Labor and Industry Trends
U.S. labor market remains strong
The U.S. labor market continues to exhibit an extraordinary degree of strength even in what is now, per The Federal Reserve's mandate to tame inflation, a slightly cooling economy. Job growth accelerated far more than expected in May, adding 272,000 jobs.
Employment continued to trend upward in several industries, led by health care; government; leisure and hospitality; and professional, scientific and technical services.
What does this mean for clients?
In our ongoing discussions with clients, critical technology initiatives remain a top priority, especially in the areas of digital, data governance, AI and ML, UI/UX, cloud, data analytics, business intelligence, project and program management, and modernization efforts. It is clear that the broad and strategic uses of technology will continue to evolve and play an increasingly instrumental role in powering businesses. To stay ahead of the curve, clients can partner with Kforce to attain their business goals.
by Michael Blackman
CURRENT LABOR INDICATORS
February Jobs One-Month Net Change
4.0
Total Unemployment
%
272,000
Total Job Gains
%
4.1
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
Published June 17, 2024
Source: U.S. Bureau of Labor Statistics
MAY 2024
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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
0
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
SPACE IN BETWEEN MODULES/ Macros/ Sections
SPACE IN BETWEEN HEADER AND SUBHEAD + Subhead & Body
SPACE IN BETWEEN BUTTONS
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
Connect with me
Connect with me
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
Monthly Job Creation in the U.S.
FEBRUARY 2023 Through MAY 2024
287K
146K
278K
303K
240K
184K
210K
246K
165K
182K
290K
256K
236K
315K
175K
272K
Apr
2024
400K
300K
200K
100K
0
Mar
2024
May
2024
Feb
2023
Mar
2023
Apr
2023
Nov
2023
Dec
2023
Jan
2024
Feb
2024
May
2023
Jun
2023
Jul
2023
Aug
2023
Sep
2023
Oct
2023
Source: U.S. Bureau of Labor Statistics
