Current Labor Indicators
- Total Unemployment: 6.7%
- College Educated Unemployment: 3.3%
- Total Job Loss/Gain: +74,000
- Temporary Penetration Rate: 2.06%
While the December job data from the Bureau of Labor Statistics reported lackluster hiring in most sectors, temporary jobs were truly the star in the end of 2013.
Our "Flex Super-Cycle" theory continues to manifest itself in the last month of 2013 as the temporary penetration rate (the number of temporary workers as a percentage of the total workforce) hit an all-time high of 2.06 percent. This figure breaks the all-time high of 2.03 percent reached in April 2000. In fact, out of the 74,000 jobs created in December, 40,400 were temporary roles.
While we continue to watch the increase in temporary jobs, look for increased competition for talent in 2014 as well. A recent survey from Dice reports that 73 percent of IT hiring managers and recruiters plan to hire more technology professionals in the next six months. Ultimately, this likely means many employers will continue the fight for the best talent on the market and should align compensation requirements and hiring processes to gain the resources necessary.
Source: Bureau of Labor Statistics
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