Labor and Industry Trends
for February 2023
IT ALL DEPENDS
Against a highly uncertain macro-economic outlook, overall employment remains strong. Perhaps lost in the macro headline haze, data continues to suggest investments in technology by American businesses remains remarkably resilient in 2023. In a recent poll of corporate technology managers in the United States by the research firm IDC, 62% replied that technology spending at their companies would remain the same or increase compared with 2022, irrespective of recession probabilities.
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It Should Reach from the Bottom of the the Nav Bar to the Top of the Header Text.
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This Ruler is for the Space Between the Bottom of the Hero/Header Text and the
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What does this mean for clients?
While Silicon Valley companies trim their payrolls after a period of explosive growth fueled by the pandemic, the reality is still that technology plays a larger role in corporate operations than in the last two recessions. The significant difference is software in areas such as cloud migration and data security, among others. These tend to be longer term projects with little optionality as to the necessity to do them.
Unlike prior recessions, technology today is at the heart of not only our client's core operations, now often in a technologically enabled hybrid environment, but also how clients communicate and transact with their customers. The net is: to remain competitive there is little optionality around much of the technology spend today. As a leading solutions firm specializing in technology and other professional staffing services, Kforce is uniquely positioned to help organizations acquire the top talent they need to solve their greatest challenges.
by Michael Blackman
CURRENT LABOR INDICATORS
February Jobs One-Month Net Change
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.
About the Author, Michael Blackman
3.6
Total Unemployment
%
311,000
Total Job Gains
%
4.6
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
%
5.1
SPACE IN BETWEEN MODULES/ Macros/ Sections
SPACE IN BETWEEN HEADER AND SUBHEAD + Subhead & Body
SPACE IN BETWEEN BUTTONS
Source: U.S. Bureau of Labor Statistics
Chart: Gabriel Cortes / CNBC
Chart: Gabriel Cortes / CNBC
February Jobs One-Month Net Change
Source: U.S. Bureau of Labor Statistics
105K
62.8K
50.1K
46K
45K
24K
0
-1k
-4k
-21.5k
-25k
Information
Transportation + Warehousing
Manufacturing
Financial activities
Mining + Logging
Construction
Professional + Business services
Government
Retail trade
Health care + Social assistance
Leisure + Hospitality
