May Jobs Report: 339k Jobs Added Beating Analyst Expectations
May Jobs Report Shocker: Analyst Predictions Blasted as 339k Jobs Added
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 Engineering Jobs Report Insights
Total Jobs Added: +339k
Jobs Added in Professional, Scientific and Technical Sector: +43k
Jobs Added in Engineering: +7k
Jobs Added in Manufacturing: -2k
Hot Jobs with High-Paying Salaries
Engineering careers come with plenty of growth potential with higher-than-average salaries for U.S. workers. Careers in science, technology, engineering and math (STEM) had median wages in 2021 that more than doubled non-STEM occupations, according to the U.S. Bureau of Labor Statistics.
Average wages for jobs in the Engineering sector (BLS May 2022):
- Chemical Engineers - $117,820
- Electrical Engineers - $114,050
- Mechanical Engineers - $100,820
- Civil Engineers - $97,380
- Agricultural Engineers - $90,710
- Civil Engineering Techs - $61,480
Engineering jobs are projected to grow between now and 2030. Aside from appealing salaries, there are many jobs in STEM fields that require certifications and technical degrees, rather than a four-year degree. This can be a more cost-effective option.
Read More: Job Outlook for Mechanical Engineering and Electrical Engineering
Training and Hiring Strategy for Manufacturing Jobs
The White House unveiled initiatives in May to help train workers and connect them with employers. The goal is to give Americans equitable access to high-quality training, education and services that set them on a good career path – without leaving their community.
The Investing In American Workforce Initiatives include:
- Workforce Hubs - These will be located in five cities, connecting employers, unions, colleges and high schools to grow workers.
- Advanced Manufacturing Workforce Sprint - Expands and diversifies pathways into good jobs and careers in advanced manufacturing that don’t require a four-year college degree.
- Good Jobs, Great Cities Academy - The Department of Labor is announcing 16 cities as part of this academy. It will provide technical assistance and support to a wide range of cities to launch or scale existing workforce initiatives within their city.
We are seeing other investments in engineering and manufacturing across the country. Weidmüller Inc., USA, is building a new engineering, production and warehouse facility in Virginia. A yearly summer camp program in Ohio that promotes manufacturing jobs among students is expanding to more counties this year. Students will get hands-on experience and tour local manufacturing facilities.
AI and Engineering Jobs
There’s a lot of uncertainty surrounding artificial intelligence (AI) and whether it will take over jobs that are currently performed by humans. For the tech/engineering sector, AI may actually create more opportunities. There’s an emerging field called “prompt engineering.” A prompt engineer gets AI applications to do what they want. It can pay a high six-figure salary too. Prompt engineers are commanding salaries of up to $335,000, according to Forbes. Companies hiring for these positions include healthcare providers, digital advertising agencies, software developers and even utility companies. You don’t even need a STEM degree, according to Business Insider. One job posting says applicants should have basic programming skills and be familiar with language models.
Read More: 2023 Engineering Market Report
Contact Us to Get Started
Whether you’re seeking an exciting and lucrative career in engineering or you’re an employer wanting to recruit top talent for your company, we can make connections that custom-fit your needs and solve your unique challenges. Contact a Progressive Consultant today to get started.