Labor and Industry Trends
The Song Remains the Same
Hiring in the U.S. labor market remains strong, once again exceeding expectations and adding 275,000 jobs in February according to data released by the U.S. Bureau of Labor Statistics (BLS). Despite a slight increase to 3.9%, the unemployment rate remains low by historical standards continuing a two-year trend below 4%.
In addition, against many headline layoffs, skilled workers appear to be able to find new employment in a reasonable time frame. It is noteworthy that against those headlines, "Information" as a category saw a net add of jobs in February.
What Does this Mean for Clients?
In the more highly skilled technology occupations, the reality remains that there is a constrained supply of highly skilled technologists as the domestic educational system continues to produce nowhere near the supply the market demands. In addition, as AI continues to move to the forefront, there is not a deep pool of experienced specialists given the timeline of AI maturation.
Against this backdrop, clients would be well served to consult with their Kforce expert to help formulate a human capital solution. Our years of successfully operating through many economic cycles has taught us that in times of economic uncertainty, clients increasingly seek flexible resources to address mission critical projects.
by Michael Blackman
CURRENT LABOR INDICATORS
3.9
Total Unemployment
%
275,000
Total Job Gains
%
4.3
Wage Growth (YoY)
Monthly Job Creation in the U.S.
275K
290K
239K
472K
248K
800K
Published MARCH 19, 2024
Source: U.S. Bureau of Labor Statistics
NOV 2022 Through FEB 2024
600K
400K
200K
0
Nov
2022
Feb
2023
May
2023
Aug
2023
Nov
2023
Feb
2024
Dec
2022
Jan
2023
Mar
2023
Apr
2023
Jun
2023
Jul
2023
Sep
2023
Oct
2023
Dec
2023
Jan
2024
Source: U.S. Bureau of Labor Statistics
217K
217K
281K
105K
236K
165K
262K
105K
182K
290K
229K
FEBRUARY 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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U.S. Bureau of Labor Statistics (BLS)
