UKG: Workforce Activity Slows Further in August
With labor force inching closer to full employment, and people taking time-off during the summer, conditions to create new jobs are challenging
LOWELL, Mass. & WESTON, Fla.–(BUSINESS WIRE)–UKG:
|
Summary: |
Workforce activity declined for the second consecutive month, decreasing -1.8% in August, according to the UKG Workforce Activity Report. The decrease follows July’s -0.8% decline. |
|
Industry Spotlight: |
All sectors measured by UKG1, except manufacturing, experienced declines in August: |
|
|
|
| Commentary: | Edward Hearn, Ph.D., Lead Labor Economist, UKG |
|
|
“After a two-year long employment binge, it seems that the economy’s appetite for adding jobs is sating. As the labor market continues to inch closer to full employment, it is becoming increasingly difficult for organizations to create and fill new jobs. This, coupled with traditional end-of-summer changes as people squeeze in time-off and prepare to return to their normal fall cadence, contributed to the drop off in shift work.” |
|
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: |
|
|
|
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.
Follow UKG on Facebook, Instagram, LinkedIn, TikTok, X, and YouTube.
Copyright 2024 UKG Inc. All rights reserved. For a full list of UKG trademarks, please visit ukg.com/trademarks. All other trademarks, if any, are property of their respective owners. All specifications are subject to change.
Contacts
UKG contact:
media@ukg.com
