Labor and Industry Trends
A DEGREE OF COOLING CAN BE A GOOD THING
The overall jobs market remains solid with total nonfarm payroll employment increasing by 209,000 in June. The fact that there was a degree of cooling in the labor market can be interpreted as a positive sign, showing that the Federal Reserve is succeeding in bringing down inflation.
The unemployment rate remains near historically low levels at 3.6%. This speaks volumes to the underlying strength in the economy. While we are certainly not economists, history would tell us a recession (in the near term) is unlikely with employment remaining this strong.
What Does this Mean for Clients?
This is an opportune time for clients to access top technologists, given the reallocations of professionals in a number of the large pure play technology companies, primarily due to layoffs. Kforce works across the industry spectrum and can connect you with skilled experts who previously may not have considered your industry.
Your Kforce partner is well equipped to help you structure the best solution for your organization. In technology, which tends to be project driven, a flexible solution can be very appealing, particularly in times of economic uncertainty.
If you are a highly skilled technologist, Kforce works with a significant majority of the Fortune 500 companies and can put you in exciting career-building opportunities across a wide array of industries.
by Michael Blackman
CURRENT LABOR INDICATORS
February Jobs One-Month Net Change
3.6
Total Unemployment
%
209,000
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
414K
254K
364K
800K
Tech Job Openings across industries*
235,000+
Published JuLY 12, 2023
*Source: CompTIA
Source: U.S. Bureau of Labor Statistics
MAR 2022 Through JUNE 2023
600K
400K
200K
0
Mar
2022
Jun
2022
Sep
2022
Dec
2022
Mar
2023
Jun
2023
Apr
2022
May
2022
Jul
2022
Aug
2022
Oct
2022
Nov
2022
Jan
2022
Feb
2022
Apr
2023
May
2023
Source: U.S. Bureau of Labor Statistics
370K
568K
352K
350K
324K
290K
239K
472K
248K
165K
253K
JUNE 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 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.
CHIEF CORPORATE DEVELOPMENT OFFICER
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