U.S. Q3 Employment Outlook Hits 10 Year Low Though Early Signs of Optimism Emerge
MILWAUKEE: Employers in the U.S. report significant declines in hiring intentions for Q3 according to the ManpowerGroup (NYSE: MAN) Employment Outlook Survey of more than 7,700 U.S. employers conducted in April and May.
Employers were also asked when they expect hiring to return to pre-COVID-19 levels. An optimistic 60% said before the end of 2020, with many expecting a return before the end of summer. Employers in Education, Construction and Government expect the shortest COVID-19 hiring impact while those in the Professional sector including law firms, accountants and consultants are most uncertain.
The past weeks and months have seen the labor market transform overnight, with many industries halting hiring instantly, while others including healthcare, ecommerce and logistics saw immediate growth. Said Becky Frankiewicz, President of ManpowerGroup North America. These numbers reveal the depth of the impact this crisis has had on hiring intentions across our country, yet we are beginning to see very early signs for cautious optimism. As states open up essential roles remain in demand, as well as tech skills including software & app developers, and even new roles like temperature checkers and contact tracers. It is encouraging to see so many employers predict a return to pre-pandemic hiring though we must remember any signs of recovery are fragile. Now is the time for everyone to join together to rebuild confidence and create opportunities for everyone as America gets safely back to work.
U.S. Hiring Plans by Industry Sectors, Regions, Metro Areas and States
Employers in 9 U.S. industry sectors expect to add workers during the upcoming quarter Leisure & Hospitality (+7%), Transportation & Utilities (+4%), Wholesale & Retail Trade (+3%), Construction (+2%), Government (+4%), Durable Goods Manufacturing (+1%), Education & Health Services (+13%), Financial Activities (+1%) and Nondurable Goods Manufacturing (+3%). Information (- 3%), Other Services (-3%) and Professional & Business Services (0%), are the 3 U.S. industry sectors that do not plan to add workers during the upcoming quarter.
The Outlook in the Midwest (+5%), West (2%), Northeast (4%) and South (3%) all declined quarter over-quarter though hiring intentions still remain positive in all four regions.
Complete results for the ManpowerGroup Employment Outlook Survey are available for download at ManpowerGroup.US/MEOS. The Q4 2020 survey will be released Sept. 8, 2020.
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