U.S. Labor Market Shows No Sign of Cooling Down in Q4
Employers across the U.S. plan to add staff in the next three months with a Net Employment Outlook of +19%, according to the latest ManpowerGroup Employment Outlook Survey (MEOS). The survey of more than 11,500 U.S. employers reports the strongest average annual Outlook on record in the last decade with +19% anticipating growth.
All 13 industry sectors forecast optimistic hiring plans. The Outlook for Leisure & Hospitality is +28% – the strongest industry for 28 consecutive quarters as consumer confidence grows. Optimistic hiring intentions in Professional & Business Services (+25%) and Transportation & Utilities (+24%) reflect continued economic expansion and growth of online retail that’s increasing the demand for drivers.
Locally, employers in Michigan expect to hire at a favorable pace during Quarter 4 2018. Among employers surveyed, 24% plan to hire more employees from October through December. This number is offset by the 6% that plan to reduce payrolls, while 69% of employers expect to maintain current staff levels and 1% indicate they are not sure of their hiring plans. This yields a Net Employment Outlook of 18%.
“August marked the 95th month in a row for job growth in the U.S. and we anticipate we’ll hit 99 months by the end of the year as the Q4 Outlook has more good news for American jobseekers and businesses,” said Becky Frankiewicz, President of ManpowerGroup North America. “The labor market is getting back to pre-recession levels where the most optimistic Outlooks were reported in manufacturing, retail and professional services. It’s a similar scenario today with a big difference – manufacturing is more advanced, retail has gone online, and employers in professional roles need a new combination of digital and soft skills. These are not the low-skilled jobs of the past, they are highly skilled technical roles of the future. In this competitive labor market, there is no better time for employers to help people upskill and develop in their careers. Creating a culture of learnability so that people are equipped and open to adapt is not just an operational imperative, it must be a strategic priority to build America’s workforce for today and tomorrow.”
To read the full Manpower Employment Outlook Survey for the U.S., go to: manpowergroup.us/MEOS/ or to access the downloadable pdf version of the complete report, click here.
The next Manpower Employment Outlook Survey will be released on December 11, 2018 to report hiring expectations for Quarter 1 2019. Sign up here to receive email notification when the survey is available each quarter.
Source: manpowergroup.us/MEOS/
