UKG: Workforce Activity for September Breaks Typical Seasonal Pattern

Summary: Workforce activity increased 0.4% in September, the largest increase businesses have experienced during any September over the past four years, according to the UKG Workforce Activity Report. However, the recent growth follows deeper-than-usual declines in both July (-0.8%) and August (-1.8%), which reinforces the labor market is not in a typical, seasonal pattern.

Industry Spotlight: All sectors measured by UKG¹, except retail, experienced rebounds from August:

Commentary: Edward Hearn, Ph.D., Lead Labor Economist, UKG

"The unexpectedly quick pace of job market weakening and atypical seasonal pattern are major reasons for the Fed's big rate cut. While the cut was positively received, it's important to remember that it will not reinforce the labor market overnight. Based on what we're seeing in our data, we expect anemic growth throughout the fall, with gains much more subdued relative to the previous two years. Looking further ahead, however, the rate cut comes just in time to potentially buttress holiday hiring in retail, distribution, delivery, and the entire physical and e-commerce labor supply chain."

Next Briefing: Register to attendthe next UKG Labor Market Briefing, taking place October 1 at 10:00 a.m. ET, which will further explore: