The U.S. Bureau of Labor Statistics released its most recent employment statistics for October data. 261,000 new jobs were added last month. In the latest report, professional and technical services added 43,000 jobs in October. This is despite droves of layoffs and hiring freezes from top tech giants that we’ve seen in recent weeks. Most likely, the November report will be affected by those trends.
In October, employment continued to trend up in management and technical consulting services, adding 7,000 jobs. According to the BLS, monthly job growth in professional and technical services has averaged 41,000 thus far in 2022, compared with 53,000 per month in 2021, indicating a slight decline from last year.
Employment Rates from October for Professional Services
Right now, we’re seeing companies take very measured approaches. Some of these tactics include considering more extensive and in-depth interview techniques with a wider range of candidates, accommodating increased remote work flexibility, and more competitive compensation for highly technical skills. Demand is still very high, with an unemployment rate of 3.4%. Additionally, hiring managers can also increase the amount of contract work they utilize, maintaining a steady workflow.
Whether your company needs a full-service business advisor or just support in specific areas, APC customizes an efficient, cost-effective solution to facilitate strategic goals. And while you’re here, don’t forget to view all of APC’s thought-leadership pieces, which cover a range of informational articles for both employers and professionals on topics like resume help, a study on the Great Resignation, top tech hiring trends this year, and more!
Kristen Burgess is the Marketing Specialist at Alliance of Professionals & Consultants, Inc. She has five years’ experience in curating content for digital platforms, social media contributions, and supporting marketing campaigns and strategies. Before joining the APC wolfpack, she worked in digital marketing for software as a service, giving her keen insight into the types of professionals APC hires today. In addition, she likes to stay up-to-date on the most relevant trends within the technology industry through thought-provoking podcasts and newsletters while paying attention to industry leaders’ trends. In her spare time, she serves on the Management Team and helps craft communications for the Junior League of Durham and Orange Counties.