Summary: |
Workforce activity increased 0.4% in September, the largest increase businesses have experienced during any September over the past four years, according to the UKG Workforce Activity Report. However, the recent growth follows deeper-than-usual declines in both July (-0.8%) and August (-1.8%), which reinforces the labor market is not in a typical, seasonal pattern. |
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Industry Spotlight: |
All sectors measured by UKG1, except retail, experienced rebounds from August:
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Commentary: |
Edward Hearn, Ph.D., Lead Labor Economist, UKG “The unexpectedly quick pace of job market weakening and atypical seasonal pattern are major reasons for the Fed’s big rate cut. While the cut was positively received, it’s important to remember that it will not reinforce the labor market overnight. Based on what we’re seeing in our data, we expect anemic growth throughout the fall, with gains much more subdued relative to the previous two years. Looking further ahead, however, the rate cut comes just in time to potentially buttress holiday hiring in retail, distribution, delivery, and the entire physical and e-commerce labor supply chain.” |
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Next Briefing: |
Register to attend the next UKG Labor Market Briefing, taking place October 1 at 10:00 a.m. ET, which will further explore:
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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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About UKG
At UKG, our purpose is people. We are on a mission to inspire every organization to become a great place to work through HCM technology built for all. More than 80,000 organizations across all sizes, industries, and geographies trust UKG HR, payroll, workforce management, and culture cloud solutions to drive great workplace experiences and make better, more confident people and business decisions. With the world’s largest collection of people data, work data, and culture data combined with rich experience using artificial intelligence in the service of people, we connect culture insights with business outcomes to show what’s possible when organizations invest in their people. To learn more, visit ukg.com.
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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