🔥 The job market slow burn

Hey there! Stephen here, CEO of BeamJobs. I hope you had a fun and restful holiday weekend. What day is it again? Who knows, but we're back with a fresh newsletter to get you caught up on everything that happened over the break.

Summer is heating up, and so is the job market. This week, we're diving into the ever-growing length of the job hunt, taking a pulse on the current livable wage, and sharing top-notch interview tips. Plus, for your workday comic relief, we've rounded up our favorite (slightly unhinged) alternatives to the typical "Kind Regards" email signoff. Disclaimer: Use with caution.

Let's dive in!

A slow and steady job market… wins the race?

The job market is growing. But we're not breaking any speed limits here.

In June, the US economy added 206,000 jobs, beating expectations. At the same time, the unemployment rate crept up to 4.1%, which is the highest since November 2021. This slow pace shows that while job growth continues, it’s taking its sweet time.

Where is all the growth? Government, healthcare, and social assistance sectors are seeing significant job gains, while retail and professional services are lagging behind. Wage growth has also slowed down, with annual increases for job stayers at 4.9%, the slowest since August 2021, and job changers seeing growth of 7.7%.

Here for a good time, not a long time! Part-time job postings are up 10% from early 2022 to May 2024, suggesting companies are playing it safe amidst economic uncertainty. The temporary help services sector saw the largest job losses in June, shedding 49,000 positions.

So while job market growth feels like it is happening in slow-mo, if I’m looking on the bright side, jobs are still being added, wages are creeping up (albeit more slowly), and key sectors continue to expand.

How comfortable is comfortable?

Living comfortably—what does it take? Besides a fortress of cushions

According to a new Bankrate survey, on average, Americans believe they need to earn around $186,000 per year to feel financially secure.

The reality check? Only 6% of U.S. adults hit this mark. The median family income hovers between $51,500 and $86,000, leaving many feeling the squeeze as inflation keeps prices for shelter, food, and medical care high.

It’s complicated. These numbers vary depending on whether or not you’re in a major city, whether you have children, and a variety of other factors, most of which are usually outside of our control. But the fact remains that 35% of Americans are worried about making ends meet, up from 29% last year.

How rich is rich? Americans even set a high bar for feeling “wealthy,” pegging it at $520,000 annually, up from $483,000 last year. This hike is also driven by the rising cost of living. Not quite Scrooge McDuck, but getting there!

So, while the idea of a livable wage is a moving target, the pursuit of financial security continues to be a top priority. Staying informed and making strategic financial decisions are more crucial than ever.

Make your interview memorable

You made it! … past the first step. You landed an interview—a great accomplishment—now you just need to make a lasting impression. Forbes’ Human Resources Council recently weighed in on some strategies that will put you at the front of the pack. Here are some highlights:

Dive deeper than the company's website. Look into their long-term plans and industry forecasts. This isn’t just about showing off your research skills; it’s about showing you see their vision and understand how you can contribute to it.

You’ve got a particular set of skills…Use the STAR method (Situation, Task, Action, Result) to frame your accomplishments. This helps you present your achievements in a structured and impactful way.

Turn up the passion dial! Hiring managers love candidates who are genuinely excited about the role and the company. Engage actively during the interview, ask insightful questions, and follow up afterward to reiterate your interest.

For more detailed tips, check out the full list in Forbes.

The way I see it, interviewing is like going to the gym. The first few times might leave you feeling awkward and sweaty, but keep at it, and you’ll be an interview buff in no time.

The long job hunt…are we there yet?

Buckle up. Looking for a new job can feel like an epic quest these days. If you’re on the hunt, you might want to get comfortable—it’s taking longer than ever to land that dream gig. The average job search now takes over five months if you’re unemployed.

So, how do you speed up your search? Clarify your goals, polish your resume, and tailor it to each application. Network wisely using LinkedIn and professional groups. Optimize your LinkedIn profile with relevant keywords and showcase your accomplishments. Ace the interview *cough cough* see above.

The job hunt may be a marathon, not a sprint, but with the right strategy and persistence, you’ll get there. Hang in there, and keep pushing forward!

Have a Monday,

When was the last time you signed your email with something other than "Best" or "Kind Regards"? For your professional stress relief, we found a batch of hilarious sign-off alternatives fresh from the creative minds of our Gen Z coworkers. Now, I just have to work up the nerve to use them!

Here are the Beam Team’s top 10 questionable sign-offs:

• May the odds be ever in your favor,

• Stay classy, San Diego,

• Save time: See it my way,

• So long, and thanks for all the fish,

• Are you still reading this?

• Keep on keepin’ on,

• I’ve already told you more than I know,

• One step closer to Friday,

• At a loss for words,

• Stay awesome,

Let us know if you plan to use any of these. And if you do—you didn’t hear them from me! Check out these articles from Buzzfeed, Bored Panda, and MailMeteor for more questionable sign-off inspiration.

Until next time.

Stay awesome,

Stephen Greet
Co-founder and CEO, BeamJobs