January Jobs Report: 353K jobs added, life sciences a major contributor with +42k jobs added
Economist expectations were shattered as the BLS released the first jobs report of the year. 353k jobs were added overall and unemployment stayed put at 3.7% (staying under 4% for the 24th consecutive month). Analysts had predicted 175k job additions with a slight uptick in unemployment. The report comes as a bit of shock to the market as we typically see more job losses this time of year due to seasonal workers exiting the workforce after the holidays.
Additionally, the newest JOLTS report shows workers are voluntarily leaving their jobs at the lowest rate since the fall of 2020, showing the hiring frenzy of recent years has leveled out, and there are fewer open jobs. But, for many organizations, this actually means prioritizing hiring of professionals with high-level skill sets and creating roles in STEM as their focus on digital transformation, innovation, and AI/Automation remain at the forefront.
This latest BLS report showed Life Sciences as a top performer. The BLS report showed Professional, scientific and technical services with 42k jobs added and published an unemployment rate that ticked slightly up to 2.7%. Much like this time last year, headlines have been dominated by layoffs in the scientific/tech industry which is considered a contributing factor to the increase in unemployment rate.
Key Life Sciences Jobs Report Insights
Total Jobs Added: +353k
Life Sciences Jobs Added: +42k in Professional, Technical and Scientific Sciences
Life Sciences Unemployment Rate: 2.7% which is up slightly from December
YOY Gains: +267.3k jobs which averages +22.3k jobs per month
Long-Term Growth Outlook for Life Sciences
The field of life, physical, and social science occupations is set to experience an above-average growth rate through 2032. Projections estimate an annual average of 136,800 new openings, reflecting both employment growth and the need to replace workers who permanently exit these occupations.
In May 2022, the median annual wage for individuals in these occupations stood at $74,330, surpassing the median annual wage for all occupations, which was $46,310, according to the U.S. Bureau of Labor Statistics. This underscores the promising career prospects and economic significance of the life sciences sector.
Professional & Business Services, the sector that includes Life Sciences, is experiencing significant growth overall. This is a breakdown of employee increases in that sector in states where there is a Real Staffing office:
- Texas: Up 39,300 employees year-over-year (December 2022 to December 2023)
- Massachusetts: Up 4,900 employees year-over-year (December 2022 to December 2023)
Source: BLS
Read more: Life Sciences industry boosts local economies
Massachusetts Leads Way in Life Sciences
Massachusetts, where Real Staffing has a Boston-based office, is rapidly growing in the life sciences industry. The state is the envy of the world in the research and development space, according to the 2023 industry snapshot from MassBio. The MassBio snapshot outlined several key highlights:
- Massachusetts is continuing to establish itself in biomanufacturing, with growth in Suffolk County (+29.1%) and Worcester County (+18.4%).
- Massachusetts companies raked in 32% of all national venture capital dollars, with an average round of funding of $34.2 million compared to $15.6 million nationally.
- 11 Massachusetts headquartered companies have been acquired for a disclosed total of $10.47 billion (vs. $4.47 billion over the same time last year).
- 62 million square feet of lab and manufacturing space across Massachusetts
The CEO of MassBio stated skills training, workforce diversity, regionalization, and biomanufacturing are critical in life sciences to extend the lead heading into the future.
Read more: How to prepare your resume for AI screening technology
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 Staffing consultant today to get started.