BLS Employment Situation Report -- March-2023

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Analysts were looking at today’s U.S. Bureau of Labor Statistics (BLS) February jobs report for clues about the U.S. economy’s health at the start of a new year. Today’s report added a bit of clarity about an economy that keeps producing jobs in spite of economic and geopolitical headwinds. Total nonfarm payroll employment increased by 311,000 in February, compared with the average monthly gain of 343,000 over the prior 6 months. Unemployment edged up to 3.6 percent as more women entered the workforce however overall unemployment has shown little net movement since early 2022.

“While the Fed continues to apply the brakes to the economy in its efforts to lower inflation, the February BLS data continues to show resilience in overall job growth. I’ve just returned from our annual Pacesetter conference with over 100 of the top executive recruiters from our global Network of over 200 offices. The performance of these Pacesetters in the past year confirms that demand for executive, technical, professional, and managerial talent remain strong,” noted Nancy Halverson, vice president MRINetwork. “However, a key theme in discussions among our team centered on the needs of top candidates to avoid career complacency even in a seemingly hot job market. They counsel talented performers to proactively seek out opportunities for growth in their current roles and to ensure they continually understand their growth options in new firms and even in new industries.”

Providing a longer-term view on how  today’s BLS numbers may impact the Federal Reserve Bank’s efforts to cool inflation, KPMG chief economist Diane Swonk said, “The real issue is what kind of threshold would the Fed need to really stop the rate hiking cycle or stop from going up 50 basis points,” she said. “You really need to get to below 100,000 to think 25 basis points is okay. They need to see signs of a major chill.”

Wall Street Journal reporter Sarah Chaney Cambon noted, “A hot job market has emerged as one of the biggest economic surprises among many twists since the Covid-19 pandemic hit three years ago. With the Federal Reserve aggressively raising interest rates to tame inflation, many economists had expected job gains would cool or even turn into losses by now.” She also quoted Veronica Clark, economist at Citigroup, “The labor market’s definitely been stronger at this point than we would have thought maybe six months ago.”

In February, the labor force participation rate was little changed at 62.5 percent, and the employment-population ratio held at 60.2 percent. These measures have shown little net change since early 2022 and remain below their pre-pandemic February 2020 levels (63.3 percent and 61.1 percent, respectively).

Leisure and hospitality added 105,000 jobs in February, similar to the average monthly gain of 91,000 over the prior 6 months. Food services and drinking places added 70,000 jobs in February, and employment continued to trend up in accommodation (+14,000).

Employment in retail trade rose by 50,000 in February, reflecting a gain in general merchandise retailers (+39,000). Retail trade employment is little changed on net over the year.

Employment in professional and business services continued to trend up in February (+45,000), with a gain of 12,000 in management, scientific, and technical consulting services.

Healthcare added 44,000 jobs in February, compared with the average monthly increase of 54,000 over the prior 6 months. In February, job growth occurred in hospitals (+19,000) and in nursing and residential care facilities (+14,000).

Construction employment grew by 24,000 in February, in line with the average monthly growth of 20,000 over the prior 6 months.

Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; manufacturing; wholesale trade; financial activities; and other services.

In February, the information industry lost 25,000 jobs. Reflecting news of recent social media industry layoffs, employment in information has decreased by 54,000 since November 2022.

Transportation and warehousing lost 22,000 jobs in February, including 9,000 in truck transportation. Employment in transportation and warehousing is down by 42,000 since October 2022.

“The business workscape has changed dramatically in the past few years and the best workers have begun to view themselves as ‘free agents.’ Our recruiters seek out people who are self-reflective with a good sense when the time is right to make a move. They have developed a track record of success, acquired high-demand skills and are consistently building their workplace brand. In spite of today’s solid job market complacency is not a career option,” noted Halverson.

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup

BLS Employment Situation Report (Feb 2023)

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The labor market remains historically tight. On Wednesday, the Labor Department noted U.S. employers had 11 million job openings at year-end, 600,000 more than the prior month. Today’s U.S. Bureau of Labor Statistics (BLS) January jobs survey reinforced that data point, reporting a surprisingly robust gain of 517,000 non-farm jobs. Both the unemployment rate, at 3.4 percent, and the number of unemployed persons, at 5.7 million, changed little in January versus the prior month. However, with the slight decrease in unemployment the jobless level is at its lowest level since May 1969.

It is worth noting that January's employment report includes its annual "benchmark" revisions and update to formulas used to smooth seasonal fluctuation data in the establishment survey. It also incorporates new population estimates in the household survey, which makes January’s unemployment data somewhat difficult to compare to December’s results.

“The BLS monthly employment report continues to report solid job growth in the face of growing economic headwinds. Executive recruiters throughout our MRINetwork of over 250 offices also see consistent client demand for top talent to drive organizational goals,” noted Nancy Halverson vice president, MRINetwork. “But our top performing clients are looking beyond month-to-month talent needs as they strategically address the challenges of economic headwinds, balancing onsite versus remote working, and controlling costs while still growing the business. Our consultants help these forward-looking clients to focus on creating and maintaining a strong hiring brand and company culture. We challenge business leaders to strengthen the interview process, improve candidate communication touch points, enhance negotiation tactics, and establish robust employee on-boarding processes. Organizations that aren’t willing to disrupt their talent acquisition strategies will struggle to thrive in the new world of work.”

Federal Reserve Chair Jerome Powell, suggesting that the Fed’s effort to cool inflation appear to be working so far, told reporters following their Wednesday meeting, “It is a good thing that the disinflation that we have seen so far has not come at the expense of a weaker labor market, despite the slowdown in growth, the labor market remains extremely tight.” It remains to be seen if the robust January BLS jobs report changes his viewpoint.

Characterizing the surprising BLS report Daniel Zhao, lead economist for job review site Glassdoor noted, “Today’s report is an echo of 2022's surprisingly resilient job market, beating back recession fears, the Fed has a New Year’s resolution to cool down the labor market, and so far, the labor market is pushing back.”

Total nonfarm payroll employment rose by 517,000 in January, compared with an average monthly gain of 401,000 in 2022 and well above analysts’ expectations.

Leisure and hospitality added 128,000 jobs in January compared with an average of 89,000 jobs per month in 2022. Over the month, food services and drinking places added 99,000 jobs, while employment continued to trend up in accommodation (+15,000).

In January, employment in professional and business services rose by 82,000, led by gains in professional, scientific, and technical services (+41,000).

Healthcare added 58,000 jobs in January. Job growth occurred in ambulatory healthcare services (+30,000), nursing and residential care facilities (+17,000), and hospitals (+11,000).

Employment in retail trade rose by 30,000 in January, following little net growth in 2022 (an average of +7,000 per month).

Construction added 25,000 jobs in January, reflecting an employment gain in specialty trade contractors (+22,000).

In January, transportation and warehousing added 23,000 jobs, the same as the industry's average monthly gain in 2022.

The full Bureau of Labor Statistics report can be downloaded here:

Manufacturing employment continued to trend up in January (+19,000) but was slower than 2022, when manufacturing added an average of 33,000 jobs per month.

Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; wholesale trade; information; financial activities; and other services.

“Companies must constantly rethink how they approach the changing external talent market. They need to look into other industries, consider hidden talent sources, look at skillsets versus simple resume check marks, consider deployment of contract and interim professionals and beef-up the often overlooked on-boarding process. Welcome to the new normal,” noted Halverson.

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup

'SHIFT February Report - Trending Topics in the World of Work_

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Our February issue of SHIFT examines what's important to today's C-suite; uncovers optimism about the future among business leaders; tracks job cuts in corporate America; and reviews a recent book on managing workplace burnout.

What's important to the C-suite - how leaders are turning strategy in action in 2023

Today’s executives face an unprecedented level of economic and geopolitical volatility. Despite concerns about the impact of these macroeconomic conditions on their businesses, many remain confident they can achieve their growth goals, according to a recent study conducted by PwC. It will take an agile, collaborative approach to do so, it concludes, based not on traditional three-year plans, but as financial circumstances evolve over the next 12 to 18 months.

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Business leaders optimistic about the future

A survey conducted by Chase also found that businesses are remarkably optimistic. Decision-makers makers were polled at more than 1,000 businesses with annual revenues spanning $100,000 to $20 million across key industries, including restaurant, retail, construction and professional services. Results of the survey reveal that businesses feel more resilient as they march forward into 2023. Their confidence, in large part, is based on the realization that committed employees and supportive communities are critical to their survival in difficult social and economic times.

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Tech firms, Wall Street lead job cuts in corporate America

Despite optimism about the future, big tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn, according to an article published by Reuters. Rapid interest rate hikes, weak consumer demand and an economic slowdown in China have forced firms such as Amazon, Walt Disney, Facebook-owner Meta and American banks to trim their workforces.

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Dealing with workplace stress and burnout

A recently published book called The Burnout Challenge by Christina Maslach, co-creator of the widely used metric the Maslach Burnout Inventory, and organizational psychologist and consultant Michael P. Leiter advises on how to manage people’s relationships with their jobs. One of the authors’ key messages is that burnout should not be seen as a personal issue to be overcome by the individual through such means as obtaining therapy, engaging in relaxation techniques or changing jobs. Instead, they say that it is a workplace issue that needs to be managed like anything else.

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The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup

Employment Summary for December 2022

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The U.S. Bureau of Labor Statistics (BLS) December jobs report once again indicated a solid hiring environment in spite of Federal Reserve Bank efforts to slow the economy and tighten the job market. Today the BLS reported a gain of 223,000 non-farm jobs while unemployment edged down to 3.5 percent. Notably, the unemployment rate has remained in a narrow range of 3.5 to 3.7 percent since March 2022.

Viewed across the overall U.S. labor market supply for talent remained historically tight, with many employers competing for a limited pool of workers and bidding up wages. That labor pressure is particularly evident among the civilian workforce with a bachelor’s degree and higher — the primary target of MRINetwork’s recruitment efforts. Unemployment in that cohort at 1.9 percent, suggests virtual full employment.

“Hiring has been pretty resilient in the face of persistent Fed rate hikes and a desire by the Fed to slow down the labor market,” said Michael Gapen, head of U.S. economics at Bank of America. “There’s a lot of jobs out there that remain to be filled and it seems like it’s translating into strong hiring.”

"All indications are that the labor market remains strong," said Sung Won Sohn, a finance and economics professor at Loyola Marymount University in Los Angeles. "Leisure and hospitality employers are not able to get anybody even after wages have been going up. That pattern has and will continue for a while, so that's where the rubber hits the road."

Providing an overview of today’s numbers, Fox Business reporter Megan Henny noted, “The report will likely do little to sway the Federal Reserve in its fight against inflation, which has already seen policymakers raise interest rates at the most aggressive pace since the 1980s in a bid to crush out-of-control consumer prices and cool the labor market.”

The total nonfarm payroll employment increased by 223,000 in December, roughly in line with analysts’ expectations.

In December, employment in leisure and hospitality rose by 67,000. Employment continued to trend up in food services and drinking places (+26,000); amusements, gambling, and recreation (+25,000); and accommodation (+10,000). Employment in the industry remains below its pre-pandemic February 2020 level by 932,000, or 5.5 percent.

Healthcare employment increased by 55,000 in December, with gains primarily in ambulatory healthcare services (+30,000), hospitals (+16,000).

Employment in construction increased by 28,000 in December, as specialty trade contractors added 17,000 jobs. Construction employment increased by an average of 19,000 per month in 2022, little different than the average of 16,000 per month in 2021.

Employment in the “other services” industry continued to trend up in December (+14,000). Monthly job growth in this sector averaged 14,000 in 2022, lower than the average of 24,000 per month in 2021.

In December, employment across a number of industries remained little changed versus the prior month.

Employment in retail trade rose 9,000 in December and mining employment increased by 4,000. Over the month, employment in manufacturing changed little (+8,000), as job gains in durable goods (+24,000) were partially offset by losses in nondurable goods (-16,000).

In December, employment in transportation and warehousing changed little (+5,000). That same pattern was reflected in employment in professional and business services which remained little changed in December (-6,000).

Over the month, employment was flat versus the prior month in other major industries, including wholesale trade, information, and financial activities.

Client demand for talent among the over 250 executive recruitment offices in the MRINetwork reflects this tight labor market. For example, through eleven months in 2022 executive placements in Professional Services, Manufacturing and Distribution, and Construction were significantly higher versus the same period in 2021.

Looking forward, MRINetwork executive recruiters anticipate continued demand for highly-skilled technical, executive, professional and managerial talent despite economic headwinds. Astute clients understand the need to seek and hire transformational talent throughout the business cycle. They seek top performers with not only experience and skillsets but who have ambition, initiative, a bias towards effective action, and an ability to thrive in the client’s corporate culture.

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#hiringtrends #employmenttrends #employment #jobs #humanresources #jobsreport #thetrevigroup

'Shift Report (January 2023): Trending Topics in the World of Work

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Our January issue of SHIFT examines what we can expect to see in the year ahead in terms of business trends, travel, manufacturing and technology.

Get ready for the 5 biggest business trends in 2023

Businesses have faced huge challenges over the past few years, and this won't slow down in 2023, according to Forbes. Businesses will have to deal with the aftereffects of the global pandemic, Russia's invasion of Ukraine, economic challenges, as well as an ever-faster development of technologies.

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Business travel costs expected to rise through 2023

The cost of travel surged this year and will likely rise again in 2023, according to according to a report from travel management company CWT and the Global Business Travel Association and reported by CNBC. Business travel airfare is on track to rise nearly 50% this year over 2021, following two years of steep declines, Next year, fares are set to increase more than 8%, the organizations said.

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2023 Manufacturing Industry Outlook

Manufacturing has demonstrated continued strength in 2022, building on the momentum it gained emerging from the pandemic, and surpassing expectations from the prior two years. But while overall demand and production capacity have hit recent highs, the industry is experiencing concerns related to inflation and economic uncertainty. In addition, manufacturers continue to grapple with talent challenges and supply chain issues that may limit the industry's growth momentum. Deloitte's 2023 manufacturing industry outlook examines five important trends to consider for manufacturing playbooks in the year ahead.

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7 Trends CIOs must anticipate for the coming year

To prepare technology leaders for what's to come in 2023, global IT research and advisory firm Info-Tech Research Group has released its 2023 Tech Trends, which reveals seven data-driven trends and findings based on insights from IT professionals, analysts, and industry experts. Reported on in Business Insider, the survey received 813 responses from industry professionals, with over 90% of respondents working in IT departments. The underlying metrics for the 2023 report are diverse, with insights from 16 countries and 15 industries, such as government, professional services, manufacturing, education, healthcare, financial services, telecom and retail.

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The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#recruitingtrends #informationtechnology #employmenttrends #jobmarket #thetrevigroup #hiringtrends

'SHIFT Report (December) - Trending Topics in the World of Work_

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Our December issue of SHIFT focuses on the workforce landscape in 2023 with reports on strategic workforce planning; the impact businesses and their employees have on each other; how remote work affects hiring; and critical trends in executive search.

Strategic workforce planning

A recent report from KPMG tackles the issue of strategic workforce planning amidst disruption — a time when it becomes clear that traditional, tactical workforce planning isn't only ineffective, but leaves organizations unprepared and reactive to whatever risk or opportunity next crests the horizon. By contrast, strategic workforce planning, says the report, aligns the composition of your workforce with your strategic objectives. It brings finance, HR, and operations together, and rolls everything from strategy to headcount analysis, talent mix to organizational changes into the same conversation and system. The result is a workforce plan that’s both flexible and future-oriented and that’s centered on matching talent to strategy, rather than headcount and titles.

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Trends that will change the way people-centric businesses and their employees impact each other in 2023

In most industries, the last 25 years has been marked by an obsession with the customer — how to acquire them, how to keep them, and how to maximize their lifetime value. The next 25 years will be similarly consumed by the employee — how to acquire them, how to keep them, and how to maximize the value they contribute to a business.

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How remote work has changed hiring

In 2019, almost no companies offered remote or hybrid roles — today, most companies do. Remote work has shifted the ground beneath hiring teams' feet, for remote and non-remote jobs alike. Research from Datapeople and reported in "Hiring in a Distributed World" explores how remote jobs are impacting candidate pools for all types of jobs and how employers are responding. In it, you'll find insights based on a unique dataset of millions of actual jobs, along with helpful tips for hiring remote, hybrid, or onsite roles in this new landscape.

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Executive Hiring in 2023

If your organization plans to expand or overhaul the C-suite next year, you'll want to note some critical trends in executive search. Companies are moving away from outdated principles such as working in the office, top-down leadership, and offline advertising. They're moving toward more international opportunities, inclusive working environments, and online brand management. Newer executives must understand these recent trends and implement them in their management strategies.

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The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#recruitingtrends #informationtechnology #employmenttrends #jobmarket #thetrevigroup #hiringtrends

BLS Employment Situation Report - for November 2022

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The U.S. Bureau of Labor Statistics (BLS) monthly employment report signaled continued resilience in the national labor market. The BLS reported a gain of 263,000 non-farm jobs while unemployment remained unchanged at 3.7 percent.

Among the civilian workforce with a bachelor’s degree and higher (the primary target of MRINetwork’s recruitment efforts) unemployment continued in what can best be described as full employment at 2.0 percent.

With a global Network of over 250 executive recruitment offices, MRINetwork professionals connect leading organizations, from start-ups to multi-national firms, with top talent to drive business growth. Our Network leaders monitor this valuable data monthly and are pleased to provide a summary of this morning’s BLS data with top-line commentary from leading financial experts.

The Wall Street Journal’s Sarah Chaney Cambon provided a succinct summary this morning, “The job market has remained resilient this year, with employers still seeking to hire despite an uncertain economic outlook and elevated recession fears. Low unemployment and wage gains have helped fuel consumer spending, the economy’s main engine.

One big question is how long that strength can last as the Federal Reserve aggressively raises interest rates to tame inflation. Some companies in technology, entertainment and real estate are laying off workers, but demand for workers continues to outpace the number of unemployed people looking for work.”

Despite economic headwinds, demand for highly skilled transformative talent is expected to continue. MRINetwork offices in Europe and Asia as well as the U.S. see demand for talent aligning with data from Germany’s Ifo Economic Institute. “Companies in Germany, Europe's largest economy, are looking to hire more staff, with a particular rise in demand in the service sector, the Ifo economic institute said on Thursday. Ifo said its employment barometer rose to 99.6 points in November from 97.8 points in October. ‘Against the backdrop of decreasing uncertainty, the number of employees in Germany could continue to rise. However, the shortage of skilled workers will remain a lasting problem,’ it added.”

Total nonfarm payroll employment increased by 263,000 in November, roughly in line with average growth over the prior 3 months (+282,000) and somewhat above analysts’ expectations. Monthly job growth has averaged 392,000 thus far in 2022, compared with 562,000 per month in 2021.

Leisure and hospitality added 88,000 jobs in November, including a gain of 62,000 in food services and drinking places. Employment in leisure and hospitality is below its pre-pandemic February 2020 level by 980,000, or 5.8 percent.

In November, employment in healthcare rose by 45,000, with gains in ambulatory health care services (+23,000), hospitals (+11,000), and nursing and residential care facilities (+10,000).

Employment in the “other services” industry rose by 24,000 and construction employment continued to trend up in November (+20,000), with nonresidential building adding 8,000 jobs.

Employment in information rose by 19,000 in November. Employment in the industry has increased by an average of 14,000 per month thus far this year, in line with the average of 16,000 per month in 2021.

Manufacturing and financial activities employment continued to trend up in November both up +14,000.

Employment in professional and business services was relatively flat in November, increasing by 6,000 jobs. On the downside, retail trade employment declined by 30,000 in November, driven primarily by losses in general merchandise stores (-32,000). Similar declines were seen in transportation and warehousing where jobs declined by 15,000.

Jeff Cox, a reporter for CNBC provided a possible view of the BLS numbers by the Federal Reserve, “The numbers likely will do little to slow a Fed that has been raising interest rates steadily this year to bring down inflation still running near its highest level in more than 40 years. In another blow to the Fed’s anti-inflation efforts, average hourly earnings jumped 0.6% for the month, double the Dow Jones estimate. Wages were up 5.1% on a year-over-year basis, also well above the 4.6% expectation.”

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#Hiring #thetrevigroup #hiringtrends #employmenttrends #employment #jobs #jobsreport

‘SHIFT REPORT (November) - Trending Topics in the World of Work_

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Our November issue of SHIFT looks at the challenges of winning and keeping your customers' loyalty; provides insight on several highly effective recruiting trends; examines the value of work experience; and isolates the most common workplace issues.

Winning customer loyalty

The challenges of winning and keeping your customers' loyalty are very real, but so are the opportunities. Here are some ways you can better connect with your customers and increase the odds of earning their loyalty, according to findings from PwC's 2022 Customer Loyalty Survey.

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Emerging recruiting trends every organization should know

Even organizations that weathered the pandemic relatively well are dealing with the struggle to find and retain top talent. According to Forbes, this situation has led to the emergence of several highly effective recruiting trends.

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No such thing as a dead-end job, new McKinsey research finds

There is no such thing as a dead-end job, according to the newest McKinsey Global Institute (MGI) report, Human Capital at work: The value of experience. Every job is an opportunity to develop skills that can lead to a better position. The most important resource in any economy or organization is its human capital, which McKinsey defines as the collective knowledge, attributes, skills, experience, and health of the workforce.

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What are the most common workplace issues?

According to Smart Capital Mind, an online publication of Wise Geek, isolating the most common workplace issues depends at least to a certain extent on the type of business and overall office environment, but in general problem areas fall into four broad categories: communication, harassment and bullying, gossip, and overall morale.

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The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup

Proud to Contribute to EAGLE LAKE CAMPS

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The Trevi Group is proud to be a 2022 contributor to EAGLE LAKE CAMPS in Colorado Springs, CO. They are wonderful camps that help developed great kids, and help them develop a meaningful and positive relationship with God.

You definitely get a 10/10! I love the heart behind [your program]. This made all the excitement and enthusiasm so authentic and contagious! The kids absolutely loved it.—Sarah, MO

We encourage you to visit their website to see how they work with kids, and to consider making a donation to support this great organization. Click here to donate.

The Trevi Group | www.TheTreviGroup.com | Executive Search for Technology Professionals

#thetrevigroup #donateforacause #donatetocharity

BLS Employment Situation Report (October 2022)

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Today’s data from September’s Employment Situation Summary from The U.S. Bureau of Labor Statistics (BLS) aligned with analysts’ expectations of moderate growth. The BLS reported a gain of 263,000 non-farm jobs while unemployment edged down to 3.5 percent.

Unemployment among the college-educated civilian workforce, the primary target of the MRINetwork’s recruitment efforts, was at 1.8 percent — essentially at full employment among this cohort.

In September, 5.2 percent of employed persons teleworked because of the coronavirus pandemic, down from 6.5 percent in the prior month. In May 2020, the first month these data were collected, 35.4 percent of employed persons teleworked because of the coronavirus pandemic.

“The U.S. economy has fully recovered all of the jobs lost during the Covid-induced shutdown and today’s BLS report shows continued labor market resilience in spite of economic and geopolitical headwinds,” said Bert Miller, President and CEO of MRI — a global Network of over 250 executive recruiting firms.

“Our consultants have been consistent in their advice to clients, urging them to focus on what they can control as leaders with particular emphasis on building talented teams and relentlessly investing in innovation. At MRINetwork, we have practiced what we preach with investments in top talent and strategic priorities to fuel growth in a rapidly changing labor market.

MRINetwork has actively invested in transformative strategies, strengthening capabilities and offerings as a digital-first recruiting organization of the future. These efforts have allowed our Network firms to recover rapidly during the pandemic — not only to recover, but to thrive in spite of it — with growth in executive placement revenue nearly double the industry average since 2019.”

In a speech this week, Fed governor Phillip Jefferson reflected on the resilience of the job market, “In a market with more job openings than workers, the competition to fill vacancies is leading to rapid wage gains now, and the resulting salary compression may lead to further upward wage pressures in the future.”

CNBC reporter Jeff Cox put today’s numbers in context of the Fed’s efforts to tame inflation. “The report comes amid a months-long Federal Reserve effort to bring down inflation running near its highest annual rate in more than 40 years. The central bank has raised rates five times this year for a total of 3 percentage points and is expected to continue hiking through at least the end of the year.

Despite the increases, job growth had remained relatively strong as companies face a massive mismatch between supply and demand that has left about 1.7 job openings for every available worker. That in turn has helped drive up wages, though the increase in average hourly earnings has fallen well short of the inflation rate, which most recently was at 8.3%.”

In September, employment rose by 263,000 and has averaged 420,000 thus far in 2022 compared with 562,000 per month in 2021.

Leisure and hospitality added 83,000 jobs in September, in line with the average monthly job gain over the first 8 months of the year. Within the industry, employment in food services and drinking places rose by 60,000 in September. Employment in leisure and hospitality is below its pre-pandemic February 2020 level by 1.1 million, or 6.7 percent.

In September, employment in healthcare rose by 60,000 and has returned to its February 2020 level.

Employment in professional and business services continued its upward trend in September (+46,000). Thus far in 2022, job growth in the industry has averaged 72,000 per month.

Manufacturing employment continued to trend up in September (+22,000). Job gains occurred in motor vehicles and parts (+8,000), fabricated metal products (+6,000), and electrical equipment and appliances (+3,000).

In September, employment in construction continued to trend up (+19,000), in line with average monthly job growth in the first 8 months of this year.

Employment in wholesale trade continued its upward trend in September (+11,000) while employment in financial services was little changed versus the prior month.

Employment showed little change over the month in other major industries, including mining, retail trade, information, other services, and government.

“My observations with today’s BLS Employment Situation Report put a spotlight on my firm’s performance in the talent advisory space. But the same lessons apply in any organization. As a tenured business leader or as an up-and-coming talented top performer, challenge yourself daily to be relentless in your pursuit of innovative excellence. Through the challenging months ahead be laser-focused on providing your organization and future leaders with the resources they need to grow. And as importantly clearly define your organization’s purpose and mission that aligns with shared core values,” noted Miller.

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com