UKG Inc.

10/28/2024 | Press release | Distributed by Public on 10/28/2024 21:48

UKG: Workforce Activity Provides Anticipated First Look at October Labor Market

Summary: According to the UKG Workforce Activity Report, which provides a first look at labor trends at U.S. businesses for the month of October, workforce activity declined 1.9%. While the decrease is larger than historical norms, it can be directly attributed to Hurricanes Helene and Milton.

Commentary: Edward Hearn, Ph.D., Lead Labor Economist, UKG
"On the eve of the election, this month's jobs report might be the most anticipated, and consequential, in recent memory. Ironically, it will not yet reflect a full labor-market picture. Two major hurricanes, in near conjunction with an October holiday, created disruptions to typical labor and hiring patterns. BLS findings are likely to be less representative than usual, until more evidence from storm-affected areas is gathered. In non-impacted areas, activity is at or near its historical monthly rate."

Industry Spotlight: Public sector declines are driven by hurricane-related closures to K-12 and higher education institutions, as well as municipal governments, and have since bounced back in areas that were not severely impacted by the weather:

  • Retail, food service, and hospitality: 0.0%
  • Services and Distribution: -1.3%

Learn More: Register to attendthe UKG Labor Market Briefing series. The next briefing is on October 29 at 10:00 a.m. ET, which will further explore:

  • The impacts of Hurricanes Helene and Milton on the labor market;
  • Why everyone should avoid knee-jerk reactions to October's employment situation report; and
  • An update on expectations for the holiday shopping season and an early 2025 outlook.

Significance: The UKG Workforce Activity Reportuses dynamic, high-frequency data from a panel of 6.2 million active U.S. employees to understand workplace trends week-by-week. Reports are published and briefings are held each Tuesday prior to the publication of the BLS Employment Situation Report. Upcoming publication schedule:

  • November 2024 Workforce Activity Report: December 3, 2024
  • December 2024 Workforce Activity Report: January 7, 2024
  • January 2025 Workforce Activity Report: February 4, 2025

About UKG

At UKG, our purpose is people. We are on a mission to inspire every organization to become a great place to work through HCM technology built for all. More than 80,000 organizations across all sizes, industries, and geographies trust UKG HR, payroll, workforce management, and culture cloud solutions to drive great workplace experiences and make better, more confident people and business decisions. With the world's largest collection of people data, work data, and culture data combined with rich experience using artificial intelligence in the service of people, we connect culture insights with business outcomes to show what's possible when organizations invest in their people. To learn more, visit ukg.com.

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