Labor and Industry Trends
SOMETIMES GOOD NEWS IS GOOD NEWS!
What does this mean for clients?
Clients are finding themselves in somewhat of a quandary. Given the widely held expectation of recession in 2023, many exercised an extraordinary degree of caution around technology investments. And as more than one CIO has said, "The list of mission-critical technology projects deferred just continued to grow." That brings us to 2024 where the labor markets continue to be strong and, not unexpectedly, there is still a heightened degree of economic uncertainty.
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
February Jobs One-Month Net Change
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.
3.7
Total Unemployment
%
353,000
Total Job Gains
%
4.5
Wage Growth (YoY)
74K
35.5K
29K
Source: U.S. Bureau of Labor Statistics
Leisure + Hospitality
Health care + Social assistance
Government
Professional + Business services
%
5.1
SPACE IN BETWEEN MODULES/ Macros/ Sections
SPACE IN BETWEEN HEADER AND SUBHEAD + Subhead & Body
Job Creation by Industry One-Month Net Change
Published FEBRUARY 8, 2024
Source: U.S. Bureau of Labor Statistics
Source: U.S. Bureau of Labor Statistics
JANUARY 2024
Monthly Job Creation in the U.S.
SPACE IN BETWEEN BUTTONS
72K
Jan 2022
January 2024
This Ruler is for the Space Above and Below the Header Text Area.
It Should Reach from the Bottom of the the Nav Bar to the Top of the Header Text.
And From the Bottom of the Header Text to the Bottom of the Header Photo.
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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It Should Reach from the Bottom of the Previous Module/Macro to the Top of the Next Section.
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Michael Blackman
CHIEF CORPORATE DEVELOPMENT OFFICER
Connect with me
Connect with me
Meet the Author
Learn More About Kforce
Labor and Industry Trends
for May 2023
Brad Boyd
PRACTICE LEADER
Meet the Authors
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
100.4K
74K
45.2K
15K
Information
Retail trade
Financial activities
Professional & business services
Health care & social assistance
8K
Source: U.S. Bureau of Labor Statistics
47K
11K
Leisure & hospitality
92K
Financial activities
After 2023 proved to be the year that defied the prognosticators, the January 2024 BLS jobs data is nothing short of extraordinary against what was expected. Some key data points include:
• Total nonfarm payroll employment increased by a much stronger-than-expected 353,000 in January. This is higher than the average monthly increase of 255,000 in 2023 and raises the three-month moving average of payroll growth to 289,000.
• The change in total nonfarm payroll employment for November was revised up by 9,000 to +182,000, and the change for December was revised up by 117,000 to +333,000.
• Professional and business services added 74,000 jobs in January, considerably higher than the average monthly increase of 14,000 jobs in 2023. Employment in information also continued its upward trend, adding 15,000 jobs in January.
• The unemployment rate remained at 3.7% for the third straight month. This rate has now been below 4% for two years running, the best such record since the 1960s.
