May Jobs Report Shocker: Analyst Predictions Blasted as 339k Jobs Added, life sciences adds 43k jobs.
Another 339k jobs were added and unemployment went up to 3.7% in May's Bureau of Labor Statistics Jobs Report. This came as a major surprise following analyst predictions of only 190k job additions. Professional and business services was the number one contributor with 64k jobs added. Life Sciences contributed 43k of those jobs.
The strong payroll growth might well convince the Federal Reserve to keep rising interest rates until they see clearer signs of job and wage growth slowing. But the household data suggest some slowing has been occurring, and we should carefully watch for more in the coming months.
Overall, though, labor demand still substantially exceeds the supply of available workers and the labor market is red-hot!
Key Life Sciences Jobs Report Insights
Total Jobs Added: +339k
Life Sciences Jobs Added: +43k in Professional, Technical and Scientific Sciences
Life Sciences Unemployment Rate: 2.8% which is unchanged from April
YOY Gains: +406.8k jobs which averages +34k jobs per month
Long-Term Investments in Life Sciences
There is a strong outlook for Life Sciences careers with overall employment projected to grow 7% from 2021 to 2031 – about as fast as the average for all occupations. This increase is expected to result in about 98,700 new jobs over the decade. In addition to new jobs from growth, opportunities arise from the need to replace workers who leave their occupations permanently. About 147,900 openings each year, on average, are projected to come from growth and replacement needs, according to the Bureau of Labor Statistics.
Read More: Life Sciences Employment Projections Through 2031
We are seeing significant investments in Life Sciences careers and education across the country. Some examples include:
- Washington State University - The Cowlitz Indian Tribe donated $1 million to WSU to support education and research. This is the largest tribal donation in WSU’s history. It will support the construction of a $4.5 million greenhouse that will be part of a new Life Sciences Building.
- Helix + Health and Life Science Exchange - A $731 million project near Rutgers University is the largest investment in Life Sciences in New Jersey’s history. It will include lab and office space to accommodate large corporate life science and technology tenants.
- NexPoint - A multibillion-dollar alternative investment platform recently acquired two life sciences industrial properties in Pennsylvania, building on its commitment to grow its presence in the Life Sciences industry and provide best-in-class facilities for innovative companies in the research, development and manufacturing of pharmaceuticals, biotechnology-based food and medicines, medical devices, biomedical technologies and more.
"As the life sciences industry continues to evolve, we see increasing demand for quality properties to support companies across all stages of innovation," said Matt McGraner, NexPoint Real Estate Advisors' Chief Investment Officer. "We are committed to expanding our footprint in this critical sector with modern facilities that help life sciences companies do their best work."
Life Sciences Could Benefit From Tech Layoffs
Global layoffs in the Tech sector could prove to be a boon for Life Sciences. Ireland’s pharma and medical technology industry is recruiting talent recently let go from large tech firms. Laid-off workers are shifting roles and finding that many of their skills are transferable in the Life Sciences world. Companies are increasingly looking at talent who don’t have traditional Life Sciences experiences and education, as they look to digitize their manufacturing operations. They need the technological expertise to grow, evolve and stay on pace with rapid innovations.
Read More: 2023 Life Sciences Market Report
More Women In Growing Field
Life Sciences is seeing growth when it comes to diversity of talent. A new study found over the past decade, there’s been a 12% increase in women working in Life Sciences in the Philadelphia region, compared to 8.6% growth for men.
Many Life Sciences companies are developing and implementing programs to increase diversity and representation. According to Johnson & Johnson Innovation, some of those approaches include:
- Accelerator programs - increases pipeline of entrepreneurs and investors in Life Sciences sector
- Venture capital funds with specific focus - funding women-led and racial/ethnic underrepresented entrepreneurs
- C-suite or board representation - focused inclusion of underrepresented entrepreneurs in high-level spaces
Read More: Positive Growth in Life Sciences
Bringing Talent and Clients Together
Whether you're a professional looking for a job or a business seeking highly skilled life sciences talent, the team at Real Staffing is here for you. Our experts are able to identify candidates with key transferable skills as the industry evolves and innovates. " target="_blank">Contact us today to get started.