Labor and Industry Trends

September jobs data threads the needle

The September jobs report was strong across the board. Employment growth solidly beat expectations, adding 254,000 nonfarm jobs—the largest increase since spring. The unemployment rate improved from 4.2% to 4.1%, nearly rounding down to 4.0%. The September report generally reversed many of the cooling trends that had been apparent in various measures of labor market activity. That cooling had posed a potential threat to turn into something more- worrisome with regards to the macro economy, but the latest data suggests that a soft-landing is back on track. This report should also make the Fed's job of managing economic stability easier.

What does this mean?

Despite the "noise" surrounding the jobs report, which is always magnified in an election year, clients continue to proceed with mission critical technology projects. As Kforce President and CEO Joe Liberatore has stated, "What remains clear is that the broad and strategic uses of technology, including the early-stage technology revolution associated with AI, will continue to evolve and play an increasingly instrumental role in powering businesses. Over the long term, we believe AI and other innovative technologies will follow the historic pattern of driving demand for, rather than replacing, technology resources and the pace of change will only continue to acceleratet." Our clients remain focused on critical technology initiatives and modernization efforts. For more than 60 years, we have established a foundation of sourcing highly skilled quality talent, at scale, to help world class companies solve complex problems and competitively transform their businesses. As technology has evolved over the decades, we have adapted to meet the changing skillset demands of our clients.

by Michael Blackman

CURRENT LABOR INDICATORS

4.1

Total Unemployment

254,000

Total Job Gains

4.0

Wage Growth (YoY)

Published oCTOBER 15, 2024

Source: U.S. Bureau of Labor Statistics

SEPTEMBER 2024

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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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Michael Blackman

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Source: U.S. Bureau of Labor Statistics

Monthly Job Creation in the U.S.

JUNE 2023 Through SEPTEMBER 2024

Sep 2024