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Labor and Industry Trends

AUGUST 2024

by Michael Blackman

Published SEPTEMBER 12, 2024

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.

CURRENT LABOR INDICATORS

%

3.8

Wage Growth (YoY)

4.2

%

Total Unemployment

142,000

Total Job Gains

Source: U.S. Bureau of Labor Statistics

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."

Federal Reserve Achieves Its Dual Mandate

8

Russia- Ukraine war

7

6

Immigration surge

Delta & Omicron waves

5

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4

Full employment

3

American Rescue Plan

Pandemic shutdown

2

Inflation target

1

0

2018

2019

2020

2021

2022

2023

2024

Unemployment rate, %

PCE deflator inflation, % change yr ago

Source: BLS, Moody's Analytics

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Meet the Author

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.

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Michael Blackman

Michael Blackman

Learn More About Kforce

Learn More About Kforce

CHIEF CORPORATE DEVELOPMENT OFFICER

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