Labor and Industry Trends
Sometimes Slowing is a Good Thing
The U.S. economy continued to create jobs in November, suggesting there is still growth left in a labor market that has been slowing almost imperceptibly since 2022's sharp pandemic rebound. This month, the increase in employment includes tens of thousands of autoworkers and actors who returned to their jobs after strikes, meaning underlying job growth is slightly weaker.
Why is this a "good thing"? It is another positive indicator that the Federal Reserve's policy of interest rate hikes to bring down inflation is working. This has led to widespread speculation among economists that further rate increases from the Fed are now on-hold, and indeed we may see some loosening in 2024. While many outcomes remain possible given geo-political risks (among others), we are again hearing widespread speculation that a "soft landing" for the economy is a possibility in 2024.
What Does this Mean for Clients?
Beyond the headline labor numbers, the reality remains that highly skilled technologists are in demand and can still choose among multiple opportunities. Top skills include software developers and engineers, IT project management, data analysts, systems analysts, cloud infrastructure and system design. Tech job openings in emerging areas like AI continue to trend up, with about two in five tech job postings seeking these skills according to data from CompTia. Clients and consultants will be well served partnering with Kforce to make the right match to attain your business and career goals.
by Michael Blackman
CURRENT LABOR INDICATORS
February Jobs One-Month Net Change
3.7
Total Unemployment
%
199,000
Total Job Gains
%
4.0
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 DECEMBER 13, 2023
Source: U.S. Bureau of Labor Statistics
NOVEMBER 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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Monthly Job Creation in the U.S.
AUG 2022 Through NOV 2023
150K
199K
352K
350K
324K
290K
239K
472K
248K
217K
217K
281K
105K
236K
165K
297K
800K
600K
400K
200K
0
Nov
2023
Aug
2022
Sep
2022
Oct
2022
Nov
2022
Dec
2022
Jul
2023
Aug
2023
Sep
2023
Oct
2023
Jan
2023
Feb
2023
Mar
2023
Apr
2023
May
2032
Jun
2023
Source: U.S. Bureau of Labor Statistics
