Labor and Industry Trends
for August 2022
Professional and Information Jobs Lead the Charge
In 30 months, the U.S. economy has added 22 million jobs to get back to where it was at the onset of the COVID-19 pandemic. Perhaps even more telling is where the job creation was led by professional & business services and Information Technology. This speaks volumes as these highly skilled resources are necessary to keep your business competitive, especially in this world of hybrid workplace environments where there is little optionality around fully digitizing your organization.
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What does this mean for clients seeking skilled professionals?
The job market for highly skilled technology talent remains competitive. Recent press around hiring changes at some startup or technology companies are not at all indicative of the on-going strong demand for technologists across all industries.
Today, more than ever, working closely with your Kforce partners will help enable you to get the talent solutions your organization needs to remain competitive.
by Michael Blackman
CURRENT LABOR INDICATORS
The Economy Took 2.5 Years to Recoup the 22 Million Jobs Lost
Learn More About Kforce
As Chief Corporate Development Officer at Kforce, Michael Blackman, a 30-year Kforce veteran, is the primary focal point for the firm with the Wall Street and financial communities. He is regularly sought out by leading economists for his perspectives on the economy and labor markets, and he contributes to a number of key proprietary economic publications.
About the Author, Michael Blackman
3.5
Total Unemployment
%
528,000
Total Job Gains
%
5.2
Wage Growth (YoY)
Note: Seasonally adjusted
Source: Labor Department
Professional + Business Services
Information
Trade, Transportation + Utilities
Financial Activities
Education + Health Services
Other Services
Leisure + Hospitality
Construction
Manufacturing
Mining + Logging
Federal
State
Local
%
5.1
Payrolls by sector in July, change from February 2020
OVERALL JOBS:
+0.02%
Services
Goods producing
Government
5
-5
0%
Services
Goods producing
Government
Services
Goods producing
Government
Note: Seasonally adjusted
Source: Labor Department
5
-5
0%
5
-5
0%
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