The June jobs report, released this morning by the Bureau of Labor Statistics, shows signs of a healthy economy, with 213,000 jobs added to the market — more than the 195,000 jobs experts predicted.
Unemployment ticked up to 4 percent from an 18-year low of 3.8 percent, which Bankrate.com senior economic analyst Mark Hamrick says could be a positive sign of more people working and looking for work. Average hourly wages rose by 0.2 percent after increasing by 0.3 percent in May. This puts the year-over-year gain for employee earnings at 2.7 percent.
"The main broad brush stroke for both employers and those employed is the job market remains stable," Hamrick tells CNBC Make It, "but obviously there are a number of risks."
Hamrick points to a worker shortage, slow wage growth, increased tariffs and rising interest rates as factors impacting businesses and professionals today. Take a look below to see how these risk factors could impact you:
According to the BLS, there are now more job openings than there are workers, making it harder for employers to find qualified candidates to fill open positions. Truck driving, construction, information technology, carpentry and electrical work are some of the industries being hit hardest by this labor gap.
As a result of this shortage, Hamrick says many firms will have to get more aggressive with training and sourcing their own workers. For recent grads and job seekers, this could be good news, as employers may be forced to hire and provide training to someone who may not ordinarily be qualified for the job. He adds that since many of the industries impacted by this gap rely heavily on an acquired skill, young professionals today should broaden their scope on the educational requirements they think are needed for employment.
"It will be wonderful if young people take a wider view of the job market and not only associate it with jobs that come by virtue of a college degree, but also by learning a new skill," explains Hamrick.
It's also a good time, he says, to reconsider attending a four-year college. The average student loan borrower graduates college with $37,172 in student loans, a $20,000 increase from 13 years ago. Hamrick says many families could save a significant amount of money by investing in a community college or trade school rather than a four-year university.
"The reality is there will always be some level of demand for work [in these industries] as far as I can see," he says. "In an ideal world, students and parents will be looking to minimize the cost of secondary education, particularly as it relates to eventual employment."
Wage growth continues to be slow, with average hourly earnings increasing just 2.7 percent since last year. According to Hamrick, this means employed professionals could have a hard time getting more money out of their current employer.
"I think typically, the easiest way to get a wage increase is to just change jobs," he says. "Most workers do not have much bargaining power with their current employer, because they've already got you."
Employees who are most likely to see a pay increase from their employer, he says, are those who have clear goals with a bonus attached. However, he says, the reality is that most workers currently do not have that benefit. He encourages professionals who are thinking about starting a job search to look at positions that offer bonus compensations because in today's market he says some employers are doing everything they can to attract new talent.
"For some lower-paying jobs, many employers need to provide compensation bonuses to help drive performance."
If you're a homeowner, business owner or someone considering one of these options, Hamrick says you're going to feel the effects of increased tariffs and rising interest rates.
He points to the tariffs on Canadian lumber and the impact it's having on builders and home owners in the states. According to the National Association of Home Builders, the rising cost of lumber has added nearly $9,000 to the average price of a single-family home. Hamrick says that newly-published minutes from the latest Federal Open Market Committee meeting point to some businesses cutting back on spending because of increased tariffs on goods.
A spike in interest rates is also linked to the increased cost of owning a home or business. In June, the Federal Reserve raised interest rates for the second time this year. Already, Hamrick says, the cost of a mortgage loan on a $250,000 house has increased by approximately $100 per month since the beginning of the year.
For anyone considering a business or home loan, Hamrick says it's wise to assume a rise in borrowing cost. And of course, he says, if you reside in a higher-priced market like New York, San Francisco or Washington, D.C., then you can expect even more of an increase in your living costs.
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