Quarterly Report
Global Quarterly Market Report

The latest job market news and trends – all in one place. Highlights from the Q3 2022 Quarterly Market Report include:

  • The Employment Situation: 
    The national unemployment rate was at 3.6 percent, for the third month in a row. Overall, this jobs report was a positive signal of continuing expansion in the economy.
  • Temp Hours Worked: 
    Temporary staffing hours worked in professional occupations, including IT, healthcare, finance and engineering, were up 12% year-over-year.
  • Rising Interest Rates Impact on the Talent Market:
    Given the backlogged demand, job losses would have to mount considerably before workers would have a hard time finding new positions. Overall, higher interest rates are not expected to have much of a short-term effect on hiring.
  • Data Privacy: “If I'm a company today, I'm thinking about how data is collected, stored and applied in the organization, and how [new] regulations might impact that.”

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Recession-proofing any business starts first with customizing an operating model built on a blend of permanent and variable resources. Business and economic cycles – which have been especially turbulent in recent years given the global pandemic – are inevitable. There are incredible tactical benefits to employing a variable workforce, namely that it insulates the business from the adjustments that must be made as business ebbs and flows or when there is a market correction."

Michael Splittorf | Vaco Vice President of Strategy