Bob Marshall’s March 2017 BLS Analysis for Recruiters; 4/7/17
March BLS Preface
TBMG Coaching Updates and News
Bob Marshall – Coaching & Speaking Updates:
Top Echelon, Tuesday Recruiter Coaching Series, Webinar, April 11th, 2017
My next Top Echelon webinar will be on Tuesday afternoon, April 11th, 2017, at 1pm, Eastern Time. This Recruiter Coaching Series is for TE members.
My presentation will be: “The Marketing ‘Waterfall Approach’ for Dominating Your Niche”.
California Staffing Professionals (CSP) Annual Conference, Kona Kai Club, San Diego, California, May 4-5, 2017
I will be presenting to the CSP Annual Conference on Thursday, May 4th, 2017 and Friday, May 5th, 2017 in San Diego, CA. I will conduct a Recruiter Retreat all day on Thursday—from 9:00am to 4:00pm. On Friday, I will conduct a 90 minute breakout session entitled, “Establishing Elegant Rapport through Elegant Communication.”
* Special San Diego Note: For those of you in the San Diego area, if you are interested in my in-office training (individual and desk-level) and are available for that training during April 24-May 3, please let me know for a special offer. Since I will be in San Diego for my CSP presentations, I will offer a discount on my usual fees plus NO charge for my airfare or other expenses. First come, first served, so contact me for specific details as soon as possible. Thanks!
National Association of Personnel Consultants (NAPS), 2017 Annual Conference, Denver, Colorado, September 20-22, 2017
I have been invited by NAPS to present again, and so I will at the NAPS Annual Conference in Denver Colorado, September 20-22, 2017.
My presentation will be on Friday, September 22nd, 11am to 12:15pm. The title of my presentation will be: “Make Placements by Overcoming Objections with Contract Staffing.”
Taking the first step…
Over 36 years ago I began a career that turned out to be the most dynamic and rewarding professional move I have ever made. With the opportunity to earn an unlimited income at my fingertips, I began my career as a Recruiter.
Soon I became a student of the business and transitioned into Coaching. I traveled extensively and learned and listened and I packaged my material in a unique way. I studied many of the top producers in the recruiting industry and developed a series of training tools based on their proven success—training techniques that work time and time again.
I developed these tools and coaching techniques to help others achieve their goals as top producing professional recruiters. I continue to base all of my coaching and training tools on the same “nuts and bolts” approach I used as a recruiter.
I realize that taking that first step to engage a Coach to help you reach a higher level of production is not as easy as it sounds. After all, your training investment – and your time – are important and deserve every consideration. I share your feelings. I believe that how you approach your recruitment career matters…that you should get what you pay for, and then some…that you should enjoy your time with your Coach as you are benefiting from it…and that you should never settle for the ordinary.
If you are ready to take the first step, you can read descriptions of my coaching plans, and all of my products, on my website @ www.themarshallplan.org. Then, call me directly at 770-898-5550 or email me @ bob@themarshallplan.org.
“Bob Marshall is a speaker’s speaker and a trainer’s trainer. He has a gift for taking the cornerstones of the business and compelling people and teams to not only hone their skills but to execute. We’ve had Bob engage our teams a number of times over the last few years and our groups always come away more focused on the core and more energized to perform. Come ready to learn because this man knows the business and will make you better!”
—David Alexander, President, Adecco & Soliant, January, 2017
Preface
Many of you continue to correspond with me about these monthly BLS analyses and have asked if it is OK to use them in your presentations. The answer is, of course, yes! That is why I spend the time to assemble this information. I would encourage any of you who have that desire to weave any of the information I have printed below into your presentations. I write these analyses for the benefit of our recruitment industry in general and for the members of my distribution list in particular. So use this info as you deem appropriate.
I also write these monthly BLS analyses to not only counterbalance the negative/incorrect press reporting of our general economic state but, more than that, to remind all of my recruitment readers that, at the level we work, there is no unemployment and so we must recruit to find the candidates our client companies so desperately need!
So, to my recruiter colleagues, get out there and do what your name implies…RECRUIT! When your client companies have unique and difficult positions to fill, they need you. When they are being picky, they need you. When they are longing for more production from fewer employees, they need you. Go fill those needs. These should be the halcyon days in the recruitment arena!
Finally, always remember that we are not in an HR business, but in a ‘circumventing the time factor in the hiring sequence’ business—and adding value to our client companies.
US adds 182,220 Tech Jobs in 2016; Now 5% of Private Sector Workforce
Daily News, April 4, 2017
The US technology industry added 182,220 jobs in 2016 for an estimated total of 6,900,000 jobs, according to a report released by CompTIA. The tech sector makes up 7.5% of the total GDP; it accounted for approximately 4.4% of the overall US workforce in 2016 and 5.2% of the private sector workforce.
Growth was again led by IT services and custom software services, which added 108,930 jobs between 2015 and 2016, according to CompTIA. Next were the engineering services, R&D, and testing sector, which added 32,970 jobs.
The annualized average wage for a tech industry worker was an estimated $108,900 in 2016, more than double the average national wage of $53,040.
“Tech sector employment outpaces other notable segments of the economy, including construction, finance and insurance, transportation and warehousing, and arts, entertainment and recreation,” said Tim Herbert, senior VP, research and market intelligence, CompTIA. “Digital transformation continues to be a driving force. Organizations of all sizes are embracing cloud-based technology solutions, expanding their mobile presence, fortifying cyber defenses and driving decision-making through advanced data analysis.”
CompTIA also looked at tech employment by state. The largest jobs gains were recorded in:
California: +48,580
New York: +11,210
North Carolina: +11,090
Texas: +11,060
Michigan: +10,730
The states with the highest concentration of tech workers in private sector employment were:
Massachusetts: 9.9%
Colorado: 9.3%
Virginia: 9.5%
California: 8.4%
Washington: 8.6%
California, Texas and New York remained the largest states by tech industry employment.
Hiring for Marketing Professionals to Increase
Daily News, March 31, 2017
Marketing hiring growth continues to increase this year following year-over-year growth of 19% in 2016, according to a study released by McKinley Marketing Partners.
Hiring managers planning to hire more marketers jumped to 44% this year from 28% in the 2016 survey. Almost half of hiring managers, 49%, will hire to fill vacant positions or to redistribute responsibilities; 7% expect smaller marketing teams.
The study also found digital marketing skills are still highest in demand. Of those who are hiring this year, 56% will hire professionals with digital marketing expertise, which includes content creation and curation, mobile, social, SEO/SEM and lead generation. The second-highest area of hiring is creative services, which came in at 35%.
“As digital marketing continues to grow, marketers have a tremendous opportunity to make a lasting, positive impact,” said Michelle Boggs, president and CEO of McKinley Marketing Partners. “While the advent of new tools makes it easier to quantify results the basic tenets of marketing still stand: prove value to stakeholders and differentiate from the competition.”
Additional highlights from the 2017 report include:
*More than half of marketing hires will be digital this year.
*Digital advertising and content rank highest among digital marketing needs.
*Demand for marketing talent far exceeds supply in key areas.
*Midlevel marketers will be in highest demand
The study polled 314 directors, vice presidents, C-level marketing executives, as well as hiring managers and others in the position to make decisions about marketing talent for their 2016 hiring decisions and projected hiring needs for 2017. The survey also included, for the first time, marketers without any direct influence on hiring to better understand the issues and trends important to their careers. It was conducted between Nov. 21 and Dec. 23, 2016.
5 Millennial Jobs That Parents Just Don’t Understand
Nicole Spector, March 26, 2017
Got any millennials in your friend or family circles? Chances are at least one of them holds a job title that makes little or no sense to you, or maybe doesn’t quite sound like a “real job.”
Here’s a list of some of the most popular jobs held by millennials that parents just don’t understand — and some insights on what they entail and why they’re important.
*Social Media Manager
The role of a social media manager is to curate, manage, and grow a brand’s social presence. This could mean a variety of things including creating content, strategizing ad campaigns, managing partnerships with other brands, and interacting with customers.
“As a social media manager, you’re the voice of a brand and serve as the front line for more than marketing or pushing out promotional messages,” said Darryl Villacorta, a 34-year-old social media manager at Sprout Social. “You’re handling customer service, crisis management, community-building and content creation. Depending on your team, you might also be responsible for aspects of strategy, social advertising, lead generation and more.”
And if you’re mad at a company and decide to tweet angrily at them, it’s the social media manager who is probably feeling the heat.
“When something goes wrong for a brand, consumer frustration is often vented on social media,” said Villacorta. “Sometimes it’s easy to forget that social media managers are just the messenger and at the end of the day, we’re human too.”
*Content Marketer
“I told my parents my job title and they said, ‘Huh? What’s that?'” 31-year-old Shayla Price told NBC News. “The natural thing is for people to think I market content; however, that’s not the case.” Price, a B2B content marketer who works with a number of companies says that her role requires not only the writing of, but the promoting of digital company content including blog posts and videos.
“It involves learning about customers and researching topics that would attract people to visit brand websites. It’s important because content helps businesses engage with customers leading to more sales,” Price said.
Content marketers also need to be savvy in search engine optimization. This means they have to understand and aptly use the key words that will drive up a business’s ranking in an online search.
“Content marketers are the people who create the content that helps drive things like SEO and leads,” said Liz Wessel, CEO of millennial HR/recruiting platform WayUp. “In fact, there are entire businesses that have helped to create this profession, like Hubspot.”
*Community Manager
A community manager may be technically different than a social media manager, but often the jobs overlap.
“As a community manager, you are focused on connecting and communicating constantly with your target audience, and understanding how to empathize with them in order to forge stronger bonds with the larger community that’s being served,” said Alex Lirtsman, founding partner and chief strategist at Ready Set Rocket. “If your audience is younger millennials, resonating with them without being a part of their demographic is a real challenge. To do so well and at scale is a keen attribute of a younger, driven, always-on generation that can connect and resonate with thousands of users a day.”
In her role as director of social & community manager at Rooster Teeth, 28-year-old Barbara Dunkelman is responsible for keeping the entertainment brand’s audience in the loop regarding everything the company puts forth. This includes “the content we’re working on, events we’re holding or attending, and giving them a behind-the-scenes look at what we do day-to-day,” said Dunkleman adding that the job is “a dream because our audience is so large and passionate, but it’s also a huge responsibility to continue to keep them informed and engaged every day.”
*Digital Influencer/Social Media Influencer
“‘You make a living doing Instagram?’ is the comment I hear most often from older people,” said 23-year-old social media influencer Sage Goldnik.
“They don’t understand the concept of monetizing an audience nor the work that is involved in each influencer’s post. They post themselves, [and] like and comment on their friends’ content. So, getting them to understand that I do it at a whole different level as a full-time job is not something they’ve come across before.”
And a full-time job it most certainly is. Goldnik says he works upwards of 50 hours a week with the focus of being a “trendsetter,” and of discovering fresh looks and brands to introduce to his audience. His day-to-day job entails creating photo and video content for his own blog and social media platforms, as well as for those run by brands.
“I spend a massive amount of time on Instagram, engaging with my current and potential audience, sourcing brands I want to work with, and getting inspiration for content from others. I travel a lot for both paid and unpaid content, so that my feed is always visually interesting,” said Goldnik.
*Mobile App Developer
A mobile app developer is the person (or team) who designs and builds mobile apps. This is a fairly complicated tech job that requires a nuanced understanding of mobile architecture and coding.
Ed Lafoy, 29, mobile practice lead at Table XI, says much of his time is devoted to building software and helping others learn.
“We really push hard on the knowledge sharing here — both with paired programming, as well as setting aside time to share cool tools or other miscellaneous things worth sharing. We tend to experiment a lot both with new technologies, and with entirely new concepts altogether.”
Lafoy is happy to report that despite the generational gap, his parents have always been supportive of his work.
I’ve been impressed with their level of curiosity, and even more impressed with the level of understanding when it comes to computer stuff in conversation [with my parents],” said Lafoy.
Indeed lists Best Jobs of 2017
Daily News, March 23, 2017
All but a few of the best jobs this year are technical roles, according to the best jobs of 2017 list released by jobs website Indeed. The list is based on number of job postings, salary and growth opportunity.
7 of the top 10 jobs are software engineers and developers, led by full stack developer in the No. 1 spot. Positions in management, healthcare and engineering rounded out the top 25 list.
“As every business morphs into the digital version of itself, the demand for workers with highly technical abilities is increasing far faster than supply,” said Indeed Senior VP Paul D’Arcy. “The result is a rapid growth in open, unfilled jobs and increases in salaries for the talent that can fill these roles.” The top 23 jobs:
Will the Gig Economy Make the Office Obsolete?
Diane Mulcahy, Harvard Business Review, March 17, 2017
The gig economy, where independent consultants, contractors, and freelancers create portfolios of work in lieu of one full-time job, is transforming the way we work by disconnecting work from an office. In the traditional jobs economy, employers often require employee attendance in the office 5 days a week, 8 hours a day. Gig economy employers, in contrast, focus entirely on performance, not attendance in the office. It doesn’t matter if the idea for how to solve a problem or the insight to craft a new strategy is generated in the middle of the night, or while showering, or in yoga class. The gig economy employer values the quality of worker results, not the process by which they are created.
The most impactful lesson that traditional companies can learn from the gig economy is to judge all workers, including employees, on their results, not on when and where they do their work.
Not one study suggests that working in an office 8 hours a day, 5 days a week maximizes employee productivity, satisfaction, or performance. In fact, any data that exists on work in an office reveals that most employees aren’t engaged, waste a lot of time in the office not working, and that employee underperformance persists despite the omnipresence of management. Even worse, the direct costs of maintaining the traditional office-based workplace are high. CBRE estimates that the typical company in the U.S. spends upward of $12,000 per employee per year for office space. It’s hard to find a return-on-investment case for office space, and much harder still to find any company that makes a compelling one.
Focusing on employee time and location made sense when most jobs were time and place dependent. Factory workers, manual laborers, and workers in retail stores, restaurants, or hospitals have to be at their place of work at specific times to be productive. Knowledge workers do not. Sitting in an office cube or in a conference room attending endless, poorly-run meetings is unlikely to be how your company’s strategic or product issues are best solved. Nor is it likely to be the most effective way to create your marketing message, manage your back office, or maintain secure information systems. Our greatest insights and most productive work are often generated outside the constraints of the corporate workweek and the cube.
Study after study after study demonstrate that independent, remote workers are more productive, satisfied, and engaged than their office-bound colleagues. Recent surveys of 8,000 workers by McKinsey’s Global Institute and nearly 900 independent workers by Future Workplace and Field Nation find that those workers, freed from the constraints of office life, report higher levels of satisfaction and greater productivity. These results aren’t surprising since remote work eliminates the wasted time of commuting, the stress of constant exposure to office politics, and the death of the workday by a thousand paper cuts of interruptions and meetings. Yet somehow, despite evidence of the many benefits of independent flexible work, our office-based, 5-days-a-week, time-in-the-cube approach to work still persists at many companies.
Why is that? Managers and human resource executives at traditional office-based firms respond to this question with narratives and anecdotes about trust, collaboration, and team-building, but offer nothing in the way of evidence – even from their own companies – to support their stories. The evidence that does exist suggests that trust and effective teams are built primarily through interpersonal behavior and communication, not constant proximity from working in the same office space.
At least one reason to maintain an office and require employees to work in it is that most managers enjoy working at a company in which employees are managed by time and place. After all, it’s pretty easy to see who is at their desk between 9 and 5. It’s much harder to develop, measure, and evaluate the specific value and results that each employee produces. Managers will have to work a lot harder under a system that focuses on tracking performance, instead of time in an office chair.
There is also a middle ground emerging between office-based and remote work. New studies show that workers who seek the structure of an office-based environment and the camaraderie of colleagues are much happier in co-working spaces than either a traditional office or working at home. Co-working options offer workers the best of both worlds – the control, autonomy, and scheduling flexibility of remote work combined with optional access to the structure and community of an office, if and when the worker wants it. For companies, co-working spaces turn commercial real estate into a variable expense item available at a lower cost.
The rewards are great for companies that prioritize performance over attendance in the office: more productive, efficient, and satisfied workers, management focused on results and deliverables instead of face time, a healthier corporate culture based more explicitly on merit, and lower, more variable real estate and facility costs.
Labor is the most expensive and valuable resource at most firms. Managing this resource by time and place is a crude, empirically unproven, inefficient, and costly approach. The biggest lessons that companies can learn from the gig economy are to separate work from the office, and to measure employees based on what they produce, deliver and solve, not the hours they spend in the office. Put simply, companies need to stop measuring what doesn’t matter, and start measuring what does.
ManpowerGroup survey finds positive US hiring plans in Q2
Daily News, March 14, 2017
US employers report the strongest second-quarter hiring outlook since 2009, according to the latest Manpower Employment Outlook Survey released today by ManpowerGroup Inc.
Globally, employer hiring confidence for the second quarter is strongest in Taiwan, Japan, Slovenia, India, Hungary and the US. In Western Europe, employers are less confident about hiring intentions than the rest of the region; Italy, Belgium and Switzerland report some of the weakest outlooks worldwide.
ManpowerGroup’s survey found 22% of US employers plan to increase staff in the second quarter, up from 19% from the prior quarter’s forecast and unchanged from the second quarter of 2016; 3% plan to decrease staff, 73% expect no change in staff and 2% are undecided about their hiring intentions. This results in a net employment outlook of 17% when seasonally adjusted, an increase from 16% in both the first-quarter outlook and the outlook reported for Q2 2016.
“US employers have a positive outlook for the coming quarter as the country waits to understand how the new administration’s policies will come into effect,” said Michael Stull, senior VP, Manpower North America. “We are also seeing an emerging positive outlook from manufacturing employers who are reporting some of their strongest hiring plans since the end of the recession. The sector is showing signs of entering a renaissance period, transforming itself to be higher tech and data driven, stepping up to the increased global competitiveness.”
Employers in Montana, Colorado, Maine, Alaska, Hawaii and Michigan report the strongest net employment outlooks.
Employers in all 13 industry sectors expect to add staff. The industries reporting the strongest hiring intentions are leisure and hospitality at 28%, wholesale and retail trade at 21%, transportation and utilities at 20% and professional and business services at 19%.
All regions in the US reported optimistic hiring plans for the second quarter. Employers in the West region reported the strongest seasonally adjusted outlook at 18%, followed by the South at 17%. The Midwest and Northeast reported seasonally adjusted outlooks of 16% and 15%, respectively.
Compared to one year ago at this time, hiring plans are relatively stable in the Midwest Northeast and South, and are slightly stronger in the West.
ManpowerGroup’s employment outlook survey includes responses from more than 11,000 US employers.
Startups Will Define the Future of U.S. Employment
Forbes, John Mauldin, March 13, 2017
Research shows that technology has net-net created far more jobs than it has destroyed. A recent study by Deloitte drew on data going back to 1871 in England and Wales and found that technology has been a job-creating machine. Part of that is because technology increases people’s spending power, which creates a surge in the demand for hairdressers, bar staff, etc.
Going back over past jobs figures paints a more balanced picture, say authors Ian Stewart, Debapratim De and Alex Cole. “The dominant trend is of contracting employment in agriculture and manufacturing being more than offset by rapid growth in the caring, creative, technology and business services sectors,” they write. “Machines will take on more repetitive and laborious tasks, but seem no closer to eliminating the need for human labor than at any time in the last 150 years.”
This Happened in Every Technological Revolution
The pattern has repeated in the U.S. and much of the rest of the world. At least 80% of U.S. workers labored in agriculture at the beginning of the 19th century, but by the middle of that century, the number was down to 50%. Today, it is substantially less than 2%.
And yet we are 16 times more productive than we were 120 years ago.
Seriously, do we bemoan the fact that we’ve lost all those farm jobs? Only if you never had to actually do one of those jobs. And that our food is much less expensive as a percentage of our daily budget? (Unless your spouse forces you to eat everything that is simply labeled organic.)
Do we regret all the people who lost jobs from doing our laundry? Washing our restaurant dishes? Shoveling horse droppings from the street? Oh, you might miss your bank teller, but then you never go to see her/him anymore, do you?
All those jobs are gone.
Is Technology Really the Problem?
So now I am here to tell you that technology is not the problem. As I’ve written before, technology is the solution. Well, actually, I agree it’s the problem if it’s your job.
But the solution is to figure out how to get in front of the technology curve or figure out who is in front of it and get involved with them.
Because, at the end of the day, the data shows that net-net, new job creation comes from small business startups. That is, all of the net new job creation comes from small businesses less than five years old.
Well, hooray! We are still creating 450,000 new businesses a year. Well, except. Except that we are losing more enterprises every year than we are creating. And we have been since the beginning of the Great Recession.
Startups Will Define the Future of U.S. Employment
Part of the problem, as Tyler Cowen describes in his new book, The Complacent Class, is that Americans have seemingly lost some of their entrepreneurial drive.
In the 1980s, new startups accounted for some 12–13% of all businesses. Today it’s 7–8%. If we want to create an economy that is a jobs machine, we are going to have to have more business startups. Which means that we have to create a climate in which people feel comfortable launching risky new ventures.
Fewer new businesses means that older companies now represent the largest share of U.S. businesses; and all the data—and I challenge you to find any data that contradicts this (seriously, I would like to see it)—shows that large businesses, as a group, are not net creators of new jobs.
They absolutely create new jobs at the front door, but at the back door they are ushering out old jobs. Large businesses are in the business of staying in business.
Large enterprises are net-net destroyers of jobs. For every Google or Apple that is growing its total number of higher-paying jobs, there is a Buggy Whip Corporation or Icebox Corporation that once dominated its industry but is now either defunct or shedding jobs in an effort to stay viable—or else scrambling to change its model and product delivery entirely.
And let’s remember, Google and Apple were once small business startups that for whatever reason (perhaps the genius of their founders) became big and dominant.
The future is not in old companies that are just getting by or fading. The jobs of the future are in new companies that have yet to be dreamed up. But they will all have to be found and financed.
Jobs Come from Blood, Sweat, and Big Money—Not a “Jobs Program”
New-business creation is an extraordinarily risky business. Michael Gerber tells us that 80% of all new businesses fail or no longer exist in their original form within the first 5 years, and 80% of the remaining businesses no longer exist 5 years after that.
And every one of those new ventures and the half a million new businesses started every year requires capital. Every one of them. Blood and sweat and tears and lots of money. And that money has to come from somewhere.
There are many politicians who think there is a new-jobs fairy. Just give the government more money, and it can create a “jobs program” that will create those new jobs.
Okay, now I’m going to be the guy who told your kids there is no Santa Claus.
There is no jobs fairy. Just call me Mr. Grinch.
Confidence in US Economy at Highest Level since 2004 among CPA Execs
Daily News, March 13, 2017
Optimism about the US economy rose among certified public accountants who hold leadership positions in their companies — such as CEO, CFO or controller — since the last quarter, according to the new Economic Outlook Survey released by the American Institute of CPAs. 69% of the CPA executives surveyed expressed optimism about the 12-month outlook for the US economy, up from 62% in the fourth-quarter survey and the highest level since it stood at 71% at the end of 2004, the first year the survey was conducted.
“We saw a big jump in economic optimism following the election, and that has been reinforced and extended in our latest results,” said Arleen Thomas, AICPA’s managing director of Americas market, global offerings and CGMA exam, management accounting. “Much of this positive sentiment is due to expectations of lower corporate taxes and reduced regulation under the new administration. I expect business executives will be monitoring progress on these goals closely.”
Business executives’ optimism about the outlook for their own organizations also rose to 66% from 61% in a previous survey amidst a year-long trend of rising expectations for profits and revenue.
Overall, 52% of the executives surveyed reported their company currently has the appropriate number of employees, within the range of 48% to 55% reported over the past year. The percentage of companies planning to hire rose to 22% from 20% in the fourth-quarter report. However, respondents who said they had too few employees but were reluctant to hire also edged up to 16% from 15% in the fourth-quarter survey.
Headcounts are now expected to increase by 1.8% over the next 12 months, up from 1.6% last quarter. Professional service is expected to be the strongest hiring sector, jumping to 3.9% growth from 2.5% in the fourth quarter. On the flip side, retail trade is expected to be the slowest, with hiring expected to decrease 0.3% compared to an increase of 0.8% in the prior quarter. Also notable is an expected slowdown in healthcare provider hiring, to 2.8% from 3.4%.
The report also found a growing perception of tightness in the labor market. “Availability of skilled personnel” is once again a top three concern for business executives, rising one spot to the No. 3 top challenge for businesses in the quarter from the fourth top concern last quarter, and “staff turnover” is now No. 9 on the list. A majority of respondents, 51%, now say their companies plan to increase spending for skills training and staff development.
Meanwhile, the CPA outlook index — a gauge of executive sentiment within the survey — rose 2 points in the first quarter to 76 with increases in all nine components. The overall index remains below a post-recession high of 78 set in the fourth quarter of 2014. An index rating above 50 indicates a positive outlook.
The survey of AICPA business and industry members was conducted from Feb. 7 to Feb. 22, and included 930 qualified responses.
10 Things That Will NEVER Change In Sales
Daniel Disney, CEO @TheDailySales, March 9, 2017
The sales landscape is constantly changing. New technology, new platforms, new corporate structures and fluctuating economies make it a tough industry to keep up with. Sales strategies will evolve to reflect these changes but ultimately sales as a profession, sales as a key activity will rarely change.
Here are the 10 things that will NEVER change in sales:
1) Prospecting will always be King – Whilst the way we prospect may change, the fact that it will always be essential to sales success will never change. Whether it’s cold calling, email, voicemail, message, letter, social media or combination approach, it will always be the key activity for sales professionals.
2) Those that fail to plan are planning to fail – The best sales people always recognise the need for planning. If you don’t plan your days, weeks, months and years you’re inadvertently planning to fail.
3) Pipeline cures everything – Every struggle in sales can be solved by investing in your pipeline and that will remain. More pipeline, more opportunities and so more potential sales.
4) Always Be Closing – Whilst some sales people have gone off the term closing and prefer to use consulting or connecting, the close will always be the single most important stage in the sales process. Without closing the sale there is no sale.
5) Sales people will always have 2 ears and 1 mouth – Unless we genetically mutate in the future it’s always likely that listening more than talking will remain the winning strategy in sales.
6) Human relationships will never die – Whilst technology and AI continue to join into the buyer journey one thing can never be replaced and that’s human interaction. Some sales may become automated and transactional but so many will remain based on human interaction.
7) YOU will always be the difference – No matter what you sell you’ll always have competition. Chances are on face value your products will be very similar and so YOU will always be the key difference in the buyer making their choice.
8) We will always need to adapt – Whilst selling in itself may not change significantly the landscape in which we sell and the tools we use will change and so we will always need to adapt.
9) Rejection will never go – One of the most challenging parts of working in sales is the sheer volume of rejection we face. This will never go, if you’re not getting a lot of No’s then you’re not asking enough people for the sale.
10) It’s not for everyone – Not everyone can sell as a job. Sure everyone can and does sell in some way, but not everyone can do it professionally.
Job Switchers Want Challenge
Kristen B. Frasch, March 6, 2017
The latest chapter in the ongoing book on employees and what they really want from their employer finds them pursuing a slightly different Holy Grail than previously reported: Challenge.
In a recent global Korn Ferry survey of nearly 2,000 professionals, nearly three-quarters (73%) say that if they were to plan on being in the job market this year, it would be because they’re looking for a more challenging position while the quest for greater compensation comes in almost dead last as a reason to leave.
Trailing far behind that 73%, 9% say they would be looking elsewhere because they either don’t like their company or their efforts aren’t being recognized, 5% would blame the fact that their compensation is too low and 4% say it would be because they don’t like their boss.
“What that answer tells HR is if people are thinking of moving for challenge, how do we challenge them?” says Kevin Cashman, senior partner at Los Angeles-based Korn Ferry. “It presents a call to invest in more engagement, challenge, stretching, coaching and developing. That’s what you’re competing with, [employees who are] looking for challenge, and growth and development, especially the high-potentials. HR and managers need to be aware of this and [either set up or] have engagement programs in place.
“These results mirror study after study Korn Ferry has done [including one HREOnline™ reported on in January] that show money is not the key motivator for employees,” Cashman says. “Professionals who have progressed in their careers have done so for a reason. They’re passionate about what they do and need to feel that they are being pushed professionally and continually learning new skills.
Sandra McLellan, the Toronto-based North America practice leader for rewards at Willis Towers Watson, however, sees the latest Holy Grail of challenge as more integrated into everything an employee is seeking.
“That notion that people will trade off, [preferring] a promotion over a pay increase [which the earlier Korn Ferry study mentioned above found], I just think it’s more complicated than that,” McLellan says. “A lot of times, the promotion comes with a pay increase,” and the worker is certainly seeking both.
Even challenging assignments are craved for, especially by high-potentials, because of the full package, she says; i.e., what they bring in terms of new skills, advancement, career development and, yes, pay.
“Many of our future leaders may be craving [challenge],” McLellan says, “however, in designing career paths, it may be more important for the success of the organization to have those challenging assignments, but . . . know many of these people actually want more traditional, incremental development, not necessarily huge challenges.
“Remember,” she adds, “career development means different things to different people” and, many times, what employees are really craving, especially the top-talented ones, is an ever-growing bank of marketable skills they can take with them into the outside world.
“So here’s my challenge that I put to organizations: How do you create an environment that will replicate the outside world of skills-building? How can you create these challenging assignments within your cultures that better replicate that outside world they’ll find when they leave?”
And there’s nothing wrong with building people’s skills for success outside your doors, McLellan adds. Facilitating growth in such a way, she says, “helps build up the organization and keeps pace with how work is changing, but every employer needs to decide what kind of organization it wants to be and how it will create this culture.”
And given the right environment, “it’s also up to employees to talk about where their aspirations lie and where they can get the right experiences within the organization.”
Her company’s recent survey, the Willis Towers Watson 2016 Global Workforce Study, based on responses from 3,105 U.S. employees, finds they would like their employers to do better jobs at providing substantive career management. Highlights from that study include:
* Only 41% of employees think their employer does a good job of providing advancement opportunities or promotions;
* Barely half (52%) say their organization does a good job of providing opportunities for personal development, such as challenging project assignments;
*Only 41% say their employer offers career-planning tools and resources such as coaching, self-assessment and career paths;
* Less than one in three employees (32%) say their immediate supervisor or manager helps them with career planning and decisions; and
* Almost half (47%) think they would have to leave their employer and join another company to advance to a higher job level. Additionally, a comparable number of high-potential employees say they would need to leave their employer to advance their career.
Which ties right into what Korn Ferry has found, says Cashman.
“‘Challenge’ is a word for accelerating,” he says. “In general, people are looking for ways to grow and be challenged, but they’re also human and thinking of their individual gains in career development and marketability in the global marketplace, not just their corporation.”
The new ADP/Moody’s National Employment Report: Over 83% of all new job growth in March, 2017 came from Small and Mid-size Companies!
April 5, 2017
Private sector employment increased by 263,000 jobs from February to March, (an 18,000 job increase from February’s downwardly ‘revised’ 245,000—down by 53,000 from the originally reported 298,000) according to the March ADP National Employment Report®.
This report is produced by ADP® in collaboration with Moody’s Analytics. The matched sample used to develop the ADP National Employment Report® was derived from ADP payroll data, which represents 411,000 U.S. clients employing nearly 24,000,000 workers in the U.S.
(*Note: Reuters reports US companies in March added the most workers since December 2014, suggesting further tightening of the labor market. Its survey of economists had forecast the report would show a gain of 187,000 jobs.)
By Company Size
Small businesses: 118,000
1-19 employees 60,000
20-49 employees 58,000
Medium businesses: 100,000
50-499 employees 100,000
Large businesses: 45,000
500-999 employees 8,000
1,000+ employees 37,000
By Sector
- Goods-producing 82,000
- Natural resources/mining 4,000
- Construction 49,000
- Manufacturing 30,000
- Service-providing 181,000
- Trade/transportation/utilities 34,000
- Information <-10,000>
- Financial activities 25,000
- Professional/business services 57,000
- Professional/technical services 27,000
- Management of companies/enterprises 6,000
- Administrative/support services 25,000
- Education/health services 13,000
- Health care/social assistance 46,000
- Education <-32,000>
- Leisure/hospitality 55,000
- Other services 6,000
Franchise Employment
Franchise Jobs 13,900
“The U.S. labor market finished the first quarter on a strong note,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Consumer dependent industries including healthcare, leisure and hospitality, and trade had strong growth during the month.”
Mark Zandi, chief economist of Moody’s Analytics, said, “Job growth is off to a strong start in 2017. The gains are broad based but most notable in the goods producing side of the economy including construction, manufacturing and mining.”
(The April 2017 ADP National Employment Report will be released at 8:15 a.m. ET on May 3, 2017.)
Due to the important contribution that small businesses make to economic growth, employment data that is specific to businesses with 49 or fewer employees is reported each month in the ADP Small Business Report®, a subset of the ADP National Employment Report.
March 2017 Small Business Report Highlights
Total Small Business Employment: 118,000 (+14,000 increase)
| ●By Size | |
| ►1-19 employees | 60,000 |
| ►20-49 employees | 58,000 |
| ●By Sector for 1-49 Employees | |
| ►Goods Producing | 32,000 |
| ►Service Producing | 86,000 |
| ●By Sector for 1-19 Employees | |
| ►Goods Producing | 15,000 |
| ►Service Producing | 46,000 |
| ●By Sector for 20-49 Employees | |
| ►Goods Producing | 17,000 |
| ►Service Producing | 41,000 |
Bottom-line: To my audience of recruiters, always remember this: Our ‘bread and butter’, especially on the contingency side of the house, has historically been, and continues to be, small and medium-sized client companies. Along with the large companies, these companies need to be in included in your niche!
Job Openings and Labor Turnover Summary – January 2017
On March 16th, the U.S. Bureau of Labor Statistics (BLS) reported that the number of job openings was little changed at 5,600,000 on the last business day of January. Over the month, hires and separations were also little changed at 5,400,000 and 5,300,000, respectively. Within separations, the quits rate was little changed at 2.2% and the layoffs and discharges rate was unchanged at 1.1%. This release includes estimates of the number and rate of job openings, hires, and separations for the nonfarm sector by industry and by 4 geographic regions.
The release also includes 2016 annual estimates for hires and separations. The annual number of hires at 62,700,000 in 2016 was essentially the same as in 2015. The annual number of quits at 36,100,000 increased in 2016, while the annual number of layoffs and discharges at 19,900,000 declined.
Job Openings On the last business day of January, there were 5,600,000 job openings, little changed from December. The job openings rate was 3.7% in January. The number of job openings was little changed for total private and for government. Job openings increased in professional and business services (+136,000) and real estate and rental and leasing (+67,000), but decreased in federal government (-37,000). The number of job openings was little changed in all 4 regions. Hires The number of hires was essentially unchanged at 5,400,000 in January. The hires rate was 3.7%. The number of hires was little changed for total private and for government. Hires increased in other services (+54,000) and finance and insurance (+41,000). The number of hires was little changed in all 4 regions.
Separations
Total separations includes quits, layoffs and discharges, and other separations. Total separations is referred to as turnover. Quits are generally voluntary separations initiated by the employee. Therefore, the quits rate can serve as a measure of workers’ willingness or ability to leave jobs. Layoffs and discharges are involuntary separations initiated by the employer. Other separations includes separations due to retirement, death, disability, and transfers to other locations of the same firm.
There were 5,300,000 total separations in January, little changed from December. The total separations rate in January was 3.6%. The number of total separations was little changed for total private and for government. Total separations increased in finance and insurance (+39,000). The number of total separations was little changed in all 4 regions.
The number of quits edged up to 3,200,000 in January. The quits rate was 2.2%. Over the month, the number of quits edged up for total private (+129,000) and was little changed for government. Quits increased in other services (+33,000), finance and insurance (+31,000), and real estate and rental and leasing (+24,000). The number of quits increased in the Midwest (+92,000) and West (+92,000) regions. There were 1,600,000 layoffs and discharges in January, unchanged from December. The layoffs and discharges rate was 1.1% in January. The number of layoffs and discharges was little changed for total private and for government. The layoffs and discharges level increased in accommodation and food services (+69,000), transportation, warehousing, and utilities (+27,000), and mining and logging (+7,000). Layoffs and discharges were little changed in all 4 regions. In January, the number of other separations was little changed for total nonfarm, total private, and government. Other separations increased in health care and social assistance (+29,000) and nondurable goods manufacturing (+5,000), but decreased in federal government (-3,000). Other separations increased in the South region (+37,000) and were little changed in the other regions. Net Change in Employment Large numbers of hires and separations occur every month throughout the business cycle. Net employment change results from the relationship between hires and separations. When the number of hires exceeds the number of separations, employment rises, even if the hires level is steady or declining. Conversely, when the number of hires is less than the number of separations, employment declines, even if the hires level is steady or rising. Over the 12 months ending in January, hires totaled 63,100,000 and separations totaled 60,700,000, yielding a net employment gain of 2,400,000. These totals include workers who may have been hired and separated more than once during the year. Annual Levels and Rates Calculating annual levels and rates allows additional comparisons across years. In 2016, the annual level of hires was 62,700,000 (43.5% of employment), essentially the same as in 2015. Quits rose for the 7th consecutive year reaching 36,100,000 in 2016 (25.0% of employment). The layoffs and discharges annual level declined in 2016 to 19,900,000 (13.8% of employment) after edging up the past 2 years. The annual level for other separations declined in 2016 to 4,400,000 (3.1% of employment); the decline is the first since 2009. The annual level for total separations (the sum of quits, layoffs and discharges, and other separations) rose in 2016 for the 6th consecutive year, reaching 60,400,000 (41.9% of employment).
____________
The Job Openings and Labor Turnover Survey results for February 2017 are scheduled to be released on Tuesday, April 11, 2017 at 10:00 a.m. (EDT).
As we recruiters know, that 5,600,000 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 5,600,000 published job openings now become a total of 28,000,000 published AND hidden job orders.
In March there were 7,202,000 unemployed workers. What was the main reason why those workers were unemployed? Two Words: Structural Unemployment. If we can’t figure out how to educate and/or reeducate those 7,202,000 unemployed, then they will keep reappearing each month as a BLS unemployment statistic—as they have. In the meantime, our recruitment marketplace flourishes!
Online Job Ads Increased 102,000 in March
April 5, 2017
*The small gain in March follows the February decrease
*Most States showed small gains
*Most occupations showed gains over the month
Online advertised vacancies increased 102,000 to 4,639,700 in March, according to The Conference Board Help Wanted OnLine® (HWOL) Data Series, released today. The February Supply/Demand rate stands at 1.66 unemployed for each advertised vacancy with a total of 2,900,000 more unemployed workers than the number of advertised vacancies. The number of unemployed was approximately 7,500,000 in February.
The Professional occupational category saw gains in Computer/Math (16.9), Business and Finance (12.4), and Healthcare Practitioners (7.7). The Services/Production occupational category saw gains in Sales (21.7), and losses in Transportation (-9.3).
OCCUPATIONAL HIGHLIGHTS
*In March, 8 of the largest 10 online occupational categories posted increases.
Occupational Changes for the Month of March:
Computer and mathematical science ads increased 16,900 to 524,800. The supply/demand rate lies at 0.26, i.e. almost 4 advertised openings per unemployed job-seeker.
Business and Financial ads increased 12,400 to 285,500. The supply/demand rate lies at 0.75, more than 1 advertised opening per unemployed job-seeker.
Healthcare practitioners and technical ads increased 7,700 to 591,800. The supply/demand rate lies at 0.25, i.e. over 4 advertised opening per unemployed job-seeker.
Sales and related ads increased 21,700 to 473,400. The supply/demand rate for these occupations lies at 1.58, more than 1 unemployed job-seeker for every advertised available opening.
Education, training, and library ads increased 10,800 to 162,100. The supply/demand rate lies at 1.56, i.e. over 1 unemployed job-seeker for every advertised available opening.
Transportation ads decreased 9,300 to 298,500. The supply/demand rate lies at 2.14, i.e. over 2 unemployed job-seeker for every advertised available opening.
HWOL 2017 Annual Revision
With the February 2017 press release, the HWOL program has incorporated its annual revision, which helps ensure the accuracy and consistency of the HWOL time series. This year’s annual revision includes updates to the job board coverage, a revision of the historical data from May 2005 forward, an update of the Metropolitan Statistical area definitions to 2015 Office of Management and Budget (OMB) county-based MSA definitions, and the annual update of the seasonal adjustment factors.
Special Note
Recently, the HWOL Data Series has experienced a declining trend in the number of online job ads that may not reflect broader trends in the U.S. labor market. Based on changes in how job postings appear online, The Conference Board is reviewing its HWOL methodology to ensure accuracy and alignment with market trends.
(The April 2017 Conference Board Help Wanted OnLine® (HWOL) Data Series will be released at 10:00 AM ET on Wednesday, May 3, 2017).
U-6 Update
In March, 2017 the regular unemployment number fell two-tenths to 4.5%, and the broader U-6 measure fell to 8.9%, one-tenth less than twice as high as the regular unemployment figure.
The above 8.9% 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 year and over.
Here is a look at the March U-6 numbers for the past 14 years:
March 2016 9.8%
March 2015 10.9%
March 2014 12.6%
March 2013 13.8%
March 2012 14.5%
March 2011 15.7%
March 2010 16.8%
March 2009 15.6%
March 2008 9.1%
March 2007 8.0%
March 2006 8.2%
March 2005 9.1%
March 2004 9.9%
March 2003 10.0%
The March BLS Analysis
The unemployment rate is published by the Bureau of Labor Statistics, a division of the US Department of Labor. The rate is found by dividing the number of unemployed by the total civilian labor force. On April 7th, 2017, the BLS published the most recent unemployment rate for March 2017 of 4.5% (actually it is 4.496%, down by .207% from 4.703% in February, 2017.
The unemployment rate was determined by dividing the unemployed of 7,202,000 (–down from the month before by 326,000—since March, 2016 this number has decreased by 775,000) by the total civilian labor force of 160,201,000 (up by 145,000 from February, 2017). Since March 2016, our total civilian labor force has increased by 923,000 workers.
(The continuing ‘Strange BLS Math’ saga—after a detour in December when the BLS {for the first time in years} DECREASED the total Civilian Noninstitutional Population—this month the BLS increased this total to 254,414,000. This is an increase of 168,000 from last month’s increase of 164,000. In one year’s time, this population has increased by 1,646,000. The Civilian Noninstitutional Population has increased each month—except in December 2016—by…)
| Up from February 2017 | by | 168,000 |
| Up from January 2017 | by | 164,000 |
| Down from December 2016 | by | 660,000 |
| Up from November 2016 | by | 202,000 |
| Up from October 2016 | by | 219,000 |
| Up from September 2016 | by | 230,000 |
| Up from August 2016 | by | 237,000 |
| Up from July 2016 | by | 234,000 |
| Up from June 2016 | by | 223,000 |
| Up from May 2016 | by | 223,000 |
| Up from April 2016 | by | 205,000 |
| Up from March 2016 | by | 201,000 |
| Up from February 2016 | by | 191,000 |
| Up from January 2016 | by | 180,000 |
| Up from December 2015 | by | 461,000 |
| Up from November 2015 | by | 189,000 |
| Up from October 2015 | by | 206,000 |
| Up from September 2015 | by | 216,000 |
| Up from August 2015 | by | 229,000 |
| Up from July 2015 | by | 220,000 |
| Up from June 2015 | by | 213,000 |
| Up from May 2015 | by | 208,000 |
| Up from April 2015 | by | 189,000 |
| Up from March 2015 | by | 186,000 |
| Up from February 2015 | by | 191,000 |
| Up from January 2015 | by | 176,000 |
| Up from December 2014 | by | 696,000 |
| Up from November 2014 | by | 143,000 |
| Up from October 2014 | by | 187,000 |
| Up from September 2014 | by | 211,000 |
| Up from August 2014 | by | 217,000 |
| Up from July 2014 | by | 206,000 |
| Up from June 2014 | by | 209,000 |
| Up from May 2014 | by | 192,000 |
| Up from April 2014 | by | 183,000 |
| Up from March 2014 | by | 181,000 |
| Up from February 2014 | by | 173,000 |
| Up from January 2014 | by | 170,000 |
| Up from December 2013 | by | 170,000 |
| Up from November 2013 | by | 178,000 |
| Up from October 2013 | by | 186,000 |
| Up from September 2013 | by | 213,000 |
| Up from August 2013 | by | 209,000 |
| Up from July 2013 | by | 203,000 |
| Up from June 2013 | by | 204,000 |
| Up from May 2013 | by | 189,000 |
| Up from April 2013 | by | 188,000 |
| Up from March 2013 | by | 180,000 |
| Up from February 2013 | by | 167,000 |
| Up from January 2013 | by | 165,000 |
| Up from December 2012 | by | 313,000 |
| Up from November 2012 | by | 176,000 |
| Up from October 2012 | by | 191,000 |
| Up from September 2012 | by | 211,000 |
| Up from August 2012 | by | 206,000 |
| Up from July 2012 | by | 212,000 |
| Up from June 2012 | by | 199,000 |
| Up from May 2012 | by | 189,000 |
| Up from April 2012 | by | 182,000 |
| Up from March 2012 | by | 180,000 |
| Up from February 2012 | by | 169,000 |
| Up from January 2012 | by | 335,000 |
| Up from December 2011 | by | 2,020,000 |
And this month the BLS has increased the Civilian Labor Force to 160,201,000 (up from February by 145,000).
Subtract the second number (‘civilian labor force’) from the first number (‘civilian noninstitutional population’) and you get 94,213,000 ‘Not in Labor Force’—up by 23,000 from last month’s 94,190,000. 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 63.0%. This is the second time we have risen to 63.0% since last March and before that in March of 2014 and most of 2013. We may be starting a trend toward the 66%’s we saw in 2007 before we started our downward spiral in 2008.
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 March was 2.0% (this rate was .1% below last month’s 2.1%). Or, you can look at it another way. We usually place people who have college degrees. That unemployment rate in March was 2.5% (this rate was .1% above last month’s 2.4%).
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 March 30th, the US Bureau of Economic Analysis (BEA) announced the real gross domestic product (GDP) — the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes — increased at an annual rate of 2.1% in the fourth quarter of 2016, according to the “third” estimate released by the Bureau of Economic Analysis. In the third quarter of 2016, real GDP increased 3.5%. The GDP estimate released today is based on more complete source data than were available for the “second” estimate issued last month. In the second estimate, the increase in real GDP was 1.9%. With this 3rd estimate for the fourth quarter, the general picture of economic growth remains largely the same; personal consumption expenditures (PCE) increased more than previously estimated.
Real gross domestic income (GDI) increased 1.0% in the fourth quarter, compared with an increase of 5.0% in the third. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 1.5% in the fourth quarter, compared with an increase of 4.3% in the third quarter. The increase in real GDP in the fourth quarter reflected positive contributions from PCE, private inventory investment, residential fixed investment, nonresidential fixed investment, and state and local government spending that were partly offset by negative contributions from exports and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased. The deceleration in real GDP in the fourth quarter reflected downturns in exports and in federal government spending, an acceleration in imports, and a deceleration in nonresidential fixed investment that were partly offset by accelerations in private inventory investment and in PCE, and upturns in residential fixed investment and in state and local government spending. Updates to GDP The upward revision to the percent change in real GDP primarily reflected upward revisions to PCE and to private inventory investment that were partly offset by downward revisions to nonresidential fixed investment and to exports. Imports, which are a subtraction in the calculation of GDP, were revised upward. 2016 GDP Real GDP increased 1.6% in 2016 (that is, from the 2015 annual level to the 2016 annual level), compared with an increase of 2.6% in 2015. The increase in real GDP in 2016 reflected positive contributions from PCE, residential fixed investment, state and local government spending, exports, and federal government spending that were partly offset by negative contributions from private inventory investment and nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased. The deceleration in real GDP from 2015 to 2016 reflected downturns in private inventory investment and in nonresidential fixed investment and decelerations in PCE, in residential fixed investment, and in state and local government spending that were partly offset by a deceleration in imports and accelerations in federal government spending and in exports. Three Update Releases to GDP BEA releases 3 vintages of the current quarterly estimate for GDP: “Advance” estimates are released near the end of the first month following the end of the quarter and are based on source data that are incomplete or subject to further revision by the source agency; “second” and “third” estimates are released near the end of the second and third months, respectively, and are based on more detailed and more comprehensive data as they become available. Annual and comprehensive updates are typically released in late July. Annual updates generally cover at least the 3 most recent calendar years (and their associated quarters) and incorporate newly available major annual source data as well as some changes in methods and definitions to improve the accounts. Comprehensive (or benchmark) updates are carried out at about 5-year intervals and incorporate major periodic source data, as well as major conceptual improvements.
(The First Quarter 2017 “Advance Estimate” will be released on April 28th, 2017)
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:
- 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.
- 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.
- 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.
- 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.
- 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:
- Length of unemployment – Some studies indicate that an important factor influencing a workers decision to accept a new job is directly related to the length of the unemployment benefit they are receiving. Currently, in 2015, workers in most states are eligible for up to 26 weeks of benefits from the regular state-funded unemployment compensation program, although eight states provide fewer weeks and two provide more. No additional weeks of federal benefits are available in any state: the temporary Emergency Unemployment Compensation (EUC) program expired at the end of 2013, and no state currently qualifies to offer more weeks under the permanent Extended Benefits (EB) program. Studies suggest that additional weeks of benefits reduce the incentive of the unemployed to seek and accept less desirable jobs.
- Changes in GDP – Since hiring workers takes time, the improvement in the unemployment rate usually lags behind 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 take a look at the past few years of unemployment in the March “management, professional and related” types of worker category, you will find the following rates:
March 2016 2.4%
March 2015 2.4%
March 2014 3.3%
March 2013 3.6%
March 2012 4.2%
March 2011 4.3%
March 2010 4.7%
March 2009 4.2%
March 2008 2.1%
March 2007 1.8%
March 2006 2.1%
March 2005 2.3%
March 2004 2.7%
March 2003 2.9%
March 2002 2.8%
Here are the rates, during those same time periods, for “college-degreed” workers:
March 2016 2.6%
March 2015 2.5%
March 2014 3.4%
March 2013 3.8%
March 2012 4.2%
March 2011 4.4%
March 2010 4.8%
March 2009 4.4%
March 2008 2.1%
March 2007 1.8%
March 2006 2.2%
March 2005 2.4%
March 2004 2.9%
March 2003 3.1%
March 2002 2.8%
The March 2017 rates for these two categories, 2.0% and 2.5%, respectively, are low again this month and are still close to (or below!) the halcyon numbers we attained in the 2006 to 2008 time frames. 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 unemployment rate, we still need to market to find the best possible job orders and we still need to recruit to find the best possible candidates.
Below are the numbers for the over 25 year olds:
Less than H.S. diploma – Unemployment Rate
| 1/08 | 2/08 | 3/08 | 4/08 | 5/08 | 6/08 | 7/08 | 8/08 | 9/08 | 10/08 | 11/08 | 12/08 |
| 7.7% | 7.4% | 8.2% | 7.9% | 8.4% | 8.9% | 8.6% | 9.7% | 9.8% | 10.4% | 10.6% | 10.9% |
| 1/09 | 2/09 | 3/09 | 4/09 | 5/09 | 6/09 | 7/09 | 8/09 | 9/09 | 10/09 | 11/09 | 12/09 |
| 12.0% | 12.6% | 13.3% | 14.8% | 15.5% | 15.5% | 15.4% | 15.6% | 15.0% | 15.5% | 15.0% | 15.3% |
| 1/10 | 2/10 | 3/10 | 4/10 | 5/10 | 6/10 | 7/10 | 8/10 | 9/10 | 10/10 | 11/10 | 12/10 |
| 15.2% | 15.6% | 14.5% | 14.7% | 15.0% | 14.1% | 13.8% | 14.0% | 15.4% | 15.3% | 15.7% | 15.3% |
| 1/11 | 2/11 | 3/11 | 4/11 | 5/11 | 6/11 | 7/11 | 8/11 | 9/11 | 10/11 | 11/11 | 12/11 |
| 14.2% | 13.9% | 13.7% | 14.6% | 14.7% | 14.3% | 15.0% | 14.3% | 14.0% | 13.8% | 13.2% | 13.8% |
| 1/12 | 2/12 | 3/12 | 4/12 | 5/12 | 6/12 | 7/12 | 8/12 | 9/12 | 10/12 | 11/12 | 12/12 |
| 13.1% | 12.9% | 12.6% | 12.5% | 13.0% | 12.6% | 12.7% | 12.0% | 11.3% | 12.2% | 12.2% | 11.7% |
| 1/13 | 2/13 | 3/13 | 4/13 | 5/13 | 6/13 | 7/13 | 8/13 | 9/13 | 10/13 | 11/13 | 12/13 |
| 12.0% | 11.2% | 11.1% | 11.6% | 11.1% | 10.7% | 11.0% | 11.3% | 10.3% | 10.9% | 10.8% | 9.8% |
| 1/14 | 2/14 | 3/14 | 4/14 | 5/14 | 6/14 | 7/14 | 8/14 | 9/14 | 10/14 | 11/14 | 12/14 |
| 9.6% | 9.8% | 9.6% | 8.9% | 9.1% | 9.1% | 9.6% | 9.1% | 8.4% | 7.9% | 8.5% | 8.8% |
| 1/15 | 2/15 | 3/15 | 4/15 | 5/15 | 6/15 | 7/15 | 8/15 | 9/15 | 10/15 | 11/15 | 12/15 |
| 8.5% | 8.4% | 8.6% | 8.6% | 8.6% | 8.2% | 8.3% | 7.7% | 7.7% | 7.3% | 6.8% | 6.7% |
| 1/16 | 2/16 | 3/16 | 4/16 | 5/16 | 6/16 | 7/16 | 8/16 | 9/16 | 10/16 | 11/16 | 12/16 |
| 7.4% | 7.3% | 7.4% | 7.5% | 7.1% | 7.5% | 6.3% | 7.2% | 8.5% | 7.3% | 7.9% | 7.9% |
| 1/17 | 2/17 | 3/17 | 4/17 | 5/17 | 6/17 | 7/17 | 8/17 | 9/17 | 10/17 | 11/17 | 12/17 |
| 7.7% | 7.9% | 6.8% |
H.S. Grad; no college – Unemployment Rate
| 1/08 | 2/08 | 3/08 | 4/08 | 5/08 | 6/08 | 7/08 | 8/08 | 9/08 | 10/08 | 11/08 | 12/08 |
| 4.6% | 4.7% | 5.1% | 5.0% | 5.2% | 5.2% | 5.3% | 5.8% | 6.3% | 6.5% | 6.9% | 7.7% |
| 1/09 | 2/09 | 3/09 | 4/09 | 5/09 | 6/09 | 7/09 | 8/09 | 9/09 | 10/09 | 11/09 | 12/09 |
| 8.1% | 8.3% | 9.0% | 9.3% | 10.0% | 9.8% | 9.4% | 9.7% | 10.8% | 11.2% | 10.4% | 10.5% |
| 1/10 | 2/10 | 3/10 | 4/10 | 5/10 | 6/10 | 7/10 | 8/10 | 9/10 | 10/10 | 11/10 | 12/10 |
| 10.1% | 10.5% | 10.8% | 10.6% | 10.9% | 10.8% | 10.1% | 10.3% | 10.0% | 10.1% | 10.0% | 9.8% |
| 1/11 | 2/11 | 3/11 | 4/11 | 5/11 | 6/11 | 7/11 | 8/11 | 9/11 | 10/11 | 11/11 | 12/11 |
| 9.4% | 9.5% | 9.5% | 9.7% | 9.5% | 10.0% | 9.3% | 9.6% | 9.7% | 9.6% | 8.8% | 8.7% |
| 1/12 | 2/12 | 3/12 | 4/12 | 5/12 | 6/12 | 7/12 | 8/12 | 9/12 | 10/12 | 11/12 | 12/12 |
| 8.4% | 8.3% | 8.0% | 7.9% | 8.1% | 8.4% | 8.7% | 8.8% | 8.7% | 8.4% | 8.1% | 8.0% |
| 1/13 | 2/13 | 3/13 | 4/13 | 5/13 | 6/13 | 7/13 | 8/13 | 9/13 | 10/13 | 11/13 | 12/13 |
| 8.1% | 7.9% | 7.6% | 7.4% | 7.4% | 7.6% | 7.6% | 7.6% | 7.6% | 7.3% | 7.3% | 7.1% |
| 1/14 | 2/14 | 3/14 | 4/14 | 5/14 | 6/14 | 7/14 | 8/14 | 9/14 | 10/14 | 11/14 | 12/14 |
| 6.5% | 6.4% | 6.3% | 6.3% | 6.5% | 5.8% | 6.1% | 6.2% | 5.3% | 5.7% | 5.6% | 5.3% |
| 1/15 | 2/15 | 3/15 | 4/15 | 5/15 | 6/15 | 7/15 | 8/15 | 9/15 | 10/15 | 11/15 | 12/15 |
| 5.4% | 5.4% | 5.3% | 5.4% | 5.8% | 5.4% | 5.5% | 5.5% | 5.3% | 5.3% | 5.4% | 5.6% |
| 1/16 | 2/16 | 3/16 | 4/16 | 5/16 | 6/16 | 7/16 | 8/16 | 9/16 | 10/16 | 11/16 | 12/16 |
| 5.3% | 5.3% | 5.4% | 5.4% | 5.1% | 5.0% | 5.0% | 5.1% | 5.2% | 5.5% | 4.9% | 5.1% |
| 1/17 | 2/17 | 3/17 | 4/17 | 5/17 | 6/17 | 7/17 | 8/17 | 9/17 | 10/17 | 11/17 | 12/17 |
| 5.3% | 5.0% | 4.9% |
Some College; or AA/AS – Unemployment Rate
| 1/08 | 2/08 | 3/08 | 4/08 | 5/08 | 6/08 | 7/08 | 8/08 | 9/08 | 10/08 | 11/08 | 12/08 |
| 3.7% | 3.8% | 3.9% | 4.0% | 4.3% | 4.4% | 4.6% | 5.0% | 5.1% | 5.3% | 5.5% | 5.6% |
| 1/09 | 2/09 | 3/09 | 4/09 | 5/09 | 6/09 | 7/09 | 8/09 | 9/09 | 10/09 | 11/09 | 12/09 |
| 6.2% | 7.0% | 7.2% | 7.4% | 7.7% | 8.0% | 7.9% | 8.2% | 8.5% | 9.0% | 9.0% | 9.0% |
| 1/10 | 2/10 | 3/10 | 4/10 | 5/10 | 6/10 | 7/10 | 8/10 | 9/10 | 10/10 | 11/10 | 12/10 |
| 8.5% | 8.0% | 8.2% | 8.3% | 8.3% | 8.2% | 8.3% | 8.7% | 9.1% | 8.5% | 8.7% | 8.1% |
| 1/11 | 2/11 | 3/11 | 4/11 | 5/11 | 6/11 | 7/11 | 8/11 | 9/11 | 10/11 | 11/11 | 12/11 |
| 8.0% | 7.8% | 7.4% | 7.5% | 8.0% | 8.4% | 8.3% | 8.2% | 8.4% | 8.3% | 7.6% | 7.7% |
| 1/12 | 2/12 | 3/12 | 4/12 | 5/12 | 6/12 | 7/12 | 8/12 | 9/12 | 10/12 | 11/12 | 12/12 |
| 7.2% | 7.3% | 7.5% | 7.6% | 7.9% | 7.5% | 7.1% | 6.6% | 6.5% | 6.9% | 6.6% | 6.9% |
| 1/13 | 2/13 | 3/13 | 4/13 | 5/13 | 6/13 | 7/13 | 8/13 | 9/13 | 10/13 | 11/13 | 12/13 |
| 7.0% | 6.7% | 6.4% | 6.4% | 6.5% | 6.4% | 6.0% | 6.1% | 6.0% | 6.3% | 6.4% | 6.1% |
| 1/14 | 2/14 | 3/14 | 4/14 | 5/14 | 6/14 | 7/14 | 8/14 | 9/14 | 10/14 | 11/14 | 12/14 |
| 6.0% | 6.2% | 6.1% | 5.7% | 5.5% | 5.0% | 5.3% | 5.4% | 5.4% | 4.8% | 4.9% | 5.0% |
| 1/15 | 2/15 | 3/15 | 4/15 | 5/15 | 6/15 | 7/15 | 8/15 | 9/15 | 10/15 | 11/15 | 12/15 |
| 5.2% | 5.1% | 4.8% | 4.7% | 4.4% | 4.2% | 4.4% | 4.4% | 4.3% | 4.3% | 4.4% | 4.1% |
| 1/16 | 2/16 | 3/16 | 4/16 | 5/16 | 6/16 | 7/16 | 8/16 | 9/16 | 10/16 | 11/16 | 12/16 |
| 4.2% | 4.2% | 4.1% | 4.1% | 3.9% | 4.2% | 4.3% | 4.3% | 4.2% | 4.2% | 3.9% | 3.8% |
| 1/17 | 2/17 | 3/17 | 4/17 | 5/17 | 6/17 | 7/17 | 8/17 | 9/17 | 10/17 | 11/17 | 12/17 |
| 3.8% | 4.0% | 3.7% |
BS/BS + – Unemployment Rate
| 1/08 | 2/08 | 3/08 | 4/08 | 5/08 | 6/08 | 7/08 | 8/08 | 9/08 | 10/08 | 11/08 | 12/08 |
| 2.1% | 2.1% | 2.1% | 2.1% | 2.3% | 2.4% | 2.5% | 2.7% | 2.6% | 3.1% | 3.2% | 3.7% |
| 1/09 | 2/09 | 3/09 | 4/09 | 5/09 | 6/09 | 7/09 | 8/09 | 9/09 | 10/09 | 11/09 | 12/09 |
| 3.8% | 4.1% | 4.3% | 4.4% | 4.8% | 4.7% | 4.7% | 4.7% | 4.9% | 4.7% | 4.9% | 5.0% |
| 1/10 | 2/10 | 3/10 | 4/10 | 5/10 | 6/10 | 7/10 | 8/10 | 9/10 | 10/10 | 11/10 | 12/10 |
| 4.9% | 5.0% | 4.9% | 4.9% | 4.7% | 4.4% | 4.5% | 4.6% | 4.4% | 4.7% | 5.1% | 4.8% |
| 1/11 | 2/11 | 3/11 | 4/11 | 5/11 | 6/11 | 7/11 | 8/11 | 9/11 | 10/11 | 11/11 | 12/11 |
| 4.2% | 4.3% | 4.4% | 4.5% | 4.5% | 4.4% | 4.3% | 4.3% | 4.2% | 4.4% | 4.4% | 4.1% |
| 1/12 | 2/12 | 3/12 | 4/12 | 5/12 | 6/12 | 7/12 | 8/12 | 9/12 | 10/12 | 11/12 | 12/12 |
| 4.2% | 4.2% | 4.2% | 4.0% | 3.9% | 4.1% | 4.1% | 4.1% | 4.1% | 3.8% | 3.8% | 3.9% |
| 1/13 | 2/13 | 3/13 | 4/13 | 5/13 | 6/13 | 7/13 | 8/13 | 9/13 | 10/13 | 11/13 | 12/13 |
| 3.8% | 3.8% | 3.8% | 3.9% | 3.8% | 3.9% | 3.8% | 3.5% | 3.7% | 3.8% | 3.4% | 3.3% |
| 1/14 | 2/14 | 3/14 | 4/14 | 5/14 | 6/14 | 7/14 | 8/14 | 9/14 | 10/14 | 11/14 | 12/14 |
| 3.2% | 3.4% | 3.4% | 3.3% | 3.2% | 3.3% | 3.1% | 3.2% | 2.9% | 3.1% | 3.2% | 2.8% |
| 1/15 | 2/15 | 3/15 | 4/15 | 5/15 | 6/15 | 7/15 | 8/15 | 9/15 | 10/15 | 11/15 | 12/15 |
| 2.8% | 2.7% | 2.5% | 2.7% | 2.7% | 2.5% | 2.6% | 2.5% | 2.5% | 2.5% | 2.5% | 2.5% |
| 1/16 | 2/16 | 3/16 | 4/16 | 5/16 | 6/16 | 7/16 | 8/16 | 9/16 | 10/16 | 11/16 | 12/16 |
| 2.5% | 2.5% | 2.6% | 2.4% | 2.4% | 2.5% | 2.5% | 2.7% | 2.5% | 2.6% | 2.3% | 2.5% |
| 1/17 | 2/17 | 3/17 | 4/17 | 5/17 | 6/17 | 7/17 | 8/17 | 9/17 | 10/17 | 11/17 | 12/17 |
| 2.5% | 2.4% | 2.5% |
Management, Professional & Related – Unemployment Rate
| 1/08 | 2/08 | 3/08 | 4/08 | 5/08 | 6/08 | 7/08 | 8/08 | 9/08 | 10/08 | 11/08 | 12/08 |
| 2.2% | 2.2% | 2.1% | 2.0% | 2.6% | 2.7% | 2.9% | 3.3% | 2.8% | 3.0% | 3.2% | 3.3% |
| 1/09 | 2/09 | 3/09 | 4/09 | 5/09 | 6/09 | 7/09 | 8/09 | 9/09 | 10/09 | 11/09 | 12/09 |
| 4.1% | 3.9% | 4.2% | 4.0% | 4.6% | 5.0% | 5.5% | 5.4% | 5.2% | 4.7% | 4.6% | 4.6% |
| 1/10 | 2/10 | 3/10 | 4/10 | 5/10 | 6/10 | 7/10 | 8/10 | 9/10 | 10/10 | 11/10 | 12/10 |
| 5.0% | 4.8% | 4.7% | 4.5% | 4.5% | 4.9% | 5.0% | 5.1% | 4.4% | 4.5% | 4.7% | 4.6% |
| 1/11 | 2/11 | 3/11 | 4/11 | 5/11 | 6/11 | 7/11 | 8/11 | 9/11 | 10/11 | 11/11 | 12/11 |
| 4.7% | 4.4% | 4.3% | 4.0% | 4.4% | 4.7% | 5.0% | 4.9% | 4.4% | 4.4% | 4.2% | 4.2% |
| 1/12 | 2/12 | 3/12 | 4/12 | 5/12 | 6/12 | 7/12 | 8/12 | 9/12 | 10/12 | 11/12 | 12/12 |
| 4.3% | 4.2% | 4.2% | 3.7% | 4.0% | 4.4% | 4.8% | 4.5% | 3.9% | 3.8% | 3.6% | 3.9% |
| 1/13 | 2/13 | 3/13 | 4/13 | 5/13 | 6/13 | 7/13 | 8/13 | 9/13 | 10/13 | 11/13 | 12/13 |
| 3.9% | 3.8% | 3.6% | 3.5% | 3.5% | 4.2% | 4.1% | 3.8% | 3.5% | 3.4% | 3.1% | 2.9% |
| 1/14 | 2/14 | 3/14 | 4/14 | 5/14 | 6/14 | 7/14 | 8/14 | 9/14 | 10/14 | 11/14 | 12/14 |
| 3.1% | 3.2% | 3.3% | 2.9% | 3.1% | 3.5% | 3.5% | 3.4% | 2.8% | 2.7% | 2.8% | 2.7% |
| 1/15 | 2/15 | 3/15 | 4/15 | 5/15 | 6/15 | 7/15 | 8/15 | 9/15 | 10/15 | 11/15 | 12/15 |
| 2.9% | 2.7% | 2.4% | 2.4% | 2.4% | 2.9% | 3.1% | 2.9% | 2.4% | 2.2% | 2.1% | 2.0% |
| 1/16 | 2/16 | 3/16 | 4/16 | 5/16 | 6/16 | 7/16 | 8/16 | 9/16 | 10/16 | 11/16 | 12/16 |
| 2.3% | 2.4% | 2.4% | 2.1% | 2.1% | 2.8% | 3.0% | 3.1% | 2.7% | 2.5% | 2.3% | 2.2% |
| 1/17 | 2/17 | 3/17 | 4/17 | 5/17 | 6/17 | 7/17 | 8/17 | 9/17 | 10/17 | 11/17 | 12/17 |
| 2.3% | 2.1% | 2.0% |
Or employed…(,000)
| 1/08 | 2/08 | 3/08 | 4/08 | 5/08 | 6/08 | 7/08 | 8/08 | 9/08 | 10/08 | 11/08 | 12/08 |
| 52,165 | 52,498 | 52,681 | 52,819 | 52,544 | 52,735 | 52,655 | 52,626 | 53,104 | 53,485 | 53,274 | 52,548 |
| 1/09 | 2/09 | 3/09 | 4/09 | 5/09 | 6/09 | 7/09 | 8/09 | 9/09 | 10/09 | 11/09 | 12/09 |
| 52,358 | 52,196 | 52,345 | 52,597 | 52,256 | 51,776 | 51,810 | 51,724 | 52,186 | 52,981 | 52,263 | 52,131 |
| 1/10 | 2/10 | 3/10 | 4/10 | 5/10 | 6/10 | 7/10 | 8/10 | 9/10 | 10/10 | 11/10 | 12/10 |
| 52,159 | 52,324 | 52,163 | 52,355 | 51,839 | 51,414 | 50,974 | 50,879 | 51,757 | 51,818 | 52,263 | 51,704 |
| 1/11 | 2/11 | 3/11 | 4/11 | 5/11 | 6/11 | 7/11 | 8/11 | 9/11 | 10/11 | 11/11 | 12/11 |
| 51,866 | 52,557 | 53,243 | 53,216 | 52,778 | 52,120 | 51,662 | 51,997 | 52,665 | 52,864 | 52,787 | 52,808 |
| 1/12 | 2/12 | 3/12 | 4/12 | 5/12 | 6/12 | 7/12 | 8/12 | 9/12 | 10/12 | 11/12 | 12/12 |
| 53,152 | 53,208 | 53,771 | 54,055 | 54,156 | 53,846 | 53,165 | 53,696 | 54,655 | 55,223 | 54,951 | 54,635 |
| 1/13 | 2/13 | 3/13 | 4/13 | 5/13 | 6/13 | 7/13 | 8/13 | 9/13 | 10/13 | 11/13 | 12/13 |
| 54,214 | 54,563 | 54,721 | 54,767 | 54,740 | 54,323 | 54,064 | 54,515 | 55,013 | 55,155 | 55,583 | 54,880 |
| 1/14 | 2/14 | 3/14 | 4/14 | 5/14 | 6/14 | 7/14 | 8/14 | 9/14 | 10/14 | 11/14 | 12/14 |
| 55,096 | 55,501 | 56,036 | 55,896 | 56,202 | 55,714 | 55,381 | 55,646 | 56,365 | 56,759 | 57,110 | 56,888 |
| 1/15 | 2/15 | 3/15 | 4/15 | 5/15 | 6/15 | 7/15 | 8/15 | 9/15 | 10/15 | 11/15 | 12/15 |
| 57,367 | 57,596 | 57,805 | 57,953 | 58,155 | 57,710 | 57,392 | 57,288 | 58,105 | 58,456 | 58,667 | 59,030 |
| 1/16 | 2/16 | 3/16 | 4/16 | 5/16 | 6/16 | 7/16 | 8/16 | 9/16 | 10/16 | 11/16 | 12/16 |
| 59,014 | 59,583 | 60,080 | 59,690 | 59,613 | 59,181 | 58,434 | 58,526 | 59,599 | 59,766 | 59,707 | 60,069 |
| 1/17 | 2/17 | 3/17 | 4/17 | 5/17 | 6/17 | 7/17 | 8/17 | 9/17 | 10/17 | 11/17 | 12/17 |
| 59,921 | 61,064 | 61,156 |
And unemployed…(,000)
| 1/08 | 2/08 | 3/08 | 4/08 | 5/08 | 6/08 | 7/08 | 8/08 | 9/08 | 10/08 | 11/08 | 12/08 |
| 1,164 | 1,159 | 1,121 | 1,088 | 1,407 | 1,478 | 1,585 | 1,779 | 1,539 | 1,647 | 1,786 | 1,802 |
| 1/09 | 2/09 | 3/09 | 4/09 | 5/09 | 6/09 | 7/09 | 8/09 | 9/09 | 10/09 | 11/09 | 12/09 |
| 2,238 | 2,137 | 2,292 | 2,164 | 2,373 | 2,720 | 3,034 | 2,925 | 2,859 | 2,593 | 2,530 | 2,509 |
| 1/10 | 2/10 | 3/10 | 4/10 | 5/10 | 6/10 | 7/10 | 8/10 | 9/10 | 10/10 | 11/10 | 12/10 |
| 2,762 | 2,637 | 2,600 | 2,464 | 2,450 | 2,644 | 2,687 | 2,762 | 2,381 | 2,417 | 2,525 | 2,468 |
| 1/11 | 2/11 | 3/11 | 4/11 | 5/11 | 6/11 | 7/11 | 8/11 | 9/11 | 10/11 | 11/11 | 12/11 |
| 2,557 | 2,435 | 2,381 | 2,196 | 2,419 | 2,598 | 2,742 | 2,671 | 2,450 | 2,410 | 2,336 | 2,303 |
| 1/12 | 2/12 | 3/12 | 4/12 | 5/12 | 6/12 | 7/12 | 8/12 | 9/12 | 10/12 | 11/12 | 12/12 |
| 2,410 | 2,336 | 2,330 | 2,062 | 2,275 | 2,472 | 2,666 | 2,556 | 2,245 | 2,170 | 2,077 | 2,221 |
| 1/13 | 2/13 | 3/13 | 4/13 | 5/13 | 6/13 | 7/13 | 8/13 | 9/13 | 10/13 | 11/13 | 12/13 |
| 2,211 | 2,164 | 2,020 | 1,980 | 1,990 | 2,358 | 2,286 | 2,130 | 1,978 | 1,930 | 1,749 | 1,637 |
| 1/14 | 2/14 | 3/14 | 4/14 | 5/14 | 6/14 | 7/14 | 8/14 | 9/14 | 10/14 | 11/14 | 12/14 |
| 1,784 | 1,845 | 1,890 | 1,642 | 1,795 | 2,001 | 2,011 | 1,930 | 1,617 | 1,582 | 1,656 | 1,568 |
| 1/15 | 2/15 | 3/15 | 4/15 | 5/15 | 6/15 | 7/15 | 8/15 | 9/15 | 10/15 | 11/15 | 12/15 |
| 1,741 | 1,601 | 1,398 | 1,435 | 1,460 | 1,714 | 1,807 | 1,686 | 1,414 | 1,312 | 1,276 | 1,208 |
| 1/16 | 2/16 | 3/16 | 4/16 | 5/16 | 6/16 | 7/16 | 8/16 | 9/16 | 10/16 | 11/16 | 12/16 |
| 1,404 | 1,456 | 1,477 | 1,251 | 1,305 | 1,712 | 1,782 | 1,869 | 1,652 | 1,506 | 1,382 | 1,361 |
| 1/17 | 2/17 | 3/17 | 4/17 | 5/17 | 6/17 | 7/17 | 8/17 | 9/17 | 10/17 | 11/17 | 12/17 |
| 1,425 | 1,313 | 1,265 |
For a total Management, Professional & Related workforce of…(,000)
| 1/08 | 2/08 | 3/08 | 4/08 | 5/08 | 6/08 | 7/08 | 8/08 | 9/08 | 10/08 | 11/08 | 12/08 |
| 53,329 | 53,657 | 53,802 | 53,907 | 53,951 | 54,213 | 54,240 | 54,405 | 54,643 | 55,132 | 55,060 | 54,350 |
| 1/09 | 2/09 | 3/09 | 4/09 | 5/09 | 6/09 | 7/09 | 8/09 | 9/09 | 10/09 | 11/09 | 12/09 |
| 54,596 | 54,333 | 54,637 | 54,761 | 54,629 | 54,496 | 54,844 | 54,649 | 55,045 | 55,574 | 54,793 | 54,640 |
| 1/10 | 2/10 | 3/10 | 4/10 | 5/10 | 6/10 | 7/10 | 8/10 | 9/10 | 10/10 | 11/10 | 12/10 |
| 54,921 | 54,961 | 54,763 | 54,819 | 54,289 | 54,058 | 53,661 | 53,641 | 54,138 | 54,235 | 54,788 | 54,172 |
| 1/11 | 2/11 | 3/11 | 4/11 | 5/11 | 6/11 | 7/11 | 8/11 | 9/11 | 10/11 | 11/11 | 12/11 |
| 54,423 | 54,992 | 55,624 | 55,412 | 55,197 | 54,718 | 54,404 | 54,668 | 55,115 | 55,274 | 55,123 | 55,111 |
| 1/12 | 2/12 | 3/12 | 4/12 | 5/12 | 6/12 | 7/12 | 8/12 | 9/12 | 10/12 | 11/12 | 12/12 |
| 55,562 | 55,544 | 56,101 | 56,117 | 56,431 | 56,318 | 55,831 | 56,252 | 56,900 | 57,393 | 57,028 | 56,856 |
| 1/13 | 2/13 | 3/13 | 4/13 | 5/13 | 6/13 | 7/13 | 8/13 | 9/13 | 10/13 | 11/13 | 12/13 |
| 56,425 | 56,727 | 56,741 | 56,747 | 56,730 | 56,681 | 56,350 | 56,645 | 56,991 | 57,085 | 57,332 | 56,517 |
| 1/14 | 2/14 | 3/14 | 4/14 | 5/14 | 6/14 | 7/14 | 8/14 | 9/14 | 10/14 | 11/14 | 12/14 |
| 56,880 | 57,346 | 57,926 | 57,538 | 57,997 | 57,715 | 57,392 | 57,576 | 57,982 | 58,341 | 58,766 | 58,456 |
| 1/15 | 2/15 | 3/15 | 4/15 | 5/15 | 6/15 | 7/15 | 8/15 | 9/15 | 10/15 | 11/15 | 12/15 |
| 59,108 | 59,197 | 59,203 | 59,388 | 59,615 | 59,424 | 59,199 | 58,974 | 59,519 | 59,768 | 59,943 | 60,238 |
| 1/16 | 2/16 | 3/16 | 4/16 | 5/16 | 6/16 | 7/16 | 8/16 | 9/16 | 10/16 | 11/16 | 12/16 |
| 60,418 | 61,039 | 61,557 | 60,941 | 60,918 | 60,893 | 60,216 | 60,395 | 61,251 | 61,272 | 61,089 | 61,430 |
| 1/17 | 2/17 | 3/17 | 4/17 | 5/17 | 6/17 | 7/17 | 8/17 | 9/17 | 10/17 | 11/17 | 12/17 |
| 61,346 | 62,377 | 62,421 |
Management, Business and Financial Operations – Unemployment Rate
| 1/08 | 2/08 | 3/08 | 4/08 | 5/08 | 6/08 | 7/08 | 8/08 | 9/08 | 10/08 | 11/08 | 12/08 |
| 2.3% | 2.3% | 2.2% | 2.1% | 2.7% | 2.5% | 2.6% | 2.8% | 2.8% | 3.0% | 3.6% | 3.9% |
| 1/09 | 2/09 | 3/09 | 4/09 | 5/09 | 6/09 | 7/09 | 8/09 | 9/09 | 10/09 | 11/09 | 12/09 |
| 4.6% | 4.5% | 4.5% | 4.4% | 4.6% | 4.8% | 4.9% | 5.0% | 5.2% | 5.4% | 5.4% | 5.2% |
| 1/10 | 2/10 | 3/10 | 4/10 | 5/10 | 6/10 | 7/10 | 8/10 | 9/10 | 10/10 | 11/10 | 12/10 |
| 5.2% | 5.1% | 5.4% | 5.1% | 4.9% | 4.8% | 4.7% | 4.9% | 4.3% | 5.0% | 5.5% | 5.7% |
| 1/11 | 2/11 | 3/11 | 4/11 | 5/11 | 6/11 | 7/11 | 8/11 | 9/11 | 10/11 | 11/11 | 12/11 |
| 5.3% | 4.9% | 4.8% | 4.6% | 4.9% | 4.6% | 4.6% | 4.6% | 4.6% | 4.7% | 4.6% | 4.4% |
| 1/12 | 2/12 | 3/12 | 4/12 | 5/12 | 6/12 | 7/12 | 8/12 | 9/12 | 10/12 | 11/12 | 12/12 |
| 4.5% | 4.4% | 4.4% | 4.0% | 4.1% | 3.8% | 3.8% | 3.7% | 3.5% | 3.6% | 3.8% | 4.1% |
| 1/13 | 2/13 | 3/13 | 4/13 | 5/13 | 6/13 | 7/13 | 8/13 | 9/13 | 10/13 | 11/13 | 12/13 |
| 4.0% | 3.9% | 3.5% | 3.5% | 3.8% | 3.5% | 3.1% | 3.4% | 3.3% | 3.7% | 3.2% | 3.1% |
| 1/14 | 2/14 | 3/14 | 4/14 | 5/14 | 6/14 | 7/14 | 8/14 | 9/14 | 10/14 | 11/14 | 12/14 |
| 3.4% | 3.6% | 3.5% | 3.2% | 3.3% | 2.8% | 2.7% | 2.6% | 2.4% | 2.7% | 2.7% | 2.5% |
| 1/15 | 2/15 | 3/15 | 4/15 | 5/15 | 6/15 | 7/15 | 8/15 | 9/15 | 10/15 | 11/15 | 12/15 |
| 3.0% | 2.8% | 2.6% | 2.6% | 2.9% | 2.4% | 2.3% | 2.2% | 2.4% | 2.2% | 2.1% | 1.9% |
| 1/16 | 2/16 | 3/16 | 4/16 | 5/16 | 6/16 | 7/16 | 8/16 | 9/16 | 10/16 | 11/16 | 12/16 |
| 2.3% | 2.6% | 2.5% | 2.4% | 2.4% | 2.5% | 2.4% | 2.5% | 2.8% | 2.5% | 2.3% | 2.4% |
| 1/17 | 2/17 | 3/17 | 4/17 | 5/17 | 6/17 | 7/17 | 8/17 | 9/17 | 10/17 | 11/17 | 12/17 |
| 2.5% | 2.4% | 2.4% |
Professional & Related – Unemployment Rate
| 1/08 | 2/08 | 3/08 | 4/08 | 5/08 | 6/08 | 7/08 | 8/08 | 9/08 | 10/08 | 11/08 | 12/08 |
| 2.1% | 2.1% | 2.0% | 2.0% | 2.5% | 2.9% | 3.2% | 3.6% | 2.8% | 3.0% | 3.0% | 2.9% |
| 1/10 | 2/10 | 3/10 | 4/10 | 5/10 | 6/10 | 7/10 | 8/10 | 9/10 | 10/10 | 11/10 | 12/10 |
| 4.9% | 4.6% | 4.3% | 4.1% | 4.3% | 5.0% | 5.2% | 5.3% | 4.4% | 4.1% | 4.1% | 3.8% |
| 1/11 | 2/11 | 3/11 | 4/11 | 5/11 | 6/11 | 7/11 | 8/11 | 9/11 | 10/11 | 11/11 | 12/11 |
| 4.3% | 4.1% | 3.9% | 3.5% | 4.0% | 4.9% | 5.3% | 5.1% | 4.4% | 4.1% | 4.0% | 4.0% |
| 1/12 | 2/12 | 3/12 | 4/12 | 5/12 | 6/12 | 7/12 | 8/12 | 9/12 | 10/12 | 11/12 | 12/12 |
| 4.2% | 4.1% | 4.0% | 3.5% | 4.0% | 4.8% | 5.5% | 5.2% | 4.3% | 3.9% | 3.5% | 3.8% |
| 1/13 | 2/13 | 3/13 | 4/13 | 5/13 | 6/13 | 7/13 | 8/13 | 9/13 | 10/13 | 11/13 | 12/13 |
| 3.8% | 3.8% | 3.6% | 3.4% | 3.3% | 4.6% | 4.7% | 4.0% | 3.6% | 3.1% | 2.9% | 2.7% |
| 1/14 | 2/14 | 3/14 | 4/14 | 5/14 | 6/14 | 7/14 | 8/14 | 9/14 | 10/14 | 11/14 | 12/14 |
| 2.9% | 3.0% | 3.1% | 2.6% | 2.9% | 4.0% | 4.1% | 3.9% | 3.1% | 2.7% | 2.9% | 2.8% |
| 1/15 | 2/15 | 3/15 | 4/15 | 5/15 | 6/15 | 7/15 | 8/15 | 9/15 | 10/15 | 11/15 | 12/15 |
| 2.9% | 2.7% | 2.2% | 2.3% | 2.1% | 3.2% | 3.6% | 3.3% | 2.4% | 2.2% | 2.2% | 2.1% |
| 1/16 | 2/16 | 3/16 | 4/16 | 5/16 | 6/16 | 7/16 | 8/16 | 9/16 | 10/16 | 11/16 | 12/16 |
| 2.4% | 2.2% | 2.3% | 1.8% | 2.0% | 3.1% | 3.4% | 3.5% | 2.6% | 2.4% | 2.2% | 2.1% |
| 1/17 | 2/17 | 3/17 | 4/17 | 5/17 | 6/17 | 7/17 | 8/17 | 9/17 | 10/17 | 11/17 | 12/17 |
| 2.2% | 1.9% | 1.8% |
Sales & Related – Unemployment Rate
| 1/08 | 2/08 | 3/08 | 4/08 | 5/08 | 6/08 | 7/08 | 8/08 | 9/08 | 10/08 | 11/08 | 12/08 |
| 5.2% | 5.2% | 4.8% | 4.3% | 5.1% | 5.6% | 6.2% | 6.3% | 5.7% | 6.1% | 6.5% | 7.0% |
| 1/09 | 2/09 | 3/09 | 4/09 | 5/09 | 6/09 | 7/09 | 8/09 | 9/09 | 10/09 | 11/09 | 12/09 |
| 7.7% | 8.4% | 8.9% | 8.6% | 8.9% | 9.1% | 8.3% | 8.7% | 8.9% | 9.5% | 9.1% | 8.9% |
| 1/10 | 2/10 | 3/10 | 4/10 | 5/10 | 6/10 | 7/10 | 8/10 | 9/10 | 10/10 | 11/10 | 12/10 |
| 10.1% | 10.2% | 9.7% | 9.2% | 9.6% | 9.4% | 10.1% | 9.0% | 9.4% | 9.1% | 8.8% | 8.3% |
| 1/11 | 2/11 | 3/11 | 4/11 | 5/11 | 6/11 | 7/11 | 8/11 | 9/11 | 10/11 | 11/11 | 12/11 |
| 9.3% | 9.0% | 8.5% | 8.5% | 9.4% | 9.7% | 9.4% | 8.6% | 9.4% | 8.2% | 7.8% | 7.7% |
| 1/12 | 2/12 | 3/12 | 4/12 | 5/12 | 6/12 | 7/12 | 8/12 | 9/12 | 10/12 | 11/12 | 12/12 |
| 8.2% | 7.9% | 8.1% | 7.6% | 7.9% | 8.4% | 8.3% | 8.6% | 7.9% | 7.0% | 7.3% | 7.0% |
| 1/13 | 2/13 | 3/13 | 4/13 | 5/13 | 6/13 | 7/13 | 8/13 | 9/13 | 10/13 | 11/13 | 12/13 |
| 8.5% | 8.2% | 7.7% | 6.9% | 7.1% | 6.7% | 6.9% | 7.2% | 7.5% | 7.3% | 7.0% | 6.3% |
| 1/14 | 2/14 | 3/14 | 4/14 | 5/14 | 6/14 | 7/14 | 8/14 | 9/14 | 10/14 | 11/14 | 12/14 |
| 7.1% | 7.7% | 6.8% | 5.8% | 6.8% | 6.1% | 6.2% | 5.6% | 5.4% | 5.2% | 5.3% | 5.0% |
| 1/15 | 2/15 | 3/15 | 4/15 | 5/15 | 6/15 | 7/15 | 8/15 | 9/15 | 10/15 | 11/15 | 12/15 |
| 5.8% | 5.2% | 5.8% | 5.5% | 5.8% | 5.6% | 5.8% | 5.4% | 5.6% | 5.3% | 5.1% | 4.3% |
| 1/16 | 2/16 | 3/16 | 4/16 | 5/16 | 6/16 | 7/16 | 8/16 | 9/16 | 10/16 | 11/16 | 12/16 |
| 5.0% | 4.4% | 4.4% | 5.2% | 5.1% | 4.9% | 4.9% | 4.8% | 5.2% | 4.4% | 4.6% | 4.6% |
| 1/17 | 2/17 | 3/17 | 4/17 | 5/17 | 6/17 | 7/17 | 8/17 | 9/17 | 10/17 | 11/17 | 12/17 |
| 5.2% | 4.3% | 3.9% |