BLS Analysis for Recruiters – May 2024

Bob Marshall’s May 2024 BLS Analysis for Recruiters; 6/7/24

May BLS Preface

TBMG Product & Training Updates:

Product Update

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Yesterday is Past, Tomorrow is Future, Today is Now

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Book Publication Update

Proven Strategies for Business Leaders and Service Professionals

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*Target Your Ideal Clients

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Official publication scheduled for June 15, 2024, to coincide with Bob’s 44th anniversary in recruitment. The book is available for early order now via PayPal: Paperback 24.99; E-book 9.99. Hardbound copies and autographed editions will be obtainable soon.

Bob Marshall began his recruiting career over 44 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 and also in the United Kingdom, Malta and Cyprus.  With a dedication to 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.

BLS Analysis for Recruiters

May Business Articles

70% of Job Seekers Secure Roles in 3 Months

Daily News, May 23, 2024

A majority of recently employed individuals, 70%, said they landed a job within 3 months, according to a survey by ResumeBuilder.

Breaking the results down, more than a quarter, 26%, found their new job within a single month; however, it took some longer. 22% secured employment within 4 to 6 months, 5% within 7 to 11 months and 3% took a year or longer.  

The report also revealed the duration it took to secure employment across various industries. Food, hospitality, retail, construction, computer and information technology sectors were the most likely to report they successfully landed a job within three months. Meanwhile, workers in the education, business and finance industries were the least likely to report finding employment within three months. 

“Job seekers’ perceptions of the current job landscape are shaped by various factors, and it’s evident that many find it challenging,” Stacie Haller, chief career advisor at ResumeBuilder, said in a press release.

“One key consideration is the ongoing organizational adjustments and layoffs to align with market conditions,” Haller said. “Despite media emphasis on layoffs and perceived market instability, it’s important to recognize that specific industries are affected differently.”

Additionally, among those surveyed, the majority of respondents received multiple job offers, 34% received one offer, 38% received two offers and 20% received three offers, while only 7% received 4 or more offers.

Further insights from the survey indicated that 46% of all respondents incorporated AI into their job search process. Among them, 65% utilized AI for résumé creation, 54% for interview preparation, 45% for cover letter writing and 41% for email composition.

On the flipside, 27% consider themselves highly skilled in AI usage, while 50% perceived themselves as somewhat adept. Conversely, 18% admitted having limited proficiency, and 6% claimed to lack skill in this area.

This survey was led by ResumeBuilder.com and conducted online by the survey platform Pollfish in May 2024. In total, 738 respondents completed the full survey.

Flexibility has become ‘Non-Negotiable’ in World of Work: WEC

Daily News, May 21, 2024

Flexible working arrangements have become non-negotiable in the world of work, leading policymakers globally to rethink regulatory frameworks, according to a survey released by the World Employment Confederation.

It found that 83% of senior executives believe that post-pandemic, employees value flexibility in where and when they work as much as compensation.

While 82% of senior executives reported the concept of following one career path for a lifetime has disappeared, 83% recognize the need to build awareness of the diverse types of labor contracts available today, enabling individuals to choose what suits them best.

The survey noted that adapting labor regulations to these new expectations is crucial. Only 38% of business leaders feel fully empowered to achieve the optimal mix of diverse work forms, and 37% feel equipped to recruit agency workers at the desired scale.

“In the past, we had to adapt our life to fit it in with our work. Today, that script has flipped: We expect our work to adapt to our lifestyle and our life stage,” WEC managing director Denis Pennel said in a press release.

“Creating and embedding truly sustainable flexibility demands a new paradigm and creates a need for policymakers to ensure that legal frameworks recognize the value of diverse forms of work,” Pennel said. “Labor market reforms are needed to both offer workers more diverse ways of working and a rewarding experience, regardless of their contract — and meets the resourcing and talent needs of business.”

The Work We Want survey includes responses from 715 senior executives worldwide, including 680 from Forbes Global 2000 companies and 35 public sector organizations. It took place between November and December 2023.

86% of Business Leaders Have Already Deployed AI: TCS

Daily News, May 17, 2024

More than three-quarters of senior business leaders globally, 86%, have already deployed artificial intelligence to bolster revenue, according to a survey by IT solutions giant Tata Consultancy Services.

Senior executives are also generally positive about the impact of AI, with 57% reporting excitement or optimism about its impact on business.

Up to half of employees will use GenAI to do their jobs in three years, according to 45% of the business leaders surveyed, with 65% saying AI will augment and enhance human capabilities and enable people to focus on higher-value activities that require creativity and strategic thinking.

“When calibrated for accuracy and harnessed responsibly, GenAI makes the computational power of the data, cloud, and AI come alive,” Sivaraman Ganesan, head of the AI cloud business unit at TCS, said in a press release. “Add in human ingenuity and organizations can create a new paradigm for the modern marketplace.”

However, only 4% of business leaders use AI in a way that has transformed their business. And 24% haven’t moved beyond the initial exploratory phase of adding AI. Another challenge: 72% say they don’t have the right metrics for measuring AI success.

Other findings from the survey include:

  • Executives believe the impact of AI will be greater than or equal to that of the internet (54%) and smartphones (59%).
  • 65% of senior executives say their competitive advantage will still come from humans — with their creativity, intuition and strategic thinking.

40% of executives say that they have a lot of changes to make to their business in the future before they can take full advantage of the technology.

TCS’ survey included nearly 1,300 CEOs and other senior executives across 12 industries and 24 countries. TCS is a provider of AI consulting and solutions.

1 in 3 Executives Would Leave If Forced to Return to Office

Daily News, May 15, 2024

Organizations must weigh the benefits and risk of on-site requirements on employee attrition and engagement, according to a report released by Gartner. According to the report, one in three executives who are faced with a return-to-office obligation say that they will leave their current employer for that reason.

The report, which surveyed more than 3,500 employees in November 2023, also revealed that 19% of non-executives said they would leave their organization due to an RTO mandate. In September 2023, Gartner also surveyed 170 HR leaders and found that organizations were increasing their on-site requirements.

Of those survey findings, 63% of respondents reported an increased expectation for employees spending days in the office; 34% reported that a mandated return has already been implemented. However, only 13% said the consequences for employees not meeting on-site requirements have intensified.

“While 58% of executives with a mandate to return to the office said their organization provided a convincing reason for the decision, many senior leaders are unwilling to come back into the office,” Caroline Ogawa, director in the Gartner HR practice, said in a press release. “An April 2024 Gartner survey of 64 HR leaders revealed 64% say senior leaders are concerned on-site requirements will increase attrition.”

Furthermore, Gartner said in the press release that those mandating employees back to the office have significant implications for talent attraction and retention. In its January 2024 survey of nearly 3,000 candidates, Gartner found that 36% of senior-level job seekers who have faced a return mandate at their current employer said that factor influenced their decision to leave their job.

Additionally, one-third of employers also said they had discontinued the hiring process in the last year due to expectations that employees would return to a physical workspace.

“Retaining key talent has become harder due to mistrust between employees and employers, employee burnout and disengagement, and fiercer competition in the labor market,” Caitlin Duffy, senior director in the Gartner HR practice, said in a press release. “With RTO mandates influencing the job-seeking and loyalty of senior-level candidates and employees, organizations that force workers to come into the office are likely to weaken their leadership bench and complicate succession planning.”

Over A Third Say Unexplained Gaps in Work History Would Deter Hiring

Daily News, May 15, 2024

While 36% of US hiring managers say unexplained gaps in work history would deter them from hiring an applicant, 95% say there are valid reasons for interruptions to work histories, according to a survey by Express Employment Professionals.

Express Employment International CEO Bill Stoller noted that candidates without a linear work history can be easily overlooked, but that could be a mistake.

“For even the most dedicated employee, life interruptions happen,” Stoller said. “Hiring managers might miss out on the ideal candidate by simply evaluating them on paper. If the applicant has the proper skills and appears to be a cultural fit, it’s worth bringing them in for further evaluation and a possible employment offer.”

Job seekers also worry about long-term employment gaps, according to a separate survey by Express. However, the surveys also showed that there are some acceptable reasons for gaps in work history. They include:

  • Health issues: 73% hiring managers; 74% job seekers
  • Staying home with a child: 68% hiring managers; 66% job seekers
  • Going to school: 68% hiring managers; 65% job seekers
  • Caring for an elderly parent: 67% hiring managers; 67% job seekers
  • Trying to switch careers: 45% hiring managers; 41% job seekers

The survey also found these reasons are more likely to be deemed acceptable by female job seekers compared to men.

“Hiring managers should be receptive to many of these real-life situations because they don’t indicate complacency,” Neil McMillan, an Express franchise owner in California, said in a press release.

Express’ Job Insights survey included 1,007 responses from US hiring decision-makers and took place between Oct. 31 and Nov. 10, 2023.

Express’ Job Seeker Report includes responses from 1,002 adults aged 18 and older. It was conducted online within the US by The Harris Poll on behalf of Express Employment Professionals from Nov. 9 to Nov. 26, 2023.

Tech Skills Gap still a Challenge, Half Expect Hiring Hurdles

Daily News, May 13, 2024

Technology leaders are facing critical skills gaps because of rapid change, evolving business priorities and the rise of AI, according to a study by Robert Half.

The study found that 95% of tech leaders report challenges finding skilled talent, and 51% anticipate significant hiring hurdles due to a dearth of applicants with the skill sets needed to support essential initiatives. While 65% of tech leaders acknowledge the skills gap within their department, 62% feel the skills gap has a greater impact today than a year ago. 

Top priorities for technology leaders this year include IT systems and information security, AI, machine learning and automation initiatives, cloud projects, technology modernization and software engineering and development.

“It has never been more critical to have a talent strategy in place that aligns with your long-term vision and goals,” Ryan Sutton, executive director for technology talent solutions at Robert Half, said in a press release. “Without a defined hiring and retention plan to help fill technology skills gaps, it will be challenging to achieve objectives and complete mission-critical projects.”

The study also noted an increasing urgency to address skills gaps, especially with the emergence of new AI capabilities, as 90% of tech leaders plan to implement AI-related initiatives this year. 48% of tech leaders cite a scarcity of staff with AI skills as the biggest barrier to success.

Furthermore, AI and machine learning ranked highest among identified skill gaps.

The study also found that organizations seek candidates proficient in technical and soft skills. Desired competencies include programming, data analysis and statistics, machine learning, software engineering, ethics and responsible AI, big data technologies, deep learning frameworks and computer vision.

Additionally, Robert Half recommended the following strategies to help hire, retain and advance high-performing tech teams:

  • Seek and develop high-potential candidates. Focus on recruiting technology candidates eager to learn new skills that support business priorities and offer training to promising candidates who may not yet meet all your desired criteria.
  • Embrace a scalable talent model. Adopting a mix of permanent, contract and consulting professionals can help bridge skills gaps quickly and efficiently to access professionals with specialized expertise, keep projects moving forward and stay agile.
  • Support upskilling. Implement programs that encourage innovative thinking and ongoing learning to boost retention efforts.

The survey includes responses from 700 US tech leaders at the director level or above at companies with 20 or more employees. It took place between October 2023 and November 2023.

Business Leaders Bullish on AI, Though Concerns Remain: G-P

Daily News, May 8, 2024

Business leaders across the globe believe AI is critical for operating and competitive advantage, but 97% expressed concerns related to their AI plans, according to a survey sponsored by employer-of-record provider G-P.

The report found that 81% of business leaders said their organization has an established AI program and 84% plan to invest more in AI technology this year. Executives are considering how AI can help them expand into new markets and build new teams, and nearly all, 96%, believe that companies using AI to support asynchronous work across countries or time zones will soon outpace those that don’t.

However, execs are also worried about the incorrect use of AI, with two-thirds citing the financial consequences of using AI incorrectly as a top concern.

Business leaders also worry about finding the right people to put AI in place. The survey found 98% of executives predict their organization will need to create new roles to implement and monitor AI.

“AI is redefining the boundaries of what’s possible in global business,” Nat Natarajan, chief product and strategy officer at G-P, said in a press release. “But we’ve only just scratched the surface of AI, and its potential is still largely unrealized. AI is evolving at exponential rates. Strategic planning, investment and continuous learning will be required for businesses looking to leverage the technology to thrive on the global stage.”

The report’s survey included insights from more than 1,500 business executives from around the world.

Pandemic Job Switchers More Dissatisfied: The Conference Board

Daily News, May 8, 2024

US workers who switched jobs since the pandemic’s onset are much more dissatisfied than those who stayed, according to a survey by The Conference Board.

It was found that overall job satisfaction among job switchers has dropped by 5.6%. Top reasons for dissatisfaction include leadership quality, communications, interest in the work, co-workers and job security.

Although higher wages enticed many to take new jobs in the Covid-19 era, the survey noted those who switched jobs now report less satisfaction with wages, likely due to inflation eroding their purchasing power.

The survey also found that newer workers are less satisfied, with overall satisfaction lowest among those in their roles between six months and three years. These workers expressed greater intent to leave within the next six months due to dissatisfaction with bonuses, promotions, training, recognition and performance reviews.

While wages and key benefits remain vital for job satisfaction, workers were more focused on positive work culture and experience in 2023 than the previous year.

“After more than a decade trending upwards, overall US worker job satisfaction may have finally plateaued,” Allan Schweyer, principal researcher, human capital at The Conference Board, said in a press release. “To avoid declining job satisfaction, leaders should maintain or improve key drivers such as flexible work arrangements and career development opportunities while ensuring that wages and core benefits remain competitive.”  

However, satisfaction tends to rise once employees surpass the 3-year threshold, increasing to 63.6% from 58.2% and steadily climbing until reaching the 10-year mark. 

Despite overall job satisfaction remaining virtually unchanged, up 0.4% to 62.7%, every individual driver of job satisfaction declined. The largest declines were primarily in financial benefits such as bonuses, hard base benefits, wages and promotions.

Hybrid workers reported the highest satisfaction at 65.5%, followed by fully remote workers at 64.1% and fully on-site workers at 60.2%.

Additionally, women, for the 6th consecutive year, continue to be significantly less satisfied across almost all 26 job satisfaction components, including wages, bonuses, the potential for growth, health benefits (including mental health policies) and retirement plans.

“This year’s survey results indicate that job satisfaction is about so much more than wages,” Diana Scott, US human capital center leader at The Conference Board, said in a press release. “While wages and key benefits still matter, workers were more focused on positive work culture and experience. Provided pay and benefits are competitive, leaders will gain the most by offering strong growth opportunities, quality leadership and work-life balance.”

AI use Doubles with 75% of Knowledge Workers Now Using

Daily News, May 8, 2024

Generative AI usage has nearly doubled in the past six months, with 75% of global knowledge workers now using it, according to Microsoft and LinkedIn’s 2024 Work Trend Index released today.

The report is based on a survey of 31,000 people across 31 countries as well as data from hiring trends on LinkedIn, Microsoft 365 productivity signals and research with Fortune 500 customers of Microsoft.

Top motivators for AI adoption include time savings, prioritization of most crucial work, enhanced creativity and increased job satisfaction.

Despite 79% of leaders acknowledging AI’s critical role in maintaining competitiveness, 59% worry about quantifying the productivity gains of AI. In addition, 60% say their company lacks a vision and plan to implement it.

“AI is democratizing expertise across the workforce,” Microsoft Chairman and CEO Satya Nadella said in a press release. “Our latest research highlights the opportunity for every organization to apply this technology to drive better decision-making, collaboration — and ultimately business outcomes.”

Still, cybersecurity and data privacy emerged as leaders’ top concerns, compounded by worries over talent shortages, particularly in cybersecurity, engineering and creative design.

While 45% of professionals worry AI will replace their job, 46% are considering quitting in the year ahead — higher than the 40% who said the same ahead of 2021’s Great Resignation. A separate LinkedIn study found a 14% increase in job applications per role in the US since last fall, with 85% of professionals eyeing career moves this year.

The survey also found that although 66% of leaders say they wouldn’t hire someone without AI skills, only 39% of users have received AI training from their company and only 25% of companies expect to offer it this year.

Additionally, 71% of leaders say they’d rather hire a less experienced candidate with AI skills than a more experienced candidate without them.

The report also identified four AI user types: skeptics, who rarely use AI; novices, who use AI a few times a month; explorers, who use it a few times a month or once a week; and power users, who use AI at least several times per week.

While power users cite saving more than 30 minutes a day, more than 90% of them say AI makes their overwhelming workload more manageable and their work more enjoyable.

However, 61% of AI power users are more likely to hear from their CEO on the importance of using generative AI at work, while 53% are more likely to receive encouragement from leadership to consider how AI can transform their function, and 35% are more likely to receive tailored AI training for their specific role or function.

“AI is redefining work, and it’s clear we need new playbooks,” LinkedIn CEO Ryan Roslansky said in a press release. “It’s the leaders who build for agility instead of stability and invest in skill building internally that will give their organizations a competitive advantage and create more efficient, engaged and equitable teams.”

ADP National Employment Report: Private Sector Employment Increased by 152,000 Jobs in May; Over 41% of the New Job Creation (69,000) came from Small & Medium Establishments; Annual Pay was Up 5.0%

ROSELAND, N.J. – June 5, 2024

Private sector employment increased by 152,000 jobs in May and annual pay was up 5.0% year-over-year, according to the May ADP® National Employment Report TM produced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab (“Stanford Lab”).

The ADP National Employment Report is an independent measure and high-frequency view of the private-sector labor market based on actual, anonymized payroll data of more than 25,000,000 U.S. employees. The jobs report and pay insights use ADP’s fine-grained anonymized and aggregated payroll data to provide a representative picture of the private-sector labor market.

The report details the current month’s total private employment change, and weekly job data from the previous month. Because the underlying ADP payroll databases are continuously updated, the report provides a high frequency, near real-time measure of U.S. employment. This measure reflects the number of employees on ADP client payrolls (Payroll Employment) to provide a richer understanding of the labor market. ADP’s pay measure uniquely captures the earnings of a cohort of almost 10,000,000 employees over a 12-month period.

* Sum of components may not equal total, due to rounding. The April total of jobs added was revised from 192,000 to 188,000

“Job gains and pay growth are slowing going into the second half of the year,” said Nela Richardson, chief economist, ADP. “The labor market is solid, but we’re monitoring notable pockets of weakness tied to both producers and consumers.” 

JOBS REPORT

Private employers added 152,000 jobs in May. Job gains were slower in May due to a steep decline in manufacturing. Leisure and hospitality also showed weaker hiring.

Change in U.S. Private Employment: 152,000

Change by Industry Sector

Goods-producing: 3,000

Natural resources/mining <-9,000>

Construction 32,000

Manufacturing <-20,000>

Service-providing: 149,000

Trade/transportation/utilities 55,000

Information <-7,000>

Financial activities 28,000

Professional/business services <-6,000>

Education/health services 46,000

Leisure/hospitality 12,000

Other services 21,000

Change by U.S. Regions

Northeast: 44,000

New England <-1,000>

Middle Atlantic 45,000

Midwest: 9,000

East North Central 6,000

West North Central 3,000

South: 101,000

South Atlantic 45,000

East South Central <-4,000>

West South Central 60,000

West: <-10,000>

Mountain 8,000

Pacific <-18,000>

Change by Establishment Size

Small establishments: <-10,000>

1-19 employees 26,000

20-49 employees <-36,000>

Medium establishments: 79,000

50-249 employees 49,000

250-499 employees 30,000

Large establishments: 98,000

500+ employees 98,000

PAY INSIGHTS

Pay gains for job-changers slowed in May. 

Year-over-year pay gains for job-changers fell for the second month. Pay for job-changers was up 7.8% while pay growth for job-stayers held steady for the third month at 5%.

*The April Pay Insights numbers have also been revised from 9.3% to 8% for job-changers due to a process correction in March to the Pay Insights data.

Median Change in Annual Pay (ADP matched person sample)

Job-Stayers 5.0%

Job-Changers 7.8%

Median Change in Annual Pay for Job-Stayers by Industry Sector

Goods-producing:

Natural resources/mining 4.4%

Construction 5.3%

Manufacturing 4.7%

Service-providing:

Trade/transportation/utilities 4.6%

Information 4.6%

Financial activities 5.1%

Professional/business services 4.8%

Education/health services 5.5%

Leisure/hospitality 5.5%

Other services 5.3%

Median Change in Annual Pay for Job-Stayers by Firm Size

Small firms:

1-19 employees 4.2%

20-49 employees 5.0%

Medium firms:

50-249 employees 5.2%

250-499 employees 5.0%

Large firms:

500+ employees 4.9%

The June 2024 ADP National Employment Report will be released at 8:15 a.m. ET on July 3, 2024.

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 included in your niche!

Job Openings and Labor Turnover – April 2024

June 4, 2024      

The number of job openings changed little at 8,100,000 on the last business day of April, the U.S. Bureau of Labor Statistics reported today. Over the month, both the number of hires and total separations were little changed at 5,600,000 and 5,400,000, respectively. Within separations, quits (3,500,000) and layoffs and discharges (1,500,000) changed little. This release includes estimates of the number and rate of job openings, hires, and separations for the total nonfarm sector, by industry, and by establishment size class.

Job Openings

On the last business day of April, the number of job openings changed little at 8,100,000; this measure was down by 1,800,000 over the year. The rate was little changed at 4.8% in April. Job openings decreased in health care and social assistance (-204,000) and in state and local government education (-59,000) but increased in private educational services (+50,000).

Hires

In April, the number of hires was little changed at 5,600,000. The rate held at 3.6%. Hires increased in durable goods manufacturing (+52,000), but decreased in arts, entertainment, and recreation (-45,000) and in federal government (-8,000).

Separations

Total separations include 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 include separations due to retirement, death, disability, and transfers to other locations of the same firm.

The number of total separations in April changed little at 5,400,000, and the rate was unchanged at 3.4%. Over the month, the number of total separations increased in durable goods manufacturing (+49,000).

In April, the number of quits was little changed at 3,500,000, and the rate was 2.2% for the sixth month in a row. The number of quits decreased in professional and business services (-131,000), but increased in other services (+67,000), durable goods manufacturing (+39,000), and state and local government education (+32,000).

In April, the number of layoffs and discharges changed little at 1,500,000, and the rate held at 1.0%. The number of layoffs and discharges decreased in arts, entertainment, and recreation (-37,000).

The number of other separations was little changed in April at 349,000.

Establishment Size Class

In April, for establishments with 1 to 9 employees, the job openings rate, hires rate, and total separations rate changed little. For establishments with 5,000 or more employees, the hires rate increased while the job openings rate and total separations rate changed little.

March 2024 Revisions

The number of job openings for March was revised down by 133,000 to 8,400,000, the number of hires was revised up by 117,000 to 5,600,000, and the number of total separations was revised up by 130,000 to 5,300,000. Within separations, the number of quits was revised up by 80,000 to 3,400,000 and the number of layoffs and discharges was revised up by 75,000 to 1,600,000. (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 Job Openings and Labor Turnover Survey estimates for May 2024 are scheduled to be released on Tuesday, July 2, 2024, at 10:00 a.m. (ET).

As we recruiters know, that 8,100,000 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 8,100,000 published job openings now become a total of 40,500,000 published and hidden job orders.

Online Labor Demand Rises in March

May 8, 2024

Due to a technical issue, the May 8, 2024, HWOL data release will be delayed until further notice.

U-6 Update

In May 2024, the regular unemployment rate rose to 4.0% and the broader U-6 measure remained at 7.4%.

The above 7.4% 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 May U-6 numbers for the previous 21 years:

May                 2023                6.7%

May                 2022                7.1%

May                 2021                10.1%

May                 2020                21.2%

May                 2019                7.2%

May                 2018                7.7%

May                 2017                8.4%

May                 2016                9.7%

May                 2015                10.7%

May                 2014                12.1%

May                2013                13.8%

May                 2012                14.8%

May                 2011                15.8%

May                 2010                16.5%

May                2009                16.4%

May                 2008                9.8%

May                 2007                8.3%

May                 2006                8.2%

May                 2005                8.9%

May                 2004                9.7%

May                 2003                10.1%

The May 2024 BLS Analysis

Total nonfarm payroll employment increased by 272,000 in May, and the unemployment rate rose to 4.0%, the U.S. Bureau of Labor Statistics reported today.  Employment continued to trend up in several industries, led by health care; government; leisure and hospitality; and professional, scientific, and technical services. This news release presents statistics from two monthly surveys.  
 
The change in total nonfarm payroll employment for March was revised down by 5,000, from +315,000 to +310,000, and the change for April was revised down by 10,000, from +175,000 to +165,000.  With these revisions, employment in March and April combined is 15,000 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 June 7th, 2024, the BLS published the most recent unemployment rate for May 2024 of 4.0% (actually, it is 3.964% up .099% from 3.865% in April).

The unemployment rate was determined by dividing the unemployed of 6,649,000

(–up from the month before by 157,000—since May 2023, this number has increased by 532,000) by the total civilian labor force of 167,732,000 (down by <-250,000> from April 2024).  Since May 2023, our total civilian labor force has increased by 909,000 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 268,248,000.  This is an increase of 182,000 from last month’s increase of 182,000.  In one year, this population has increased by 1,630,000.  For the last several years the Civilian Noninstitutional Population has increased each month—except in December 2016, 2018, 2019, 2020 & 2023—by…)

Up from April 2024by182,000
Up from March 2024by182,000
Up from February 2024by173,000
Up from January 2024by171,000
Down from December 2023by451,000
Up from November 2023by169,000
Up from October 2023by180,000
Up from September 2023by214,000
Up from August 2023by215,000
Up from July 2023by211,000
Up from June 2023by152,000
Up from May 2023by183,000
Up from April 2023by175,000
Up from March 2023by171,000
Up from February 2023by160,000
Up from January 2023by150,000
Up from December 2022by1,118,000
Up from November 2022by136,000
Up from October 2022by173,000
Up from September 2022by179,000
Up from August 2022by172,000
Up from July 2022by172,000
Up from June 2022by177,000
Up from May 2022by156,000
Up from April 2022by120,000
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

Subtract the ‘civilian labor force’ from the ‘civilian noninstitutional population’) and you get 100,516,000 ‘Not in Labor Force’—up by 433,000 from last month’s 100,083,000.  In one year, this NILF population has increased by 721,000.  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—remained at 62.5%.  This rate is only .1% higher 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 May was 2.0% (this rate was .1% higher than last month’s 1.9%).  Or you can look at it another way.  We usually place people who have college degrees.  That unemployment rate in May was 2.1% (this rate was 1% lower than last month’s 2.2%).

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,

we are well below the 4-6% threshold for full employment…we find no unemployment!  None!  Zilch!  A Big Goose Egg! 

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 May 30th, the real gross domestic product (GDP) increased at an annual rate of 1.3% in the first quarter of 2024, according to the “second” estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2023, real GDP increased 3.4%.

The GDP estimate released today is based on more complete source data than were available for the “advance” estimate issued last month. In the advance estimate, the increase in real GDP was 1.6%. The update primarily reflected a downward revision to consumer spending.

The increase in real GDP primarily reflected increases in consumer spending, residential fixed investment, nonresidential fixed investment, and state and local government spending that were partly offset by a decrease in private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased.

Compared to the fourth quarter, the deceleration in real GDP in the first quarter primarily reflected decelerations in consumer spending, exports, and state and local government spending and a downturn in federal government spending. These movements were partly offset by an acceleration in residential fixed investment. Imports accelerated.

Updates to GDP

With the second estimate, downward revisions to consumer spending, private inventory investment, and federal government spending were partly offset by upward revisions to state and local government spending, nonresidential fixed investment, residential fixed investment, and exports. Imports were revised up.

*          *          *

Next release, June 27, 2024, at 8:30 a.m. EDT
Gross Domestic Product (Third Estimate)
Corporate Profits (Revised Estimate)
Gross Domestic Product by Industry
First Quarter 2024

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.

Extended Benefits are available to workers who have exhausted regular unemployment insurance benefits during periods of high unemployment. The basic Extended Benefits program provides up to 13 additional weeks of benefits when a State is experiencing high unemployment. Some States have also enacted a voluntary program to pay up to 7 additional weeks (20 weeks maximum) of Extended Benefits during periods of extremely high unemployment.

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 24 years of unemployment in the May “management, professional and related” types of worker category, you will find the following rates:

May                2023                1.8%

May                2022                1.6%

May                 2021               2.8%

May                2020                6.6%

May                2019                1.7%

May                2018                1.7%

May                2017                1.9%

May                 2016                2.1%

May                2015                2.4%

May                2014                3.1%

May                2013                3.5%

May                 2012                4.0%

May                2011                4.4%

May                2010                4.5%

May                2009                4.3%

May                2008                2.6%

May                2007                1.9%

May                 2006                2.0%

May                 2005                2.4%

May                2004                2.8%

May                2003                3.0%

May                2002                3.1%

May                2001                2.0%

May                 2000                1.8%

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

May                2023                2.1%

May                2022                2.0%

May                2021                3.1%

May                2020                7.4%

May                2019                2.1%

May                2018                2.0%

May                2017                2.3%

May                2016                2.4%

May                2015                2.7%

May                2014                3.2%

May                 2013                3.8%

May                 2012                3.9%

May                2011                4.5%

May                2010                4.6%

May                2009                4.8%

May                 2008                2.3%

May                2007                2.0%

May                 2006                2.1%

May                 2005                2.4%

May                2004                2.9%

May                2003                3.1%

May                2002                3.0%

May                2001                2.1%

May                 2000                1.6%

The May 2024 rates for these two categories, 2.0% and 2.1%, respectively, are pretty low.  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%5.2%5.8%5.9%6.2%5.6%6.3%4.4%5.0%
1/232/233/234/235/236/237/238/239/2310/2311/2312/23
4.5%5.8%4.8%5.4%5.7%6.0%5.2%5.4%5.5%5.8%6.3%6.0%
1/242/243/244/245/246/247/248/249/2410/2411/2412/24
6.0%6.1%4.9%6.0%5.9%       

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%3.8%3.6%3.6%4.2%3.7%3.9%3.9%3.6%
1/232/233/234/235/236/237/238/239/2310/2311/2312/23
3.7%3.6%4.0%3.9%3.9%3.9%3.4%3.8%4.1%4.0%4.1%4.2%
1/242/243/244/245/246/247/248/249/2410/2411/2412/24
4.3%4.2%4.1%4.0%4.3%       

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%3.4%3.1%2.8%2.9%2.9%3.0%3.2%2.9%
1/232/233/234/235/236/237/238/239/2310/2311/2312/23
2.9%3.2%3.0%2.9%3.2%3.1%3.1%3.0%3.0%3.1%2.8%3.1%
1/232/233/234/235/236/237/238/239/2310/2311/2312/23
2.9%3.2%3.0%2.9%3.2%3.1%3.1%3.0%3.0%3.1%2.8%3.1%
1/242/243/244/245/246/247/248/249/2410/2411/2412/24
3.3%3.1%3.4%3.3%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%2.0%2.1%2.0%1.9%1.8%1.9%2.0%1.9%
1/232/233/234/235/236/237/238/239/2310/2311/2312/23
2.0%2.0%2.0%1.9%2.1%2.0%2.0%2.2%2.1%2.1%2.1%2.1%
1/242/243/244/245/246/247/248/249/2410/2411/2412/24
2.1%2.2%2.1%2.2%2.1%       

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%1.6%2.2%2.4%2.4%1.8%2.0%1.8%1.7%
1/232/233/234/235/236/237/238/239/2310/2311/2312/23
2.1%2.0%1.9%1.6%1.8%2.2%2.4%2.4%2.0%1.9%1.8%1.8%
1/242/243/244/245/246/247/248/249/2410/2411/2412/24
2.1%2.2%2.2%1.9%2.0%       

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
66,74067,75467,82367,31967,65267,22467,87468,37769,05668,91869.15669,297
1/232/233/234/235/236/237/238/239/2310/2311/2312/23
69,24969,98670,65170,40370,38869,95669,66269,28070,41771,38771,35070,572
1/242/243/244/245/246/247/248/249/2410/2411/2412/24
70,65070,21770,78670,54870.897       

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
1,5831,4901,0531,0881,0981,5201,6501,6471,2911,3981,2471,198
1/232/233/234/235/236/237/238/239/2310/2311/2312/23
1,4601,4061,3681,1531,2811,6091,7011,7121,4661,4151,3011,314
1/242/243/244/245/246/247/248/249/2410/2411/2412/24
1,5271,5801,5801,3991,423       

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
68,32369,24468,87668,40768,75068,74469,52470,02470,34770,31670.40370,495
1/232/233/234/235/236/237/238/239/2310/2311/2312/23
70,70971,39272,01971,55671,66971,56571,36370,99271,88372,80272,65171,886
1/242/243/244/245/246/247/248/249/2410/2411/2412/24
72,17771,79772,36671,94772,320       

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%1.4%1.6%1.5%1.7%1.8%2.1%1.9%1.8%
1/232/233/234/235/236/237/238/239/2310/2311/2312/23
2.0%2.1%2.1%1.8%2.0%1.9%1.9%2.1%2.1%1.8%1.7%2.0%
1/242/243/244/245/246/247/248/249/2410/2411/2412/24
2.1%2.4%2.3%2.4%2.0%       

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%1.7%2.6%3.0%2.8%1.9%1.9%1.7%1.6%
1/232/233/234/235/236/237/238/239/2310/2311/2312/23
2.1%1.9%1.8%1.4%1.7%2.5%2.8%2.7%2.0%2.1%1.9%1.7%
1/242/243/244/245/246/247/248/249/2410/2411/2412/24
2.1%2.1%2.1%1.6%1.9%       

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%4.2%4.1%4.1%4.0%3.8%3.4%3.3%3.4%
1/232/233/234/235/236/237/238/239/2310/2311/2312/23
4.4%4.0%3.7%3.0%4.0%4.0%3.7%3.9%4.1%3.9%3.7%4.4%
1/242/243/244/245/246/247/248/249/2410/2411/2412/24
4.5%4.7%4.7%3.6%3.8%