BLS Analysis for Recruiters – January 2024

By on February 2, 2024 in BLS Analysis

Bob Marshall’s January 2024 BLS Analysis for Recruiters; 2/2/24

January BLS Preface

TBMG Product & Training Updates:

Coaching Update

“New goals don’t deliver new results.

New lifestyles do.

And a lifestyle is a process, not an outcome.

For this reason, all of your energy should go into building better habits, not chasing better results.”

–James Clear 1/4/24

Let me help you to establish those ‘better habits’!

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BLS Analysis for Recruiters

January Business Articles

Average Tech Salary Falls to $111,193

Daily News, January 31, 2024

The average salary for a US technology professional remained almost flat in 2023, decreasing slightly to $111,193 from $111,348 in 2022, according to the 2023 Tech Salary Report released today by tech jobs website Dice, a DHI Group Inc. brand.

“This plateau in salary growth represents a correction more than a red flag, especially given the huge surge we saw in compensation coming out of the pandemic,” Dice CEO Art Zeile said in a press release.

“Most companies are being very cautious about expenses in general, and most companies’ business model revolves around people,” Zeile said. “So, when they think about managing their expenses carefully, it means managing what they’re doing to compensate their people, but compensation is just one component of an employment contract. Benefits are another component technology professionals prioritize, as are the ability to work from home and flexibility in general.”

The study also found that 93% of employed technology professionals are either looking for a new job or are open to relevant offers, driven partly by a decline in salary satisfaction. Dissatisfaction with salaries rose to 35% in 2023 from 30% in 2022.

The report also revealed a connection between overall salary satisfaction, years of experience and age. Forty-three percent of tech workers early in their careers reported the most dissatisfaction, while 31% of tech professionals with more than 15 years of experience reported dissatisfaction.

Additionally, 12% of tech professionals reported a decrease in salaries in 2023 compared to 6% in 2022.

Here are the top five industries with the highest average tech salary in 2023:

  1. Aerospace and defense industry ($130,574)
  2. Software ($130,559)
  3. Medical /pharmaceutical/biotechnology ($128,141)
  4. Banking /finance ($126,226)
  5. Consulting ($125,160)

Despite CEO/CIO/CTO roles commanding the highest tech salaries, these did not experience the largest growth in 2023.

Roles with the fastest growth in salary in 2023 were:

  1. Systems administrator, up 11.2%
  2. Software developer, up 6.5%
  3. Program analyst/manager, up 6.1%
  4. Help desk technician/computer or desktop support specialist, up 4.8%
  5. NET developer, up 4.8%

The 2023 Dice Salary Survey was administered online by Dice.com among registered Dice job seekers and site visitors between Aug. 30, 2023, and Oct. 31, 2023. A total of 6,166 completed surveys were represented in the report.

Majority of Middle-Market Firms to Ramp Up Hiring, Report Says

Daily News, January 26, 2024

A majority of middle-market companies, 66%, expect to increase hiring levels over the next six months, according to a report by RSM US LLP and the US Chamber of Commerce released Jan. 25. That’s the highest percentage since the organizations launched the report’s survey in 2015.

However, middle-market companies are concerned about talent supply, with 97% saying they expect the lack of available, qualified workers to be problematic over the next year. In addition, the report found 66% of middle-market firms anticipate some degree of difficulty staffing open positions over the next 12 months.

“The labor market is cooling but will remain tight by historical standards for the foreseeable future,” Joe Brusuelas, chief economist with RSM, said in a press release.

“The onus continues to be on middle-market companies to navigate persistent staffing challenges in pursuit of profitability,” Brusuelas said. “It is essential that firms attempt to get ahead of the curve and identify the proper mix between labor and investment capital to create the conditions under which they can grow, anticipate and meet future demand.”

Amid the lack of workers, 57% of respondents to the survey said they are planning to or are considering investing in automation or IT in the next year, and 85% of those aim to increase efficiency and productivity of employees.

However, only 12% plan to use AI as a substitute for labor.

More than half of middle-market firms, 52%, reported increased compensation in the third quarter, and 68% said they expect compensation to increase in the next six months. Middle-market executives are planning an average wage increase of 5.5% in the upcoming year.

In addition to compensation, 47% of middle-market firms offer flexible scheduling to attract employees. And 41% said they are helping employees better define career paths.

“A shrinking labor force will define the economy in 2024 and remain a key challenge for businesses for the foreseeable future,” Curtis Dubay, chief economist at the US Chamber of Commerce, said in a press release.

“To adapt, we see businesses of all sizes and sectors working with a smaller workforce by making investments in new technologies like automation and AI as well as upskilling and reskilling, embracing flexibility and filling open roles by hiring previously overlooked talent such as veterans and military spouses, formerly incarcerated individuals, individuals with disabilities and retirees seeking to re-enter the workforce,” Dubay said.

A survey for the reported included 403 respondents and took place between Oct. 2 and Oct. 20, 2023.

Younger Workers Less Productive with Older Managers: Protiviti

Daily News, January 25, 2024

An age difference between workers and managers can affect productivity, according to research from the London School of Economics and Political Science done in collaboration with Protiviti, a division of Robert Half Inc.

The research found employees in the US and UK who are much younger than their managers report lower productivity because of a lack of collaboration between different generations, the report found. In particular, the report said employees with managers more than 12 years their senior are nearly 1.5 times as likely to report low productivity.

“I am not surprised that we discovered a ‘productivity manager age gap,’” the report’s co-author Grace Lordan, founder and director of The Inclusion Initiative at the London School of Economics and Political Science, said in a press release. “There is good evidence that across generations individuals have different tastes and preferences. So why do we expect them to work easily together?”

There are now five generations in the workplace and the skills required to manage these dynamics are not usually being taught by firms, Lordan said.

The research also noted that productivity was higher in younger generations at firms that used intergenerationally inclusive work practices. These include enabling colleagues of every generation to have similar levels of voice when collaborating and advancing employees based on merit regardless of age. Under these circumstances, the proportion of Gen Z employees reporting low productivity drops to 18% from 37%. In addition, the proportion of millennials reporting low productivity drops to 13% from 30%.

Moreover, the research found 87% of employees reported high work productivity at firms with intergenerationally-inclusive work practices.

The research is based on a survey of 1,450 employees in finance, technology and professional services in the US and UK.

Workers Upbeat, 71% Open to New Opportunities: Indeed

Daily News, January 24, 2024

A majority of workers are open to new opportunities and feel upbeat about their job prospects, according to the 2024 Workforce Insights Report released today by Indeed. It found 71% of workers are open to new opportunities and 69% feel optimistic about their job prospects.

What’s driving people to seek new jobs? The top three reasons found by Indeed in its report were higher pay, 58%; better benefits, 34%; and more flexible hours, 26%.

“The data shows that workers are open and optimistic,” according to the report. “Despite continued job optimism in 2024, many workers still encounter challenges along the way and barriers that keep them from applying: unclear salary ranges, lengthy and complicated application processes and a lack of certifications and formal education, to name a few.”

The report is based on a poll of 5,058 US adults ages 18 to 65 conducted from Dec. 5 to Dec. 18, 2023.

Among the other findings in the report:

  • Training: 43% said lack of certification was a top barrier to finding a job they want. And 41% said they did not have enough formal education or professional training.
  • Salary ranges: 38% would stop or abandon a job application if the salary range was not disclosed.
  • Self-reliance: 46% said they rely on themselves to get a job rather than a recruiter or referrals.
  • Too complex: 49% agree that most job application processes are too long and complicated.
  • Resources: When asked to identify their top three resources for finding a job, 61% of people said they used a job search website and 54% said they research every company before applying, while 56% regularly consult employee reviews.
  • Ghosting: Once their applications are submitted, 77% of workers said they typically hear back from employers within two weeks. That said, once the interview process starts, 52% reported being ghosted by a recruiter and 29% said they have ghosted a recruiter themselves.

AI Skills trump other Work Experience for Majority

Daily News, January 19, 2024

A majority of hiring managers prefer candidates with artificial intelligence skills to those with more experience, according to a report by ResumeTemplates. From a pool of four candidates with varying years of relevant experience and AI proficiency, 56% of hiring managers surveyed reported they would prefer to hire a candidate with fewer years of relevant work experience but more experience in AI.

And 10% of hiring managers say they would choose a candidate with far less relevant work experience but expert AI skills.

“Possessing at least a basic understanding of a specific domain, in combination with having AI skills, can enable candidates to compete with more experienced counterparts,” Andrew Stoner, executive résumé writer and career coach at ResumeTemplates, said in a press statement.

ResumeTemplates provided this breakdown of the four types of candidates and who hiring managers say they are most likely to hire:

  • Candidate A: 10 years of relevant experience (44%)
  • Candidate B: Seven years of relevant experience plus novice AI skills (19%)
  • Candidate C: Five years of relevant experience plus proficient AI skills (27%)
  • Candidate D: One year of relevant experience plus expert AI skills (10%)

The company said it’s possible hiring managers are looking for AI skills because their company is expanding its use of AI. The report found that 41% said their company is expanding the use of AI this year and 32% said their company is probably expanding the use of AI.

ResumeTemplates surveyed 718 US hiring decision makers on Jan. 5 for the report.

IT Employment Edges Down Slightly in December

Daily News, January 11, 2024

The US had 3,100 fewer IT jobs in December 2023 than November, according to an analysis by TechServe Alliance. But the organization said there’s more to the story.

“As we begin a new year, the IT employment landscape is not easily distilled to a single narrative,” Mark Roberts, CEO of TechServe Alliance, said in a press statement. “While demand for IT professionals remains soft in some sectors, other areas of the economy are ramping up.”

Tech talent continues to be constrained in high-demand skill sets such as cybersecurity, cloud computing and artificial intelligence, Roberts said. And the IT unemployment rate of 2.4% in the fourth quarter is still considered to be “full employment,” though it’s higher than the 1.9% in the third quarter.

“While some of the fog has lifted around the prospects for the economy in 2024 and buoyed optimism, I believe demand for IT talent is going to continue to range widely based on region, industry and even between companies in the same sector.”

Overall, the US had approximately 5,300,000 IT jobs in December. While down from November, the total was also down 90,000 jobs from December 2022.

On the other hand, TechServe Alliance also reported engineering employment rose by 5,100 jobs in December 2023 compared to November for a total of more than 2,800,000 jobs. On a year-over-year basis, the US added 48,700 engineering jobs.

ADP National Employment Report: Private Sector Employment Increased by 107,000 Jobs in January; Over 73% of the New Job Creation (86,000) came from Small & Medium Establishments; Annual Pay was Up 5.2%

ROSELAND, N.J. – January 31, 2024

Private sector employment increased by 107,000 jobs in January and annual pay was up 5.2% year-over-year, according to the January 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 December total of jobs added was revised from 164,000 to 158,000.

“Progress on inflation has brightened the economic picture despite a slowdown in hiring and pay,” said Nela Richardson, chief economist, ADP. “Wages adjusted for inflation have improved over the past 6 months, and the economy looks like it’s headed toward a soft landing in the U.S. and globally.”

JOBS REPORT

Private employers added 107,000 jobs in January.  The hiring slowdown of 2023 spilled into January, and pressure on wages continues to ease.  The pay premium for job-switchers shrank to a new low last month.

Change in U.S. Private Employment: 107,000

Change by Industry Sector

Goods-producing: 30,000

Natural resources/mining 6,000

Construction 22,000

Manufacturing 2,000

Service-providing: 77,000

Trade/transportation/utilities 23,000

Information <-9,000>

Financial activities 7,000

Professional/business services 2,000

Education/health services 17,000

Leisure/hospitality 28,000

Other services 9,000

Change by U.S. Regions

Northeast: 32,000

New England 5,000

Middle Atlantic 27,000

Midwest: 24,000

East North Central 17,000

West North Central 7,000

South: 57,000

South Atlantic 39,000

East South Central <-1,000>

West South Central 19,000

West: 2,000

Mountain 2,000

Pacific 0

Change by Establishment Size

Small establishments: 25,000

1-19 employees 19,000

20-49 employees 6,000

Medium establishments: 61,000

50-249 employees 53,000

250-499 employees 8,000

Large establishments: 31,000

500+ employees 31,000

PAY INSIGHTS

Pay gains continued to shrink in January.  Year-over-year pay gains for job-stayers reached 5.2% in January, down from 5.4% in December.  For job-changers, pay was up 7.2%, the smallest annual gain since May 2021.

Median Change in Annual Pay (ADP matched person sample)

Job-Stayers 5.2%

Job-Changers 7.2%

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

Goods-producing:

Natural resources/mining 4.7%

Construction 5.6%

Manufacturing 4.8%

Service-providing:

Trade/transportation/utilities 4.7%

Information 4.5%

Financial activities 5.6%

Professional/business services 5.1%

Education/health services 5.9%

Leisure/hospitality 6.3%

Other services 5.5%

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

Small firms:

1-19 employees 4.5%

20-49 employees 5.4%

Medium firms:

50-249 employees 5.5%

250-499 employees 5.4%

Large firms:

500+ employees 5.1%

The February 2024 ADP National Employment Report will be released at 8:15 a.m. ET on March 6, 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 – December 2023

January 30, 2024

The number of job openings changed little at 9,000,000 on the last business day of December, the U.S. Bureau of Labor Statistics reported today. Over the month, the number of hires and total separations were little changed at 5,600,000 and 5,400,000, respectively. Within separations, quits (3,400,000) and layoffs and discharges (1,600,000) 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 December, the number of job openings changed little at 9,000,000; this measure is down from a series high of 12,000,000 in March 2022. Over the month, the rate was unchanged at 5.4%. Job openings increased in professional and business services (+239,000) but decreased in wholesale trade (-83,000).

Hires

In December, the number and rate of hires were little changed at 5,600,000 and 3.6%, respectively. The number of hires decreased in health care and social assistance

(-119,000) but increased in state and local government, excluding education (+35,000).

Separations

Total separations include quits, layoffs and discharges, and other separations. Quits are generally voluntary separations initiated by the employee. 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 December changed little at 5.4 million, and the rate was unchanged at 3.4%. Over the month, the number of total separations decreased in health care and social assistance (-91,000) but increased in wholesale trade (+39,000).

In December, the number of quits changed little at 3,400,000, and the rate was unchanged at 2.2%. The number of quits decreased in health care and social assistance (-71,000) and in transportation, warehousing, and utilities (-35,000). The number of quits increased in wholesale trade (+63,000).

In December, the number of layoffs and discharges changed little at 1,600,000, and the rate was 1.0% for the fourth month in a row. The number of layoffs and discharges increased in transportation, warehousing, and utilities (+43,000) and in state and local government, excluding education (+18,000).

The number of other separations changed little in December at 358,000.

Establishment Size Class

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

____________

The Job Openings and Labor Turnover Survey estimates for January 2024 are scheduled to be released on Wednesday, March 6, 2024, at 10:00 a.m. (ET).

As we recruiters know, that 9,000,000 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 9,000,000 published job openings now become a total of 45,000,000 published AND hidden job orders.

Online Labor Demand Decreases Slightly in December

January 10, 2024

The Conference Board−Lightcast Help Wanted OnLine® (HWOL) Index fell in December 2023 to 147.4 (July 2018=100), down from an upwardly revised 148.0 in November. The 0.7% decrease between December and November followed a 0.4% decline between October and November. Overall, the Index is down 14.0% from one year ago.

The 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 Lightcast, the global leader in real-time labor market data and analysis. This 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-Lightcast Help Wanted OnLine® (HWOL) Index measures 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, Lightcast (formerly Emsi Burning Glass) joined the Help Wanted OnLine® program as the new sole provider of online job ad data for HWOL. With this 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 Lightcast

As the global leader in labor market analytics, Lightcast illuminates the future of work with data-driven talent strategies. Formerly Emsi Burning Glass, Lightcast finds purpose in sharing the insights that build communities, educators, and companies, and takes pride in knowing our work helps others find fulfillment, too. Headquartered in Boston, Massachusetts, and Moscow, Idaho, Lightcast is active in more than 30 countries and has offices in the United Kingdom, Italy, New Zealand, and India. Lightcast is backed by global private equity leader KKR.

The next release for January 2024 is Wednesday, February 7, 2024.

U-6 Update

In January 2024, the regular unemployment rate was unchanged at 3.7% and the broader U-6 measure edged up to 7.2%.

The above 7.2% 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 January U-6 numbers for the previous 20 years:

January                        2023                6.6%

January                        2022                7.1%

January                        2021                11.1%

January                        2020                6.9%

January                        2019                8.0%

January                        2018                8.2%

January                        2017                9.4%

January                        2016                9.9%

January                        2015                11.3%

January                        2014                12.7%

January                       2013                14.4%

January                        2012                15.1%

January                        2011                16.1%

January                        2010                16.5%

January                       2009                14.0%

January                        2008                9.0%

January                        2007                8.3%

January                        2006                8.4%

January                        2005                9.3%

January                        2004                9.9%

The January 2024 BLS Analysis

Total nonfarm payroll employment increased by 353,000 in January, and the unemployment rate was unchanged at 3.7%, the U.S. Bureau of Labor Statistics reported today.  Job gains occurred in professional and business services, health care, retail trade, and social assistance.  Employment declined in the mining, quarrying, and oil and gas extraction industry.
 
This news release presents statistics from two monthly surveys.  The change in total nonfarm payroll employment for November was revised up by 9,000, from +173,000 to +182,000, and the change for December was revised up by 117,000, from +216,000 to +333,000.  With these revisions, employment in November and December combined is 126,000 higher 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 annual benchmark process also contributed to the November and December revisions)

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 February 2nd, 2024, the BLS published the most recent unemployment rate for January 2024 of 3.7% (actually, it is 3.661% down .082% from a revised 3.743% in December.

The unemployment rate was determined by dividing the unemployed of 6,124,000

(–down from the month before by 144,000—since January 2023, this number has increased by 405,000) by the total civilian labor force of 167,276,000 (down by 175,000 from December 2023).  Since January 2023, our total civilian labor force has increased by 1,405,000 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 again decreased this total to 267,540,000.  This is a decrease of 451,000 from last month’s increase of 169,000.  In one year, this population has increased by 1,578,000.  For the last 3 years the Civilian Noninstitutional Population has increased each month—except in December 2016, December 2018, December 2019, & December 2020 & this month, January 2024—by…)

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
Up from March 2021by100,000
Up from February 2021by85,000
Up from January 2021by67,000
Down from December 2020by379,000

Subtract the ‘civilian labor force’ from the ‘civilian noninstitutional population’) and you get 100,265,000 ‘Not in Labor Force’—down by 275,000 from last month’s 100,540,000.  In one year, this NILF population has increased by 175,000.  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 .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 January was 2.1% (this rate was .3% above last month’s 1.8%).  Or you can look at it another way.  We usually place people who have college degrees.  That unemployment rate in January was 2.1% (this rate was the same as last month’s 2.1%).

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 January 25th, 2024, the real gross domestic product (GDP) increased at an annual rate of 3.3% in the fourth quarter of 2023, according to the “advance” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 4.9%.

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 fourth quarter, based on more complete data, will be released on February 28, 2024.

The increase in real GDP reflected increases in consumer spending, exports, state and local government spending, nonresidential fixed investment, federal government spending, private inventory investment, and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.

The increase in consumer spending reflected increases in both services and goods. 

Within services, the leading contributors were food services and accommodations as well as health care.

Within goods, the leading contributors to the increase were other nondurable goods (led by pharmaceutical products) and recreational goods and vehicles (led by computer software).

Within exports, both goods (led by petroleum) and services (led by financial services) increased.

The increase in state and local government spending primarily reflected increases in compensation of state and local government employees and investment in structures.

The increase in nonresidential fixed investment reflected increases in intellectual property products, structures, and equipment.

Within federal government spending, the increase was led by nondefense spending.

The increase in inventory investment was led by wholesale trade industries.

Within residential fixed investment, the increase reflected an increase in new residential structures that was partly offset by a decrease in brokers’ commissions. Within imports, the increase primarily reflected an increase in services (led by travel).

Compared to the third quarter of 2023, the deceleration in real GDP in the fourth quarter primarily reflected slowdowns in private inventory investment, federal government spending, residential fixed investment, and consumer spending. Imports decelerated.

GDP for 2023

Real GDP increased 2.5% in 2023 (from the 2022 annual level to the 2023 annual level), compared with an increase of 1.9% in 2022. The increase in real GDP in 2023 primarily reflected increases in consumer spending, nonresidential fixed investment, state and local government spending, exports, and federal government spending that were partly offset by decreases in residential fixed investment and inventory investment. Imports decreased.

The increase in consumer spending reflected increases in services (led by health care) and goods (led by recreational goods and vehicles). The increase in nonresidential fixed investment reflected increases in structures and intellectual property products. The increase in state and local government spending reflected increases in gross investment in structures and in compensation of state and local government employees. The increase in exports reflected increases in both goods and services. The increase in federal government spending reflected increases in both nondefense and defense spending.

The decrease in residential fixed investment mainly reflected a decrease in new single-family construction as well as brokers’ commissions. The decrease in private inventory investment primarily reflected a decrease in wholesale trade industries. Within imports, the decrease primarily reflected a decrease in goods.

Measured from the fourth quarter of 2022 to the fourth quarter of 2023, real GDP increased 3.1% during the period, compared with an increase of 0.7% from the fourth quarter of 2021 to the fourth quarter of 2022.

Source Data for the Advance Estimate

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 fourth quarter, based on more complete data, will be released on February 28, 2024.

*          *          *

Next release, February 28, 2024, at 8:30 a.m. EST
Gross Domestic Product (Second Estimate)
Fourth Quarter 2023 and Year 2023

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 January “management, professional and related” types of worker category, you will find the following rates:

January                       2023                2.1%

January                       2022                2.3%

January                        2021               3.7%

January                       2020                2.2%

January                       2019                2.5%

January                       2018                2.2%

January                       2017                2.3%

January                        2016                2.3%

January                       2015                2.9%

January                       2014                3.1%

January                       2013                3.9%

January                        2012                4.3%

January                       2011                4.7%

January                       2010                5.0%

January                       2009                4.1%

January                       2008                2.2%

January                       2007                2.0%

January                        2006                2.1%

January                        2005                2.4%

January                       2004                3.0%

January                       2003                3.2%

January                       2002                3.1%

January                       2001                1.8%

January                        2000                1.8%

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

January                       2023                2.0%

January                       2022                2.3%

January                       2021                4.0%

January                       2020                2.0%

January                       2019                2.4%

January                       2018                2.2%

January                       2017                2.5%

January                       2016                2.5%

January                       2015                2.8%

January                       2014                3.3%

January                        2013                3.8%

January                        2012                4.2%

January                       2011                4.2%

January                       2010                4.8%

January                       2009                3.9%

January                        2008                2.1%

January                       2007                2.1%

January                        2006                2.1%

January                        2005                2.4%

January                       2004                2.9%

January                       2003                3.0%

January                       2002                2.9%

January                       2001                1.6%

January                        2000                1.8%

The January 2024 rates for these two categories, 2.1% 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%        

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%        

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%        

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%        

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%        

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
70,650        

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
1,527        

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
72,177        

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%        

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%        

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%