Labor Market Remains Positive for Q4 Driven By Uptick in Manufacturing
U.S. employers expect the pace of hiring to remain positive in Q4, with one in five employers (21%) planning to add staff. Of the more than 11,500 U.S. employers surveyed, 71% expect to maintain their headcounts, just 6% expect workforce reductions, and 2% are unsure. Employers across all sectors report favorable hiring intentions, with those in durable goods manufacturing reporting the strongest intentions in the past 10 years.
Taking seasonal variations into account, the Net Employment Outlook for Q4 2017 is +17%. This marks the 13th consecutive quarter with an Outlook of +15% or stronger. Nationwide hiring prospects are unchanged from last quarter and relatively stable when compared to one year ago.
Locally, employers in Michigan expect to hire at an active pace during Q4 2017. From October to December, 24% of the companies interviewed plan to hire more employees, while 4% expect to reduce their payrolls. Another 70% expect to maintain their current workforce levels and 2% are not certain of their hiring plans. This yields a Net Employment Outlook of 20%.
The next Manpower Employment Outlook Survey will be released on December 12, 2017 to report hiring expectations for Quarter 1 2018. Sign up here to receive email notification when the survey is available each quarter.