US Talent Market Monthly December 2013

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  • 1. December 6, 2013 U.S. EMPLOYERS HIRED A TOTAL OF AVERAGE HOURLY EARNINGS (ALL WORKERS) THE UNEMPLOYMENT RATE FELL TO 203,000 $24.15 7.0% WORKERS IN NOVEMBER 2.0% ABOVE LAST YEAR 7.8% LAST NOVEMBER SOLID EMPLOYMENT GAINS IN NOVEMBER • Job gains totaled 203,000 for the month, in line with the average monthly increase of 204,000 since August. • The unemployment rate continues to decline, reaching a five-year low of 7% in November, and the labor force participation rate rebounded slightly. • Although the recent labor market and economic data has been largely favorable, it remains to be seen whether the positive trend will continue into 2014. The healthy employment report for November suggests that U.S. employers took the recent partial government shutdown in stride, as they added more than 200,000 workers to their payrolls, and the unemployment rate dipped to its lowest point in five years. Including combined upward revisions to the prior two months’ employment figures, the U.S. economy has generated more than two million jobs thus far in 2013. (Continued)
  • 2. Talent Market Monthly: December 6, 2013 The unemployment rate tumbled to 7.0% in November, a new five-year low. The decline in unemployment came even as the labor force grew during the month, and edged the closely-watched labor force participation rate slightly higher after a significant drop in October. Jobless claims also fell to a six-year low last week, a further signal that the labor market is strengthening. Along with the recent upward revisions to GDP estimates, evidence is growing that the U.S. economic and labor market recovery finally may be gaining some traction, after five years of sluggishness. 350 300 250 200 150 100 50 0 10.0 9.0 8.0 7.0 6.0 Total non-farm employment growth Unemployment Rate (%) U.S. MONTHLY EMPLOYMENT CHANGE AND UNEMPLOYMENT RATE Employment (000s) Among the drivers of November’s employment gains were some holiday-related sectors, including transportation and warehousing (+31,000) and retail trade (+22,000). The manufacturing sector gained 27,000 workers in November—the strongest hiring month so far in 2013—and construction employment increased by 17,000. The professional and business services sector also continues to expand, adding 35,000 jobs in November and more than 600,000 jobs to date in 2013. Unemployment rate EMPLOYMENT OVERVIEW JUN JUL AUG SEP OCT NOV Total non-farm employment growth 172K 89K 238K 175K 200K 203K Private sector employment growth 194K 100K 207K 168K 214K 196K Unemployment rate 7.6% 7.4% 7.3% 7.2% 7.3% 7.0% Source: Bureau of Labor Statistics JOB SEARCHING GOES SOCIAL Social media continues to transform our connections and interactions—including how we communicate about work. LinkedIn, Facebook, Twitter, and other social networks are becoming increasingly important for job seekers as well as employers. For employees, social media has opened up new channels to share information and opinions, and to make connections related to jobs. According to the 2013 Kelly Global Workforce Index, 39% of people said that they use social media networks when making employment decisions, and 44% said that they have been contacted via social media about a job opportunity in the past year. Among employers and recruiters, social networks have become an essential part of finding talent. This year, more than nine out of ten recruiters (94%) said that they use or plan to use social media in their recruitment efforts, up from 78% in 2008, according to the 2013 Jobvite Social Recruiting Survey. And not only are employers locating potential workers, they are making job offers too: more than three quarters of recruiters in the Jobvite survey (78%) said they have hired a candidate via a social network, up from 58% in 2010. An Equal Opportunity Employer ©2013 Kelly Services, Inc. W1093e. Kelly Services, Inc. makes no representation or warranty with respect to the material contained in this report. Sources: 2013 Kelly Global Workforce Index; Jobvite