August Jobs Report: 187K jobs added, life sciences contributes +21k
Another 187k jobs were added in June's Bureau of Labor Statistics Jobs Report, nearly matching analyst expectations (170k job additions predicted). The big news is the rise in unemployment rate which now sits at 3.8% (versus the predicted 3.5%) and wages went up .2%. Wage growth was a hot topic for this month's report. Too rapid could lead to a risk of reaccelerating inflation which would likely lead the Fed to raise interest rates further. Right now, job and wage growth indicate the economy is holding steady.
In terms of hiring, we're remaining in a "Goldilocks" economy, where growth is not too hot but also not too cool. Those are really good, solid, sustainable numbers that lead to gradual real wage growth, gradual increases in prime-age workforce participation rates and gradual expansion of the overall US workforce.
Professional, scientific and technical services, the sub sector for Life Sciences, was once again a top performer with 21k jobs added and saw a slight hike in its unemployment rate. Here's a look at key Life Sciences jobs report insights.
Key Life Sciences Jobs Report Insights
Total Jobs Added: +187k
Life Sciences Jobs Added: +21k in Professional, Technical and Scientific Sciences
Life Sciences Unemployment Rate: 2.8% which is up from July
YOY Gains: +308k jobs which averages +25.6k jobs per month
Study Highlights Critical Need For Life Sciences Skills
The outlook for life sciences jobs is highly promising, but organizations need more talent to continue to expand and diversify. A new study commissioned by the Maryland Tech Council found life sciences skills training programs are needed to support rising demand for skilled workers in this industry.
“Nationally, there is intense competition among states to attract life sciences jobs, so we must act decisively to build a local talent pipeline that supports the companies fighting diseases, saving lives, and growing Maryland’s economy,” said Kelly Schulz, CEO of the Maryland Tech Council.
An emphasis on real-world problem-solving suggests that job opportunities in this sector will remain not only abundant but also deeply impactful. The report highlights the increasing convergence of life sciences with cutting-edge technologies like artificial intelligence, biotechnology, and data analytics. This intersection promises to unlock new possibilities in drug discovery, personalized medicine, and ecological preservation.
Individuals pursuing careers in life sciences can anticipate a dynamic and rapidly evolving job landscape, with roles that require both traditional biological knowledge and proficiency in emerging tech fields. With the sector's ongoing growth and its potential to make a profound difference in society, the future of life sciences jobs is exceptionally bright, attracting talent from a wide array of backgrounds and disciplines.
Artificial Intelligence Expertise Will Drive Transformation
The Life Sciences industry is witnessing a transformation with an emerging area of artificial intelligence, according to a new report on AI in Life Sciences Market Size. There is tremendous opportunity in utilizing AI to improve drug development and personalized medicine. Recruiting talent with AI skills is becoming more critical than ever before as organizations accelerate innovation.
An increasing use of AI in clinical trials is driving the market, according to the report. These trials are one of the most data-intensive tasks in the life sciences industry and researchers are looking to intelligent AI algorithms to help them screen meaningful correlations between data. The number of clinical trials worldwide is expected to increase by at least 11% over the forecast period, especially in Europe and North America.
The healthcare industry has understandably one of the strictest regulatory standards. Finding talent that can ensure those standards are met while still leveraging the possibilities of emerging technologies and innovations will be critical to advancing life sciences work.
Read more: More Workers Needed For Life Sciences
Where Are The Jobs?
New data shows which U.S. states have the most overall job opportunities and hires. We’re also drilling down which states are hiring the most workers in Professional and Business Services, the sector that includes professional, scientific and tech services. Our analysis found significant hiring in that sector in states across the Midwest, South and Northeast – proving there are opportunities all across the country for life sciences talent.
U.S. STATES WITH INCREASE IN OVERALL JOB OPENINGS
- California +161,000 openings*
- New Jersey +36,000 openings
- Texas +25,000 openings*
- New York +21,000 openings*
- Florida +21,000 openings
Source: BLS
*States with Real Staffing offices
NEW HIRES IN PROFESSIONAL AND BUSINESS SERVICES
- Florida +6,100 hires
- Kansas +6,000 hires
- Indiana +5,800 hires
- Colorado +5,600 hires
- Pennsylvania +4,800 hires
- Massachusetts +4,300 hires*
- Minnesota +2,700 hires*
- Louisiana +1,500 hires
- Ohio +1,500 hires
- Iowa +1,200 hires
- North Carolina +1,000 hires
- Idaho +900 hires
- Alabama +800 hires*
- Maine +700 hires
- Mississippi +500 hires
Source: BLS
*States with Real Staffing offices
Read more: 2023 Life Sciences Market Report
Access Our Global Network of Opportunities
Within the life sciences, making a difference is what it’s all about. And we’re inspired by the incredible leaders across the industry who are using their skills to help lead teams and projects that are changing the world every day. By partnering with Real Staffing, you’ll become part of our global network – we can give you access to some of the most exciting life sciences opportunities across the planet. " target="_blank">Contact a Real Staffing partner today to get started.