Labor and Industry Trends
for July 2022
Beyond the Headline Noise
Cutting through the noise of headlines about the direction of the economy, one fact remains constant. The labor markets remain tight, with more job openings than the available labor pool. Employers added 372,000 jobs in June, well above the consensus estimates of 275,000 jobs. In highly skilled sectors of the labor market, the War for Talent rages on. The total unemployment rate remained at 3.6% in June, near a 50-year low, with college educated unemployment at 2.1%.
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What does this mean for clients seeking skilled professionals?
Highly skilled candidates, such as technologists, continue to have many choices available to them. While the funding landscape for early-stage technology companies has changed, do not allow these "one off" company driven changes to hiring to be indicative of the overall market. Even amongst hiring changes announced by larger companies, almost uniformly, specifically stated key technical resources would remain a focus of their recruiting efforts. In fact, in this kind of unsettled macro-economic environment, candidates are looking for opportunities with financially sound, established enterprises where they can continue to elevate their skill-sets.
Today, more than ever, competitive compensation, a streamlined hiring process and a positive workplace environment remain paramount to attract the top talent you need to keep your business competitive.
by Michael Blackman
CURRENT LABOR INDICATORS
June Jobs One-Month Net Change
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
Total Job Gains
Wage Growth (YoY)
Source: U.S. Bureau of Labor Statistics
Health care + Social assistance
Professional + Business services
Leisure + Hospitality
Transportation + Warehousing
Mining + Logging
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