UKG: How Resilient is the U.S. Labor Market?Workforce activity briefing to analyze trends, outlook today at 10:00 a.m. ET
Ahead of Friday’s Employment Situation Report published by the U.S. Bureau of Labor Statistics (BLS), UKG will discuss important and emerging trends for April in the labor market on Tuesday, May 2 at 10:00 a.m. ET, including:
- The relative strength of shift work1 at U.S. businesses in April, which declined just 0.2%, beating historic April performance trends.
- Sectors showing strength and weakness, such as healthcare (0.6%); manufacturing (-0.4%); retail, foodservice, and hospitality (0.7%); and services and distribution (-0.5%); and by size segment, including large and small businesses.
- Why April is poised to outperform consensus predictions and deliver a modest upside surprise for new job creation.
Register to attend the UKG labor market briefing.
Commentary: Dave Gilbertson, vice president and labor economist, UKG
"The labor market continues to be resilient. April shift work displayed its strongest performance since 2019, prior to the pandemic. We’re relatively confident there will be a bump in new job creation this month compared with the past, based on the signals we are seeing in the high-frequency data.”
Importance: The UKG Workforce Activity Report is a high-frequency index analyzing shift work trends across 4.2 million people at 35,000 U.S. businesses to understand the economy. Reports are published and briefings are held each Tuesday prior to the publication of the BLS Employment Situation Report (monthly jobs summary). Upcoming schedule:
- May Workforce Activity Report: May 30, 2023
- June Workforce Activity Report: July 5, 2023
At UKG, our purpose is people. As strong believers in the power of culture and belonging as the secret to success, we champion great workplaces and build lifelong partnerships with our customers to show what’s possible when businesses invest in their people. Born from a historic merger that created one of the world’s leading HCM cloud companies, our unique Life-work Technology approach to HR, payroll, and workforce management solutions for all people helps more than 75,000 organizations around the globe across every industry anticipate and adapt to their employees’ needs beyond just work. To learn more, visit ukg.com.
Footnote 1: “Shifts worked” is a total derived from aggregated employee time and attendance data and reflects the number of times that employees, especially those who are paid hourly or must be physically present at a workplace to perform their jobs, “clock in” and “clock out” via a timeclock, mobile app, computer, or other device at the beginning and end of each shift.
Copyright 2023 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.