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U.S.Unemployment Rate Plateaus, As Hiring Speeds Up

U.S.Unemployment Rate Plateaus, As Hiring Speeds Up

ManpowerGroup Advocates That Employers and Workers Never Stray From Skills Development

ManpowerGroup (NYSE: MAN), the world leader in innovative workforce solutions, warns against waiting for the right talent to arrive when it's time to hire, as the U.S. Bureau of Labor Statistics today reported that the overall September unemployment rate stayed at 9.1 percent, and 103,000 new jobs were created. It also revised the zero growth rate reported in August to a gain of 57,000 jobs. The temporary staffing industry added 53,000 jobs over the past three months.

"The world is reacting in a hyperbolic manner to the unverified saw-toothing in the employment numbers. When you look at the revised jobs numbers over the past three months, hiring activity paints a steady picture — which is exactly what you'd expect to see in a slow and tepid recovery, and is completely aligned with ManpowerGroup's forward-looking hiring confidence index and what more than 65,000 employers tell us they are seeing in their business: 'It's not great, but it's going ok,'" said Jeffrey A. Joerres, ManpowerGroup Chairman and CEO. "The bottom line is that demand trumps economic uncertainty. The ripple effects of Europe's banking crisis don't help the situation, and companies that bolstered their workforce strategies have a critical edge during times like this.

"ManpowerGroup continues to see more employers revamp their approach to short- and long-term workforce development, but I can't warn employers enough to clamp down on pinpointing essential skills, needed today and in the future, and finding what we call 'The Teachable Fit' to develop them in existing workers and candidates," Joerres added. "When it's time to hire, scrambling to align the right talent is not an option for businesses seeking to remain competitive. A range of micro and macro factors affect accessibility to the right talent and these factors continue to evolve and curtail hiring plans without much notice."

Last month ManpowerGroup released the results of its Fourth Quarter Manpower Employment Outlook Survey, which found that U.S. employers expect hiring to remain relatively stable for the rest of the year. According to the seasonally adjusted survey results, the net employment outlook for this quarter is 7%, up from 6% during the same period last year and down from the 8% outlook during last quarter.

The survey is regularly used to inform the Bank of England's inflation reports. In addition, it is a regular data source for the European Commission, and is sourced by financial analysts and economists around the world to track job creation and industry growth.

ManpowerGroup's 2011 Talent Shortage Survey found that 52 percent of U.S. companies are struggling to fill key jobs, the highest percentage in the six-year history of the survey. ManpowerGroup advises companies to think long-term because the talent mismatch will inevitably worsen as demand for products and services increases.

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