Labor and Industry Trends
for 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.
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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.
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 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.
About the Author, Michael Blackman
3.7
Total Unemployment
%
339,000
Total Job Gains
%
4.3
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
%
5.1
SPACE IN BETWEEN MODULES/ Macros/ Sections
SPACE IN BETWEEN HEADER AND SUBHEAD + Subhead & Body
Chart: Gabriel Cortes / CNBC
Monthly Job Creation in the U.S.
339K
904K
414K
254K
364K
800K
Tech Job Openings across industries*
234,000+
%
62.6
Labor Force Participation
Published June 8, 2023
Total Job Gains
236,000
%
4.2
Wage Growth (YoY)
*Source: CompTIA
Source: U.S. Bureau of Labor Statistics
Source: U.S. Bureau of Labor Statistics
Feb 2022 Through May 2023
600K
400K
200K
0
Feb
2022
May
2022
Aug
2022
Nov
2022
Feb
2023
May
2023
Mar
2022
Apr
2022
Jun
2022
Jul
2022
Sep
2022
Oct
2022
Dec
2022
Jan
2022
Mar
2023
Apr
2023
Source: U.S. Bureau of Labor Statistics
370K
568K
352K
350K
324K
290K
239K
472K
248K
165K
253K
Monthly Job Creation in the U.S.
SPACE IN BETWEEN BUTTONS
Jan 2022
0
200K
400K
600K
72K
47K
39K
34K
Jan 2022
Feb 2022
Mar 2022
Apr 2022
364K
904K
414K
254K
364K
370K
568K
352K
Jan 2022
Feb 2022
Mar 2022
Apr 2022
May 2022
Jun 2022
Jul 2022
Aug 2022
