Multi-Year Job Growth Intact
The U.S. economy added 2 million jobs in 2017, another VERY solid year of gains. In December, the economy added 148,000 jobs, according to Labor Department, the 87th straight month of gains -- the longest streak on record. Unemployment remained at 4.1%, matching the lowest level in 17 years.
The United States added almost 3 million jobs in 2014, 2.7 million in 2015 and 2.2 million in 2016. That trend is what's expected in such a long economic expansion. As unemployment moves to historic lows, job gains eventually slow down.
Temp penetration rate (temp as pct. of total workforce) hit 2.102% in December, up from the prior month's 2.099% (as revised), reaching a new all-time high.
The reality for our clients is, as a practical matter for skilled professionals, we are in a full employment economy. Therefore, to get the talent they need to move their businesses forward, compensation, hiring processes and work environment must all be attractive as these candidates have choices.
About the Author, Michael Blackman
As Chief Corporate Development Officer at Kforce, Michael Blackman, a 25-year Kforce veteran, is the primary focal point for the Firm with the Wall Street and financial communities. He is regularly sought out by leading economists for his perspectives on the economy and labor markets, and he contributes to a number of key proprietary economic publications.