Current Labor Indicators
- Total Unemployment: 7.8%
- College Educated Unemployment: 4.1%
- Total Job Loss/Gain: +114,000
- Temporary Penetration Rate: 1.89%
The Bureau of Labor Statistics September employment report took its biggest drop since January 2009, falling from last month’s 8.1 percent to 7.8 percent. The U.S. also gained 114,000 jobs this month, roughly in line with the consensus expectations of 118,000.
In the temporary staffing sector, we saw more positive indicators in the economy with temporary jobs rising 8.2 percent year over year, seasonally adjusted. Meanwhile the temporary penetration rate – the percentage of temporary workers as a percentage of the total workforce – stayed relatively consistent at 1.898 percent.
The unemployment rate for college-degreed professionals in Kforce’s specialty areas such as technology, finance and accounting, as well as health information management remains low around four percent. In fact, the healthcare and financial services sectors added 44,000 jobs and 13,000 jobs this month, respectively. As a practical matter, in many skill niches that Kforce serves, the unemployment rate is even lower.
Cyclical Pattern of Temporary Improvement
While full-time employment is not at its pre-recession peaks, we continue to see a disproportionate amount in this cycle in the temporary sector.
Source: U.S. Department of Labor, Bloomberg LP and Wells Fargo Securities, LLC
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