Labor and Industry Trends
Coming in for a landing
The Federal Reserve's objectives to "cool" the US economy, and thus lower inflation, have also served to temper the labor market. All indications are that the Fed is prepared to begin an anticipated series of interest rate cuts at their next meeting. That, in turn, should spur a strengthening of the economy as capital becomes more readily available and less expensive.
What does this mean?
Despite the "noise" surrounding the jobs report, which is always magnified in an election year, clients continue to proceed with mission critical technology projects. As Kforce President and CEO Joe Liberatore has stated, "What remains clear is that the broad and strategic uses of technology, including the early-stage technology revolution associated with AI, will continue to evolve and play an increasingly instrumental role in powering businesses. Over the long term, we believe AI and other innovative technologies will follow the historic pattern of driving demand for, rather than replacing, technology resources and the pace of change will only continue to accelerate.
Our clients remain focused on critical technology initiatives and modernization efforts. For more than 60 years, we have established a foundation of sourcing highly skilled quality talent, at scale, to help world class companies solve complex problems and competitively transform their businesses. As technology has evolved over the decades, we have adapted to meet the changing skillset demands of our clients."
by Michael Blackman
CURRENT LABOR INDICATORS
February Jobs One-Month Net Change
4.2
Total Unemployment
%
142,000
Total Job Gains
%
3.8
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
Chart: Gabriel Cortes / CNBC
Published SEPTEMBER 12, 2024
Source: U.S. Bureau of Labor Statistics
AUGUST 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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Michael Blackman
Michael Blackman
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
Connect with me
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
Federal Reserve Achieves Its Dual Mandate
8
6
4
2
0
2018
2019
2020
2024
2021
2022
2023
Source: BLS, Moody's Analytics
7
5
3
1
Pandemic shutdown
American Rescue Plan
Delta & Omicron waves
Russia- Ukraine war
Immigration surge
Full employment
Inflation target
Unemployment rate, %
PCE deflator inflation, % change yr ago
