Current Labor Indicators
- Total Unemployment: 8.2%
- College Educated Unemployment: 4.1%
- Total Job Loss/Gain: +80,000
- Temporary Penetration Rate: 1.9%
The June Bureau of Labor Statistics showed the unemployment rate remained stable at 8.2 percent, the U.S. gained 80,000 jobs in June – below the consensus expectations of 100,000.
Of particular note is the continued strength of temporary services in this month’s employment report. Roughly 25,000 of the 80,000 jobs added in the month (more than 31 percent!) were temporary jobs - a very positive sign for the domestic staffing sector. In fact, temporary jobs continued to accelerate to 10.7 percent year over year – the fastest growth since May 2011. Employers are turning to flexible resources as they continue to operate in a highly uncertain environment.
Also of note this month is the growth in skill sets, such as technology and finance and accounting, key specialty areas of Kforce. Of the 80,000 jobs added in June, 58 percent (47,000 jobs) were added in the professional and business services sectors. Meanwhile, employment in the management and technical consulting services sector rose to 9,000 jobs added, while computer systems design and related services increased to 7,000 jobs added. Furthermore, professional and business services employment has grown by 1.5 million since its most recent low point in September 2009. Note that almost all of the new jobs created were in the highly skilled niches served by Kforce, including technology and finance and accounting. This fact makes it imperative employers understand the extraordinary degree of division in the labor markets, as can clearly be seen in the graph below.
*Figures not seasonally adjusted
Heard From an Employer
“With the extraordinary degree of uncertainty in the economy, we continue to use flexible resources whenever possible. We have also become all too aware of how scarce these highly skilled professionals are in the market as we have lost a number of good candidates by waiting to make a decision.”
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