So How Is The Labor Market Looking?

Given our connectivity with middle market and large corporations across the greater Charlotte region, the Croixstone team is asked this question almost every day.

Our answer?  It’s simple.
The story varies greatly based on education level attained.

As of May 2020, the unemployment rate for those with a Bachelors degree or higher was significantly lower than the 15.0% rate for high school graduates with no college degree:

  • Bachelors Degree:  8.4%
  • Masters Degree:  5.6%
  • Professional Degree:  5.9%
  • Doctoral Degree:  3.5% 

Keep in mind that economists have long believed that the overall economy is at “full employment” at a rate of around 5%.

Based on our understanding of these rates and ongoing discussions with c-suite leaders, the Croixstone team believes ample career opportunities continue to exist for highly-educated professionals in today’s workforce.

That said, the market is certainly more competitive in 2020 than the past several years.  For that reason, professionals in career transition mode are wise to focus on their personal branding and professional networking strategies to ensure a competitive edge. 


LinkedIn’s June Workforce Report

LinkedIn publishes a monthly report on employment trends in the U.S. workforce. The report provides helpful insights into hiring, skills gaps, and migration trends across the country,  From a migration perspective, LinkedIn captures insights tied to members who change their locations on their profiles.  In the June 2019 report, Charlotte was among the top three USA cities (behind Austin and Denver) that gained the most workers.  Read LinkedIn’s June 2019 Workforce Report here.


Demand for Older Workers

Croixstone Consulting only hires experience – and demand is rising in the marketplace for older professionals with deep experience. With the labor market at its tightest in two decades, companies are increasingly turning to older workers to meet their talent needs.

Last September, Forbes magazine published an article addressing this trend that benefits older workers with experience.  We found the following factoids to be especially interesting:

  • The unemployment rate for people 55 and older is now just 3.1%, less than the overall jobless rate of 3.9%.
  • Workers 55 and older are the fastest-growing segment of the U.S. labor force.
  • Job growth for people 55 and older is up 4.5%, according to ADP. That’s more than twice as high as the 1.7% job growth for workers overall.

Read the full article here.