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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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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Michael Blackman

AI adaptation

5.5%

4.5%

3.5%

6.5%

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