Manufacturing is growing according to the latest ISM report. This has led to more manufacturing job creation and recruiting of key talent! The overall job market also grew last month according to today’s Labor Department report with 209,000 new seasonally adjusted jobs added in July. This caused the unemployment rate to drop to 4.3%.
These staffing increases were slightly above what most economists surveyed by The Wall Street Journal had expected at 180,000 jobs. For example, Thomas Simons, a senior economist at investment bank Jefferies, said the report appears “near perfect” on first glance and added, “Payrolls came in well above expectations, with a solid increase in both [average hourly earnings] and the workweek. On first glance, nothing sticks out as a negative.”
President Trump Pleased With Both Jobs and Manufacturing Increases!
President Donald Trump also weighed in on the just-released jobs report, calling the numbers “excellent” on Twitter, and promising that the employment situation will get better from here.
However, More Recruiting Of High Paying Technical Jobs Are Needed!
Even though employers added a more than forecasted 209,000 jobs last month, wages only grew 2.5%. Also, the majority of the jobs being created were lower paying service jobs particularly in bars and restaurants.
The Labor Department category Food Services and Drinking Places produced over 25% of the new recruiting with 53,000 jobs created. The next most was in the category, Professional and Business Services, with 49,000 new jobs. This catch-all category includes everything from scientific research to temp jobs with: a) 30,000 of those jobs being created in administrative and waste services and b) 14,7000 of them in temporary help services. Additionally, health care sector appeared to be strong with 39,000 jobs added, but within healthcare, 30,000 of the new jobs were created by ambulatory health care services.
Totaling all these figures shows that over 50% of the new staffing was within the service sector, which tends to be a lot lower paying than R&D (Research and Development), scientific, engineering, IT (Information Technology), technical and manufacturing. Therefore, more needs to be done to recruit high paying, high wage jobs!
IoT (Internet of Things) Technology May Help Ramp Up Jobs Recruiting!
Yesterday, I attended a seminar at UILabs entitled, “An Entrepreneurial & Venture Take On Navigating The Future of IoT.” Internet of Things or IoT is the concept that the devices and objects that you interact with or are part of a system, process or industry can relate to each other and with cloud storage. Furthermore, with IoT computing you can create experiences, intelligence and actionable data which wasn’t previously possible.
During this seminar I met some of the leading experts in IoT including Manmeet Maggu CEO of Trexo Robotics, Ravi Sahu CEO of Strayos and Ty Findley of Pritzker Group Venture Capital. All are key players in ramping up the power of Internet of Things or IoT.
For example, Trexo Robotics is leveraging the power of robotics and IoT help handicapped children to walk! Additionally, Strayos is using computer vision and IoT to disrupt the mining and blasting industries to make them both more efficient. Lastly, Mr. Findley is on the forefront of investing in industrial and manufacturing applications for IoT.
The key is just as the Internet was a way of bringing things together and making them available to people, the Internet of Things extends that concept to end points, which are not human interaction devices. Think of it as your refrigerator, a car or part of an industrial process that’s going to generate data, which may, in the short term, allow you to enable or disable something. As a result, it’s generating data that you can then reference to look for trends and meta trends, allowing you to determine a correlation. Therefore, IoT will make businesses, cities and governments exponentially more efficient.
However, in order to seamlessly continue this IoT growth we need more qualified engineers, scientists, IT, R&D, technical and manufacturing experts who can engineer unique IoT applications. This means better STEM training is needed in our schools to produce the necessary amount of technology experts for Internet of Things. If this can be accomplished, the result will be many more high paying R&D, IT, technical, engineering, scientific and manufacturing jobs in the future!
