Mid-Year 2023 Labor Market Report: Navigating the Complexities of a Mixed Economy
Editor's note: This report was compiled by Susan Palé of Affinity HR and has been summarized for length by Brand Chain staff. A download of the full report is available at the end of this article.
The Affinity Labor Market Summary Mid-Year 2023 Report is here, offering a snapshot of the year's economic highs and lows. Read on for a summary and key takeaways that reveal the current status of the U.S. labor market.
Summary:
In 2023, the U.S. economy offers a mixed outlook. It includes decreasing inflation, lower fuel and grocery prices but concerns about layoffs in various sectors. While job growth is evident, regional disparities persist. Layoffs should be understood in the context of recalibration post-COVID, and some states have relaxed labor laws to address labor shortages. Economic projections are cautiously optimistic, with minimum wage changes evolving. Paid family leave remains limited, and abortion regulations have significantly shifted. The COVID-19 impact lingers despite the end of the Public Health Emergency, affecting healthcare and benefits. The promotional products industry rebounded, but occupational dynamics vary, emphasizing the labor market's dynamic nature.
Key Stats and Takeaways:
Unemployment Rate: The unemployment rate in June 2023 remained quite low at 3.6%.
U.S. Job Openings: The Job Openings and Labor Turnover Survey (JOLTS) report for May 2023 indicated that job openings decreased by 1 million from December 2022.
Layoffs Context: Layoffs in various sectors, including technology, media, finance and retail, have occurred, but it's important to understand that many organizations expanded their workforce during and post-COVID, resulting in recalibration.
Labor Law Changes: Some states have relaxed labor laws for minors to address labor shortages, but child labor law violations increased by 69% since 2018.
Wage Growth: Wages for all positions rose by 4.3% in the 12 months ending in May 2023, helping to lower inflation rates.
Minimum Wage: Minimum wage changes continue to evolve, with 19 states indexing these changes to cost-of-living increases. More states are expected to adopt indexed changes.
Paid Family Leave: Paid family leave is not likely to be a federal legislative priority, and only a small percentage of U.S. workers have access to paid leave.
Abortion Regulations: The Supreme Court's overturn of Roe v. Wade has led to significant changes in abortion regulations in individual states.
COVID-19 Impact: While the Public Health Emergency ended in May 2023, the effects of COVID-19 persist, impacting healthcare and benefits. Some benefits have been rolled back.
Promotional Products Industry: The industry rebounded in 2022 and early 2023, driven by demand from finance, insurance and healthcare sectors.
Printing and Promotional Products Industries: Wages in these industries have been growing, and demand for specialty paper, sustainable products and digital printing is on the rise.
Occupational Data: Data for various print-related occupations, including prepress technicians, printing press operators and printing binders and finishers, indicates a decline in job growth for these positions.
Fastest-Growing Occupations: Nurse practitioners, wind turbine service technicians, ushers and ticket takers are among the fastest-growing occupations from 2021 to 2031.
Click here to access the full report.
By Susan Palé