Labor and Industry Trends

Right down the middle

What does this mean?

Once the macro uncertainties begin to clear, we expect clients to initiate their backlog of high-priority technology initiatives at an accelerated pace. As Kforce COO David Kelly recently commented, "Clients' prolonged caution in initiating new investments has resulted in an increasingly strong backlog of strategically imperative technology investments. We believe this backlog may be a high priority for our clients to initiate at an accelerated pace as macro uncertainties begin to clear in 2025." Kforce CEO Joe Liberatore emphasized that, over the long term, advancements in AI and other innovative technologies are likely to follow the historic pattern where increased efficiency leads to greater demand for technology resources rather than replacing them, and that the pace of change will continue to accelerate. Kforce is ideally positioned to meet this eventual demand. While finalizing technology plans for 2025, clients would be well served to partner with their Kforce experts as they prepare to tackle key technology initiatives.

by Michael Blackman

CURRENT LABOR INDICATORS

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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.

4.2

Total Unemployment

227,000

Total Job Gains

SPACE IN BETWEEN MODULES/ Macros/ Sections

SPACE IN BETWEEN HEADER AND SUBHEAD + Subhead & Body

Published DECEMBER 16, 2024

Source: U.S. Bureau of Labor Statistics

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This Ruler is for the Space Between the Bottom of the Hero/Header Text and the Subheader Copy. Check Your Spacing for Consistency.

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Michael Blackman

CHIEF CORPORATE DEVELOPMENT OFFICER

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Brad Boyd

PRACTICE LEADER

Meet the Authors

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

The November BLS jobs data, following the October BLS data which was negatively impacted by hurricane and strike anomalies, follows the pattern seen throughout much of 2024. We are experiencing a "soft landing" with a slightly cooling economy. This was the Federal Reserve's goal—to begin an easing cycle. The labor markets remain very much intact, as demonstrated by a still historically low unemployment rate.

U.S. Unemployment Rate

OCTOBER 2022 THROUGH NOVEMBER 2024

4.2%

4.0%

3.8%

3.6%

3.4%

3.2%

3.0%

Oct '22

Source: U.S. Bureau of Labor Statistics

Nov '22

Dec '22

Jan '23

Feb '23

Mar '23

Apr '23

May '23

Jun '23

Jul '23

Aug '23

Sep '23

Oct '23

Nov '23

Dec '23

Jan '24

Feb '24

Mar '24

Apr '24

May '24

Jun '24

Jul '24

Aug '24

Sep '24

Oct '24

5.5%

4.5%

3.5%

2023

2022

Source: U.S. Bureau of Labor Statistics

U.S. Unemployment Rate

Jan 2021 Through DEC 2023

NOVEMBER 2024

4.0

Wage Growth % Change (YoY)

Nov '24

Labor and Industry Trends for May 2023

4.1

Total Unemployment