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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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.
Published June 8, 2023
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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
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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
Michael Blackman
Michael Blackman
AI adaptation
cloud
144K
159K
254K
250K
184K
210K
246K
165K
182K
290K
256K
236K
310K
108K
216K
118K
400K
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100K
0
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2024
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2023
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2023
Aug
2023
Sep
2023
Apr
2024
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2024
Jun
2024
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2024
Oct
2023
Nov
2023
Dec
2023
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2024
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2024
Source: U.S. Bureau of Labor Statistics
Monthly Job Creation in the U.S.
JUNE 2023 Through SEPTEMBER 2024
Sep
2024
303K
239K
472K
248K
217K
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105K
236K
165K
262K
105K
182K
290K
256K
270K
Monthly Job Creation in the U.S.
DEC 2022 Through MARCH 2024
Source: U.S. Bureau of Labor Statistics
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Jan 2023
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