The U.S. Bureau of Labor Statistics released its most recent employment statistics for December data. 223,000 new jobs were added last month. In the latest report, job openings slightly exceeded predictions from experts.
According to the BLS, “Employment in professional and business services remained little changed in December (-6,000). Job growth in professional and business services averaged 50,000 per month in 2022, roughly half of the average of 94,000 per month in 2021. ”
Employment Rates from December for Professional Services
The professional services sector experienced a slight decline in December of 2022, with 6,000 less job postings for this industry. This can be attributed to large companies like Amazon, Meta, and Twitter who all enacted layoffs and hiring freezes. However, this is not the picture of the tech industry as a whole. As a matter of fact, even with this steep decline, even technology professionals are still in high demand in a market still very much positioned in the candidate’s favor.
Not to mention, December also saw slight wage growth, but not as much wage growth as November. This is an indication that the Fed efforts to tamper inflation could be working. So, if you’re not already, be prepared to offer those competitive salaries for those experienced professionals. It’s also important to make sure you’re still meeting candidates where they’re at.
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.