BLS Analysis for Recruiters April 2022

By on May 24, 2022 in BLS Analysis

Bob Marshall’s April 2022 BLS Analysis for Recruiters; 5/6/22

April BLS Preface

TBMG Coaching Updates and Product News:

**Special Top Echelon Attendee Spring 2022 Pricing Offer**

I want to thank all of you who attended my Top Echelon presentation on April 12, entitled, “The Brilliance of Simplicity in Recruitment”.  We had a great turnout with more than 900 people registered from around the world.

Afterwards I received a lot of questions about the Elite Recruiter Masterclass and hopefully I was able to answer those questions directly.

Also, some of you asked about personal one-on-one coaching.  So, we have developed a special plan only for those who signed up for the April 12 session and who are interested in live coaching.

Our new Spring 2022 Pricing Offer will be the following:

Selected introductory one-hour coaching for $300 (offered only to this group);

And all products (listed on my website) at 25% off

This is a limited time offer valid only through May 31st.

That’s it for now.  Let me know if you have any further questions.  Looking forward to working with you in the future.

Our new TBMG Training Program:

Introducing the Elite Recruiter Masterclass, the online course you’ve been searching for is now open!

——————————

“The biggest risk to productivity is always the same: working on the wrong thing.”

-James Clear

Wouldn’t it be great if you could break away from the daily recruiting grind and work only with the jobs and candidates that you know will make you money? No need to imagine it anymore because we have made it real for you. We are excited to share with you Bob Marshall’s Elite Recruiter Masterclass which is now open for enrollment—and is engineered to answer the needs of professional recruiters just like you!

Now open for enrollment. The 2022 Elite Recruiter Masterclass (ERM) offering my most comprehensive training to help you reach new levels of success in your recruiting career. Including how to find and retain the best clients and candidates as well as understanding how to spot the best job orders. Make this year you’re best ever by signing up today!

Enroll today by clicking the link below.

ENROLL NOW

Best Regards,

Bob

Elite Recruiter Masterclass

The Next Free Series begins on Tuesday, April 26, 2022:

The Super Six Substructures of Search

Preamble

by
Bob Marshall

As many of you know, I have been working during the last year, putting the final touches on my legacy training product entitled, The Elite Recruiter Masterclass.  This is a program that is based on simplifying our language and keeping the focus on our interaction with other human beings and avoiding technology wherever possible and feasible. 

The purpose of the curriculum is to allow for each student to become:

*A successful learner of the material presented;

*A confident recruitment professional;

*A responsible member of our profession;

*An effective contributor who makes placements on a regular basis; and

*A builder for the future;

While putting together the Elite Recruiter Masterclass (ERM), I discovered, by methodically applying The Simplicity Principle to all of the coursework in the Masterclass, that 6 Substructures seemed to stand out from the rest and to ensure the success of any recruiter who would concentrate on them.

And here is the good news.  We are all aware of the 6, but don’t give them the importance that they are due.  I will attempt to do that in this series.  Here are The Super Six and the dates I will release each substructure:

Tuesday, April 26 – Part One – Establishing Great Habits

Tuesday, May 3 – Part Two – Why Marketing is King

Tuesday, May 10 – Part Three – Working the Best Job Orders

Tuesday, May 17 – Part Four – How to Qualify the Best Candidates

Tuesday, May 24 – Part Five – How to Become the Best Recruiter—A Robocruiter

Tuesday, May 31 – Part Six – How to explain to your HMs how you are different

The Plan

So, if you are ready to take your initial steps toward learning about the Super Six Substructures of Search, then go to my website at www.themarshallplan.org and click on the Featured Articles tab. 

The New 2022 Elite Recruiter Masterclass (ERM) Training Program

Introducing the Elite Recruiter Masterclass, the online course you’ve been searching for is now open!

——————————

“One roadblock almost never ruins you.  There might not be 1000 ways to accomplish something, but there is almost always more than one way.  Know what you want. Be flexible about how to get there.”

–James Clear

Wouldn’t it be great if you could break away from the daily recruiting grind and work only with the jobs and candidates that you know will make you money? No need to imagine it anymore because we have made it real for you. We are excited to share with you my Elite Recruiter Masterclass which is now open for enrollment—and is engineered to answer the needs of professional recruiters just like you!

Now open for enrollment. The 2022 Elite Recruiter Masterclass offering my most comprehensive training to help you reach new levels of success in your recruiting career. Including how to find and retain the best clients and candidates as well as understanding how to spot the best job orders. Make this year you’re best ever by signing up today!

Enroll today by clicking the link below.

ENROLL NOW

PS.  Also be sure visit our TBMG website at www.themarshallplan.org to take advantage of the 10% Spring discounts on all non-ERM products and services.

I send my best,

Bob

Bob Marshall began his recruiting career over 40 years ago at MR in Reno, NV.  In 1986 he established The Bob Marshall Group, International, where he has trained recruiters throughout the United States but also in the United Kingdom, Malta and Cyprus.  With a dedication for executive recruiting, he continues to offer his proven training systems to individuals, firms and private corporations both domestic and in select international territories.  To learn more about his activities and descriptions of his products and services, contact him directly @770-898-5550; bob@themarshallplan.org; or visit his website @ www.TheMarshallPlan.org.

WHY A COACH?

In the opinion of ex-Dallas Cowboys football coach Tom Landry who coached from 1960-1988, “A coach is someone who tells you what you don’t want to hear, who has you see what you don’t want to see, so you can be who you have always known you could be.”

Is now the time to pick a Coach?

I realize that taking that first step to engage a Coach to help you reach a higher level of production is not as easy as it sounds.  After all, your training investment – and your time – are important and deserve every consideration.  I share your feelings.  I believe that how you approach your recruitment career matters…that you should get what you pay for, and then some…that you should enjoy your time with your Coach as you are benefiting from it…and that you should never settle for the ordinary.

So, for those of you who have been toying with the idea of working with a recruitment coach, now may be the time.  Only you can come to that decision point.

“Teachers open the door; but you must enter by yourself”—Chinese Proverb

When considering ‘individual change management’, consider this theosophical proverb: “When the student is ready, the teacher will appear!”

“Bob Marshall is a speaker’s speaker and a trainer’s trainer.  He has a gift for taking the cornerstones of the business and compelling people and teams to not only hone their skills but to execute. We’ve had Bob engage our teams a number of times over the last few years and our groups always come away more focused on the core and more energized to perform. Come ready to learn because this man knows the business and will make you better!”

—David Alexander, President, Soliant, January 2017

Preface

Many of you continue to correspond with me about these monthly BLS analyses and have asked if it is OK to use them in your presentations.  The answer is, of course, yes!  That is why I spend the time to assemble this information.  I would encourage any of you who have that desire to weave any of the information I have printed below into your presentations.  I write these analyses for the benefit of our recruitment industry in general and for the members of my distribution list in particular.  So, use this info as you deem appropriate.

I also write these monthly BLS analyses to not only counterbalance the negative/incorrect press reporting of our general economic state but, more than that, to remind all of my recruitment readers that, at the level we work, there is no unemployment and so we must recruit to find the candidates our client companies so desperately need!

So, to my recruiter colleagues, get out there and do what your name implies…RECRUIT!  When your client companies have unique and difficult positions to fill, they need you.  When they are being picky, they need you.  When they are longing for more production from fewer employees, they need you.  Go fill those needs.  These should be the halcyon days in the recruitment arena!

Finally, always remember that we are not in an HR business, but in a ‘circumventing the time factor in the hiring sequence’ business—and adding value to our client companies.

51% Not Actively Seeking New Jobs, But Open to Right Opportunity

Daily News, April 11, 2022

A survey by Grant Thornton LLP found that 51% of employees are not actively looking for a new job but would consider a switch if the opportunity arose. For employees who earn an annual salary of $100,000 or more, that goes up to 58%.

Grant Thornton’s survey included more than 5,000 full-time employees at US companies.

In addition, it found 29% of full-time US workers are actively looking for a new job at a different company. That is down from 33% in a similar survey last year, but the company noted such a decrease is expected given that 21% of people switched jobs in the past 12 months.

“Resignations have showed signs of slowing in the last month, but now is not the time for employers to let their foot off the gas,” said Tim Glowa, a principal and leader of Grant Thornton’s employee listening and human capital services offerings. “American workers have found their voice during the pandemic, and they are perhaps keener than ever to ask for what they want — or find it elsewhere.”

Among employees who took new jobs, factors driving the change included base pay, work-life balance, opportunities for advancement, benefits and greater autonomy. Grant Thornton’s survey found that 34% said their new job offered a better ability to balance work and personal commitments, and 40% said their new job offered them a raise of 10% or greater.

Another finding: Nearly 60% of workers who took new jobs had two or more competing offers. When asked why they declined other offers, 42% said base pay did not meet their needs, while 33% said other companies took too long to make an offer. Another 33% said the benefits did not meet their needs, while 27% cited a company’s reputation and 21% said the values of the company they turned down did not align with their personal beliefs.

The new ADP/Moody’s National Employment Report: Most of the employment from March to April 2022 came from Large-sized Businesses

March 30, 2022

Private sector employment increased by 247,000 jobs from March to April according to the April ADP National Employment Report.  Broadly distributed to the public each month, free of charge, the ADP NER is produced by the ADP Research Institute in collaboration with Moody’s Analytics.  The report, which is derived from ADP’s actual data of those who are on a company’s payroll, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.

The matched sample used to develop the ADP National Employment Report® was derived from ADP payroll data, which represents 460,000 U.S. clients employing nearly 26,000,000 workers in the U.S.  The March total of jobs added was revised from

455,000 to 479,000.

Total U.S. Nonfarm Private Employment:             247,000

By Company Size

Small businesses:                                <-120,000>

1-19 employees                                      <-96,000> 

20-49 employees                                    <-25,000>

Medium businesses:                                 46,000

50-499 employees                                      46,000

Large businesses:                                  321,000

500-999 employees                                    32,000

1,000+ employees                                    289,000

By Sector

I.  Goods-producing:                                             46,000

A.  Natural resources/mining                                                      4,000

B.  Construction                                                                         16,000

C.  Manufacturing                                                                      25,000

II.  Service-providing:                                         202,000

A.  Trade/transportation/utilities                                                15,000

B.  Information                                                                        <-2,000> 

C.  Financial activities                                                                             8,000

D.  Professional/business services                                             50,000

                        1.  Professional/technical services                                 21,000

                        2.  Management of companies/enterprises                       1,000

                        3.  Administrative/support services                               28,000

            E.  Education/health services                                                     48,000

                        1.  Health care/social assistance                                     41,000

                        2.  Education                                                                    6,000

            F.  Leisure/hospitality                                                                77,000

            G.  Other services                                                                         6,000

Franchise Employment

Franchise Jobs                                     47,400

“In April, the labor market recovery showed signs of slowing as the economy approaches full employment,” said Nela Richardson, chief economist, ADP.  “While hiring demand remains strong, labor supply shortages caused job gains to soften for both good producers and services providers.  As the labor market tightens, small companies, with fewer than 50 employees, struggle with competition for wages amid increased costs.”

(The May 2022 ADP National Employment Report will be released at 8:15 a.m. ET on June 2, 2022.)

Due to the important contribution that small businesses make to economic growth, employment data that is specific to businesses with 49 or fewer employees is reported each month in the ADP Small Business Report®, a subset of the ADP National Employment Report.

April 2022 ADP Small Business Report Highlights

Total Small Business Employment:             <-120,000>

●By Size  
►1-19 employees <-96,000>
►20-49 employees <-25,000>
   
●By Sector for 1-49 Employees  
►Goods Producing <-17,000>
►Service Producing <-103,000>
   
●By Sector for 1-19 Employees  
►Goods Producing <-12,000>
►Service Producing <-83,000>
   
●By Sector for 20-49 Employees  
►Goods Producing <-4,000>
►Service Producing <-20,000>

Bottom-line:  To my audience of recruiters, always remember this:  Our ‘bread and butter’, especially on the contingency side of the house, has historically been, and continues to be, small and medium-sized client companies.  Along with the large companies, these companies need to be in included in your niche!

Job Openings and Labor Turnover Summary – March 2022

May 3, 2022   

The number of job openings was at a series high of 11,500,000 on the last business day of March, although little changed over the month, the U.S. Bureau of Labor Statistics reported today. Hires, at 6,700,000, were also little changed while total separations edged up to 6,300,000. Within separations, quits edged up to a series high of 4,500,000, while layoffs and discharges were little changed at 1,400,000. This release includes estimates of the number and rate of job openings, hires, and separations for the total nonfarm sector, by industry, by four geographic regions, and by establishment size class.

Job Openings

On the last business day of March, the number of job openings was little changed at 11,500,000, the highest level in the history of the series which began in December 2000. Over the month, the job openings rate was little changed at 7.1%.  Job openings increased in retail trade (+155,000) and in durable goods manufacturing (+50,000). Job openings decreased in transportation, warehousing, and utilities (-69,000); state and local government education (-43,000); and federal government (-20,000). Job openings increased in the South region.

Hires

In March, the number of hires was little changed at 6.7 million. The hires rate was unchanged at 4.5%. Hires were little changed in all industries and in all 4 regions.

Separations

Total separations includes quits, layoffs and discharges, and other separations. Quits are generally voluntary separations initiated by the employee. Therefore, the quits rate can serve as a measure of workers’ willingness or ability to leave jobs. Layoffs and discharges are involuntary separations initiated by the employer. Other separations includes separations due to retirement, death, disability, and transfers to other locations of the same firm.

In March, the number of total separations edged up to 6,300,000 (+239,000). The rate was little changed at 4.2%. Total separations were little changed in all industries. The number of total separations increased in the South region.

In March, the number of quits edged up to a series high of 4,500,000 (+152,000). The rate was little changed at 3.0%. Quits increased in professional and business services (+88,000) and construction (+69,000). The number of quits increased in the South region.

In March, the number of layoffs and discharges was little changed at 1,400,000. The rate was unchanged at 0.9%. Layoffs and discharges were little changed in all industries and in all four regions.

The number of other separations was little changed in March at 380,000. Other separations increased in construction (+12,000); transportation, warehousing, and utilities (+11,000); wholesale trade (+10,000); and educational services (+4,000). The other separations level decreased in information (-6,000). Other separations were little changed in all 4 regions.

Net Change in Employment

Large numbers of hires and separations occur every month throughout the business cycle. Net employment change results from the relationship between hires and separations. When the number of hires exceeds the number of separations, employment rises, even if the hires level is steady or declining. Conversely, when the number of hires is less than the number of separations, employment declines, even if the hires level is steady or rising.

Over the 12 months ending in March, hires totaled 77,700,000 and separations totaled 71,400,000, yielding a net employment gain of 6,300,000. These totals include workers who may have been hired and separated more than once during the year.

Establishment Size Class

In March, the job openings rate increased in establishments with 50 to 249 employees and establishments with 250 to 999 employees. The job openings rate decreased in establishments with 10 to 49 employees. The quits rate decreased in establishments with 1,000 to 4,999 employees. The total separations rate increased in establishments with 250 to 999 employees. For a more in-depth description of the JOLTS establishment size class estimates, please visit www.bls.gov/jlt/sizeclassmethodology.htm.

____________

The Job Openings and Labor Turnover Survey estimates for April 2022 are scheduled to be released on Wednesday, June 1, 2022, at 10:00 a.m. (ET). 

As we recruiters know that 11,500,000 number only represents 20% of the jobs currently available in the marketplace.  The other 80% of job openings are unpublished and are filled through networking or word of mouth or by using a RECRUITER.   So, those 11,500,000 published job openings now become a total of 57,500,000 published AND hidden job orders.

 

 

Online Labor Demand Rises in March

April 6, 2022

The Conference Board®−Burning Glass® Help Wanted OnLine® (HWOL) Index increased in March and now stands at 174.1 (July 2018=100), up from 171.1 in February. The 1.8% increase between February and March follows a 0.2% decrease between January and February. Overall, the Index is up 35.2% from a year ago.

The Conference Board®-Burning Glass® Help Wanted OnLine® (HWOL) Index measures the change in advertised online job vacancies over time, reflecting monthly trends in employment opportunities across the US. The Help Wanted OnLine® Index is produced in collaboration with Emsi Burning Glass, the global pioneer in real-time labor market data and analysis. This recent collaboration enhances the Help Wanted OnLine® program by providing additional insights into important labor market trends.

PROGRAM NOTES

Prior to 2020, The Conference Board constructed the HWOL Index based solely on online job ads over time. Using a methodology designed to reduce non-economic volatility contributed by online job sources, the HWOL Index served an effective measure of changes in labor demand over time.

Beginning January 2020, the HWOL Index was refined as an estimate of change in job openings (based on BLS JOLTS), using a series of econometric models which incorporate job ads with other macroeconomic indicators such as employment and aggregate hours worked. By adopting a modeled approach which combines other data sources with data on online job ads, the HWOL Index more accurately tracks important movements in the labor market.

The Conference Board®-Burning Glass® Help Wanted OnLine® (HWOL) Indexmeasures changes over time in advertised online job vacancies, reflecting monthly trends in employment opportunities across the US. The HWOL Data Series aggregates the total number of ads available by month from the HWOL universe of online job ads. Ads in the HWOL universe are collected in real-time from over 50,000 online job domains including traditional job boards, corporate boards, social media sites, and smaller job sites that serve niche markets and smaller geographic areas.

Like The Conference Board’s long-running Help Wanted Advertising Index of print ads (which was published for over 55 years and discontinued in July 2008), Help Wanted OnLine® measures help wanted advertising, i.e. labor demand. The HWOL Data Series began in May 2005 and was revised in December 2018. With the December 2018 revision, The Conference Board released the HWOL Index, improving upon the HWOL Data Series’ ability to assess local labor market trends by reducing volatility and non-economic noise and improving correlation with local labor market conditions.

In 2019, the Help Wanted OnLine® program partnered with Emsi Burning Glass, the new sole provider of online job ad data for HWOL. With the partnership, the HWOL Data Series has been revised historically to reflect a new universe and methodology of online job advertisements and therefore cannot be used in conjunction with the pre-revised HWOL Data Series. The HWOL Data Series begins in January 2015 and the HWOL Index begins in December 2005. HWOL Index values prior to 2020 are based on job ads collected by CEB, Inc.

Those using this data are urged to review the information on the database and methodology available on The Conference Board website and contact us with questions and comments.

About The Conference Board

The Conference Board is the member-driven think tank that delivers trusted insights for what’s ahead. Founded in 1916, we are a non-partisan, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States.

About Emsi Burning Glass

Emsi Burning Glass is the world’s leading authority on job skills, workforce talent, and labor market dynamics, providing expertise that empowers businesses, education providers, and governments to find the skills and talent they need and enables workers to unlock new career opportunities. Headquartered in Boston, Massachusetts, and Moscow, Idaho, Emsi Burning Glass is active in more than 30 countries and has offices in the United Kingdom, Italy, New Zealand, and India. The company is backed by global private equity leader KKR.

The next release for April 2022 is Wednesday, May 11, 2022, at 10 AM.

U-6 Update

In April 2022, the regular unemployment rate remained at 3.6% and the broader U-6 measure rose .1% to 7.0%.

The above 7.0% is referred to as the U-6 unemployment rate (found in the monthly BLS Employment Situation Summary, Table A-15; Table A-12 in 2008 and before).  It counts not only people without work seeking full-time employment (the more familiar U-3 rate), but also counts “marginally attached workers and those working part-time for economic reasons.”  Note that some of these part-time workers counted as employed by U-3 could be working as little as an hour a week.  And the “marginally attached workers” include those who have gotten discouraged and stopped looking, but still want to work.  The age considered for this calculation is 16 years and over.

Here is a look at the April U-6 numbers for the previous 19 years:

April 2021                   10.4%

April 2020                   22.9%

April 2019                   7.3%

April 2018                   7.8%

April 2017                   8.6%

April 2016                   9.7%

April 2015                   10.8%

April 2014                   12.3%

April 2013                   13.9%

April 2012                   14.5%

April 2011                   15.9%

April 2010                   17.0%

April 2009                   15.8%

April 2008                   9.2%

April 2007                   8.2%

April 2006                   8.1%

April 2005                   9.0%

April 2004                   9.6%

April 2003                   10.1%

The April 2022 BLS Analysis

Total nonfarm payroll employment increased by 428,000 in April and the unemployment rate was unchanged at 3.6%, the U.S. Bureau of Labor Statistics reported today.  Job growth was widespread, led by gains in leisure and hospitality, in manufacturing, and in transportation and warehousing.
 
The change in total nonfarm payroll employment for February was revised down by 36,000, from +750,000 to +714,000, and the change for March was revised down by 3,000, from +431,000 to +428,000.  With these revisions, employment in February and March combined is 39,000 lower than previously reported.  (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors)

The unemployment rate is also published by the BLS.  That rate is found by dividing the number of unemployed by the total civilian labor force.  On May 6th, 2022, the BLS published the most recent unemployment rate for April 2022 of 3.6% (actually, it is 3.621% up .001% from 3.620% in March.

The unemployment rate was determined by dividing the unemployed of 5,941,000

(–down from the month before by 11,000—since April 2021, this number has decreased by 3,778,000) by the total civilian labor force of 164,046,000 (down by 363,000 from March 2022).  Since April 2021, our total civilian labor force has increased by 3,068,000 workers.

(The continuing ‘Strange BLS Math’ saga—after a detour in December 2016 when the BLS {for the first time in years} DECREASED the total Civilian Noninstitutional Population—this month the BLS increased this total to 263,559,000.  This is an increase of 115,000 from last month’s increase of 120,000.  In one year, this population has increased by 2,456,000.  For the last 3 years the Civilian Noninstitutional Population has increased each month—except in December 2016, December 2018, December 2019, & December 2020—by…)

Up from March 2022by115,000
Up from February 2022by120,000
Up from January 2022by122,000
Up from December 2021by1,066,000
Up from November 2021by107,000
Up from October 2021by121,000
Up from September 2021by142,000
Up from August 2021by155,000
Up from July 2021by142,000
Up from June 2021by131,000
Up from May 2021by128,000
Up from April 2021by107,000
Up from March 2021by100,000
Up from February 2021by85,000
Up from January 2021by67,000
Down from December 2020by379,000
Up from November 2020by145,000
Up from October 2020by160,000
Up from September 2020by183,000
Up from August 2020by184,000
Up from July 2020by185,000
Up from June 2020by169,000
Up from May 2020by157,000
Up from April 2020by151,000
Up from March 2020by138,000
Up from February 2020by130,000
Up from January 2020by126,000
Down from December 2019by679,000
Up from November 2019by161,000
Up from October 2019by175,000
Up from September 2019by207,000
Up from August 2019by206,000
Up from July 2019by207,000
Up from June 2019by188,000
Up from May 2019by176,000
Up from April 2019by168,000

Subtract the ‘civilian labor force’ from the ‘civilian noninstitutional population’) and you get 99,513,000 ‘Not in Labor Force’—up by 478,000 from last month’s 99,035,000.  In one year, this NILF population has decreased by 612,000.  The government tells us that most of these NILFs got discouraged and just gave up looking for a job.  My monthly recurring question is: “If that is the case, how do they survive when they don’t earn any money because they don’t have a job?  Are they ALL relying on the government to support them??”

This month, our Employment Participation Rate—the population 16 years and older working or seeking work—fell to 62.2%.  This rate is .2% lower than the historically low rate of 62.4% recorded in September 2015—and, before that, the rate recorded in October 1977—9 months into Jimmy Carter’s presidency—almost 40 years ago!

Final take on these numbers:  Fewer people looking for work will always bring down the unemployment rate.

Anyway, back to the point I am trying to make.  On the surface, these new unemployment rates are scary, but let’s look a little deeper and consider some other numbers.

The unemployment rate includes all types of workers—construction workers, government workers, etc.  We recruiters, on the other hand, mainly place management, professional and related types of workers.  That unemployment rate in April was 1.6% (this rate was .1% higher than last month’s 1.5%).  Or you can look at it another way.  We usually place people who have college degrees.  That unemployment rate in April was2.0% (this rate was the same as last month’s 2.0%).

Now stay with me a little longer.  This gets better.  It’s important to understand (and none of the pundits mention this) that the unemployment rate, for many reasons, will never be 0%, no matter how good the economy is.  Without boring you any more than I have already, let me add here that Milton Friedman (the renowned Nobel Prize-winning economist), is famous for the theory of the “natural rate of unemployment” (or the term he preferred, NAIRU, which is the acronym for Non-Accelerating Inflation Rate of Unemployment).  Basically, this theory states that full employment presupposes an ‘unavoidable and acceptable’ unemployment rate of somewhere between 4-6% with it.  Economists often settle on 5%, although the “New Normal Unemployment Rate” has been suggested to fall at 6.7%.

Nevertheless (if you will allow me to apply a ‘macro’ concept to a ‘micro’ issue), if this rate is applied to our main category of Management, Professional and Related types of potential recruits, and/or our other main category of College-Degreed potential recruits, because of the COVID-19 shutdown, we are not that far above the 4-6% threshold for full employment…and that will change as soon as we all return to work!

THE IMPORTANCE OF GDP

“The economic goal of any nation, as of any individual, is to get the greatest results with the least effort.  The whole economic progress of mankind has consisted in getting more production with the same labor…Translated into national terms, this first principle means that our real objective is to maximize production.  In doing this, full employment—that is, the absence of involuntary idleness—becomes a necessary by-product.  But production is the end, employment merely the means.  We cannot continuously have the fullest production without full employment.  But we can very easily have full employment without full production.”

–Economics in One Lesson, by Henry Hazlitt, Chapter X, “The Fetish of Full Employment”

On April 28th, the real gross domestic product (GDP) decreased at an annual rate of 1.4% in the first quarter of 2022, according to the “advance” estimate released by the Bureau of Economic Analysis.  In the fourth quarter, real GDP increased 6.9%.

The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency. The “second” estimate for the first quarter, based on more complete data, will be released on May 26, 2022

The decrease in real GDP reflected decreases in private inventory investment, exports, federal government spending, and state and local government spending, while imports, which are a subtraction in the calculation of GDP, increased. Personal consumption expenditures (PCE), nonresidential fixed investment, and residential fixed investment increased.

COVID-19 Impact on the First-Quarter 2022 GDP Estimate

In the first quarter, an increase in COVID-19 cases related to the Omicron variant resulted in continued restrictions and disruptions in the operations of establishments in some parts of the country. Government assistance payments in the form of forgivable loans to businesses, grants to state and local governments, and social benefits to households all decreased as provisions of several federal programs expired or tapered off. The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the first quarter because the impacts are generally embedded in source data and cannot be separately identified.

The decrease in private inventory investment was led by decreases in wholesale trade (mainly motor vehicles) and retail trade (notably, “other” retailers and motor vehicle dealers). Within exports, widespread decreases in nondurable goods were partly offset by an increase in “other” business services (mainly financial services). The decrease in federal government spending primarily reflected a decrease in defense spending on intermediate goods and services. The increase in imports was led by increases in durable goods (notably, nonfood and nonautomotive consumer goods).

The increase in PCE reflected an increase in services (led by health care) that was partly offset by a decrease in goods. Within goods, a decrease in nondurable goods (led by gasoline and other energy goods) was partly offset by an increase in durable goods (led by motor vehicles and parts). The increase in nonresidential fixed investment reflected increases in equipment and intellectual property products.

Current‑dollar GDP increased 6.5 percent at an annual rate, or $379.9 billion, in the first quarter to a level of $24.38 trillion. In the fourth quarter, GDP increased 14.5 percent, or $800.5 billion

The price index for gross domestic purchases increased 7.8 percent in the first quarter, compared with an increase of 7.0 percent in the fourth quarter (table 4). The PCE price index increased 7.0 percent, compared with an increase of 6.4 percent. Excluding food and energy prices, the PCE price index increased 5.2 percent, compared with an increase of 5.0 percent.

Personal Income

Current-dollar personal income increased $268.0 billion in the first quarter, compared with an increase of $123.9 billion in the fourth quarter. The increase primarily reflected an increase in compensation that was partly offset by a decrease in government social benefits (table 8). In the first quarter, government assistance payments in the form of social benefits to households decreased as provisions of several federal programs expired or continued to taper off.

Disposable personal income increased $216.6 billion, or 4.8 percent, in the first quarter, compared with an increase of $20.1 billion, or 0.4 percent, in the fourth quarter. Real disposable personal income decreased 2.0 percent, compared with a decrease of 5.6 percent.

Personal saving was $1.21 trillion in the first quarter, compared with $1.39 trillion in the fourth quarter. The personal saving rate—personal saving as a percentage of disposable personal income—was 6.6 percent in the first quarter, compared with 7.7 percent in the fourth quarter.

Annual Update of the National Economic Accounts

BEA will release results from the 2022 annual update of the National Economic Accounts, which includes the National Income and Product Accounts as well as the Industry Economic Accounts, on September 29, 2022. This update will present revised statistics for GDP, GDP by Industry, and gross domestic income that cover the first quarter of 2017 through the first quarter of 2022. Refer to BEA’s recent blog post, “National, Industry, and State Annual Updates Will Be United in 2022,” for additional detail. More information on the 2022 annual update will be included on BEA’s website as well as in a forthcoming Survey of Current Business article, “GDP and the Economy.”

Next release, May 26, 2022, at 8:30 A.M. EDT
Gross Domestic Product (Second Estimate), Corporate Profits (Preliminary Estimate), First Quarter 2022

IT IS IMPOSSIBLE FOR UNEMPLOYMENT EVER TO BE ZERO

‘Unemployment’ is an emotional ‘trigger’ word…a ‘third rail’, if you will.  It conjures up negative thoughts.  But it is important to realize that, while we want everyone who wants a job to have the opportunity to work, unemployment can never be zero and, in fact, can be disruptive to an economy if it gets too close to zero.  Very low unemployment can actually hurt the economy by creating an upward pressure on wages which invariably leads to higher production costs and prices.  This can lead to inflation.  The lowest the unemployment rate has been in the US was 2.5%.  That was in May and June 1953 when the economy overheated due to the Korean War.  When this bubble burst, it kicked off the Recession of 1953.  A healthy economy will always include some percentage of unemployment.

There are five main sources of unemployment:

1.  Cyclical (or demand-deficient) unemployment – This type of unemployment fluctuates with the business cycle.  It rises during a recession and falls during the subsequent recovery.  Workers who are most affected by this type of unemployment are laid off during a recession when production volumes fall, and companies use lay-offs as the easiest way to reduce costs.  These workers are usually rehired, some months later, when the economy improves.

2.  Frictional unemployment – This comes from the normal turnover in the labor force.  This is where new workers are entering the workforce and older workers are retiring and leaving vacancies to be filled by the new workers or those re-entering the workforce.  This category includes workers who are between jobs.

3.  Structural unemployment – This happens when the skills possessed by the unemployed worker don’t match the requirements of the opening—whether those be in characteristics and skills or in location.  This can come from new technology or foreign competition (e.g., foreign outsourcing).  This type of unemployment usually lasts longer than frictional unemployment because retraining, and sometimes relocation, is involved.  Occasionally jobs in this category can just disappear overseas.

4.  Seasonal unemployment – This happens when the workforce is affected by the climate or time of year.  Construction workers and agricultural workers aren’t needed as much during the winter season because of the inclement weather.  On the other hand, retail workers experience an increase in hiring shortly before, and during, the holiday season, but can be laid off shortly thereafter.

5.  Surplus unemployment – This is caused by minimum wage laws and unions.  When wages are set at a higher level, unemployment can often result.  Why?  To keep within the same payroll budget, the company must let go of some workers to pay the remaining workers a higher salary.

Other factors influencing the unemployment rate:

1.  Length of unemployment – Some studies indicate that an important factor influencing a worker’s decision to accept a new job is directly related to the length of the unemployment benefit they are receiving.

Currently, workers in most states are eligible for up to 26 weeks of benefits from the regular state-funded unemployment compensation program, although seven states provide fewer weeks and one provides more.  Extended Benefits (EB) have triggered on in 14 states plus the District of Columbia and the Virgin Islands.  Additional weeks of federal benefits are also available through September 6, 2021.

Studies suggest that additional weeks of benefits reduce the incentive of the unemployed to seek and accept less-desirable jobs.

2.  Changes in GDP – Since hiring workers takes time, the improvement in the unemployment rate usually lags the improvement in the GDP.

WHERE RECRUITERS PLACE

Now back to the issue at hand, namely the recruiting, and placing, of professionals and those with college degrees.

If you look at the past 22 years of unemployment in the April “management, professional and related” types of worker category, you will find the following rates:

April 2021                   3.0%

April 2020                   7.7%

April 2019                   1.6%

April 2018                   1.8%

April 2017                   2.0%

April 2016                   2.1%

April 2015                   2.4%

April 2014                   2.9%

April 2013                   3.5%

April 2012                   3.7%

April 2011                   4.0%

April 2010                   4.5%

April 2009                   4.0%

April 2008                   2.0%

April 2007                   1.8%

April 2006                   1.9%

April 2005                   2.2%

April 2004                   2.6%

April 2003                   2.9%

April 2002                   2.2%

April 2001                   2.1%

April 2000                   1.7%

Here are the rates, during those same time periods, for “college-degreed” workers:

April 2021                   3.5%

April 2020                   8.4%

April 2019                   2.1%

April 2018                   2.1%

April 2017                   2.4%

April 2016                   2.4%

April 2015                   2.7%

April 2014                   3.3%

April 2013                   3.9%

April 2012                   4.0%

April 2011                   4.5%

April 2010                   4.8%

April 2009                   4.4%

April 2008                   2.1%

April 2007                   1.8%

April 2006                   2.2%

April 2005                   2.4%

April 2004                   2.9%

April 2003                   3.1%

April 2002                   3.0%

April 2001                   2.2%

April 2000                   1.6%

The April 2022 rates for these two categories, 1.6% and 2.0%, respectively, are still fairly high.  But regardless, these unemployment numbers usually include a good number of job hoppers, job shoppers and rejects.  We, on the other hand, are engaged by our client companies to find those candidates who are happy, well-appreciated, making good money and currently working and we entice them to move for even better opportunities—especially where new technologies are expanding.  This will never change.  And that is why, no matter the overall unemployment rate, we still need to MARKET to find the best possible job orders to work and we still need to RECRUIT to find the best possible candidates for those Job Orders.

Below are the numbers for the over 25-year old’s:

Less than H.S. diploma – Unemployment Rate

1/082/083/084/085/086/087/088/089/0810/0811/0812/08
7.7%7.4%8.2%7.9%8.4%8.9%8.6%9.7%9.8%10.4%10.6%10.9%
1/092/093/094/095/096/097/098/099/0910/0911/0912/09
12.0%12.6%13.3%14.8%15.5%15.5%15.4%15.6%15.0%15.5%15.0%15.3%
1/102/103/104/105/106/107/108/109/1010/1011/1012/10
15.2%15.6%14.5%14.7%15.0%14.1%13.8%14.0%15.4%15.3%15.7%15.3%
1/112/113/114/115/116/117/118/119/1110/1111/1112/11
14.2%13.9%13.7%14.6%14.7%14.3%15.0%14.3%14.0%13.8%13.2%13.8%
1/122/123/124/125/126/127/128/129/1210/1211/1212/12
13.1%12.9%12.6%12.5%13.0%12.6%12.7%12.0%11.3%12.2%12.2%11.7%
1/132/133/134/135/136/137/138/139/1310/1311/1312/13
12.0%11.2%11.1%11.6%11.1%10.7%11.0%11.3%10.3%10.9%10.8%9.8%
1/142/143/144/145/146/147/148/149/1410/1411/1412/14
9.6%9.8%9.6%8.9%9.1%9.1%9.6%9.1%8.4%7.9%8.5%8.8%
1/152/153/154/155/156/157/158/159/1510/1511/1512/15
8.5%8.4%8.6%8.6%8.6%8.2%8.3%7.7%7.7%7.3%6.8%6.7%
1/162/163/164/165/166/167/168/169/1610/1611/1612/16
7.4%7.3%7.4%7.5%7.1%7.5%6.3%7.2%8.5%7.3%7.9%7.9%
1/172/173/174/175/176/177/178/179/1710/1711/1712/17
7.3%7.9%6.8%6.5%6.1%6.4%6.9%6.0%6.5%5.7%5.2%6.3%
1/182/183/184/185/186/187/188/189/1810/1811/1812/18
5.4%5.7%5.5%5.9%5.4%5.5%5.1%5.7%5.5%6.0%5.6%5.8%
1/192/193/194/195/196/197/198/199/1910/1911/1912/19
5.7%5.3%5.9%5.4%5.4%5.3%5.1%5.4%4.8%5.6%5.3%5.2%
1/202/203/204/205/206/207/208/209/2010/2011/2012/20
5.5%5.7%6.8%21.2%19.9%16.6%15.4%12.6%10.7%9.9%9.2%9.8%
1/212/213/214/215/216/217/218/219/2110/2111/2112/21
9.1%10.1%8.2%9.3%9.1%10.2%9.5%7.8%7.9%7.4%5.7%5.2%
1/222/223/224/225/226/227/228/229/2210/2211/2212/22
6.3%4.3%5.2%5.4%        

H.S. Grad; no college – Unemployment Rate

1/082/083/084/085/086/087/088/089/0810/0811/0812/08
4.6%4.7%5.1%5.0%5.2%5.2%5.3%5.8%6.3%6.5%6.9%7.7%
1/092/093/094/095/096/097/098/099/0910/0911/0912/09
8.1%8.3%9.0%9.3%10.0%9.8%9.4%9.7%10.8%11.2%10.4%10.5%
1/102/103/104/105/106/107/108/109/1010/1011/1012/10
10.1%10.5%10.8%10.6%10.9%10.8%10.1%10.3%10.0%10.1%10.0%9.8%
1/112/113/114/115/116/117/118/119/1110/1111/1112/11
9.4%9.5%9.5%9.7%9.5%10.0%9.3%9.6%9.7%9.6%8.8%8.7%
1/122/123/124/125/126/127/128/129/1210/1211/1212/12
8.4%8.3%8.0%7.9%8.1%8.4%8.7%8.8%8.7%8.4%8.1%8.0%
1/132/133/134/135/136/137/138/139/1310/1311/1312/13
8.1%7.9%7.6%7.4%7.4%7.6%7.6%7.6%7.6%7.3%7.3%7.1%
1/142/143/144/145/146/147/148/149/1410/1411/1412/14
6.5%6.4%6.3%6.3%6.5%5.8%6.1%6.2%5.3%5.7%5.6%5.3%
1/152/153/154/155/156/157/158/159/1510/1511/1512/15
5.4%5.4%5.3%5.4%5.8%5.4%5.5%5.5%5.3%5.3%5.4%5.6%
1/162/163/164/165/166/167/168/169/1610/1611/1612/16
5.3%5.3%5.4%5.4%5.1%5.0%5.0%5.1%5.2%5.5%4.9%5.1%
1/172/173/174/175/176/177/178/179/1710/1711/1712/17
5.2%5.0%4.9%4.6%4.7%4.6%4.5%5.1%4.3%4.3%4.3%4.2%
1/182/183/184/185/186/187/188/189/1810/1811/1812/18
4.5%4.4%4.3%4.3%3.9%4.2%4.0%3.9%3.7%4.0%3.5%3.8%
1/192/193/194/195/196/197/198/199/1910/1911/1912/19
3.8%3.8%3.7%3.5%3.5%3.9%3.6%3.6%3.6%3.7%3.7%3.7%
1/202/203/204/205/206/207/208/209/2010/2011/2012/20
3.8%3.6%4.4%17.3%15.3%12.1%10.8%9.8%9.0%8.1%7.8%7.8%
1/212/213/214/215/216/217/218/219/2110/2111/2112/21
7.1%7.2%6.7%6.9%6.8%7.0%6.3%6.0%5.8%5.4%5.2%4.6%
1/222/223/224/225/226/227/228/229/2210/2211/2212/22
4.6%4.5%4.0%3.8%        

Some College; or AA/AS – Unemployment Rate

1/082/083/084/085/086/087/088/089/0810/0811/0812/08
3.7%3.8%3.9%4.0%4.3%4.4%4.6%5.0%5.1%5.3%5.5%5.6%
1/092/093/094/095/096/097/098/099/0910/0911/0912/09
6.2%7.0%7.2%7.4%7.7%8.0%7.9%8.2%8.5%9.0%9.0%9.0%
1/102/103/104/105/106/107/108/109/1010/1011/1012/10
8.5%8.0%8.2%8.3%8.3%8.2%8.3%8.7%9.1%8.5%8.7%8.1%
1/112/113/114/115/116/117/118/119/1110/1111/1112/11
8.0%7.8%7.4%7.5%8.0%8.4%8.3%8.2%8.4%8.3%7.6%7.7%
1/122/123/124/125/126/127/128/129/1210/1211/1212/12
7.2%7.3%7.5%7.6%7.9%7.5%7.1%6.6%6.5%6.9%6.6%6.9%
1/132/133/134/135/136/137/138/139/1310/1311/1312/13
7.0%6.7%6.4%6.4%6.5%6.4%6.0%6.1%6.0%6.3%6.4%6.1%
1/142/143/144/145/146/147/148/149/1410/1411/1412/14
6.0%6.2%6.1%5.7%5.5%5.0%5.3%5.4%5.4%4.8%4.9%5.0%
1/152/153/154/155/156/157/158/159/1510/1511/1512/15
5.2%5.1%4.8%4.7%4.4%4.2%4.4%4.4%4.3%4.3%4.4%4.1%
1/162/163/164/165/166/167/168/169/1610/1611/1612/16
4.2%4.2%4.1%4.1%3.9%4.2%4.3%4.3%4.2%4.2%3.9%3.8%
1/172/173/174/175/176/177/178/179/1710/1711/1712/17
3.8%4.0%3.7%3.7%4.0%3.8%3.7%3.8%3.6%3.7%3.6%3.6%
1/182/183/184/185/186/187/188/189/1810/1811/1812/18
3.4%3.5%3.6%3.5%3.2%3.3%3.2%3.5%3.2%3.0%3.1%3.3%
1/192/193/194/195/196/197/198/199/1910/1911/1912/19
3.4%3.2%3.4%3.1%2.8%3.0%3.2%3.1%2.9%2.9%2.9%2.7%
1/202/203/204/205/206/207/208/209/2010/2011/2012/20
2.8%3.0%3.7%15.0%13.3%10.9%10.0%8.0%8.1%6.6%6.3%6.3%
1/212/213/214/215/216/217/218/219/2110/2111/2112/21
6.2%5.9%5.9%5.8%5.9%5.8%5.0%5.1%4.5%4.4%3,7%3.6%
1/222/223/234/225/226/227/228/229/2210/2211/2212/22
3.6%3.8%3.0%3.1%        

BS/BS + – Unemployment Rate

1/082/083/084/085/086/087/088/089/0810/0811/0812/08
2.1%2.1%2.1%2.1%2.3%2.4%2.5%2.7%2.6%3.1%3.2%3.7%
1/092/093/094/095/096/097/098/099/0910/0911/0912/09
3.9%4.1%4.3%4.4%4.8%4.7%4.7%4.7%4.9%4.7%4.9%5.0%
1/102/103/104/105/106/107/108/109/1010/1011/1012/10
4.8%5.0%4.9%4.9%4.7%4.4%4.5%4.6%4.4%4.7%5.1%4.8%
1/112/113/114/115/116/117/118/119/1110/1111/1112/11
4.2%4.3%4.4%4.5%4.5%4.4%4.3%4.3%4.2%4.4%4.4%4.1%
1/122/123/124/125/126/127/128/129/1210/1211/1212/12
4.2%4.2%4.2%4.0%3.9%4.1%4.1%4.1%4.1%3.8%3.8%3.9%
1/132/133/134/135/136/137/138/139/1310/1311/1312/13
3.8%3.8%3.8%3.9%3.8%3.9%3.8%3.5%3.7%3.8%3.4%3.3%
1/142/143/144/145/146/147/148/149/1410/1411/1412/14
3.3%3.4%3.4%3.3%3.2%3.3%3.1%3.2%2.9%3.1%3.2%2.8%
1/152/153/154/155/156/157/158/159/1510/1511/1512/15
2.8%2.7%2.5%2.7%2.7%2.5%2.6%2.5%2.5%2.5%2.5%2.5%
1/162/163/164/165/166/167/168/169/1610/1611/1612/16
2.5%2.5%2.6%2.4%2.4%2.5%2.5%2.7%2.5%2.6%2.3%2.5%
1/172/173/174/175/176/177/178/179/1710/1711/1712/17
2.5%2.4%2.5%2.4%2.3%2.4%2.4%2.4%2.3%2.0%2.1%2.1%
1/182/183/184/185/186/187/188/189/1810/1811/1812/18
2.1%2.3%2.2%2.1%2.0%2.3%2.2%2.1%2.0%2.0%2.2%2.1%
1/192/193/194/195/196/197/198/199/1910/1911/1912/19
2.4%2.2%2.0%2.1%2.1%2.1%2.2%2.1%2.0%2.1%2.0%1.9%
1/202/203/204/205/206/207/208/209/2010/2011/2012/20
2.0%1.9%2.5%8.4%7.4%6.9%6.7%5.3%4.7%4.2%4.2%3.8%
1/212/213/214/215/216/217/218/219/2110/2111/2112/21
4.0%3.8%3.7%3.5%3.2%3.5%3.1%2.8%2.5%2.4%2.3%2.1%
1/222/223/224/225/226/227/228/229/2210/2211/2212/22
2.3%2.2%2.0%2.0%        

Management, Professional & Related – Unemployment Rate

1/082/083/084/085/086/087/088/089/0810/0811/0812/08
2.2%2.2%2.1%2.0%2.6%2.7%2.9%3.3%2.8%3.0%3.2%3.3%
1/092/093/094/095/096/097/098/099/0910/0911/0912/09
4.1%3.9%4.2%4.0%4.6%5.0%5.5%5.4%5.2%4.7%4.6%4.6%
1/102/103/104/105/106/107/108/109/1010/1011/1012/10
5.0%4.8%4.7%4.5%4.5%4.9%5.0%5.1%4.4%4.5%4.7%4.6%
1/112/113/114/115/116/117/118/119/1110/1111/1112/11
4.7%4.4%4.3%4.0%4.4%4.7%5.0%4.9%4.4%4.4%4.2%4.2%
1/122/123/124/125/126/127/128/129/1210/1211/1212/12
4.3%4.2%4.2%3.7%4.0%4.4%4.8%4.5%3.9%3.8%3.6%3.9%
1/132/133/134/135/136/137/138/139/1310/1311/1312/13
3.9%3.8%3.6%3.5%3.5%4.2%4.1%3.8%3.5%3.4%3.1%2.9%
1/142/143/144/145/146/147/148/149/1410/1411/1412/14
3.1%3.2%3.3%2.9%3.1%3.5%3.5%3.4%2.8%2.7%2.8%2.7%
1/152/153/154/155/156/157/158/159/1510/1511/1512/15
2.9%2.7%2.4%2.4%2.4%2.9%3.1%2.9%2.4%2.2%2.1%2.0%
1/162/163/164/165/166/167/168/169/1610/1611/1612/16
2.3%2.4%2.4%2.1%2.1%2.8%3.0%3.1%2.7%2.5%2.3%2.2%
1/172/173/174/175/176/177/178/179/1710/1711/1712/17
2.3%2.1%2.0%2.0%1.9%2.3%2.7%2.8%2.3%2.1%2.0%2.0%
1/182/183/184/185/186/187/188/189/1810/1811/1812/18
2.2%2.0%2.0%1.8%1.7%2.5%2.4%2.5%2.0%1.9%2.1%2.1%
1/192/193/194/195/196/197/198/199/1910/1911/1912/19
2.5%2.0%2.0%1.6%1.7%2.4%2.4%2.3%1.9%1.8%1.8%1.8%
1/202/203/204/205/206/207/208/209/2010/2011/2012/20
2.2%1.8%2.5%7.7%6.6%6.5%6.6%5.5%4.5%3.7%3.7%3.4%
1/212/213/214/215/216/217/218/219/2110/2111/2112/21
3.7%3.2%3.1%3.0%2.8%3.5%3.3%3.2%2.4%2.2%1.9%1.7%
1/222/223/224/225/226/227/228/229/2210/2211/2212/22
2.3%2.2%1.5%1.6%        

Or employed…(,000)

1/082/083/084/085/086/087/088/089/0810/0811/0812/08
52,16552,49852,68152,81952,54452,73552,65552,62653,10453,48553,27452,548
1/092/093/094/095/096/097/098/099/0910/0911/0912/09
52,35852,19652,34552,59752,25651,77651,81051,72452,18652,98152,26352,131
1/102/103/104/105/106/107/108/109/1010/1011/1012/10
52,15952,32452,16352,35551,83951,41450,97450,87951,75751,81852,26351,704
1/112/113/114/115/116/117/118/119/1110/1111/1112/11
51,86652,55753,24353,21652,77852,12051,66251,99752,66552,86452,78752,808
1/122/123/124/125/126/127/128/129/1210/1211/1212/12
53,15253,20853,77154,05554,15653,84653,16553,69654,65555,22354,95154,635
1/132/133/134/135/136/137/138/139/1310/1311/1312/13
54,21454,56354,72154,76754,74054,32354,06454,51555,01355,15555,58354,880
1/142/143/144/145/146/147/148/149/1410/1411/1412/14
55,09655,50156,03655,89656,20255,71455,38155,64656,36556,75957,11056,888
1/152/153/154/155/156/157/158/159/1510/1511/1512/15
57,36757,59657,80557,95358,15557,71057,39257,28858,10558,45658,66759,030
1/162/163/164/165/166/167/168/169/1610/1611/1612/16
59,01459,58360,08059,69059,61359,18158,43458,52659,59959,76659,70760,069
1/172/173/174/175/176/177/178/179/1710/1711/1712/17
59,92161,06461,15661,31761,17460,70559,92359,55960,99061,06261,81862,121
1/182/183/184/185/186/187/188/189/1810/1811/1812/18
62,12362,90863,06762,56162,36061,34961,43361,59362,18162,92963,08463,642
1/192/193/194/195/196/197/198/199/1910/1911/1912/19
63,81864,28164,29963,56063,59463,41863,39463,67964,34364,99765,54865,682
1/202/203/204/205/206/207/208/209/2010/2011/2012/20
65,53366,09165,88161,15262,33063,29062,45163,09562,75963,27763,38764,007
1/212/213/214/215/216/217/218/219/2110/2111/2112/21
63,88664,47164,50364,26464,26864,31664,17964,12265,16365,33566,06066,366
1/222/223/224/225/226/227/228/229/2210/2211/2212/22
66,74067,75467,82367,319        

And unemployed…(,000)

1/082/083/084/085/086/087/088/089/0810/0811/0812/08
1,1641,1591,1211,0881,4071,4781,5851,7791,5391,6471,7861,802
1/092/093/094/095/096/097/098/099/0910/0911/0912/09
2,2382,1372,2922,1642,3732,7203,0342,9252,8592,5932,5302,509
1/102/103/104/105/106/107/108/109/1010/1011/1012/10
2,7622,6372,6002,4642,4502,6442,6872,7622,3812,4172,5252,468
1/112/113/114/115/116/117/118/119/1110/1111/1112/11
2,5572,4352,3812,1962,4192,5982,7422,6712,4502,4102,3362,303
1/122/123/124/125/126/127/128/129/1210/1211/1212/12
2,4102,3362,3302,0622,2752,4722,6662,5562,2452,1702,0772,221
1/132/133/134/135/136/137/138/139/1310/1311/1312/13
2,2112,1642,0201,9801,9902,3582,2862,1301,9781,9301,7491,637
1/142/143/144/145/146/147/148/149/1410/1411/1412/14
1,7841,8451,8901,6421,7952,0012,0111,9301,6171,5821,6561,568
1/152/153/154/155/156/157/158/159/1510/1511/1512/15
1,7411,6011,3981,4351,4601,7141,8071,6861,4141,3121,2761,208
1/162/163/164/165/166/167/168/169/1610/1611/1612/16
1,4041,4561,4771,2511,3051,7121,7821,8691,6521,5061,3821,361
1/172/173/174/175/176/177/178/179/1710/1711/1712/17
1,4251,3131,2651,2541,2081,4401,6561,7311,4631,2851,2661,290
1/182/183/184/185/186/187/188/189/1810/1811/1812/18
1,3741,3011,3101,1341,0831,5751,5391,5911,2991,2461,3301,368
1/192/193/194/195/196/197/198/199/1910/1911/1912/19
1,6071,3171,2891,0401,0861,5401,5911,4761,2351,1611,2081,171
1/202/203/204/205/206/207/208/209/2010/2011/2012/20
1,4541,2071,6635,0794,4324,3904,4003,6802,9462,4482,4152,235
1/212/213/214/215/216/217/218/219/2110/2111/2112/21
2,4332,1582,0632,0141,8792,3032,2032,1231,5801,4531,3081,146
1/222/223/224/225/226/227/228/229/2210/2211/2212/22
1,5831,4901,0531,088        

For a total Management, Professional & Related workforce of…(,000)

1/082/083/084/085/086/087/088/089/0810/0811/0812/08
53,32953,65753,80253,90753,95154,21354,24054,40554,64355,13255,06054,350
1/092/093/094/095/096/097/098/099/0910/0911/0912/09
54,59654,33354,63754,76154,62954,49654,84454,64955,04555,57454,79354,640
1/102/103/104/105/106/107/108/109/1010/1011/1012/10
54,92154,96154,76354,81954,28954,05853,66153,64154,13854,23554,78854,172
1/112/113/114/115/116/117/118/119/1110/1111/1112/11
54,42354,99255,62455,41255,19754,71854,40454,66855,11555,27455,12355,111
1/122/123/124/125/126/127/128/129/1210/1211/1212/12
55,56255,54456,10156,11756,43156,31855,83156,25256,90057,39357,02856,856
1/132/133/134/135/136/137/138/139/1310/1311/1312/13
56,42556,72756,74156,74756,73056,68156,35056,64556,99157,08557,33256,517
1/142/143/144/145/146/147/148/149/1410/1411/1412/14
56,88057,34657,92657,53857,99757,71557,39257,57657,98258,34158,76658,456
1/152/153/154/155/156/157/158/159/1510/1511/1512/15
59,10859,19759,20359,38859,61559,42459,19958,97459,51959,76859,94360,238
1/162/163/164/165/166/167/168/169/1610/1611/1612/16
60,41861,03961,55760,94160,91860,89360,21660,39561,25161,27261,08961,430
1/172/173/174/175/176/177/178/179/1710/1711/1712/17
61,34662,37762,42162,57162,38262,14561,57961,29062,45362,34763,08463,411
1/182/183/184/185/186/187/188/189/1810/1811/1812/18
63,49764,20964,37763,69563,44362,92462,97263,18463,48064,17564,41465,010
1/192/193/194/195/196/197/198/199/1910/1911/1912/19
65,42565,59865,58864,60064,68064,95864,98565,15565,57866,15866,75666,853
1/202/203/204/205/206/207/208/209/2010/2011/2012/20
66,98767,29867,54466,23166,76267,68066,85166,77565,70565,67565,80266,242
1/212/213/214/215/216/217/218/219/2110/2111/2112/21
66,31966,62966,56666,27866,14766,61966,38266,24566,74366,78867,36867,512
1/222/223/224/225/226/227/228/229/2210/2211/2212/22
68,32369,24468,87668,407        

Management, Business and Financial Operations – Unemployment Rate

1/082/083/084/085/086/087/088/089/0810/0811/0812/08
2.3%2.3%2.2%2.1%2.7%2.5%2.6%2.8%2.8%3.0%3.6%3.9%
1/092/093/094/095/096/097/098/099/0910/0911/0912/09
4.6%4.5%4.5%4.4%4.6%4.8%4.9%5.0%5.2%5.4%5.4%5.2%
1/102/103/104/105/106/107/108/109/1010/1011/1012/10
5.2%5.1%5.4%5.1%4.9%4.8%4.7%4.9%4.3%5.0%5.5%5.7%
1/112/113/114/115/116/117/118/119/1110/1111/1112/11
5.3%4.9%4.8%4.6%4.9%4.6%4.6%4.6%4.6%4.7%4.6%4.4%
1/122/123/124/125/126/127/128/129/1210/1211/1212/12
4.5%4.4%4.4%4.0%4.1%3.8%3.8%3.7%3.5%3.6%3.8%4.1%
1/132/133/134/135/136/137/138/139/1310/1311/1312/13
4.0%3.9%3.5%3.5%3.8%3.5%3.1%3.4%3.3%3.7%3.2%3.1%
1/142/143/144/145/146/147/148/149/1410/1411/1412/14
3.4%3.6%3.5%3.2%3.3%2.8%2.7%2.6%2.4%2.7%2.7%2.5%
1/152/153/154/155/156/157/158/159/1510/1511/1512/15
3.0%2.8%2.6%2.6%2.9%2.4%2.3%2.2%2.4%2.2%2.1%1.9%
1/162/163/164/165/166/167/168/169/1610/1611/1612/16
2.3%2.6%2.5%2.4%2.4%2.5%2.4%2.5%2.8%2.5%2.3%2.4%
1/172/173/174/175/176/177/178/179/1710/1711/1712/17
2.5%2.4%2.4%2.2%1.8%1.9%1.9%2.4%2.5%1.9%1.9%2.0%
1/182/183/184/185/186/187/188/189/1810/1811/1812/18
2.0%2.0%2.0%1.8%1.7%2.1%1.9%2.0%2.1%2.0%2.1%2.2%
1/192/193/194/195/196/197/198/199/1910/1911/1912/19
2.5%2.1%2.0%1.4%1.5%1.9%1.8%1.9%1.6%1.7%1.6%1.9%
1/202/203/204/205/206/207/208/209/2010/2011/2012/20
2.3%1.8%2.2%6.2%5.1%4.8%5.1%4.7%4.8%4.3%3.9%3.6%
1/212/213/214/215/216/217/218/219/2110/2111/2112/21
3.8%3.5%3.4%3.1%2.9%3.0%2.6%2.9%2.3%2.3%2.2%1.8%
1/222/223/224/225/226/227/228/229/2210/2211/2212/22
2.1%2.1%1.5%1.6%        

Professional & Related – Unemployment Rate

1/082/083/084/085/086/087/088/089/0810/0811/0812/08
2.1%2.1%2.0%2.0%2.5%2.9%3.2%3.6%2.8%3.0%3.0%2.9%
1/102/103/104/105/106/107/108/109/1010/1011/1012/10
4.9%4.6%4.3%4.1%4.3%5.0%5.2%5.3%4.4%4.1%4.1%3.8%
1/112/113/114/115/116/117/118/119/1110/1111/1112/11
4.3%4.1%3.9%3.5%4.0%4.9%5.3%5.1%4.4%4.1%4.0%4.0%
1/122/123/124/125/126/127/128/129/1210/1211/1212/12
4.2%4.1%4.0%3.5%4.0%4.8%5.5%5.2%4.3%3.9%3.5%3.8%
1/132/133/134/135/136/137/138/139/1310/1311/1312/13
3.8%3.8%3.6%3.4%3.3%4.6%4.7%4.0%3.6%3.1%2.9%2.7%
1/142/143/144/145/146/147/148/149/1410/1411/1412/14
2.9%3.0%3.1%2.6%2.9%4.0%4.1%3.9%3.1%2.7%2.9%2.8%
1/152/153/154/155/156/157/158/159/1510/1511/1512/15
2.9%2.7%2.2%2.3%2.1%3.2%3.6%3.3%2.4%2.2%2.2%2.1%
1/162/163/164/165/166/167/168/169/1610/1611/1612/16
2.4%2.2%2.3%1.8%2.0%3.1%3.4%3.5%2.6%2.4%2.2%2.1%
1/172/173/174/175/176/177/178/179/1710/1711/1712/17
2.2%1.9%1.8%1.8%2.0%2.6%3.3%3.1%2.3%2.2%2.0%2.1%
1/182/183/184/185/186/187/188/189/1810/1811/1812/18
2.3%2.0%2.1%1.8%1.7%2.8%2.8%2.9%2.0%1.9%2.1%2.1%
1/192/193/194/195/196/197/198/199/1910/1911/1912/19
2.4%2.0%1.9%1.8%1.8%2.7%2.9%2.6%2.1%1.8%1.9%1.7%
1/202/203/204/205/206/207/208/209/2010/2011/2012/20
2.1%1.8%2.6%8.8%7.7%7.7%7.6%6.1%4.3%3.3%3.5%3.2%
1/212/213/214/215/216/217/218/219/2110/2111/2112/21
3.5%3.1%2.9%3.0%2.8%3.8%3.9%3.4%2.4%2.1%1.8%1.6%
1/222/223/224/225/226/227/228/229/2210/2211/2212/22
2.5%2.2%1.6%1.6%        

Sales & Related – Unemployment Rate

1/082/083/084/085/086/087/088/089/0810/0811/0812/08
5.2%5.2%4.8%4.3%5.1%5.6%6.2%6.3%5.7%6.1%6.5%7.0%
1/092/093/094/095/096/097/098/099/0910/0911/0912/09
7.7%8.4%8.9%8.6%8.9%9.1%8.3%8.7%8.9%9.5%9.1%8.9%
1/102/103/104/105/106/107/108/109/1010/1011/1012/10
10.1%10.2%9.7%9.2%9.6%9.4%10.1%9.0%9.4%9.1%8.8%8.3%
1/112/113/114/115/116/117/118/119/1110/1111/1112/11
9.3%9.0%8.5%8.5%9.4%9.7%9.4%8.6%9.4%8.2%7.8%7.7%
1/122/123/124/125/126/127/128/129/1210/1211/1212/12
8.2%7.9%8.1%7.6%7.9%8.4%8.3%8.6%7.9%7.0%7.3%7.0%
1/132/133/134/135/136/137/138/139/1310/1311/1312/13
8.5%8.2%7.7%6.9%7.1%6.7%6.9%7.2%7.5%7.3%7.0%6.3%
1/142/143/144/145/146/147/148/149/1410/1411/1412/14
7.1%7.7%6.8%5.8%6.8%6.1%6.2%5.6%5.4%5.2%5.3%5.0%
1/152/153/154/155/156/157/158/159/1510/1511/1512/15
5.8%5.2%5.8%5.5%5.8%5.6%5.8%5.4%5.6%5.3%5.1%4.3%
1/162/163/164/165/166/167/168/169/1610/1611/1612/16
5.0%4.4%4.4%5.2%5.1%4.9%4.9%4.8%5.2%4.4%4.6%4.6%
1/172/173/174/175/176/177/178/179/1710/1711/1712/17
5.2%4.3%3.9%4.2%4.5%4.8%4.2%4.2%3.7%4.0%4.1%3.8%
1/182/183/184/185/186/187/188/189/1810/1811/1812/18
4.6%4.5%4.5%4.1%4.2%4.4%4.0%3.5%4.0%3.6%3.7%3.6%
1/192/193/194/195/196/197/198/199/1910/1911/1912/19
4.5%5.0%4.6%3.9%3.6%3.4%3.2%3.8%3.6%3.4%3.3%3.3%
1/202/203/204/205/206/207/208/209/2010/2011/2012/20
4.5%4.2%4.3%17.1%16.2%13.3%10.9%8.6%8.9%7.0%6.3%5.3%
1/212/213/214/215/216/217/218/219/2110/2111/2112/21
6.6%6.6%6.3%6.3%6.4%6.0%6.0%5.5%5.2%4.5%4.2%3.6%
1/222/223/224/225/226/227/228/229/2210/2211/2212/22
4.2%3.6%4.3%4.1%