November Jobs Report: 199K jobs added, Life Sciences contributes +16.5k
In the November Jobs Report from the Bureau of Labor Statistics, 199k jobs were added, beating analyst expectations (160k-180k job additions predicted). The unemployment rate edged down to 3.7%. The employment report suggests that financial market expectations that the Federal Reserve could pivot to cutting rates as soon as the first quarter of 2024 were premature. However, the continued strength in the labor market has helped to fuel consumer spending and economic growth.
This latest report signals a still-sturdy labor market and, once again, life sciences was a top performer. In many conversations we're having, organizations are focusing on digital transformation in 2024 and the need for workers with STEM skillsets is still high. The BLS report supports this as Professional, scientific and technical services reported 16.5k jobs added and saw a dip in its unemployment rate to 2.4%. Here's a look at key life sciences jobs report insights.
Key Life Sciences Jobs Report Insights
Total Jobs Added: +199k
Life Sciences Jobs Added: +16.5k in Professional, Technical and Scientific Sciences
Life Sciences Unemployment Rate: 2.4% which is down from October
YOY Gains: +270k jobs which averages +22.5k jobs added per month
Remote Jobs in Life Sciences
The life sciences sector is experiencing a paradigm shift with companies recognizing the enhanced productivity of remote workers, leading to an increased availability of remote job opportunities. Contrary to the notion that science-based roles must be confined to a laboratory setting, recent technological advancements have opened up a plethora of remote job possibilities within the life science industry, including the following positions:
- Data Scientist
- Bioinformatician
- Regulatory Affairs Specialist
- Medical Writer
- Salesforce Administrator
- Clinical Research Associate
Read More: 6 Life Sciences Jobs That Don’t Require Industry Experience
Utah Experiencing Explosive Growth in Life Sciences
The state of Utah is making national headlines for its incredible growth in the Life Sciences sector. BioHive, Utah’s non-profit, community-impact driven life science organization, and BioUtah, Utah’s life science trade association, jointly released Utah’s Life Sciences and Healthcare Innovation economic impact report this month, detailing more than $500 million in net positive fiscal impacts to the state. The report is a comprehensive statewide and national industry analysis conducted by the Kem C. Gardner Policy Institute, which finds that Utah has one of the fastest growing industries in the nation.
“With many high growth Life Sciences companies in Utah, the report findings are no surprise,” said BioUtah CEO, Kelvyn Cullimore. “Industry, academia, government, and health care delivery are collaborating to build a significant life sciences hub in Utah. Having the third highest density of life sciences jobs in the nation emphasizes the importance of the industry to the Utah economy – especially given that wages paid are almost 50 percent higher than the state average.”
Key insights from the report include:
- 182,383 indirect and direct life sciences jobs in 2022
- 48% higher wages for life science workers ($96,000) companies to other industries ($65,000)
- $8 billion GDP created by Utah life sciences companies
- $21.6 billion in total statewide economic impact in GDP
- $14.6 billion in earnings from direct, indirect and induced economic impacts
- 5.1% per year average job growth increase in Utah’s life sciences Industry during the last 10 years. (Average is 3.5% in other states)
Career Hub Raising Awareness of Opportunities
Cambridge-based MassBioEd has responded to the need for increased awareness about life sciences career opportunities in Boston by establishing the Life Sciences Career Hub. Targeting Boston residents, especially those from lower-income or communities of color, the hub serves as a centralized resource offering organized access to information for individuals seeking jobs in the life science industry.
The Life Sciences Career Hub offers free in-person and online workshops, career fairs, and plans to hire a dedicated career coach to provide one-on-one guidance. It aims to address the challenges of attracting non-traditional candidates.
“It’s kind of like, if you’re posting a job, you can only interview the people who apply,” Schwartz said. “They don’t know how to go into the community to find non-traditional candidates. It’s not what they’re used to doing.”
The hub is funded through a life sciences career awareness grant from the city of Boston and Lendlease, a construction company developing a life science building in Brighton.
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.