greg: Michigan is pretty consistent with the rest of the country. It’s a thriving state for small business right now. We’ve seen a lot of new business starts in 2021; 150,000 new small businesses were started up in Michigan, 59% more than in 2019. Michigan is home to 900,000 small businesses with 1.9 million small business employees. That is almost half of Michigan’s workers. Small businesses represent the lion’s share of businesses in Michigan and across the U.S. Michigan’s job market is still very strong.
Jeff: While those numbers are good news for those seeking employment here in this state of Michigan, it could spell continued challenges when it comes to Michigan’s small businesses seeking to hire new team members as a super-heated jobs market means small businesses have to compete to hire the best. And in many cases we’ll have to pay more as well.
I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.
