Labor and Industry Trends

2023 DID NOT FOLLOW THE SCRIPT

2023 was the year the economy forgot to follow the script! The most anticipated and talked about recession in history failed to materialize. The U.S. economy closed the year out in a continued state of relative stability and outperformance against predicted market softening, with unemployment rates remaining near record lows (see below). Separately, though still in the early phase, AI adaptation has become table stakes for businesses to remain competitive. Several reputable economists even declared that AI may well be the catalyst for the next technology "super-cycle," similar to the advent of mobile and the cloud. While nobody knows the exact timing and path, clients are feverishly working through mountains of internal data to be "AI ready."

What Does this Mean for Clients?

A high degree of uncertainty around the direction of the economy remains. What's a client to do in this environment? Technology remains a project-driven discipline. While there are generational changes like AI, there are a great deal of technology projects that need to be addressed to remain competitive, regardless of economic performance. Kforce provides clients the opportunity to access the best talent and solutions to help you address your most pressing projects of today while also preparing to meet the needs of tomorrow.

by Michael Blackman

CURRENT LABOR INDICATORS

3.7

Total Unemployment

216,000

Total Job Gains

4.1

Wage Growth (YoY)

U.S. Unemployment Rate

Dec. 2023 3.7%

Published JANUARY 10, 2024

Source: U.S. Bureau of Labor Statistics

Jan 2021 Through DEC 2023

2021

2022

2023

Source: U.S. Bureau of Labor Statistics

DECEMBER 2023

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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

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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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

AI adaptation

5.5%

4.5%

3.5%

6.5%

2021

2022

cloud