Current Labor Indicators
- Total Unemployment: 7.3%
- College Educated Unemployment: 3.5%
- Total Job Loss/Gain: +169,000
- Temporary Penetration Rate: 1.9%
The Bureau of Labor Statistics employment report this month once again shows slow, but steady gains in the workforce. The unemployment rate edge down to 7.3 percent – a positive turn from the 8.1 percent jobless rate just a year ago at this time. However, the big story comes in the college-educated unemployment rate as it dropped to the lowest rate since November 2008.
Additionally, employment increased by 169,000 jobs in August. While employment in the financial sector showed little change, employment and business services continued its upward trend adding 23,000 jobs last month. The healthcare industry also made headlines with 33,000 jobs added.
Additionally, the American Staffing Association reported an average of 2.96 million temporary and contract workers per day in the second quarter of 2013 – a figure up 1.8 percent from this time last year. This continued growth in the temporary market once again highlights organization’s needs to quickly secure qualified talent, especially in the areas of technology and finance and accounting. With the holidays less than four months away and year-end projects quickly approaching, employers should also note the competitive advantage flexible staffing can offer to help organizations meet end of year business initiatives to complete these projects on deadline.
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