Current Labor Indicators
- Total Unemployment: 8.2%
- College Educated Unemployment: 3.9%
- Total Job Loss/Gain: +69,000
- Temporary Penetration Rate: 1.87%
This month’s job growth increased by 69,000, well below the Bloomberg expectations of 150,000 jobs. Much of the volatile data experienced year to date can be attributed to a seasonal slowdown in the retail and construction industries which contained artificially high data in January and February, following a warmer winter.
Meanwhile, temporary staffing services increased by 9,000 jobs added sequentially in May compared to 13,000 in April. Despite the moderate slowing, temporary staffing averaged 19,000 jobs added per month in 2012, compared to the 2011 average of 14,000 jobs added per month – an encouraging sign that the growth in temporary staffing services will likely continue to accelerate through 2012.
This strength in temporary workers brings the temporary penetration rate to 1.87 percent, its highest level since August of 2007. Additionally, temporary job growth represented 13.3 percent of total job creation in May.
In addition, college educated unemployment dropped to 3.9 percent, with unemployment in highly skilled technology niches, such as database administration, dropping to 1.9 percent. While the overall pace of full-time private job growth has been somewhat below what we would expect at this point in an economic recovery, the temporary numbers continue to show positive trends for the 2012 employment situation.
*Figures Not Seasonally Adjusted
Heard From the Field
“When it comes to availability of talent, it all depends on the skill set. Weak “headline” unemployment data likely has very little bearing on the availability for the highly skilled professionals our clients are seeking.”
-Veteran Kforce Staffing Specialist
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