The latest job market news and trends – all in one place. Highlights from the Vaco and BVOH Q1 2023 Quarterly Market Report include:
- The Employment Situation: In January, employment rose by 517,000 and the unemployment rate dipped to 3.4%.
- Recession Watch 2023: “We are continuing to see hiring demand across industries and organizations with a net positive hiring plan for 2023. Companies are hedging their bets, however, and they’re relying on a different mix, or ratio, of outsourced resources and talent. As a result, we have seen increased demand for contract and managed services.” Mike Christoferson, Senior Director – Vaco Atlanta
- U.S. Inflation Retreating; Labor Market Still Tight: “High inflation, despite the noted dip, continues to put pressure on salaries and compensation, particularly in high-cost markets like the Bay Area and Austin.” Leslie Boudreaux, Managing Partner – BVOH, a Vaco Company
- U.S. Jobless Claims Hit 15-Week Low: “The unemployment rate is defying the Fed’s efforts to slow growth, which is fueling talks of continued interest rate hikes this year. Organizations are still demonstrating their need and want for great talent and it’s creating stability in an otherwise unstable economy.” John Curabba, Managing Partner – Vaco New Jersey
- The Federal Trade Commission Proposes Ban on Noncompete Clauses: At the start of the year, the FTC rolled out a proposal to prohibit employers from implementing noncompete clauses that limit workers’ ability to change jobs. If finalized, the rule wouldn’t just ban noncompetes going forward — it would also require employers to rescind existing noncompetes and inform workers of the change. It covers independent contractors and interns in addition to full-time employees.
Click here to download your copy of the Q1 2023 Market Report.
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