BLS Analysis for Recruiters – February 2025

By on March 7, 2025 in BLS Analysis

Bob Marshall’s February 2025 BLS Analysis for Recruiters; 3/7/25

February BLS Preface

**“HIRE WIRE” – The Podcast for Recruiters**

Continuing with this BLS report—and again thanks to Kevin Franks, our marketing guru—we will provide the monthly podcast for recruiters, “Hire Wire”, the deep dive that explores my report in a short audio format. So, for those of you who have asked for a shorter summary, we now have that available. Just click on the following links and enjoy the audio.

Here is the link: https://youtu.be/qQpovnI_Q3s

TBMG Product & Training Updates:

Coaching Update

PODCAST

On January 14th, 2025, I Was Featured on a Leading Industry Podcast 🎙️

I was invited by Vince Holt to be his expert guest on January’s podcast from MRI (now known as HIREQUEST). In that episode, we talk about critical issues in recruiting—why so many recruiters waste time chasing the wrong clients and what you can do to fix it. Also included my short overview of “Your Desk As A Manufacturing Plant.”

You can still tune in to the podcast to gain insights that can help you land better clients, higher fees, and a more profitable business. Here is the link:

🔗 Chasing The Wrong Client With Bob Marshall

——————–

Coming Up in May

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New Presentation on

Tuesday, May 13th, 2025*

On May 13th at 1pm eastern, I will conduct my next FREE webinar in the Top Echelon Expert Recruiter Coaching Series.  These webinars cover some of the most critical issues currently facing our industry.  And mine especially deal with sharing the classic techniques from the big billers I have known over my now 45 year recruitment career. 

Well, for those of you who come to this edition of the Top Echelon Expert Recruiting Coaching Series (which is free!), I will give a brand-new presentation. More on the content later.

So, come join me at this FREE webinar on Tuesday, May 13th, at 1pm EST. Hope to see you there!

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Books are Available!

A book review from a Tenured Recruitment Firm President…

“Timeless Classic!”

“I have been reading and purchasing Bob’s training materials for over 20 years. I’ve also had him speak with my office. In the book, Bob reviews his classics. Classics doesn’t mean old, but timeless. To be great at anything you must have a process for success. Bob lays out this process with his usual Bob Marshall candor and insight.  I highly recommend the book to anyone just starting in the business or has been in it for 30+ years like me.”

All of the edition formats are available

Specify which format you want to purchase (books can be signed or unsigned). Get enough copies for your entire team; FREE SHIPPING on orders over $50.) The link for the eBook will be emailed directly to you.

BLS Analysis for Recruiters

February Business Articles

Talent shortages still challenge US employers

SIA Editorial Staff, March 6, 2025

Nearly three-quarters of employers, 71%, still struggle to find skilled talent, according to ManpowerGroup’s latest Talent Shortage survey.

This marks a jump from a decade ago, when only 40% of employers reported such challenges.

“Our latest Talent Shortage survey reveals that talent shortages continue to challenge US employers, with a 1% increase in finding skilled talent reported since 2024.

Employers report the greatest difficulty in finding IT and data skills, particularly in AI/ML and cybersecurity,” Ger Doyle, country manager for ManpowerGroup USA, said in a press release. “It is unsurprising that as talent shortages seem to become endemic in the labor market, US organizations are increasingly exploring new strategies to address them.” 

The energy and utilities industry and the transport, logistics and automotive industry face the most challenges, each with 74% of employers reporting talent shortages, followed closely by IT at 73%. 

IT and data skills remain the most challenging to find, cited by 23%, followed by operations and logistics at 21% and sales and marketing at 20%, reflecting the ongoing digital transformation across industries. 

The survey also found organizations are taking multiple approaches to address talent scarcity:

Increasing wages, 28%

Prioritizing upskilling and reskilling current employees, 25% 

Targeting new talent pools, 24%

Offering more schedule flexibility, 20%  

Boosting paid job ads, 19%  

In addition, 12% of employers in the US reported they are turning to AI and automation solutions to help address their talent challenges. 

For the research, ManpowerGroup interviewed 40,413 employers in 42 countries, including more than 6,000 in the US. The fieldwork was completed in all markets from Oct. 1 to Oct. 31, 2024.

CEO confidence spikes to 3-year high in Q1, improvement ‘significant and broad-based’

SIA, Katherine Alvarez, February 21, 2025

The Conference Board Measure of CEO Confidence jumped in the first-quarter report, with US CEOs indicating a shift from the cautious optimism that prevailed in 2024 to a more confident optimism.

The measure rose 9 points this quarter to a reading of 60, the highest level in 3 years. It was well above 50 — a reading above 50 reflects more positive than negative responses — for the first time since early 2022.

“The improvement in CEO confidence in the first quarter of 2025 was significant and broad-based,” Stephanie Guichard, senior economist, global indicators at The Conference Board, said in a press release. “All components of the measure improved, as CEOs were substantially more optimistic about current economic conditions as well as about future economic conditions — both overall and in their own industries.”

CEOs’ assessment of general economic conditions became positive; 44% of CEOs said economic conditions were better than six months ago, up from just 20% last quarter. Only 11% said economic conditions were worse, down significantly from 30% in the fourth-quarter survey.

Guichard noted CEOs’ assessments of current conditions in their own industries also improved.

“Consistent with an improved expected outlook, there was a notable increase in the share of CEOs expecting to increase investment plans and a decline in the share expecting to downsize investment plans,” Guichard said. “Still, a majority of CEOs indicated no revisions to their capital spending plans over the next 12 months.”

CEOs also reported an easing of concerns regarding a range of business risks, according to Roger Ferguson Jr., vice chairman of The Business Council and chair emeritus of The Conference Board. “Compared to [the fourth quarter of] 2024, fewer CEOs ranked cyber threats, regulatory uncertainty, financial and economic risks, and supply chain disruptions as high-impact risks,” Ferguson said. “The one exception was geopolitical instability, which 55% of CEOs in [the first quarter] saw as a high-impact risk to their industry — up from 52% last quarter.”

Employment, Recruiting and Wages

Employment

Overall, 73% of CEOs planned to grow or maintain the size of their workforce over the next 12 months, virtually unchanged from last quarter’s survey. However, the share expecting to expand their workforce fell to 32% from 40% in the fourth quarter while the share planning no change in employment rose to 41% from 34%.

Labor shortages continued to ease, with more CEOs reporting no or little problems hiring. Notably, the share of CEOs planning to reduce their workforce ticked up again, rising 1 percentage point to 27%.

Wages

The share of CEOs planning to raise wages by 3% or more over the next 12 months climbed to 71%, up from 63% in the fourth quarter. A majority of CEOs, 60%, plan wage increases in the 3.0% to 3.9% range, up from 48%.

Capital spending

The survey found 54% of CEOs signaled no desire to change their capital spending plans in the next 12 months. The share of survey participants that are revising their spending plans upward ticked up to 33% in the first quarter from 25% in the prior quarter’s survey.

Remote work

Regarding work arrangements, a schedule requiring 3 to 4 days a week in the office remained the most popular option. However, the share of CEOs planning to shift away from remote work and toward either 3 to 4 days or 100% in-office over the next 12 to 18 months continued to climb.

The survey included 134 CEOs and took place between Jan. 27 and Feb. 10.

Tech job market is still tight despite calming in 2024: Addison Group

SIA Editorial Staff, February 13, 2025

Although the IT job market has calmed down in the past year, it remains tight even as several large IT firms have announced layoffs, according to the 2025 Workforce Planning Guide by Addison Group.

Companies and candidates are both becoming more selective, the report said. “Many candidates are waiting to make a move until they find the ‘perfect’ opportunity,” according to the report. “The good news for employers is that the overall quality of available talent has gone up, and accordingly, companies have adopted more selective hiring standards.”

Still, it cautioned against IT employers stretching out the interview process lest they lose top candidates.

The report also noted that IT candidates are looking at factors other than just pay.

“Although wages are still the top recruiting driver, candidates are also prioritizing culture and sometimes changing jobs for as little as a $10,000 increase if the fit is right,” according to the report. “After a few years of extreme salary increases, tighter budgets are prompting companies to turn their focus to selling key benefits, like healthcare insurance and 401(k)s, to compete for A-players.”

There has also been a shift in expectations around remote work, and fully remote is no longer the norm. Companies now want IT workers nearby and expect them in the office at least two to three days a week. The report cited Info-Tech research that found 47% of tech workers look at hybrid work options when evaluating a role.

Addison Group’s report also looked at hiring trends in other sectors including finance/accounting, HR, engineering and digital marketing.

Overall, the report said demand for top talent remains tight despite a labor market that has cooled. Employers and candidates are now taking much longer to make hiring decisions.

“Companies want more skills and loyal team members, and candidates want not only compensation but benefits and culture,” it said. “This has translated into longer interview processes that lead to extended job vacancies impacting productivity and morale.”

It also noted that jobs requiring AI skills can result in a 25% wage premium in some markets, citing PwC research.

Poll says 42% of remote workers asked to return

SIA, Amrita Ahuja, February 10, 2025

As companies and the federal government continue bringing workers back, 2025 is shaping to be the year of return-to-office mandates, according to a new survey by jobs website Indeed.

Among remote and hybrid workers surveyed, 42% have been asked to return to the office full time, and 53% expressed a positive outlook on the transition.

Meanwhile, 42% of workers surveyed, whether employed full or part time or currently job-seeking, reported applying for a job specifically because it was listed as fully remote. The survey noted this figure rose to 57% for women between the ages of 35 and 44.

Additionally, 48% of respondents who sought remote jobs have children in the household or parent a child under 18.

Top return-to-office barriers for remote and hybrid employees include:

Commute time, 47%

Costs not covered by salary, 28%

Need to purchase clothes, 28%

This survey was conducted online within the US by The Harris Poll on behalf of Indeed from Jan. 30 to Feb. 3 among 1,314 US adults aged 18 and older employed full time or part time or seeking employment. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 3.2 percentage points using a 95% confidence level.

 

The death of the résumé

SIA, Andrea Berkshire, February 10, 2025

The rise of artificial intelligence and the overall effects of technology in our industry have made me feeling nostalgic recently. Seemingly gone are the days of high touch staffing when we could make personal connections.

Allow me to paint a picture for you. It’s the ‘90s. You’re sitting at your desk, tackling a job opening. A towering stack of résumés sits in front of you, each one meticulously highlighted and marked up. You’ve spent hours applying your skills-matching technique, color-coding everything just right while trying not to spill your latest cup of stale office coffee. You fire up your word processor — or if you’re lucky, your computer — and start tweaking each résumé, making sure the objective statement is spot on, the highlights are front and center, and every detail is perfectly aligned with the details you gathered from your in-person interview. And let’s not forget that cover letter you’ve had your candidate rewrite three times to perfection.

The company you’re working with hasn’t yet embraced email for résumés because, let’s be honest, dial-up internet is painfully slow. So, at the end of the day, you make your way to the fax machine, feeding in each résumé one by one. But if you’re like me — competitive and eager — all that took way too long. So instead of relying solely on carefully highlighted résumés, you hit the phones, calling each hiring manager one by one, selling your candidate and securing interviews. And guess what? It worked — 99.9% of the time, it was far more effective than sending faxes into the void! Hiring managers knew and trusted you to understand their culture, their specific hiring needs and their managerial style.

Fast forward to today, and it’s a much different world. With the advancement of technology, those once-common practices have all but disappeared. Vendor-neutral programs have taken over, and direct recruiter-to-hiring-manager access has been significantly reduced, if not eliminated.

Now, looking ahead, it seems like even the traditional résumé is on life support. Automated systems collect and analyze candidate data, highlighting it for hiring managers, effectively replacing the good old-fashioned manual highlighter.

These days, résumés are tailored to feed algorithms rather than be read by actual people. This seems like a natural passing, considering the cover letter has already gone the way of the dodo bird.

Still, for all its strengths, technology does have its blind spots. How do we validate that what someone says is true and accurate? Utilizing skills-based testing or technologies to validate hard skills seems logical, but is AI accurate when assessing personality-based roles or customer-facing positions? Do they consider culture or manager personalities? Have we narrowed the scope with technology so much that we are missing the best match? Sure, technology is impressive, but can advanced AI truly evaluate personalities and soft skills the way a seasoned recruiter can?

While technology and AI are certainly here to stay, the processes of old could still be of value. I believe it’s time to revisit some of our grassroots recruiting practices to move faster and, more importantly, more accurately. It’s time to consider the return of strong recruiter-to-hiring manager relationships as the war for talent heats up.

As the landscape continues to evolve, one thing is certain: Recruiting will always be about people, and maybe, just maybe, it’s time to bring a little more of the human touch back into the process with the elimination of the résumé.

ADP National Employment Report: Private Sector Employment Increased by 77,000 Jobs in February; Over 47% of the New Job Creation (34,000) came from Small & Medium Establishments; Annual Pay was Up 4.7%

ROSELAND, N.J. – March 5, 2023

Private sector employment increased by 77,000 jobs in February and annual pay was up 4.7% year-over-year, according to the February ADP® National Employment ReportTM produced by ADP Research 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. As of January 2025, ADP’s Pay Insights measure captures nearly 14,800,000 individual pay change observations each month, up from nearly 10,000,000 when it launched.

* Sum of components may not equal total due to rounding. The January total number of jobs added was revised from 183,000 to 186,000.

“Policy uncertainty and a slowdown in consumer spending might have led to layoffs or a slowdown in hiring last month,” said Nela Richardson, chief economist, ADP. “Our data, combined with other recent indicators, suggests a hiring hesitancy among employers as they assess the economic climate ahead.”

JOBS REPORT

Private employers added 77,000 jobs in February Hiring slowed to the smallest level of gains since July, with trade and transportation, health care and education, and information showing job losses. Small business employment also fell.

Change in U.S. Private Employment: 77,000

Change by Industry Sector

Goods-producing: 42,000

Natural resources/mining <-2,000>

Construction 26,000

Manufacturing 18,000

Service-providing: 36,000

Trade/transportation/utilities <-33,000>

Information <-14,000>

Financial activities 26,000

Professional/business services 27,000

Education/health services <-28,000>

Leisure/hospitality 41,000

Other services 17,000

Change by U.S. Regions

Northeast: 55,000

New England 34,000

Middle Atlantic 21,000

Midwest: 56,000

East North Central 45,000

West North Central 11,000

South: <-12,000>

South Atlantic <-26,000>

East South Central 32,000

West South Central <-18,000>

West: <-27,000>

Mountain <-2,000>

Pacific <-25,000>

Change by Establishment Size

Small establishments: <-12,000>

1-19 employees <-17,000>

20-49 employees 5,000

Medium establishments: 46,000

50-249 employees 15,000

250-499 employees 31,000

Large establishments: 37,000

500+ employees 37,000

PAY INSIGHTS

Pay gains remained stable in February

For job-changers, year-over-year pay gains slowed slightly, from 6.8% in January to 6.7%. Pay gains for job-stayers were flat at 4.7%.

Median Change in Annual Pay (ADP matched person sample)

Job-Stayers 4.7%

Job-Changers 6.7%

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

Goods-producing:

Natural resources/mining 4.4%

Construction 4.9%

Manufacturing 4.8%

Service-providing:

Trade/transportation/utilities 4.4%

Information 4.2%

Financial activities 5.1%

Professional/business services 4.5%

Education/health services 4.9%

Leisure/hospitality 4.8%

Other services 4.5%

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

Small firms:

1-19 employees 2.8%

20-49 employees 4.4%

Medium firms:

50-249 employees 4.9%

250-499 employees 5.1%

Large firms:

500+ employees 5.0%

The March 2025 ADP National Employment Report will be released at 8:15 a.m. ET on April 2, 2025.

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 2024

February 4, 2025

The number of job openings decreased to 7,600,000 on the last business day of December, the U.S. Bureau of Labor Statistics reported today. Over the month, hires and total separations were little changed at 5,500,000 and 5,300,000, respectively. Within separations, quits (3,200,000) and layoffs and discharges (1,800,000) 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

The number of job openings decreased to 7,600,000 (-556,000) on the last business day of December and was down by 1,300,000 over the year. The job openings rate, at 4.5%, decreased over the month. The number of job openings decreased in professional and business services (-225,000), health care and social assistance (-180,000), and finance and insurance (-136,000). Job openings increased in arts, entertainment, and recreation (+65,000).

Hires

In December, the number of hires changed little at 5,500,000 but was down by 325,000 over the year. The hires rate remained unchanged at 3.4% over the month. Hires increased in finance and insurance (+48,000).

Separations

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

The number of total separations in December was little changed at 5,300,000. The total separations rate remained unchanged at 3.3% over the month.

In December, the number of quits was little changed at 3,200,000 but declined by 242,000 over the year. Over the month, the quits rate was unchanged at 2.0%. Quits decreased in transportation, warehousing, and utilities (-42,000).

In December, the number of layoffs and discharges changed little at 1,800,000. The rate remained unchanged at 1.1%. Layoffs and discharges increased in transportation, warehousing, and utilities (+87,000), and in mining and logging (+6,000).

The number of other separations was essentially unchanged at 302,000 in December.

Establishment Size Class

In December, establishments with 1 to 9 employees showed little or no change in job openings, hires, total separations, quits, and layoffs and discharges rates. For establishments with 5,000 or more employees, the layoffs and discharges rate and total separations rate increased, while the job openings, hires, and quits rates showed little or no change.

November 2024 Revisions

The number of job openings for November was revised up by 58,000 to 8,200,000, the number of hires was revised up by 104,000 to 5,400,000, and the number of total separations was revised up by 105,000 to 5,200,000. Within separations, the number of quits was revised up by 65,000 to 3,100,000, and the number of layoffs and discharges was revised up by 35,000 to 1,800,000. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.)

Upcoming Revisions to the JOLTS Estimates                                   |

                                                                                                    |

As part of its regular annual process, the release of January 2025 estimates on March 11, 2025, will incorporate the annual updates to the Current Employment Statistics employment estimates and the JOLTS seasonal adjustment factors. Unadjusted data and seasonally adjusted data from January 2020 forward are subject to revision.                                                                      

____________

The Job Openings and Labor Turnover Survey estimates for January 2025 are scheduled to be released on Tuesday, March 11, 2025, at 10:00 a.m. (ET).

As we recruiters know, that 7,600,000 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 7,600,000 published job openings now become a total of 38,000,000 published and hidden job orders.

Online Labor Demand Increased in January

February 12, 2025

The Conference Board−Lightcast Help Wanted OnLine® (HWOL) Index increased in January 2025 to 116.4 (July 2018=100), up from a downwardly revised 116.1 in December. The 0.3% increase between January and December followed a 6.8% decrease between December and November. Overall, the Index is down 12.8% 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.

HWOL Annual Revision. With the May 2024 press release, the HWOL program has incorporated its annual revision, which helps ensure the accuracy and consistency of the HWOL Data Series. This year’s annual revision includes updates to the Occupational coding, the Industry coding, and the Geography coding for the HWOL Data Series from January 2015-forward. The HWOL Index has also been updated from January 2020-forward.

In August 2024, Lightcast and The Conference Board identified a technical coding error in the HWOL Data Series. The HWOL Data Series was historically revised from March 2024-present with the release of the July 2024 data.

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 February 2025 is Wednesday, March 12, 2025

U-6 Update

In February 2025, the regular unemployment rate edged up to 4.1% and the broader U-6 measure rose to 8.0%.

The above 8.0% is referred to as the U-6 unemployment rate (found in the monthly BLS Employment Situation Summary, Table A-15; Table A-12 in 2008 and before).  It counts not only people without work seeking full-time employment (the more familiar U-3 rate) but also counts “marginally attached workers and those working part-time for economic reasons.”  Note that some of these part-time workers counted as employed by U-3 could be working as little as an hour a week.  And the “marginally attached workers” include those who have gotten discouraged and stopped looking but still want to work.  The age considered for this calculation is 16 years and over.

Here is a look at the February U-6 numbers for the previous 22 years:

February                      2024                7.3%

February                      2023                6.8%

February                      2022                7.2%

February                      2021                11.1%

February                      2020                7.0%

February                      2019                7.2%

February                      2018                8.2%

February                      2017                9.2%

February                      2016                9.8%

February                      2015                11.0%

February                      2014                12.6%

February                      2013                14.3%

February                      2012                15.0%

February                      2011                15.9%

February                      2010                16.8%

February                      2009                15.0%

February                      2008                9.0%

February                      2007                8.1%

February                      2006                8.4%

February                     2005                9.3%

February                      2004                9.7%

February                      2003                10.1%

The February 2025 BLS Analysis

Total nonfarm payroll employment rose by 151,000 in February, and the unemployment rate edged up to 4.1%, the U.S. Bureau of Labor Statistics reported today. Employment trended up in healthcare, financial activities, transportation and warehousing, and social  assistance. Federal government employment declined.
 
The change in total nonfarm payroll employment for December was revised up by 16,000, from +307,000 to +323,000, and the change for January was revised down by 18,000, from +143,000 to +125,000.  With these revisions, employment in December and January combined is 2,000 lower than previously reported. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.)

The unemployment rate is also published by the BLS.  That rate is found by dividing the number of unemployed by the total civilian labor force.  On March 7th, 2025, the BLS published the most recent unemployment rate for February 2025 of 4.1% (actually, it is 4.139% up .128% from 4.011% in January).

The unemployment rate was determined by dividing the unemployed of 7,052,000

(–up from the month before by 203,000—since February 2024, this number has increased by 590,000) by the total civilian labor force of 170,359,000 (down by 385,000 from January 2025).  Since February 2024, our total civilian labor force has increased by 2,884,000 workers.

(The continuing ‘Strange BLS Math’ saga—after a detour in December 2016 when the BLS {for the first time in years} DECREASED the total Civilian Noninstitutional Population—this month the BLS increased this total to 272,847,000.  This is an increase of 162,000 from last month’s increase of 3,047,000.  In one year, this population has increased by 5,136,000.  For the last several years the Civilian Noninstitutional Population has increased each month—except in December 2016, 2018, 2019, 2020 & 2023—by…)

Up from January 2025by162,000
Up from December 2024by3,047,000
Up from November 2024by175,000
Up from October 2024by174,000
Up from September 2024by209,000
Up from August 2024by224,000
Up from July 2024by212,000
Up from June 2024by206,000
Up from May 2024by190,000
Up from April 2024by182,000
Up from March 2024by182,000
Up from February 2024by173,000
Up from January 2024by171,000
Down from December 2023by451,000
Up from November 2023by169,000
Up from October 2023by180,000
Up from September 2023by214,000
Up from August 2023by215,000
Up from July 2023by211,000
Up from June 2023by152,000
Up from May 2023by183,000
Up from April 2023by175,000
Up from March 2023by171,000
Up from February 2023by160,000
Up from January 2023by150,000
Up from December 2022by1,118,000
Up from November 2022by136,000
Up from October 2022by173,000
Up from September 2022by179,000
Up from August 2022by172,000
Up from July 2022by172,000
Up from June 2022by177,000
Up from May 2022by156,000
Up from April 2022by120,000
Up from March 2022by115,000
Up from February 2022by120,000
Up from January 2022by122,000

Subtract the ‘civilian labor force’ from the ‘civilian noninstitutional population’) and you get 102,488,000 ‘Not in Labor Force’—up by 547,000 from last month’s 101,941,000.  In one year, this NILF population has increased by 2,250,000.  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 62.4%.  This rate is exactly the same as 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 February was 2.4% (this rate was .2% higher than last month’s 2.2%).  Or you can look at it another way.  We usually place people who have college degrees.  That unemployment rate in February was 2.5% (this rate was .2% higher than last month’s 2.3%).

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 February 27th, the real gross domestic product (GDP) increased at an annual rate of 2.3% in the fourth quarter of 2024 (October, November, and December), according to the “second” estimate released by the Bureau of Economic Analysis. In the third quarter of 2024, real GDP increased 3.1%.

The increase in real GDP in the fourth quarter primarily reflected increases in consumer spending and government spending that were partly offset by a decrease in investment. Imports, which are a subtraction in the calculation of GDP, decreased.

Real GDP was revised up by less than 0.1% from the advance estimate released last month, primarily reflecting upward revisions to government spending and exports that were partly offset by downward revisions to consumer spending and investment.

Compared to the third quarter, the deceleration in real GDP in the fourth quarter primarily reflected downturns in investment and exports that were partly offset by an acceleration in consumer spending. Imports turned down.

The price index for gross domestic purchases increased 2.3% in the fourth quarter, revised up 0.1% from the previous estimate. The personal consumption expenditures (PCE) price index increased 2.4%, revised up 0.1%. Excluding food and energy prices, the PCE price index increased 2.7%, revised up 0.2%.

GDP for 2024

Real GDP increased 2.8% in 2024 (from the 2023 annual level to the 2024 annual level), the same as previously estimated. The increase in real GDP in 2024 reflected increases in consumer spending, investment, government spending, and exports. Imports increased.

The price index for gross domestic purchases increased 2.4% in 2024, revised up 0.1%. The PCE price index increased 2.5%, the same as the previous estimate. Excluding food and energy prices, the PCE price index increased 2.8%, also the same as the previous estimate.

*          *          *

Next release: March 27, 2025, at 8:30 a.m. EDT
Gross Domestic Product (Third Estimate)
Corporate Profits
Gross Domestic Product by Industry
4th Quarter and Year 2024

IT IS IMPOSSIBLE FOR UNEMPLOYMENT EVER TO BE ZERO

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

There are five main sources of unemployment:

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

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

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

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

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

Other factors influencing the unemployment rate:

1.  Length of unemployment – Some studies indicate that an important factor influencing a worker’s decision to accept a new job is directly related to the length of the unemployment benefit they are receiving.  Currently, workers in most states are eligible for up to 26 weeks of benefits from the regular state-funded unemployment compensation program.

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

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

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

WHERE RECRUITERS PLACE

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

If you look at the past 25 years of unemployment in the February “management, professional and related” types of worker category, you will find the following rates:

February                      2024                            2.2%

February                      2023                            2.0%

February                      2022                            2.2%

February                      2021                            3.2%

February                      2020                            1.8%

February                      2019                            2.0%

February                      2018                            2.0%

February                      2017                            2.1%

February                      2016                            2.4%

February                      2015                            2.7%

February                      2014                            3.2%

February                      2013                            3.8%

February                      2012                            4.2%

February                      2011                            4.4%

February                      2010                            4.8%

February                      2009                            3.9%

February                      2008                            2.2%

February                      2007                            1.9%

February                      2006                            2.1%

February                      2005                            2.5%

February                      2004                            2.7%

February                      2003                            3.1%

February                      2002                            2.8%

February                      2001                            1.8%

February                      2000                            1.6%

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

February                      2024                            2.2%

February                      2023                            2.1%

February                      2022                            2.2%

February                      2021                            3.8%

February                      2020                            1.9%

February                      2019                            2.2%

February                      2018                            2.2%

February                      2017                            2.4%

February                      2016                            2.5%

February                      2015                            2.7%

February                      2014                            3.4%

February                      2013                            3.9%

February                      2012                            4.2%

February                      2011                            4.3%

February                      2010                            4.9%

February                      2009                            4.2%

February                      2008                            2.1%

February                      2007                            1.9%

February                      2006                            2.2%

February                      2005                            2.4%

February                      2004                            2.9%

February                      2003                            3.0%

February                      2002                            2.8%

February                      2001                            1.6%

February                      2000                            1.6%

The February 2025 rates for these two categories, 2.4% and 2.5%, respectively, are pretty low.  But regardless, these unemployment numbers usually include a good number of job hoppers, job shoppers and rejects.  We, on the other hand, are engaged by our client companies to find those candidates who are happy, well-appreciated, making good money and currently working and we entice them to move for even better opportunities—especially where new technologies are expanding.  This will never change.  And that is why, no matter the overall unemployment rate, we still need to MARKET to find the best possible job orders to work and we still need to RECRUIT to find the best possible candidates for those Job Orders.

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

Less than H.S. diploma – Unemployment Rate

1/082/083/084/085/086/087/088/089/0810/0811/0812/08
7.7%7.4%8.2%7.9%8.4%8.9%8.6%9.7%9.8%10.4%10.6%10.9%
1/092/093/094/095/096/097/098/099/0910/0911/0912/09
12.0%12.6%13.3%14.8%15.5%15.5%15.4%15.6%15.0%15.5%15.0%15.3%
1/102/103/104/105/106/107/108/109/1010/1011/1012/10
15.2%15.6%14.5%14.7%15.0%14.1%13.8%14.0%15.4%15.3%15.7%15.3%
1/112/113/114/115/116/117/118/119/1110/1111/1112/11
14.2%13.9%13.7%14.6%14.7%14.3%15.0%14.3%14.0%13.8%13.2%13.8%
1/122/123/124/125/126/127/128/129/1210/1211/1212/12
13.1%12.9%12.6%12.5%13.0%12.6%12.7%12.0%11.3%12.2%12.2%11.7%
1/132/133/134/135/136/137/138/139/1310/1311/1312/13
12.0%11.2%11.1%11.6%11.1%10.7%11.0%11.3%10.3%10.9%10.8%9.8%
1/142/143/144/145/146/147/148/149/1410/1411/1412/14
9.6%9.8%9.6%8.9%9.1%9.1%9.6%9.1%8.4%7.9%8.5%8.8%
1/152/153/154/155/156/157/158/159/1510/1511/1512/15
8.5%8.4%8.6%8.6%8.6%8.2%8.3%7.7%7.7%7.3%6.8%6.7%
1/162/163/164/165/166/167/168/169/1610/1611/1612/16
7.4%7.3%7.4%7.5%7.1%7.5%6.3%7.2%8.5%7.3%7.9%7.9%
1/172/173/174/175/176/177/178/179/1710/1711/1712/17
7.3%7.9%6.8%6.5%6.1%6.4%6.9%6.0%6.5%5.7%5.2%6.3%
1/182/183/184/185/186/187/188/189/1810/1811/1812/18
5.4%5.7%5.5%5.9%5.4%5.5%5.1%5.7%5.5%6.0%5.6%5.8%
1/192/193/194/195/196/197/198/199/1910/1911/1912/19
5.7%5.3%5.9%5.4%5.4%5.3%5.1%5.4%4.8%5.6%5.3%5.2%
1/202/203/204/205/206/207/208/209/2010/2011/2012/20
5.5%5.7%6.8%21.2%19.9%16.6%15.4%12.6%10.7%9.9%9.2%9.8%
1/212/213/214/215/216/217/218/219/2110/2111/2112/21
9.1%10.1%8.2%9.3%9.1%10.2%9.5%7.8%7.9%7.4%5.7%5.2%
1/222/223/224/225/226/227/228/229/2210/2211/2212/22
6.3%4.3%5.2%5.4%5.2%5.8%5.9%6.2%5.6%6.3%4.4%5.0%
1/232/233/234/235/236/237/238/239/2310/2311/2312/23
4.5%5.8%4.8%5.4%5.7%6.0%5.2%5.4%5.5%5.8%6.3%6.0%
1/242/243/244/245/246/247/248/249/2410/2411/2412/24
6.0%6.1%4.9%6.0%5.9%5.9%6.7%7.1%6.8%6.6%6.0%5.6%
1/252/253/254/255/256/257/258/259/2510/2511/2512/25
5.2%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%4.2%4.1%4.0%4.3%4.2%4.6%4.0%4.0%4.0%4.6%4.3%
1/252/253/254/255/256/257/258/259/2510/2511/2512/25
4.5%4.2%        

Some College; or AA/AS – Unemployment Rate

1/082/083/084/085/086/087/088/089/0810/0811/0812/08
3.7%3.8%3.9%4.0%4.3%4.4%4.6%5.0%5.1%5.3%5.5%5.6%
1/092/093/094/095/096/097/098/099/0910/0911/0912/09
6.2%7.0%7.2%7.4%7.7%8.0%7.9%8.2%8.5%9.0%9.0%9.0%
1/102/103/104/105/106/107/108/109/1010/1011/1012/10
8.5%8.0%8.2%8.3%8.3%8.2%8.3%8.7%9.1%8.5%8.7%8.1%
1/112/113/114/115/116/117/118/119/1110/1111/1112/11
8.0%7.8%7.4%7.5%8.0%8.4%8.3%8.2%8.4%8.3%7.6%7.7%
1/122/123/124/125/126/127/128/129/1210/1211/1212/12
7.2%7.3%7.5%7.6%7.9%7.5%7.1%6.6%6.5%6.9%6.6%6.9%
1/132/133/134/135/136/137/138/139/1310/1311/1312/13
7.0%6.7%6.4%6.4%6.5%6.4%6.0%6.1%6.0%6.3%6.4%6.1%
1/142/143/144/145/146/147/148/149/1410/1411/1412/14
6.0%6.2%6.1%5.7%5.5%5.0%5.3%5.4%5.4%4.8%4.9%5.0%
1/152/153/154/155/156/157/158/159/1510/1511/1512/15
5.2%5.1%4.8%4.7%4.4%4.2%4.4%4.4%4.3%4.3%4.4%4.1%
1/162/163/164/165/166/167/168/169/1610/1611/1612/16
4.2%4.2%4.1%4.1%3.9%4.2%4.3%4.3%4.2%4.2%3.9%3.8%
1/172/173/174/175/176/177/178/179/1710/1711/1712/17
3.8%4.0%3.7%3.7%4.0%3.8%3.7%3.8%3.6%3.7%3.6%3.6%
1/182/183/184/185/186/187/188/189/1810/1811/1812/18
3.4%3.5%3.6%3.5%3.2%3.3%3.2%3.5%3.2%3.0%3.1%3.3%
1/192/193/194/195/196/197/198/199/1910/1911/1912/19
3.4%3.2%3.4%3.1%2.8%3.0%3.2%3.1%2.9%2.9%2.9%2.7%
1/202/203/204/205/206/207/208/209/2010/2011/2012/20
2.8%3.0%3.7%15.0%13.3%10.9%10.0%8.0%8.1%6.6%6.3%6.3%
1/212/213/214/215/216/217/218/219/2110/2111/2112/21
6.2%5.9%5.9%5.8%5.9%5.8%5.0%5.1%4.5%4.4%3,7%3.6%
1/222/223/234/225/226/227/228/229/2210/2211/2212/22
3.6%3.8%3.0%3.1%3.4%3.1%2.8%2.9%2.9%3.0%3.2%2.9%
1/232/233/234/235/236/237/238/239/2310/2311/2312/23
2.9%3.2%3.0%2.9%3.2%3.1%3.1%3.0%3.0%3.1%2.8%3.1%
1/232/233/234/235/236/237/238/239/2310/2311/2312/23
2.9%3.2%3.0%2.9%3.2%3.1%3.1%3.0%3.0%3.1%2.8%3.1%
1/242/243/244/245/246/247/248/249/2410/2411/2412/24
3.3%3.1%3.4%3.3%3.1%3.4%3.5%3.4%3.4%3.4%3.6%3.5%
1/252/253/254/255/256/257/258/259/2510/2511/2512/25
3.5%3.5%        

BS/BS + – Unemployment Rate

1/082/083/084/085/086/087/088/089/0810/0811/0812/08
2.1%2.1%2.1%2.1%2.3%2.4%2.5%2.7%2.6%3.1%3.2%3.7%
1/092/093/094/095/096/097/098/099/0910/0911/0912/09
3.9%4.1%4.3%4.4%4.8%4.7%4.7%4.7%4.9%4.7%4.9%5.0%
1/102/103/104/105/106/107/108/109/1010/1011/1012/10
4.8%5.0%4.9%4.9%4.7%4.4%4.5%4.6%4.4%4.7%5.1%4.8%
1/112/113/114/115/116/117/118/119/1110/1111/1112/11
4.2%4.3%4.4%4.5%4.5%4.4%4.3%4.3%4.2%4.4%4.4%4.1%
1/122/123/124/125/126/127/128/129/1210/1211/1212/12
4.2%4.2%4.2%4.0%3.9%4.1%4.1%4.1%4.1%3.8%3.8%3.9%
1/132/133/134/135/136/137/138/139/1310/1311/1312/13
3.8%3.8%3.8%3.9%3.8%3.9%3.8%3.5%3.7%3.8%3.4%3.3%
1/142/143/144/145/146/147/148/149/1410/1411/1412/14
3.3%3.4%3.4%3.3%3.2%3.3%3.1%3.2%2.9%3.1%3.2%2.8%
1/152/153/154/155/156/157/158/159/1510/1511/1512/15
2.8%2.7%2.5%2.7%2.7%2.5%2.6%2.5%2.5%2.5%2.5%2.5%
1/162/163/164/165/166/167/168/169/1610/1611/1612/16
2.5%2.5%2.6%2.4%2.4%2.5%2.5%2.7%2.5%2.6%2.3%2.5%
1/172/173/174/175/176/177/178/179/1710/1711/1712/17
2.5%2.4%2.5%2.4%2.3%2.4%2.4%2.4%2.3%2.0%2.1%2.1%
1/182/183/184/185/186/187/188/189/1810/1811/1812/18
2.1%2.3%2.2%2.1%2.0%2.3%2.2%2.1%2.0%2.0%2.2%2.1%
1/192/193/194/195/196/197/198/199/1910/1911/1912/19
2.4%2.2%2.0%2.1%2.1%2.1%2.2%2.1%2.0%2.1%2.0%1.9%
1/202/203/204/205/206/207/208/209/2010/2011/2012/20
2.0%1.9%2.5%8.4%7.4%6.9%6.7%5.3%4.7%4.2%4.2%3.8%
1/212/213/214/215/216/217/218/219/2110/2111/2112/21
4.0%3.8%3.7%3.5%3.2%3.5%3.1%2.8%2.5%2.4%2.3%2.1%
1/222/223/224/225/226/227/228/229/2210/2211/2212/22
2.3%2.2%2.0%2.0%2.0%2.1%2.0%1.9%1.8%1.9%2.0%1.9%
1/232/233/234/235/236/237/238/239/2310/2311/2312/23
2.0%2.0%2.0%1.9%2.1%2.0%2.0%2.2%2.1%2.1%2.1%2.1%
1/242/243/244/245/246/247/248/249/2410/2411/2412/24
2.1%2.2%2.1%2.2%2.1%2.4%2.3%2.5%2.3%2.5%2.5%2.4%
1/252/253/254/255/256/257/258/259/2510/2511/2512/245
2.3%2.5%        

Management, Professional & Related – Unemployment Rate

1/082/083/084/085/086/087/088/089/0810/0811/0812/08
2.2%2.2%2.1%2.0%2.6%2.7%2.9%3.3%2.8%3.0%3.2%3.3%
1/092/093/094/095/096/097/098/099/0910/0911/0912/09
4.1%3.9%4.2%4.0%4.6%5.0%5.5%5.4%5.2%4.7%4.6%4.6%
1/102/103/104/105/106/107/108/109/1010/1011/1012/10
5.0%4.8%4.7%4.5%4.5%4.9%5.0%5.1%4.4%4.5%4.7%4.6%
1/112/113/114/115/116/117/118/119/1110/1111/1112/11
4.7%4.4%4.3%4.0%4.4%4.7%5.0%4.9%4.4%4.4%4.2%4.2%
1/122/123/124/125/126/127/128/129/1210/1211/1212/12
4.3%4.2%4.2%3.7%4.0%4.4%4.8%4.5%3.9%3.8%3.6%3.9%
1/132/133/134/135/136/137/138/139/1310/1311/1312/13
3.9%3.8%3.6%3.5%3.5%4.2%4.1%3.8%3.5%3.4%3.1%2.9%
1/142/143/144/145/146/147/148/149/1410/1411/1412/14
3.1%3.2%3.3%2.9%3.1%3.5%3.5%3.4%2.8%2.7%2.8%2.7%
1/152/153/154/155/156/157/158/159/1510/1511/1512/15
2.9%2.7%2.4%2.4%2.4%2.9%3.1%2.9%2.4%2.2%2.1%2.0%
1/162/163/164/165/166/167/168/169/1610/1611/1612/16
2.3%2.4%2.4%2.1%2.1%2.8%3.0%3.1%2.7%2.5%2.3%2.2%
1/172/173/174/175/176/177/178/179/1710/1711/1712/17
2.3%2.1%2.0%2.0%1.9%2.3%2.7%2.8%2.3%2.1%2.0%2.0%
1/182/183/184/185/186/187/188/189/1810/1811/1812/18
2.2%2.0%2.0%1.8%1.7%2.5%2.4%2.5%2.0%1.9%2.1%2.1%
1/192/193/194/195/196/197/198/199/1910/1911/1912/19
2.5%2.0%2.0%1.6%1.7%2.4%2.4%2.3%1.9%1.8%1.8%1.8%
1/202/203/204/205/206/207/208/209/2010/2011/2012/20
2.2%1.8%2.5%7.7%6.6%6.5%6.6%5.5%4.5%3.7%3.7%3.4%
1/212/213/214/215/216/217/218/219/2110/2111/2112/21
3.7%3.2%3.1%3.0%2.8%3.5%3.3%3.2%2.4%2.2%1.9%1.7%
1/222/223/224/225/226/227/228/229/2210/2211/2212/22
2.3%2.2%1.5%1.6%1.6%2.2%2.4%2.4%1.8%2.0%1.8%1.7%
1/232/233/234/235/236/237/238/239/2310/2311/2312/23
2.1%2.0%1.9%1.6%1.8%2.2%2.4%2.4%2.0%1.9%1.8%1.8%
1/242/243/244/245/246/247/248/249/2410/2411/2412/24
2.1%2.2%2.2%1.9%2.0%2.6%2.9%2.9%2.3%2.3%2.2%2.1%
1/252/253/254/255/256/257/258/259/2510/2511/2512/25
2.2%2.4%        

Or employed… (,000)

1/082/083/084/085/086/087/088/089/0810/0811/0812/08
52,16552,49852,68152,81952,54452,73552,65552,62653,10453,48553,27452,548
1/092/093/094/095/096/097/098/099/0910/0911/0912/09
52,35852,19652,34552,59752,25651,77651,81051,72452,18652,98152,26352,131
1/102/103/104/105/106/107/108/109/1010/1011/1012/10
52,15952,32452,16352,35551,83951,41450,97450,87951,75751,81852,26351,704
1/112/113/114/115/116/117/118/119/1110/1111/1112/11
51,86652,55753,24353,21652,77852,12051,66251,99752,66552,86452,78752,808
1/122/123/124/125/126/127/128/129/1210/1211/1212/12
53,15253,20853,77154,05554,15653,84653,16553,69654,65555,22354,95154,635
1/132/133/134/135/136/137/138/139/1310/1311/1312/13
54,21454,56354,72154,76754,74054,32354,06454,51555,01355,15555,58354,880
1/142/143/144/145/146/147/148/149/1410/1411/1412/14
55,09655,50156,03655,89656,20255,71455,38155,64656,36556,75957,11056,888
1/152/153/154/155/156/157/158/159/1510/1511/1512/15
57,36757,59657,80557,95358,15557,71057,39257,28858,10558,45658,66759,030
1/162/163/164/165/166/167/168/169/1610/1611/1612/16
59,01459,58360,08059,69059,61359,18158,43458,52659,59959,76659,70760,069
1/172/173/174/175/176/177/178/179/1710/1711/1712/17
59,92161,06461,15661,31761,17460,70559,92359,55960,99061,06261,81862,121
1/182/183/184/185/186/187/188/189/1810/1811/1812/18
62,12362,90863,06762,56162,36061,34961,43361,59362,18162,92963,08463,642
1/192/193/194/195/196/197/198/199/1910/1911/1912/19
63,81864,28164,29963,56063,59463,41863,39463,67964,34364,99765,54865,682
1/202/203/204/205/206/207/208/209/2010/2011/2012/20
65,53366,09165,88161,15262,33063,29062,45163,09562,75963,27763,38764,007
1/212/213/214/215/216/217/218/219/2110/2111/2112/21
63,88664,47164,50364,26464,26864,31664,17964,12265,16365,33566,06066,366
1/222/223/224/225/226/227/228/229/2210/2211/2212/22
66,74067,75467,82367,31967,65267,22467,87468,37769,05668,91869.15669,297
1/232/233/234/235/236/237/238/239/2310/2311/2312/23
69,24969,98670,65170,40370,38869,95669,66269,28070,41771,38771,35070,572
1/242/243/244/245/246/247/248/249/2410/2411/2412/24
70,65070,21770,78670,54870.89771,00270,16769,89270,91671,55371,25871,042
1/252/253/254/255/256/257/258/259/2510/2511/2512/25
71,54771,477        

And unemployed… (,000)

1/082/083/084/085/086/087/088/089/0810/0811/0812/08
1,1641,1591,1211,0881,4071,4781,5851,7791,5391,6471,7861,802
1/092/093/094/095/096/097/098/099/0910/0911/0912/09
2,2382,1372,2922,1642,3732,7203,0342,9252,8592,5932,5302,509
1/102/103/104/105/106/107/108/109/1010/1011/1012/10
2,7622,6372,6002,4642,4502,6442,6872,7622,3812,4172,5252,468
1/112/113/114/115/116/117/118/119/1110/1111/1112/11
2,5572,4352,3812,1962,4192,5982,7422,6712,4502,4102,3362,303
1/122/123/124/125/126/127/128/129/1210/1211/1212/12
2,4102,3362,3302,0622,2752,4722,6662,5562,2452,1702,0772,221
1/132/133/134/135/136/137/138/139/1310/1311/1312/13
2,2112,1642,0201,9801,9902,3582,2862,1301,9781,9301,7491,637
1/142/143/144/145/146/147/148/149/1410/1411/1412/14
1,7841,8451,8901,6421,7952,0012,0111,9301,6171,5821,6561,568
1/152/153/154/155/156/157/158/159/1510/1511/1512/15
1,7411,6011,3981,4351,4601,7141,8071,6861,4141,3121,2761,208
1/162/163/164/165/166/167/168/169/1610/1611/1612/16
1,4041,4561,4771,2511,3051,7121,7821,8691,6521,5061,3821,361
1/172/173/174/175/176/177/178/179/1710/1711/1712/17
1,4251,3131,2651,2541,2081,4401,6561,7311,4631,2851,2661,290
1/182/183/184/185/186/187/188/189/1810/1811/1812/18
1,3741,3011,3101,1341,0831,5751,5391,5911,2991,2461,3301,368
1/192/193/194/195/196/197/198/199/1910/1911/1912/19
1,6071,3171,2891,0401,0861,5401,5911,4761,2351,1611,2081,171
1/202/203/204/205/206/207/208/209/2010/2011/2012/20
1,4541,2071,6635,0794,4324,3904,4003,6802,9462,4482,4152,235
1/212/213/214/215/216/217/218/219/2110/2111/2112/21
2,4332,1582,0632,0141,8792,3032,2032,1231,5801,4531,3081,146
1/222/223/224/225/226/227/228/229/2210/2211/2212/22
1,5831,4901,0531,0881,0981,5201,6501,6471,2911,3981,2471,198
1/232/233/234/235/236/237/238/239/2310/2311/2312/23
1,4601,4061,3681,1531,2811,6091,7011,7121,4661,4151,3011,314
1/242/243/244/245/246/247/248/249/2410/2411/2412/24
1,5271,5801,5801,3991,4231,8872,0952,0561,6471,6891,5811,490
1/252/253/254/255/256/257/258/259/2510/2511/2512/25
1,6041,720        

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

1/082/083/084/085/086/087/088/089/0810/0811/0812/08
53,32953,65753,80253,90753,95154,21354,24054,40554,64355,13255,06054,350
1/092/093/094/095/096/097/098/099/0910/0911/0912/09
54,59654,33354,63754,76154,62954,49654,84454,64955,04555,57454,79354,640
1/102/103/104/105/106/107/108/109/1010/1011/1012/10
54,92154,96154,76354,81954,28954,05853,66153,64154,13854,23554,78854,172
1/112/113/114/115/116/117/118/119/1110/1111/1112/11
54,42354,99255,62455,41255,19754,71854,40454,66855,11555,27455,12355,111
1/122/123/124/125/126/127/128/129/1210/1211/1212/12
55,56255,54456,10156,11756,43156,31855,83156,25256,90057,39357,02856,856
1/132/133/134/135/136/137/138/139/1310/1311/1312/13
56,42556,72756,74156,74756,73056,68156,35056,64556,99157,08557,33256,517
1/142/143/144/145/146/147/148/149/1410/1411/1412/14
56,88057,34657,92657,53857,99757,71557,39257,57657,98258,34158,76658,456
1/152/153/154/155/156/157/158/159/1510/1511/1512/15
59,10859,19759,20359,38859,61559,42459,19958,97459,51959,76859,94360,238
1/162/163/164/165/166/167/168/169/1610/1611/1612/16
60,41861,03961,55760,94160,91860,89360,21660,39561,25161,27261,08961,430
1/172/173/174/175/176/177/178/179/1710/1711/1712/17
61,34662,37762,42162,57162,38262,14561,57961,29062,45362,34763,08463,411
1/182/183/184/185/186/187/188/189/1810/1811/1812/18
63,49764,20964,37763,69563,44362,92462,97263,18463,48064,17564,41465,010
1/192/193/194/195/196/197/198/199/1910/1911/1912/19
65,42565,59865,58864,60064,68064,95864,98565,15565,57866,15866,75666,853
1/202/203/204/205/206/207/208/209/2010/2011/2012/20
66,98767,29867,54466,23166,76267,68066,85166,77565,70565,67565,80266,242
1/212/213/214/215/216/217/218/219/2110/2111/2112/21
66,31966,62966,56666,27866,14766,61966,38266,24566,74366,78867,36867,512
1/222/223/224/225/226/227/228/229/2210/2211/2212/22
68,32369,24468,87668,40768,75068,74469,52470,02470,34770,31670.40370,495
1/232/233/234/235/236/237/238/239/2310/2311/2312/23
70,70971,39272,01971,55671,66971,56571,36370,99271,88372,80272,65171,886
1/242/243/244/245/246/247/248/249/2410/2411/2412/24
72,17771,79772,36671,94772,32072,88972,26271,94872,56373,24272,83972,532
1/252/253/254/255/256/257/258/259/2510/2511/2512/25
73,15173,197        

Management, Business and Financial Operations – Unemployment Rate

1/082/083/084/085/086/087/088/089/0810/0811/0812/08
2.3%2.3%2.2%2.1%2.7%2.5%2.6%2.8%2.8%3.0%3.6%3.9%
1/092/093/094/095/096/097/098/099/0910/0911/0912/09
4.6%4.5%4.5%4.4%4.6%4.8%4.9%5.0%5.2%5.4%5.4%5.2%
1/102/103/104/105/106/107/108/109/1010/1011/1012/10
5.2%5.1%5.4%5.1%4.9%4.8%4.7%4.9%4.3%5.0%5.5%5.7%
1/112/113/114/115/116/117/118/119/1110/1111/1112/11
5.3%4.9%4.8%4.6%4.9%4.6%4.6%4.6%4.6%4.7%4.6%4.4%
1/122/123/124/125/126/127/128/129/1210/1211/1212/12
4.5%4.4%4.4%4.0%4.1%3.8%3.8%3.7%3.5%3.6%3.8%4.1%
1/132/133/134/135/136/137/138/139/1310/1311/1312/13
4.0%3.9%3.5%3.5%3.8%3.5%3.1%3.4%3.3%3.7%3.2%3.1%
1/142/143/144/145/146/147/148/149/1410/1411/1412/14
3.4%3.6%3.5%3.2%3.3%2.8%2.7%2.6%2.4%2.7%2.7%2.5%
1/152/153/154/155/156/157/158/159/1510/1511/1512/15
3.0%2.8%2.6%2.6%2.9%2.4%2.3%2.2%2.4%2.2%2.1%1.9%
1/162/163/164/165/166/167/168/169/1610/1611/1612/16
2.3%2.6%2.5%2.4%2.4%2.5%2.4%2.5%2.8%2.5%2.3%2.4%
1/172/173/174/175/176/177/178/179/1710/1711/1712/17
2.5%2.4%2.4%2.2%1.8%1.9%1.9%2.4%2.5%1.9%1.9%2.0%
1/182/183/184/185/186/187/188/189/1810/1811/1812/18
2.0%2.0%2.0%1.8%1.7%2.1%1.9%2.0%2.1%2.0%2.1%2.2%
1/192/193/194/195/196/197/198/199/1910/1911/1912/19
2.5%2.1%2.0%1.4%1.5%1.9%1.8%1.9%1.6%1.7%1.6%1.9%
1/202/203/204/205/206/207/208/209/2010/2011/2012/20
2.3%1.8%2.2%6.2%5.1%4.8%5.1%4.7%4.8%4.3%3.9%3.6%
1/212/213/214/215/216/217/218/219/2110/2111/2112/21
3.8%3.5%3.4%3.1%2.9%3.0%2.6%2.9%2.3%2.3%2.2%1.8%
1/222/223/224/225/226/227/228/229/2210/2211/2212/22
2.1%2.1%1.5%1.6%1.4%1.6%1.5%1.7%1.8%2.1%1.9%1.8%
1/232/233/234/235/236/237/238/239/2310/2311/2312/23
2.0%2.1%2.1%1.8%2.0%1.9%1.9%2.1%2.1%1.8%1.7%2.0%
1/242/243/244/245/246/247/248/249/2410/2411/2412/24
2.1%2.4%2.3%2.4%2.0%2.2%2.3%2.4%2.2%2.3%2.2%2.0%
1/252/253/254/255/256/257/258/259/2510/2511/2512/25
2.1%2.3%        

Professional & Related – Unemployment Rate

1/082/083/084/085/086/087/088/089/0810/0811/0812/08
2.1%2.1%2.0%2.0%2.5%2.9%3.2%3.6%2.8%3.0%3.0%2.9%
1/102/103/104/105/106/107/108/109/1010/1011/1012/10
4.9%4.6%4.3%4.1%4.3%5.0%5.2%5.3%4.4%4.1%4.1%3.8%
1/112/113/114/115/116/117/118/119/1110/1111/1112/11
4.3%4.1%3.9%3.5%4.0%4.9%5.3%5.1%4.4%4.1%4.0%4.0%
1/122/123/124/125/126/127/128/129/1210/1211/1212/12
4.2%4.1%4.0%3.5%4.0%4.8%5.5%5.2%4.3%3.9%3.5%3.8%
1/132/133/134/135/136/137/138/139/1310/1311/1312/13
3.8%3.8%3.6%3.4%3.3%4.6%4.7%4.0%3.6%3.1%2.9%2.7%
1/142/143/144/145/146/147/148/149/1410/1411/1412/14
2.9%3.0%3.1%2.6%2.9%4.0%4.1%3.9%3.1%2.7%2.9%2.8%
1/152/153/154/155/156/157/158/159/1510/1511/1512/15
2.9%2.7%2.2%2.3%2.1%3.2%3.6%3.3%2.4%2.2%2.2%2.1%
1/162/163/164/165/166/167/168/169/1610/1611/1612/16
2.4%2.2%2.3%1.8%2.0%3.1%3.4%3.5%2.6%2.4%2.2%2.1%
1/172/173/174/175/176/177/178/179/1710/1711/1712/17
2.2%1.9%1.8%1.8%2.0%2.6%3.3%3.1%2.3%2.2%2.0%2.1%
1/182/183/184/185/186/187/188/189/1810/1811/1812/18
2.3%2.0%2.1%1.8%1.7%2.8%2.8%2.9%2.0%1.9%2.1%2.1%
1/192/193/194/195/196/197/198/199/1910/1911/1912/19
2.4%2.0%1.9%1.8%1.8%2.7%2.9%2.6%2.1%1.8%1.9%1.7%
1/202/203/204/205/206/207/208/209/2010/2011/2012/20
2.1%1.8%2.6%8.8%7.7%7.7%7.6%6.1%4.3%3.3%3.5%3.2%
1/212/213/214/215/216/217/218/219/2110/2111/2112/21
3.5%3.1%2.9%3.0%2.8%3.8%3.9%3.4%2.4%2.1%1.8%1.6%
1/222/223/224/225/226/227/228/229/2210/2211/2212/22
2.5%2.2%1.6%1.6%1.7%2.6%3.0%2.8%1.9%1.9%1.7%1.6%
1/232/233/234/235/236/237/238/239/2310/2311/2312/23
2.1%1.9%1.8%1.4%1.7%2.5%2.8%2.7%2.0%2.1%1.9%1.7%
1/242/243/244/245/246/247/248/249/2410/2411/2412/24
2.1%2.1%2.1%1.6%1.9%2.9%3.3%3.2%2.3%2.3%2.1%2.1%
1/252/253/254/255/256/257/258/259/2510/2511/2512/25
2.3%2.4%        

Sales & Related – Unemployment Rate

1/082/083/084/085/086/087/088/089/0810/0811/0812/08
5.2%5.2%4.8%4.3%5.1%5.6%6.2%6.3%5.7%6.1%6.5%7.0%
1/092/093/094/095/096/097/098/099/0910/0911/0912/09
7.7%8.4%8.9%8.6%8.9%9.1%8.3%8.7%8.9%9.5%9.1%8.9%
1/102/103/104/105/106/107/108/109/1010/1011/1012/10
10.1%10.2%9.7%9.2%9.6%9.4%10.1%9.0%9.4%9.1%8.8%8.3%
1/112/113/114/115/116/117/118/119/1110/1111/1112/11
9.3%9.0%8.5%8.5%9.4%9.7%9.4%8.6%9.4%8.2%7.8%7.7%
1/122/123/124/125/126/127/128/129/1210/1211/1212/12
8.2%7.9%8.1%7.6%7.9%8.4%8.3%8.6%7.9%7.0%7.3%7.0%
1/132/133/134/135/136/137/138/139/1310/1311/1312/13
8.5%8.2%7.7%6.9%7.1%6.7%6.9%7.2%7.5%7.3%7.0%6.3%
1/142/143/144/145/146/147/148/149/1410/1411/1412/14
7.1%7.7%6.8%5.8%6.8%6.1%6.2%5.6%5.4%5.2%5.3%5.0%
1/152/153/154/155/156/157/158/159/1510/1511/1512/15
5.8%5.2%5.8%5.5%5.8%5.6%5.8%5.4%5.6%5.3%5.1%4.3%
1/162/163/164/165/166/167/168/169/1610/1611/1612/16
5.0%4.4%4.4%5.2%5.1%4.9%4.9%4.8%5.2%4.4%4.6%4.6%
1/172/173/174/175/176/177/178/179/1710/1711/1712/17
5.2%4.3%3.9%4.2%4.5%4.8%4.2%4.2%3.7%4.0%4.1%3.8%
1/182/183/184/185/186/187/188/189/1810/1811/1812/18
4.6%4.5%4.5%4.1%4.2%4.4%4.0%3.5%4.0%3.6%3.7%3.6%
1/192/193/194/195/196/197/198/199/1910/1911/1912/19
4.5%5.0%4.6%3.9%3.6%3.4%3.2%3.8%3.6%3.4%3.3%3.3%
1/202/203/204/205/206/207/208/209/2010/2011/2012/20
4.5%4.2%4.3%17.1%16.2%13.3%10.9%8.6%8.9%7.0%6.3%5.3%
1/212/213/214/215/216/217/218/219/2110/2111/2112/21
6.6%6.6%6.3%6.3%6.4%6.0%6.0%5.5%5.2%4.5%4.2%3.6%
1/222/223/224/225/226/227/228/229/2210/2211/2212/22
4.2%3.6%4.3%4.1%4.2%4.1%4.1%4.0%3.8%3.4%3.3%3.4%
1/232/233/234/235/236/237/238/239/2310/2311/2312/23
4.4%4.0%3.7%3.0%4.0%4.0%3.7%3.9%4.1%3.9%3.7%4.4%
1/242/243/244/245/246/247/248/249/2410/2411/2412/24
4.5%4.7%4.7%3.6%3.8%4.5%4.6%4.6%4.5%3.9%4.2%4.1%
1/252/253/254/255/256/257/258/259/2510/2511/2512/25
4.9%4.3%