Job Growth Accelerates
February's employment report included 313,000 jobs created, which was 50 percent more than expected by economists, while the unemployment rate was holding steady at 4.1 percent. This data may signal that we are in a new phase of economic growth. Companies are hiring at a rate that is finally beginning to bring the long-term unemployed back into the labor market.
Together with modest wage growth, many on Wall Street are saying that this month’s BLS data is a “Goldilocks” scenario; meaning not too hot to suggest an overheating economy (and interest rate hikes), nor too cold.
Temp was similarly strong with growth accelerating to 4.2 percent YoY and the penetration rate ticking up to a record 2.4 percent. In addition, February job additions were led by Professional & Business Services at +50,000. For Kforce clients, the message could not be clearer. Highly skilled technology and finance/accounting candidates are likely receiving multiple job offers. To help your organization secure the best talent, compensation needs to be competitive, hiring processes streamlined and job opportunities attractive.
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.