Labor and Industry Trends

Sometimes Good News is Just Good News!

The U.S. economy continues to show surprising strength, particularly as it pertains to the labor market where payrolls grew by 336,000 in September. This increase was almost double what economists had forecast, which again demonstrates the underlying resilience of the labor markets against an economy facing challenges from a variety of forces. Also of note, this was the 33rd consecutive month of job growth, and the largest increase since January. In addition, the unemployment rate was steady at 3.8%. It has been below 4% for nearly two years, a stretch that hasn't been achieved since the late 1960s.

Client Focus: Leisure & Hospitality

The leisure and hospitality industry led job gains for the month, increasing by 96K. Diving deeper into the technology space in this industry, Kforce data platforms show job openings for highly-skilled technologists. Kforce has significant expertise deploying high-quality talent to support the world's most notable travel & leisure organizations, a majority of which are industry-leading Fortune 500 brands. Kforce's client portfolio spans a variety of industries. We work together to help them realize their vision on digital transformation projects that are essential to maintaining a competitive advantage.

by Michael Blackman

CURRENT LABOR INDICATORS

February Jobs One-Month Net Change

3.8

Total Unemployment

336,000

Total Job Gains

4.2

Wage Growth (YoY)

77.8K

74K

67K

35.5K

29K

25K

16.4K

15.4K

13K

1.1K

-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

Monthly Job Creation in the U.S.

Published OCTOBER 11, 2023

Source: U.S. Bureau of Labor Statistics

SEPTEMBER 2023, 1-MONTH NET CHANGE

Source: U.S. Bureau of Labor Statistics

SEPTEMBER 2023

This Ruler is for the Space Above and Below the Header Text Area. It Should Reach from the Bottom of the the Nav Bar to the Top of the Header Text. And From the Bottom of the Header Text to the Bottom of the Header Photo.

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

This Ruler is for the Space Between Modules/Macros/Sections. It Should Reach from the Bottom of the Previous Module/Macro to the Top of the Next Section.

This Ruler is for the Space Between Text/Buttons/Callouts. Check Your Spacing for Consistency.

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.

904K

414K

254K

364K

370K

568K

Monthly Job Creation in the U.S.

February 2022 Through May 2023

Source: U.S. Bureau of Labor Statistics

Feb 2022

Mar 2022

Apr 2022

May 2022

Jun 2022

Jul 2022

Published June 8, 2023

SPACE IN BETWEEN MODULES/ Macros/ Sections

SPACE IN BETWEEN HEADER AND SUBHEAD + Subhead & Body

SPACE IN BETWEEN BUTTONS

Michael Blackman

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

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

70K

21K

19.7K

Retail trade

Professional & Business Services

Utilities

Private education & health services

Leisure & hospitality

96K

Financial activities

4.8K