US talent market monthly october 2013


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US talent market monthly october 2013

  1. 1. October 22, 2013 U.S. EMPLOYERS HIRED A TOTAL OF AVERAGE HOURLY EARNINGS (ALL WORKERS) THE UNEMPLOYMENT RATE FELL TO 148,000 $24.09 7.2% WORKERS IN SEPTEMBER 2.1% ABOVE LAST YEAR 7.8% LAST SEPTEMBER DELAYED JOBS REPORT SENDS MIXED SIGNALS • Job growth was subdued in September, but unemployment continued to edge down slowly, reaching its lowest point since 2008. • The moderate pace of hiring suggests that even before the government shutdown, employers were somewhat lacking in confidence. • Too early to predict how much the recent policy battles in Washington will affect the U.S. economy and its ability to create jobs. Job creation in the U.S. cooled slightly in September, according to the BLS employment figures, which were released more than two weeks later than normal due to the federal government shutdown. Employers added just 148,000 workers to their payrolls in September, lower than expected and under the year-to-date monthly average of around 180,000 new jobs per month. Revisions to the prior months’ employment gains were marginal, amounting to a net 9,000 more jobs in July and August. (Continued) NOTE: Next month’s employment figures will be released on November 8, rescheduled from November 1, due to the federal government shutdown.
  2. 2. Talent Market Monthly: October 22, 2013 September's employment figures are decidedly a mixed bag. Although unemployment continues to trend downward, employers still remain very hesitant to add significantly to their payrolls. The pace of job creation has been frustratingly modest, suggesting that the economy and perhaps the policymaking climate need to improve in order for organizations to regain real confidence in hiring. 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 (%) Encouragingly, the unemployment rate continues to inch downward, reaching a nearly five-year low of 7.2% in September. The decrease in the unemployment rate also came for the right reasons: an increase in jobs, rather than a dip in the labor force. There are still 11.25 million unemployed workers in the U.S.—a substantial figure, but more than a million fewer than there were at the end of 2012. U.S. MONTHLY EMPLOYMENT CHANGE AND UNEMPLOYMENT RATE Employment (000s) Job creation was widely spread across industry sectors in September. Construction industry hiring was strong, with 20,000 workers added, and more than 23,000 workers were hired in the transportation and warehousing industry. Employment in professional and business services was up (+32,000), although gains were slightly lower than the sector’s year-to-date average of 55,000 new jobs per month. Unemployment rate EMPLOYMENT OVERVIEW APR MAY JUN JUL AUG SEP Total non-farm employment growth 199K 176K 172K 89K 193K 148K Private sector employment growth 157K 187K 194K 100K 161K 126K Unemployment rate 7.5% 7.6% 7.6% 7.4% 7.3% 7.2% Source: Bureau of Labor Statistics WORKING LONGER Retirement is supposed to mean the end of a lifetime of working, a transition to leisure after a long, productive career. But more people these days are working well past the traditional retirement age. More than a quarter (27%) of the US population ages 65-74 is active in the labor force today, a proportion that has steadily risen since the early 1990s. Nearly 20% of people ages 70-74 are now active in the labor force, up from 11% twenty years ago. And these numbers will continue to grow. More than 80% of Americans say they are likely to work in their retirement years, particularly those who are driven by financial considerations. A third believe they will have to work until they are at least 80 years old in order to live comfortably. The BLS predicts that by 2020, one-fourth of the U.S. workforce will be over age 55. Employers need to address the challenges and embrace the opportunities that come with having an older workforce. Accommodating age-related physical limitations, providing flexible work hours, adopting temporary or project-based work options, and offering multi-generational training are some of the ways companies can support older workers and begin to realize the full benefits of having a more mature workforce. 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: HRE Online, 09.19.13; BLS; AP-NORC Center for Public Affairs Research, 10.2013