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

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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

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70K

21K

19.7K

Retail trade

Professional & Business Services

Utilities

Private education & health services

Leisure & hospitality

96K

Financial activities

4.8K