RemX March 2018 Workforce Perspectives
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Optimism remains strong after February's Jobs Report shows the highest labor participation rate in two decades with 800,000 people returning to the workforce and a rise to 26,500 temp staffing workers.
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RemX March 2018 Workforce Perspectives
- 1. WorkforcePerspectives March 2018 BLS Report Insights by Joanie Courtney Based on February BLS Data
- 2. Labor Market Highlights 313,000 Number of jobs added in FEBRUARY Unemployment rate holds at 4.1% Consumer Confidence 132.6 17YEAR HIGH 63.0% Labor Participation Rate climbs to 5.9 Million Available Jobs Strongest employment market in two decades
- 3. February Jobs Gained: 313,000 Largest increase since mid-2016 Points of Interest: • Strong gains in Construction and Manufacturing • Professional & Business Services up 50,000, of which 26,000 were temporary jobs • Growth in temporary sector reflects employers’ desire to have a larger percentage of their workforce as contingent, and is a great way to get new talent in the organization • Retail job growth also better than expected Unemployment Rate 4.1%
- 4. Points of Interest: • Rose slightly for adult women to 3.8% • Rose for teenagers to 14.4% Unemployment Rates 7.8% FEB 2018 FEB 2017 FEB 2018 FEB 2017 FEB 2018 FEB 2017 Manufacturing Construction Financial Activities 3.6% 4.0% 8.8% 2.2% 3.4% FEB 2018 FEB 2017 FEB 2018 FEB 2017 FEB 2018 FEB 2017 Information Technology Professional & Business Services Transportation & Warehousing 3.2% 3.9% 4.8% 5.5% 3.7% 5.2%
- 5. Labor Participation Highest Level Since 2000 The Labor Participation rate reached 63% as more than 800,000people re-entered the workforce. Also, with 5.9 millionjobs open, consumer confidence at a 17-year high, and wages are headed in the right direction… Expect labor participation to continue to rise.
- 6. TOP WAGE GAINS LEISURE & HOSPITALITY INFORMATION TECHNOLOGY CONSTRUCTION FINANCIAL ACTIVITIES 4.6% 3.6% 3.3% 3.0% Wage & Earnings Trends Hourly Pay GREW $0.04 in February to $26.75 Points of Interest: • The 12-month increase in worker pay slipped to 2.6% from 2.8%, but still represents a $0.68 rise from Feb. 2017 • Among RemX customers, we see wages increasing as labor supply grows tighter. Therefore, we expect to see broader upward wage movement in the months ahead 3.0% 4.6%
- 7. . February’s labor report, the strongest in two decades, signals a tighter labor market. As demand for skilled talent rises, the number of available jobs grows, and unemployment drops, employers must focus on retention. This includes: creating attractive work environments, enhancing pay and benefits, and offering training for employees to learn new skills. With Boomers working longer and GenZ now entering the workforce, employers should also take advantage of the broad range of experience this workforce offers. These strategies apply for both contingent and full-time workers, as contingent labor has become part of many organization’s long-term workforce strategy, not just a temporary stop gap. RemX recognizes these needs, which is why we offer our Associates skills training at no cost through our Better Worklife Academy, champion employee engagement programs, and employ recruiting strategies that allow our Clients to take advantage of all of the strengths a race-, age-, and gender-diverse workforce offers. What It Means for Employers
- 8. emX Joanie Courtney President and Chief Operating Officer, RemX Professional Services As an employment industry expert, Joanie is often called upon to discuss the job market, careers, and workplace trends, and for insight on the talent supply and demand cycles that impact U.S. employers. She is frequently featured as a keynote speaker at industry conferences, and her commentary on the employment market has been featured on media outlets such as Fox Business Network, Associated Press, CNBC, MSNBC, CNN, ABC, PBS, The Wall Street Journal, U.S. News & World Report, and Forbes. Watch Joanie’s latest Labor Report TV news segment, go to http://video.foxbusiness.com/v/5748363792001/ About RemX RemX is the professional staffing division of EmployBridge, a $3 billion staffing organization with more than 600 offices in the U.S. and Canada. For nearly two decades, RemX has specialized in the recruitment of office support, finance and accounting, contact center, information technology, and engineering professionals. Using its proven “Exact Match” methodology, RemX matches qualified talent with the right job opportunities on a temporary, contract, contract-to-hire, and direct hire basis.