3rd Quarter 2023 Brief – Hitting It Out of the Park in Q3

Posted: Oct. 04th, 2023 at 2:04 pm under General

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As we finish Q3, the cool hiring market continued into August. Employers added 187,000 jobs in the private sector. The unemployment rate unexpectedly rose to 3.8%, with the “real” rate pulling closer to 7.1% in August. Wage growth began to slow as well for both workers who changed jobs and those who stayed in their current positions.

The numbers in the August report are consistent. However, with the pace of job creation before the pandemic. After several years of gains tied to post-Covid recovery, the country is moving toward more sustainable growth in pay and employment as the economic effects of the pandemic slow.

One factor that is key in gauging the health of the U.S. economy that is often overlooked, however, is the labor productivity metric. How well are the average workers working? Are they being efficient, productive, and producing a lot of output in a short amount of time?

According to the Bureau of Labor Statistics, total nonfarm employment for the metro Atlanta area increased by 87,900 over the year in June. This is a local rate of 2.9%, slightly above the national average of 2.4%. Education and health services had the largest gains in the privateindustry sector in metro Atlanta according to the June 2023 report.

The Bureau of Labor Statistics also found the 2023 average time for employers to find the right team players is 5 months, with a range of 8 weeks to 6 months. With the help of a well-tenured staff and a deeply networked recruiting partner like firstPRO 360, that time can be shortened tremendously. Our average fill rate for contract roles is 24-36 hours and 2-3 weeks for direct hire placements. So, for our clients located in the Atlanta area, the bench is still deep and the field is still full of top players to add to your team.

Interested in reading the entire 3rd Quarter 2023 brief?

https://indd.adobe.com/view/03dccba1-ec9f-41ad-8210-e56016a08934