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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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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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
