The job market is staying solid — and other happenings in the world of work

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Catch up on headlines from the last 7 days.

• U.S. job growth is cooling — but still strong. The economy added 315,000 jobs in August while the unemployment rate rose to 3.7%. Read more about it below.
• The number of available positions rose last month to 11.2 million from 11 million in June. Quits, or the number of times Americans voluntarily left their jobs, also dipped to a one-year low.
• The amount of time it takes women to get to the C-suite is shrinking, but not in the way you might expect, according to new research from Wharton. In 2001, women took 3.6 fewer years than men to move into one of the top 10 executive roles. By last year, that difference narrowed to 1.5 years.
• The number of independent workers in the U.S. is on the rise. A recent McKinsey survey found that 36% of employed Americans — the equivalent of 58 million people — are working contract, freelance or gig roles from substitute teaching to Uber driving. That’s up from 27% in 2016.
• Millennials had worse economic prospects when compared to Gen X, according to a new study from the National Bureau of Economic Research. Even though millennials may be the most educated generation, they’re earning less than Gen Xers were upon graduating with many working jobs that don’t even require a degree. Millennials, saddled by student debt, were also more likely to live at home following graduation.
• Astronomical mortgage rates are making renting seem ideal again. New research from the Mortgage Bankers Association found that the median monthly mortgage payment in the second quarter of the year was about one and a half times as much as the median monthly asking rent.

Take a closer look at recent trending topics — and engage with meaningful conversations happening on LinkedIn.

The job market is staying solid

• The U.S. economy added 315,000 jobs in August, according to the latest Labor Department data. “This was a solid report, indicating that some of the recent labor market sluggishness is fading,” LinkedIn’s Principle Economist Guy Berger commented. “The near-term outlook is improving a little, though the medium-term outlook is cloudy,” he said.?
• Unemployment ticked up to 3.7%, but this is “good,” according to Berger. It reflected an increase in labor force participation. Julia Pollak, ZipRecruiter’s Chief Economist, called that “highly encouraging.” She explained: “Despite facing stiff headwinds — inflation, rising interest rates, a strong dollar — U.S. businesses are starting to find it a little bit easier to hire.” Separately, according to LinkedIn’s latest analysis, hiring jumped 6.5% in August, the first monthly increase since April. Twice as many sectors saw hiring pick up compared to July, including farming, education, consumer services and transportation.?
• “Looking ahead, there’s tons of uncertainty depending on what the Fed decides to do on the inflation front,” Berger commented. “If the policy pivot materializes, we could see a resurgence in hiring. If they decide they need to aggressively combat inflation, August’s increase could be a false spring,” he continued. Either way, JPMorgan’s Chief Global Strategist David Kelly said, the report points to “more runway for a soft landing.”

C-suite hiring is changing

• Companies have significantly redefined the roles of executives over the past two decades, according to new research from Harvard Business School. As the workforce changes, technology advances and companies grow, C-suites need more than technical skills and a proven track record of managing financial resources. One set of qualifications are now prioritized above all else: social skills. That includes self-awareness, the ability to listen, communicate effectively and overall emotional intelligence.?
• “I would say a really good leader has spent a lot of time learning psychology, so they can better understand all the hundreds or thousands of people that are reporting to them,” energy professional James Bow commented. The sooner you understand and empathize with others, the sooner you can “maximize potential” in the workplace, manager Mary Woolridge agreed. “People don’t care how much you know until they know how much you care,” she commented.
• Leaders aren’t the only people who would benefit from focusing on empathy and emotional intelligence, executive coach Ann-Marie Heidingsfelder commented. Leaders and workers with aligned values often see stronger business outcomes. “We can’t rely on CEOs being the only ones with EI in the room,” she said.

Airline industry weathers turbulence

• The U.S. aviation industry has seen three years of significant job churn, according to a new LinkedIn analysis. Mass layoffs rocked the industry in 2020 at the outset of the pandemic, and in 2021, the industry rehired rapidly. Now, both hiring and job departures are running higher than average levels. LinkedIn Senior Editor at Large George Anders wrote that aviation is an industry where you can see as much as $37,500 in immediate signing bonuses — but also an industry that wiped out more than a quarter of its workforce in just 90 days.
• “It is VERY expensive and time-intensive to become a pilot,” marketing professional Meredith Metsker commented. “I imagine the bumpy nature of aviation lately adds yet another barrier or concern for the next generation of pilots,” she continued.
• Money is just one concern for potential workers — many aviation employees have voiced frustration about everything from rowdy passengers to rough schedule disruptions leading to poor working conditions. “The whole system is strained,” United Airlines CEO Scott Kirby said. “There’s tight staffing everywhere. And sometimes the jet bridge breaks, and the power goes out for 20 minutes. The system just doesn’t have any buffer to deal with that.”

Get ready for the week by seeing what's coming up.

• Monday, September 5: The U.S. celebrates Labor Day, a federal holiday acknowledging American workers (and, for many, the end of summer).
• Wednesday, September 7: LinkedIn Senior Editor at Large George Anders will release his latest edition of Workforce Insights, digging into where Americans have been working from — home or onsite.
• Thursday, September 8: The Labor Department will release initial jobless claims for the previous week. The report, a proxy for layoffs, tracks the number of people filing for unemployment benefits.
• Thursday, September 8: Federal Reserve Chair Jerome Powell is expected to speak on future monetary policy.