Issue link: https://read.uberflip.com/i/1468039
Labor Market Insights/ Trends: LID • In both production and office/ administrative roles, the total number of US workers remains below 2016 levels despite the post-COVID hiring recovery. Employment is projected to remain flat in these sectors moving forward as the impacts of technology/automation impact the need for talent. • Transportation/logistics talent saw higher than average job growth over the past five years due to both COVID impacts as well as structural growth trends including the rise in e-commerce. • Business/finance talent remained more resilient than other sectors of the labor market due to strength in a variety of areas, ranging from mortgage and investment services to business operations and HR. • Employer demand for workers in all four sectors is currently running well ahead of pre-pandemic levels as US labor force participation rates remain low and people are quitting their jobs at record rates in search of better opportunities. • The current supply/demand dynamics have led to strong wage growth, with average hourly wages in the manufacturing sector up 5% YOY and more than 9% YOY in the transportation/ logistics industry. Wage inflation is expected to persist and potentially even accelerate over the near-term as the Eastern Europe situation puts additional pressure on global supply chains. -1% -5% 6% -7% 15% 4% 0% 4% -1% 5% Total US Production Transport./ Logistics Office/ Admin Business/ Finance US EMPLOYMENT GROWTH: P&I OCCUPATIONS Historic (2016-2021) Projected (2022-2027) 0 500 1000 1500 Production Transport/ Logistics Office/ Admin Business/ Finance US Job Postings (in 000's) P&I Occupations Feb. 2020 Feb. 2022 April 2022