U.S. | Q1 2023
Quarterly Market Report

The latest job market news and trends – all in one place. Highlights from the Q1 2023 Quarterly Market Report include:

  • The Employment Situation:  In January, employment rose by 517,000 and the unemployment rate dipped to 3.4%.
  • Recession Watch 2023: “We are continuing to see hiring demand across industries and organizations with a net positive hiring plan for 2023. Companies are hedging their bets, however, and they’re relying on a different mix, or ratio, of outsourced resources and talent. As a result, we have seen increased demand for contract and managed services.” Mike Christoferson, Senior Director – Vaco Atlanta
  • U.S. Jobless Claims Hit 15-Week Low: “The unemployment rate is defying the Fed’s efforts to slow growth, which is fueling talks of continued interest rate hikes this year. Organizations are still demonstrating their need and want for great talent and it’s creating stability in an otherwise unstable economy.” John Curabba, Managing Partner – Vaco New Jersey
  • The Federal Trade Commission Proposes Ban on Noncompete Clauses: At the start of the year, the FTC rolled out a proposal to prohibit employers from implementing noncompete clauses that limit workers’ ability to change jobs. If finalized, the rule wouldn’t just ban noncompetes going forward — it would also require employers to rescind existing noncompetes and inform workers of the change. It covers independent contractors and interns in addition to full-time employees.

These headlines and more — coupled with critical insights from Vaco leadership.

Download your copy of the U.S. Quarterly Market Report

View Q1 2023 Report

Atul Bhave, Managing Partner - Vaco San Francisco,
on how AI can help attract, nurture and retain talent:

"This is one of those moments in time where we are on the precipice of incredible change and adoption, but, as has happened in the past, I don't think it's going to be quite what we initially imagine. AI has been around for a very long time, but AI tools, like ChatGPT for example, are entering the mainstream narrative. There are practical, real-time applications for AI right now and widespread adoption is happening. As a business leader, I am succession planning for the things AI can support and shifting human talent to meaningful tasks that require a person."