Labor and Industry Trends
for April 2023
HIGHLY SKILLED TECHNOLOGISTS ARE LANDING
Hiring unexpectedly accelerated in April—a noteworthy turn despite the weight of rising interest rates and the recent stress in the banking system. Many service industries continued to add workers to keep pace with the growing demand post-pandemic for travel, entertainment and dining out. The total unemployment rate is at 3.4%, the lowest it has been since 1969.
The net is, against all of the mega layoffs, IT actually added jobs in April. This strong data point speaks to the underlying demand for IT resources. Layoff headlines do not tell the whole story. There's more nuance to be explored, as confirmed by the Wall Street Journal.
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What does this mean for clients?
Those headline-making cuts have been offset by hiring elsewhere—both inside and outside the tech industry.
My take is that the FAANG technology companies absorbed technology talent from across the country during the pandemic. That is now reversing, and technologists are returning to "other" tech jobs. The result: equilibrium is returning to the market.
For our clients, this means the highly skilled technologists you need to meet today's challenges are still highly sought after. Your Kforce partner is well equipped to provide the strategy and resources to reach your strategic goals. For highly skilled technologists, Kforce, with our client footprint in more than 70% of the Fortune 500, can put you in opportunities where your career can flourish.
by Michael Blackman
CURRENT LABOR INDICATORS
February 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
3.4
Total Unemployment
%
253,000
Total Job Gains
%
4.4
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
Leisure + Hospitality
Health care + Social assistance
Retail trade
Government
Professional + Business services
Construction
Mining + Logging
Financial activities
Manufacturing
Transportation + Warehousing
Information
%
5.1
SPACE IN BETWEEN MODULES/ Macros/ Sections
SPACE IN BETWEEN HEADER AND SUBHEAD + Subhead & Body
Chart: Gabriel Cortes / CNBC
Monthly Job Creation in the U.S.
364K
904K
414K
254K
364K
800K
Tech Job Openings across industries*
300,000+
%
62.6
Labor Force Participation
Published May 9, 2023
Total Job Gains
236,000
%
4.2
Wage Growth (YoY)
*Source: CompTIA
Source: U.S. Bureau of Labor Statistics
Source: U.S. Bureau of Labor Statistics
January 2022 Through April 2023
600K
400K
200K
0
Jan
2022
Apr
2022
Jul
2022
Oct
2022
Jan
2023
Apr
2023
Feb
2022
Mar
2022
May
2022
Jun
2022
Aug
2022
Sep
2022
Nov
2022
Dec
2022
Feb
2023
Mar
2023
Source: U.S. Bureau of Labor Statistics
370K
568K
352K
350K
324K
290K
239K
472K
248K
165K
253K
"Tech companies have announced a string of layoffs, including Facebook parent Meta Platforms, Google parent Alphabet and Microsoft. Those cuts have been offset by hiring elsewhere in the industry."
- Wall Street Journal (05/06/23)
Hiring unexpectedly accelerated in April—a noteworthy turn despite the weight of rising interest rates and the recent stress in the banking system. Many service industries continued to add workers to keep pace with growing demand post-pandemic for travel, entertainment and dining out.
The net is, against all the mega layoffs, IT actually added jobs in April. This strong data point speaks to the underlying demand for IT resources. Layoff headlines do not tell the whole story. There's more nuances to be explored, as confirmed by the Wall Street Journal.
Monthly Job Creation in the U.S.
SPACE IN BETWEEN BUTTONS
Jan 2022
0
200K
400K
600K
72K
47K
39K
34K
Jan 2022
Feb 2022
Mar 2022
Apr 2022
364K
904K
414K
254K
364K
370K
568K
352K
Jan 2022
Feb 2022
Mar 2022
Apr 2022
May 2022
Jun 2022
Jul 2022
Aug 2022