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%.
This Ruler is for the Space Above and Below the Header Text Area.
It Should Reach from the Bottom of the the Nav Bar to the Top of the Header Text.
And From the Bottom of the Header Text to the Bottom of the Header Photo.
This Ruler is for the Space Between the Bottom of the Hero/Header Text and the
Subheader Copy. Check Your Spacing for Consistency.
This Ruler is for the Space Between Modules/Macros/Sections.
It Should Reach from the Bottom of the Previous Module/Macro to the Top of the Next Section.
This Ruler is for the Space Between Text/Buttons/Callouts. Check Your Spacing for Consistency.
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
3.6
Total Unemployment
%
372,000
Total Job Gains
%
6
Wage Growth (YoY)
77.8K
74K
67K
35.5K
29K
25K
16.4K
15.4K
13K
6K
1.1K
1K
-9K
Source: U.S. Bureau of Labor Statistics
Health care + Social assistance
Professional + Business services
Leisure + Hospitality
Transportation + Warehousing
Manufacturing
Information
Wholesale trade
Retail trade
Construction
Mining + Logging
Utilities
Financial Activities
Government
%
5.1
SPACE IN BETWEEN MODULES/ Macros/ Sections
SPACE IN BETWEEN HEADER AND SUBHEAD + Subhead & Body
SPACE IN BETWEEN BUTTONS