253k jobs added, with Life Sciences being a major contributor at 45k job additions.
Another 253k jobs were added and unemployment went down to 3.4% in April’s Bureau of Labor Statistics Jobs Report. Professional, scientific and tech services, added 45k jobs.
Analysts had predicted much lower job gains (+180k predicted) and an increase in unemployment rate (3.6% predicted), so, once again the jobs report is outperforming analyst expectations.
Friday's jobs report comes after the Federal Reserve voted this week to raise its benchmark interest rate by another 0.25%, bringing the fed funds rate above 5% for the first time since September 2007. The labor market remains very tight, but with an uptick in participation among prime age workers (or those 25-54), as well as moderating wage gains and a drop in job openings, which just hit their lowest since April of 2021, there are some signs that supply and demand are coming back into better balance.
Overall, though, labor demand still substantially exceeds the supply of available workers.
While recession fears and layoffs are a concern, there is encouraging news when it comes to hiring. 76% of chief human resource officers expect hiring to stay steady or ramp up over the next six months, according to the Conference Board CHRO Confidence Index for the first quarter of 2023. And with the shortage of in-demand skills in Life Sciences, our Real Staffing experts are still seeing ongoing demand for hiring too.
Key Life Sciences Jobs Report Insights
Total Jobs Added: +253k
Jobs Added in Life Sciences Sector: +45k
Life Sciences unemployment rate: 2.8% which is up from 2.5% in March
YOY Gains: +428.7k jobs which averages +35k jobs per month
Real Staffing Experts Predict Major Growth
We’re seeing a major uptick in Life Sciences positions since the start of the year and hiring needs are rising at a rapid pace. The biotech, pharma and medical device sectors are proving to be a buffer during times of economic downturn. The latest data released by the Bureau of Labor Statistics is proving to us that 2023 is positioning itself as a year for substantial growth and innovation.
Real Staffing's 2023 Life Sciences Market Report is providing some bold predictions for the remainder of the year that could play a crucial part in your hiring or career strategies.
Read More: Life Sciences Employment Predictions Through 2031
Investments In Life Sciences Careers
In the U.S., specifically at the state level, many areas are seeing the critical value of Life Sciences and making investments to ensure growth in that sector and their overall economies.
Read more: Positive Growth In Life Sciences
Washington state’s life science industry employment is growing exponentially. From 2015 to 2021, it increased 33.6%, according to a recently released Economy Impact Report from the state’s industry trade association, Life Science Washington.
"Washington’s life science industry continued to add jobs during the pandemic," said Marc Cummings, President and CEO of Life Science Washington.
Salaries for life science employees in Washington are also topping the average wage of other private sector jobs in the state. In 2021, life science employee salaries averaged more than $123,000. Other private sector jobs in the state averaged $84,000.
Read more: Life Sciences In-Demand Jobs
Massachusetts is another state making big investments in Life Sciences. Governor Maura Healey announced in April the expansion of the Massachusetts Next Generation (MassNextGen) Initiative, a public-private partnership to support underrepresented entrepreneurs in the state’s life sciences ecosystem.
“MassNextGen is an important tool to make sure that Massachusetts remains a global leader in the life sciences while also breaking down barriers to entry and opening the industry to those who have been historically left out,” said Healey. “We are excited to be expanding the program to support more women entrepreneurs as well as people of color, the LGBTQ+ community, individuals with disabilities, veterans and others.”
Massachusetts government leadership is confident its economy will be stronger because of this investment.
Read more: The 8 Top Life Sciences Jobs To Watch
Connect With Top Talent
As the industry continues to show major growth, Real Staffing is ready to help connect the best life sciences talent with the top companies in the U.S. Our consultants are up to date on the latest market trends, allowing us to offer truly in-depth knowledge regarding the unique challenges and requirements facing your business or your career. " target="_blank">Contact a Real consultant today to get started.