Labor and Industry Trends
GOOD ECONOMIC SIGN
The U.S. economy yet again produced solid employment growth in July while continuing to show signs of cooling. This ongoing trend—spanning the past few months—indicates that the Federal Reserve's battle to suppress inflation is gaining traction. Wall Street views this as a positive in the current macro-economic environment.
Multiple indicators point to the underlying strength of the labor market—including unemployment, job gains and wage growth. July's unemployment rate dropped a tenth of a percentage to 3.5%, near a record low. The U.S. Bureau of Labor Statistics Employment Situation report indicates that most people who want to work can find jobs, keeping a degree of upward pressure on wages.
What does this mean for clients?
A slight softening in the labor markets creates prime opportunities for clients to access top technologists. With that said, highly skilled technologists remain in high demand across the U.S. This need for technologists is transcending traditional metros. Companies nationwide are vying to attract talent, regardless of location.
Kforce is a proven partner in helping industry-leading companies structure the best solution for their organizations, regardless of geography or industry. In technology, which tends to be project driven, a flexible solution can be very appealing, particularly in times of economic uncertainty. We continue to see clients moving ahead with projects that will transform their business.
If you are a highly skilled technologist, Kforce can help you find exciting opportunities within a significant majority of the Fortune 500 companies. We help professionals put their expertise to use across a wide array of industries, finding the right position for their skills.
by Michael Blackman
CURRENT LABOR INDICATORS
February Jobs One-Month Net Change
3.5
Total Unemployment
%
187,000
Total Job Gains
%
4.4
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
Chart: Gabriel Cortes / CNBC
Monthly Job Creation in the U.S.
339K
254K
364K
800K
Published August 9, 2023
Source: U.S. Bureau of Labor Statistics
APR 2022 Through July 2023
600K
400K
200K
0
Apr
2022
July
2022
Oct
2022
Jan
2023
Apr
2023
July
2023
May
2022
June
2022
Aug
2022
Sept
2022
Nov
2022
Dec
2022
Feb
2023
Mar
2023
May
2023
June
2023
Source: U.S. Bureau of Labor Statistics
370K
568K
352K
350K
324K
290K
239K
472K
248K
165K
253K
JULY 2023
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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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