The U.S. Bureau of Labor Statistics released its most recent employment statistics for November data. 263,000 new jobs were added last month. In the latest report, professional and technical services added 28,000 jobs in November. This is despite droves of layoffs and hiring freezes from top tech giants that we’ve seen in recent weeks.
According to the BLS, “The unemployment rate was unchanged at 3.7 percent in November and has been in a narrow range of 3.5 percent to 3.7 percent since March. The number of unemployed persons remained at 6.0 million in November.”
Employment Rates from November for Professional Services
The professional services sector did not experience much change this month compared to last month. 28,000 jobs were added to the technical/professional sectors. However, business support services experienced a decline at 11,000 jobs lost. Compared to last year, monthly growth in these areas has averaged 58,000 over last year, a decline from 94,000 in 2021.
Although we have been preparing to see sharper downturns in the professional services sector, the market keeps coming out on top! This still posits the employment situation as a candidate’s market.
Additionally, while we are not seeing such steep declines as previously expected in our industry, it’s also important to note that the participation of females has declined some. There are still one million women who left their occupations during the pandemic and have yet to return due to childcare challenges, the flu season, and other extenuating circumstances.
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.