Total nonfarm payroll employment rose by 303,000 in March,
and the unemployment rate changed little at 3.8 percent.
Both the unemployment rate, at 3.8 percent, and the number of unemployed people,
at 6.4 million, changed little in March.
Job gains occurred in health care, government, and construction.
The number of long-term unemployed (those jobless for 27 weeks or more),
at 1.2 million, was little changed in March. The long-term unemployed
accounted for 19.5 percent of all unemployed people.
In March, the number of people not in the labor force who
currently want a job, at 5.4 million, was little changed.
Looking Forward:
The March jobs report confirms the labor market remains resilient,
despite high interest rates and slowing economic indicators. The U.S.
labor market added 303,000 jobs in March, representing an acceleration in the
pace of hiring. January’s nonfarm payroll gains were upwardly revised to 256,000,
while February’s nonfarm payroll gains were revised down to 270,000.
The number of job openings in February rose slightly to 8.76 million from 8.75 million the
prior month, according to the BLS Job Openings and Labor Turnover Summary report
released this week. This keeps the jobs opening rate unchanged at 5.3%.
A string of positive gains has kept unemployment below 4% since January 2022, though there
have been some signs of cracks. For instance, the level of household employment had grown
only modestly over the past year, while temporary employment has declined sharply.
Markets have been keeping close watch over the employment data particularly as the Federal Reserve weighs its
next moves on monetary policy. Stocks have tumbled this week amid concerns that a strong labor market and
resilient economy could keep the central bank on hold for longer than expected.
Source: U.S. Bureau of Labor Statistics – The Employment Situation – March 2024
Total nonfarm payroll employment rose by 275,000 in
February, and the unemployment rate increased to 3.9 percent.
The unemployment rate rose by 0.2 percentage point to 3.9 percent in February, and the
number of unemployed people increased by 334,000 to 6.5 million.
Job gains occurred in health care, in government, in food services and drinking places, in
social assistance, and in transportation and warehousing.
Employment showed little change over the month in other major
industries, including mining, quarrying, and oil and gas extraction;
manufacturing; wholesale trade; information; financial
activities; professional and business services; and
other services.
Looking Forward:
The US economy created more new jobs than expected in February,
while an increase in the unemployment rate for the first time in four
months and downward revisions to job growth in prior months suggested
signs of some softening in the US labor market.
A revised 229,000 jobs were added in January, according to the report, down from the
353,000 initially reported. In total, revisions showed there were 167,000 fewer jobs
added in December and January than previously expected. Meanwhile, wages increased
0.1% on a monthly basis in February, slower than the 0.2% economists expected.
Job creation skewed toward part-time positions. Full-time jobs decreased by 187,000 while
part-time employment rose by 51,000, according to the household survey. An alternative
jobless measure, sometimes called the “real” unemployment rate, that includes discouraged
workers and those holding part-time jobs for economic reasons rose slightly to 7.3%.
Job creation has stayed strong despite a spate of high-profile layoffs, particularly in the tech industry.
Most recently, companies such as Cisco, Microsoft and SAP have announced substantial
reductions in their workforces.
Source: U.S. Bureau of Labor Statistics – The Employment Situation – February 2024
Total nonfarm payroll employment rose by 353,000 in
January, and the unemployment rate remained at 3.7 percent.
Job gains occurred in professional and business services, health care, retail trade, and social
assistance. Employment declined in the mining, quarrying, and oil and gas extraction
industry.
In January, the unemployment rate was 3.7 percent for the third month in a row, and the number of unemployed people was little changed at 6.1 million.
The number of long-term unemployed (those jobless for 27 weeks or
more), at 1.3 million, was little changed in January. The long-term
unemployed accounted for 20.8 percent of all
unemployed people.
Looking Forward:
The nation’s employers delivered a stunning burst of hiring to begin
2024, adding 353,000 jobs in January in the latest sign of the economy’s
continuing ability to shrug off the highest interest rates in two decades.
Friday’s government report showed that last month’s job gain — roughly twice what
economists had predicted — topped the December gain of 333,000, a figure that was
itself revised sharply higher. The unemployment rate stayed at 3.7%, just above a
half-century low.
Wages rose unexpectedly fast in January, too. Average hourly pay climbed a sharp 0.6%
from December, the fastest monthly gain in nearly two years, and 4.5% from January 2023.
January’s blowout job gain is all but sure to cause the Fed to take a cautious approach
toward cutting its key interest rate, which affects many consumer and business loans. A
March rate cut now seems definitely off the table.
In another show of strength for the economy, the report contained sizable upward revisions to job growth during the
previous two months. Gains for November and December were revised up by a total of 126,000 jobs to a respective
182,000 and 333,000, the government said, suggesting that the labor market is stronger than it previously appeared.
Source: U.S. Bureau of Labor Statistics – The Employment Situation – January 2024
Total nonfarm payroll employment increased by 216,000 in December.
The federal unemployment rate was unchanged 3.7 percent.
Employment continued to trend up in government, health care, social assistance, and
construction, while transportation and warehousing lost jobs.
The unemployment rate held at 3.7 percent in December, and the number of unemployed
persons was unchanged at 6.3 million. These measures are higher than last
year, when the jobless rate was 3.5 percent and the number of
unemployed persons was 5.7 million.
The number of persons employed part time for economic
reasons, at 4.2 million, changed little in December.
Looking Forward:
Hiring was revised down in both October and November. For all of
2023, employers added 2.7 million jobs, or an average monthly gain
of 225,000 jobs. This was lower than the increase of 4.8 million in 2022
(with an average monthly gain of 399,000), but a bigger gain than in the
years preceding the pandemic.
Wage growth ticked up slightly last month. Average hourly earnings, an important
measure for inflation, rose 0.4% to $34.27. Over the past 12 months, average hourly
earnings have increased by 4.1%. The number of unemployed Americans who want a job
climbed to 5.7 million in December and was up by 514,000 overall in 2023.
With the labor market demonstrating continued resiliency, the Fed might not be in any rush
to initiate a rate cut. But, there are signs the job market is cooling – the number of job
openings fell in November to 8.79 million from 8.85 million in the prior month.
In the press conference following the Federal Open Market Committee decision last month, Fed Chair Jerome
Powell said that while “there’s little basis for thinking the economy is in a recession now… there’s always a real
possibility there will be recession in the next year.”
Source: U.S. Bureau of Labor Statistics – The Employment Situation – December 2023
Every year, we start off wanting to make changes and improve upon the work we were able to do the previous year. When it comes to the staffing industry, the best way to go about that is to assess last year’s job market and compare it to the trends predicted for the new year.
2023 was a year of great change, thanks in part to the ongoing job market boom. Jobs were aplenty, and unemployment remained low and steady. The added 216,000 jobs in December means 2024 is expected to be a highly successful year, putting fears of a recession even further from our minds.
Reviewing the 2023 Job Market
When 2023 started, there was frequent talk about a potential recession in the coming months. Economists were scared that increased inflation would cause a significant downturn in the labor market due to people spending less.
Fortunately, that fear never came to pass. Instead, the labor market saw some dips and peaks throughout the year but ultimately ended things on such a high note that the year is seen as one of the best in decades. People weren’t afraid to engage with the economy this year and thus, created a need for more positions in a variety of industries.
As of December, the industries with the highest gains were government, construction, and healthcare. The leisure and hospitality sector stayed steady all year, while other industries, such as transportation and warehousing, saw some decreases.
Meanwhile, wages increased about 4% across 2023, further proving the year’s overall successful growth trends. All of this is to say that things are looking positive for the coming year, with some strong trends already making themselves known.
Trends To Be On The Lookout For
Technology-Based Trends – One of the biggest surges during 2023 came from AI Technology. More and more industries are utilizing technology and automation to assist with the job’s duties. One big way we saw companies expand their technology was through AI, to automate or to help seek out the correct candidate for a job.
As we move into 2024, it’s important that you embrace this move toward the future and ensure your company leans into technology instead of away from it. Showing you have a positive relationship with these new trends will show potential candidates that your company is one they want to work for.
Remote and Flexible Work Culture – Since the lockdown of early 2020, more and more companies have realized that their employees would rather have the option to decide where they perform their work – whether it be the office, home, or both. We’ve only seen an increase in this trend as the years move forward.
With the dawn of the new year, most companies that can allow for flexible work schedules are leaning into it. And so should you. Giving your employees that option ensures you will keep them satisfied and motivated for longer. Not only that, but it can cut overhead costs for your company, so it can be a win-win for both sides.
This is one trend you want to be sure you are on the front lines of.
Focus on Skills and Upskilling – In 2023, it became harder to judge people solely on their work history and experience. Employers had to adjust their qualification process to ensure they picked the absolute best candidates out of a sea of qualified applicants.
Job titles were no longer enough of a qualifier during 2023’s job market. There were more people looking for work so employers had to be more accommodating with the skilled positions they needed to fill. Offering candidates the opportunity to enhance their current skill sets led to more flexible hiring trends to get employers through the worst of it.
Moving forward, this trend will only get more and more prevalent. Assessing candidates on a variety of skills instead of job titles and previous experience will become even more crucial as the job market evens out, and employers need to make themselves stand out. People want to work in a job that allows for career development and skill advancement.
Moving Forward and Staying Ahead
So, what does all this mean for you and your needs in 2024?
First and foremost, it gives you much-needed insight into what marked strides you can make to ensure your company continues to thrive this year.
Knowing how your industry faired in the job market for 2023 is vital to what decisions need to be made to keep your business ahead of the pack in 2024. If your industry saw some struggle throughout last year, this year, you need to push the envelope and discover tactics to keep your positions filled and your employees satisfied.
It’s essential that you look at the 2024 trends we’ve laid out above to get an idea of what you can expect in the coming year and see how you can expand your business. All of these trends involve easily attainable changes to your core company structure. None are huge, but they will make a decidedly positive impact.
If you need help navigating staffing while testing these trends, J & J is happy to help. We know the trends and outlooks better than anyone else and can help you pinpoint the best choices for your company.
Contact J & J Today to Get Started
Reach out to us if you have any questions or concerns about your hiring practices going into 2024. Let’s get back to work!
Staffing Services In Greater Philadelphia
J & J Staffing Resources is a professional staffing agency that connects local businesses to job seekers throughout the Greater Philadelphia area, including Pennsylvania, New Jersey, and Delaware.
We bring over 45 years of expertise in office, industrial, technical, and professional staffing placements as well as payroll management, and offer a wide range of services for both employers and job seekers.
Need help? J & J Staffing has offices in Newark, Bridgeport, Woodbury, Cherry Hill, Ewing, Princeton, Langhorne, and Horsham. Visit your local J & J staffing center or get started below.
Total nonfarm payroll employment increased by 199,000 in October.
The federal unemployment rate fell to 3.7 percent.
Job gains occurred in health care and government. Employment also increased in manufacturing, reflecting the return of workers from a strike. Employment in retail trade declined.
The unemployment rate edged down to 3.7 percent in November, and the number of unemployed persons showed little change at 6.3 million.
In November, the number of long-term unemployed (those jobless for 27 weeks or more) edged down to 1.2 million.
Looking Forward:
The U.S. economy continued to pump out jobs in November, suggesting there is still juice left in a labor market that has been slowing almost imperceptibly since last year’s pandemic rebound.
Dean Baker, a senior economist at the Center for Economic Policy Research, noted a “small cause for concern” in this otherwise upbeat report: Excluding the 30,000-job gain because of the end of the auto strike, around three-quarters of job growth in November was in health care or government, he said. It’s one month, not a trend, but for economists the broader the gains the better.
Data released this week had shown signs of a cooling labor market. On Tuesday, thelatest Job Openings & Labor Turnover Survey, or JOLTS report, revealed the ratio of jobopenings to the number of unemployed fell to 1.34, its lowest reading since August 2021.
With a hotter-than-expected employment report and high tech valuations, markets are looking at volatility in the early part of next year, said Saira Malik, chief investment officer of asset management firm Nuveen. “Santa visited the markets early this year for three reasons and that’s inflation which is moderating, the Fed signaling a pause and economic growth which is cooling, but not too cold, and today’s jobs data supports that,” Malik told CNBC’s “Squawk Box” earlier Friday. “But there is one wrinkle, and that’s average hourly earnings at 0.4% is inflationary, and I think this is going to set up a complicated backdrop for the markets in 2024.”
Total nonfarm payroll employment increased by 150,000 in October.
The federal unemployment rate increased to 3.9 percent.
Job gains occurred in health care, government, and social assistance. Employment declined in manufacturing due to strike activity.
The unemployment rate, at 3.9 percent, and the number of unemployed persons, at 6.5 million, changed little in October.
Among the unemployed, the number of permanent job losers increased by 164,000 over the month to 1.6 million. The number of persons on temporary layoff changed little at 873,000.
Looking Forward:
The unemployment rate rose to 3.9%, the highest level since January 2022, against expectations that it would hold steady at 3.8%. Employment as measured in the household survey, which is used to compute the unemployment rate, showed a decline of 348,000 workers, while the rolls of the unemployed rose by 146,000.
The Fed uses wage data as one component of its inflation watch. The central bank has opted not to raise interest rates at its past two meetings despite inflation running well above its 2% target. Following Friday’s jobs data, markets further reduced the probability of a rate hike in December to just 10%, according to a CME Group gauge.
From a sector standpoint, healthcare led with 58,000 new jobs. Other leading gainers included government (51,000), construction (23,000), and social assistance (19,000). Leisure and hospitality, which has been a top job gainer, added 19,000 as well.
Manufacturing posted a loss of 35,000, all but 2,000 of which came because of the auto strikes. Transportation and warehousing saw a decline of 12,000 while information-related industries lost 9,000.
When it comes to skilled industrial positions, finding the right fit can be a complicated and drawn-out process. You want to be sure the people you hire are trained and experienced in the various equipment while also being a good fit for your company.
It can often cause delays in the hiring process, leading to staffing shortages on the floor for longer than anticipated. While it’s true the speed of your hiring process is essential, it’s not the only reason you might not get the desired results for your open positions.
The best solution in your arsenal is hiring a staffing agency with the same expertise about your business as you do. This is where J & J comes in.
Our Range of Experience Means Results for You
Since 1972, J&J has worked hand-in-hand with all the local industrial companies. This relationship has allowed us to understand this ever-growing industry’s needs further.
As the years go on, technology changes, and each company’s needs and policies change. For us to stay ahead of the staffing game, we must grow and change with our customers.
This means we are always looking for ways to improve our practices as they relate to your company’s needs. We keep abreast of industry trends and news to ensure only the most qualified people walk through your doors.
We know precisely what certifications and experience you need your employees to have. And we know how to parse out which skilled worker candidates have precisely what your company culture needs from its employees.
Relying on Skilled Industrial Staffing Means Success for Your Company
The biggest goal you are looking for as a company is to ensure your business operates at its full potential. You must balance experience and skill to keep your operations running as smoothly and efficiently as possible.
So, why should you pick skilled industrial staffing for your business? The answer is simple: skilled industrial staffing creates more significant benefits in the long run.
You can rest assured that your employees will follow your cost-efficient practices and processes to the letter, and your operations will run efficiently, accurately, and quickly. Skilled industrial staffing also allows you to be more flexible concerning the people you choose as your employees.
Knowing they have the skills and experience to run your company to the standards you’ve created will cause less headache and heartache.
You Have the Positions, We Have the Skills to Fill Them
Now that you know the positions available, it is time to decide who will help you fill them.
Since 1972, we have partnered with companies in the following industries: manufacturing, logistics, order fulfillment, and design engineering. Not only that, our experience ranges from entry-level positions to experienced ones.
Look at our list below to discover whether or not we’d be a good fit for your needs.
Skilled Industrial Staff
Warehouse Staff
Logistics
Assembly
Production
Order Picking
Stocking Clerks
Machine Operator
Inventory Clerks
Facility Staff
Maintenance Staff
Event Staff
Quality Control
Forklift Drivers
Electronic Assembly
TouchPoint Sanitizers
Inventory Staff
Team Leads
Production Managers
Industrial Professional Staff
Drafting and AutoCAD Professionals
Engineers
Design Application Professionals
Our Working Relationships Are Strong Partnerships
Our customers have faith and trust in us because we work with them to ensure every candidate they receive is the best option for their needs. We handle all the paperwork and hiring while our customers benefit from the new candidates we give them.
We consider each new professional connection an opportunity to create a long-lasting partnership. Our customers quickly learn that the conversation goes two ways and that neither party is above the other.
Ultimately, we are all working toward the same goal – filling your open positions as quickly as possible with the best candidates. By receiving the complete package of expertise from us, you can rest assured that your company is operating at peak performance every day of the year.
And should positions open, our team of experts work quickly and efficiently to ensure your position isn’t available for long. It’s a complicated job market, but we know how to face it.
What Exactly Does J&J Offer?
Staffing agencies are here to help make your hiring process that much easier and faster to manage and maintain. At J&J, this means many things for our customers.
First and foremost, it means we can handle all pre-hiring paperwork, such as criminal background checks, drug screening, reference checks, education verification, and social security verification. Once you’ve hired a candidate, we can help you with the payroll of these candidates if you so choose.
J&J can also assist you with deciding which types of positions you need to hire to keep your business running at optimal quality and speed. We have experience hiring temporary, temporary-to-hire, and direct-hire positions.
All you need to do is contact us to get started today.
Staffing Services In Greater Philadelphia
J & J Staffing Resources is a professional staffing agency that connects local businesses to job seekers throughout the Greater Philadelphia area, including Pennsylvania, New Jersey, and Delaware.
We bring over 45 years of expertise in office, industrial, technical, and professional staffing placements as well as payroll management, and offer a wide range of services for both employers and job seekers.
Need help? J & J Staffing has offices in Newark, Bridgeport, Woodbury, Cherry Hill, Ewing, Princeton, Langhorne, and Horsham. Visit your local J & J staffing center or get started below.
Total nonfarm payroll employment increased by 336,000 in September.
The federal unemployment rate was even at 3.8 percent.
Job gains occurred in leisure and hospitality; government; health care; professional, scientific, and technical services; and social assistance.
The unemployment rate held at 3.8 percent in September, and the number of unemployed persons was essentially unchanged at 6.4 million.
The number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 1.2 million in September. The long-term unemployed accounted for 19.1% of all unemployed persons.
Looking Forward:
In a sign of continued economic stamina, payrolls grew by 336,000 on a seasonally adjusted basis, the Labor Department said on Friday. The increase, almost double economists’ expectations, serves as a confirmation of the labor market’s vitality and the overall hardiness of an economy facing challenges from a variety of forces.
Federal Reserve policymakers have tried to rein in both wages and prices by pulling up interest rates. Some financial analysts believe that continued resilience in wage gains and job growth could hasten a downturn by prompting the Fed to raise borrowing costs further during its next meeting in early November.
The report also contained steep upward revisions to job growth earlier this summer. Gains for July and August were revised up by a total of 119,000 jobs to a respective 236,000 and 227,000, the government said, suggesting that the labor market is hotter than it previously appeared.
Good news for the labor market is bad news for traders. S&P 500 futures and futures on the tech-heavy Nasdaq 100 sank as investors boosted bets that another Fed hike is in the cards. The yield on 10-year Treasuries surged. Gold fell.
