UKG: Will Friday’s Jobs Report Frighten Job Seekers?

Summary:

Although October couldn’t conjure much momentum, the month brought little to fear about the overall labor market, according to the October 2023 Workforce Activity Report published by UKG. Shift work decreased slightly (-0.2%) — but it’s no ghost town, as workforce activity remains relatively consistent compared with recent months and even past Octobers.



UKG will discuss current and future potential trends shaping the frontline-worker economy on October 31, at 10:00 a.m. ET, including:

• Why healthcare’s little-discussed success story — growth in 8 out of 10 months in 2023 — could have a big impact on future policy decisions;

• What October’s industry activity, especially in the retail sector, tells us about the critical holiday shopping season ahead;

• How frontline employees are reacting to the current labor market; and

• Whether steady workforce activity will help ease recession fears.

Register to attend the live briefing.

Commentary:

Noah Yosif, lead labor economist, UKG

“October saw a continued lull in labor market activity. While a surprisingly strong September jobs report raised spirits last month, it’s more ‘trick’ than ‘treat,’ with a likely downward revision coming in October’s print. The consistent stability of labor market activity in October, which mirrors previous years, suggests there won’t be any Friday scares.”

Significance:

The UKG Workforce Activity Report is a high-frequency index analyzing shift work trends from 4.3 million people across more than 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. Upcoming publication schedule:

• November 2023 Workforce Activity Report: December 5, 2023

• December 2023 Workforce Activity Report: January 2, 2024

• January 2024 Workforce Activity Report: January 30, 2024