Labor and Industry Trends
Threading the needle
Federal Reserve officials have been looking for further evidence that interest rate increases over the past two years are cooling the economy, which has been their goal. Friday's employment report signaled that. Moderation came as job gains slowed, the unemployment rate ticked up slightly and average weekly hours nudged down.
The bottom line is this is the jobs report the Fed would have scripted. The possibility of multiple rate cuts is now back on the table. We are now in a position of having a still solid labor market and economy, albeit one that is gradually slowing—exactly what Fed officials have been looking for.
What does this mean for clients?
As Kforce CEO Joe Liberatore outlined on our recent earnings call, clients remain focused on critical technology initiatives in the areas of digital, data governance, AI and ML, UI/UX, cloud, data analytics, business intelligence, project and program management and modernization efforts. Technology investments are simply not optional in today's competitive and disruptive business climate.
What remains clear is that the broad and strategic uses of technology will continue to evolve and play an increasingly instrumental role in powering businesses. Over the long term, AI and other technologies will continue to drive demand for, rather than replace technology resources, and the pace of change will accelerate. Clients will be well served partnering with Kforce to attain your business goals.
by Michael Blackman
CURRENT LABOR INDICATORS
3.9
Total Unemployment
%
175,000
Total Job Gains
%
3.9
Wage Growth (YoY)
Published MAY 8, 2024
Source: U.S. Bureau of Labor Statistics
APRIL 2024
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by Michael Blackman
Labor and Industry Trends
May 2023
Beyond the Headlines
Business and professional services led the unexpectedly strong job gains in May. This is yet another indication that the market for highly skilled talent remains intact, despite all the headline layoff news.
Total nonfarm payroll employment increased by 339,000 in May—almost double the Wall Street consensus of +195k. Meanwhile, the unemployment rate remains low at 3.7%. In times of economic uncertainty, many companies have turned to flexible resources to minimize economic risk.
Source: U.S. Bureau of Labor Statistics
%
4.3
Wage Growth (YoY)
Total Job Gains
339,000
%
3.7
Total Unemployment
CURRENT LABOR INDICATORS
What Does this Mean for Clients?
Beyond the oft confusing headlines, tech job openings across industries remain solid at 234,000+, according to market research from CompTIA. Top skills are still very much in demand, including software developers and engineers, IT project managers, data analysts and IT support specialists. Interestingly, about one in five tech job openings are in emerging areas like AI. Historically, large-scale innovation increases the demand for technologists, who are often the drivers and architects behind transformative projects.
Clients, your Kforce partner is well equipped to help you structure the best solution for your organization. Particularly in technology, which tends to be project driven, a time and materials solution can be very appealing. If you are a highly skilled technologist, Kforce works with a significant majority of Fortune 100 companies and can put you in exciting career-building opportunities.
Published June 8, 2023
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Learn More About Kforce
Learn More About Kforce
As Chief Corporate Development Officer at Kforce, Michael Blackman, a 32-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.
CHIEF CORPORATE DEVELOPMENT OFFICER
Connect with me
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Meet the Author
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.
Michael Blackman
CHIEF CORPORATE DEVELOPMENT OFFICER
Meet the Author
Michael Blackman
Michael Blackman
AI adaptation
cloud
236K
315K
175K
482K
287K
146K
278K
303K
240K
184K
210K
246K
165K
182K
290K
256K
800K
600K
400K
200K
0
Mar
2024
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2023
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2023
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2023
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2023
Nov
2023
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2023
Jan
2024
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2024
May
2023
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2023
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2023
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2023
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2023
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2023
Source: U.S. Bureau of Labor Statistics
Monthly Job Creation in the U.S.
january 2023 Through April 2024
Apr
2024
303K
239K
472K
248K
217K
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105K
236K
165K
262K
105K
182K
290K
256K
270K
Monthly Job Creation in the U.S.
DEC 2022 Through MARCH 2024
Source: U.S. Bureau of Labor Statistics
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Dec 2022
Jan 2023
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