Current Labor Indicators
- Total Unemployment: 8.1%
- College Educated Unemployment: 4.1%
- Total Job Loss/Gain: +96,000
- Temporary Penetration Rate: 1.89%
While the unemployment rate only edged down .1 percent, the August Bureau of Labor Statistics Report displayed some positive signs, including the addition of 96,000 jobs. Employment also increased in the areas of professional and technical services, as well as healthcare. Of particular note to us at Kforce, computer systems design and related services, as well as the finance and insurance industries both added 11,000 jobs each, while the healthcare sector added 17,000 jobs.
The staffing industry continues to show stable signs with a total of 2.52 million temporary professionals employed in August. Furthermore, a recent study, found that organizations utilizing temporary workers noted several advantages, including:
- Flexibility – employers can utilize temporary workers for project needs and adjust their workforce depending on budget and business requirements
- Speed – technologies change almost every day and it’s important for organizations to stay competitive by quickly hiring highly skilled talent on a temporary basis to fulfill project needs on time and within budget
- Innovation – temporary employees taking roles at several organizations can bring updated knowledge and best practices to companies searching for new ways to improve business
A number of other recent studies are also affirming the secular nature of the shift to a flexible workforce, including some very robust predictions as far as where the temporary penetration rate could go. Whatever the ultimate percentage, Kforce is well-positioned to support this trend.
It’s All About Education
College educated unemployment has remained at a relatively low four percent for the past year. Unemployment rates are even lower in many highly skilled niches within technology. Employers can align pricing and process with Kforce to attract top talent.
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