LABOR AND INDUSTRY TRENDS FOR APRIL 2022
EMPLOYMENT RECOVERS TO NEAR PRE-PANDEMIC LEVELS
U.S. employers added 431,000 jobs in March, beating expectations and keeping pace with the average gain in recent months. The average gain for the last six months is 600,000. The economy has recuperated more than 90% of the 22 million jobs lost at the peak of the pandemic's impact on the economy in the spring of 2020.
The unemployment rate was 3.6%, down from 3.8% a month earlier and just a touch higher than its levels right before the pandemic. Job openings remain at elevated levels and the number of workers voluntarily leaving their positions remains near record-high levels, among the measures showing that demand for workers is the highest in decades.
What does this mean for clients seeking skilled professionals?
For employers, the simple reality is that in addition to compensation being at market, highly skilled professionals will be drawn to opportunities where they can expand their portfolio of skills. In addition, many are now looking for opportunities that give them a high degree of flexibility as to where they can perform their work from. This is also a positive for employers as it allows them to look at candidates across a broader geographic spectrum, thus expanding the potential talent pool.
About the Author, Michael Blackman
As Chief Corporate Development Officer at Kforce, Michael Blackman, a 30-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.