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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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
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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
