Tech Workforce & Hiring Trends - August 2022

by Samantha Ogletree

This is Stout's monthly curated digest of hiring and employment news. Sign up to receive it each month in your email inbox. 

SIGN UP

Civilian labor force graph

Signs are mounting that high inflation is helping propel more people—including retirees—back into the labor force, economists say. But for many people, including those relying on pensions or limited savings, rising prices are an unwelcome development forcing them back onto the job market. That could be good for the economy overall, as a growing workforce boosts the economy’s growth prospects, and it could ease staffing shortages that have pushed up wages and added to price pressures. But for many people, including those relying on pensions or limited savings, rising prices are an unwelcome development forcing them back onto the job market. Read more from The Wall Street Journal.

The Political Economy Research Institute

The Political Economy Research Institute (PERI) at the University of Massachusetts Amherst has released a new study, commissioned by the BlueGreen Alliance, revealing the job creation potential of the more than 100 climate, energy, and environmental programs included in the Inflation Reduction Act. The PERI analysis finds that the Inflation Reduction Act’s climate and energy investments will create more than 9 million jobs over the next decade. Read more from Globe Newswire.

Hiring at U.S. small businessesHiring at U.S. small businesses slowed for the fifth consecutive month, according to the latest Paychex | Employment Watch. The Small Business Jobs Index moderated -0.66 percent from the previous month and stands at 100.14. The pace of wage increases slowed slightly from the previous month, with average hourly earnings growth at 5.08 percent compared to 5.13 percent in June 2022. Read more from AP News.

initial jobless claims weekly graph

Worker filings for unemployment benefits rose this month, holding close to the highest level of the year as the U.S. labor market showed several signs of cooling. Despite uptick in filings, layoff proxy remains consistent with a tight labor market. Initial jobless claims, a proxy for layoffs, increased slightly to a seasonally adjusted 260,000 from a downwardly revised 254,000, the Labor Department said. The total is close to the 2022 peak set earlier in July of 261,000 and above the 2019 prepandemic weekly average of 218,000, when the labor market also was strong. Read more from The Wall Street Journal.

common questions facing employers and other plan sponsors working through the impact of DobbsAccording to a recent survey by Joblist, about 26% of people who quit their job during what was dubbed the Great Resignation already regret it. Additionally, 42% of people who found a new job after quitting said the new gig didn't live up to their expectations. The fact that workers regret quitting during the Great Resignation underscores a more significant issue: worker needs are not getting met. Read more from Fox Business.

payroll wage change

U.S. employers added a robust 528,000 jobs last month, helping the economy recoup the 22 million positions lost early in the pandemic, as hirers clamored for workers despite a slowdown in economic growth. The jobs recovery took nearly 2½ years and included a stretch in the first half of the year when payrolls grew faster than during any other post-World War II period that also featured the start of an economic contraction. The unemployment rate dropped to 3.5% last month, a half-century low also seen just before the pandemic in early 2020, the Labor Department said. Read more from The Wall Street Journal.

Featured Candidates Available for Hire

To browse a sampling of our candidates that have been through our 21 point screening process, visit our candidate directory page.

This is Stout's monthly curated digest of hiring and employment news. Sign up to receive it each month in your email inbox.

SIGN UP

If you're looking for a job in the tech industry, visit our job board to see if you qualify for some of our positions. If you're looking to hire technical talent for your company, please contact us.

Stout Systems is the software consulting and staffing company Fueled by the Most Powerful Technology Available: Human Intelligence®. We were founded in 1993 and are based in Ann Arbor, Michigan. We have clients across the U.S. in domains including engineering, scientific, manufacturing, education, marketing, entertainment, small business and robotics. We provide expert level software, Web and embedded systems development consulting and staffing services along with direct-hire technical recruiting and placements.

info@stoutsystems.com
877.663.0877
© Copyright 1995-2022 - STOUT SYSTEMS DEVELOPMENT INC. - All Rights Reserved
envelopephone-handsetlaptop linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram