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

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

281K

105K

236K

165K

262K

105K

182K

290K

229K

FEBRUARY 2024

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This Ruler is for the Space Between the Bottom of the Hero/Header Text and the Subheader Copy. Check Your Spacing for Consistency.

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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.

339K

904K

414K

254K

364K

370K

568K

352K

350K

324K

290K

239K

472K

248K

165K

253K

Monthly Job Creation in the U.S.

February 2022 Through May 2023

Source: U.S. Bureau of Labor Statistics

200K

400K

600K

800K

Feb 2022

Mar 2022

Apr 2022

May 2022

Jun 2022

Jul 2022

Aug 2022

Sep 2022

Oct 2022

Nov 2022

Dec 2022

Jan 2022

Feb 2023

Mar 2023

Apr 2023

May 2023

Published June 8, 2023

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SPACE IN BETWEEN HEADER AND SUBHEAD + Subhead & Body

SPACE IN BETWEEN BUTTONS

Michael Blackman

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

U.S. Bureau of Labor Statistics (BLS)