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
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
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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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
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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
Connect with me
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
3K
Retail trade
Professional & Business Services
Utilities
Private education & health services
Leisure & hospitality
96K
Financial activities
4.8K
