With labor force inching closer to full employment, and people taking time-off during the summer, conditions to create new jobs are challenging
UKG:
Summary: |
Workforce activity declined for the second consecutive month, decreasing -1.8% in August, according to the UKG Workforce Activity Report. The decrease follows July’s -0.8% decline.
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Industry Spotlight: |
All sectors measured by UKG1, except manufacturing, experienced declines in August: |
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| Commentary: | Edward Hearn, Ph.D., Lead Labor Economist, UKG |
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“After a two-year long employment binge, it seems that the economy's appetite for adding jobs is sating. As the labor market continues to inch closer to full employment, it is becoming increasingly difficult for organizations to create and fill new jobs. This, coupled with traditional end-of-summer changes as people squeeze in time-off and prepare to return to their normal fall cadence, contributed to the drop off in shift work.”
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Significance: |
The UKG Workforce Activity Report uses high-frequency data from a panel of 4.5 million employees across 40,000 U.S. businesses to understand workplace trends. Reports are published and briefings are held each Tuesday prior to the publication of the BLS Employment Situation Report. Upcoming publication schedule: |
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Footnote 1: UKG categorizes public education data within the public sector vertical. This industry is omitted during the summer as education ramps down and then ramps back up.
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