US employers have strong hiring intentions for the fourth quarter, according to ManpowerGroup Inc.’s (NYSE: MAN) Employment Outlook Survey, released today. The net employment outlook for the third quarter now stands at 33%, down 5% from the third quarter allowing for seasonal variation.
“Q4 is a critical bellwether for the US labor market,” ManpowerGroup North America President Becky Frankiewicz said. “As we head into the holidays, employers are telling us skilled workers are the top of their wishlist, and tailwinds like weaker growth and inflation haven’t dampened their demands.”
The report included a survey of 6,050 US employers.
It found the strongest employment outlook in IT, technology, telecoms, communications, and media at 56% and banking/finance/real estate at 42%. The weakest hiring intentions were found in the other industry category at 20%.
Looking at different regions, employers in the Northeast and Midwest were the least optimistic about hiring intentions. However, net employment outlooks remained positive for both regions. Meanwhile, 41% of large organizations having more than 250 employees reported the strongest hiring intentions.
Employers in all 11 US industry sectors reported positive hiring plans during the next three months:
- IT, technology, telecoms, communications, and media: +56%
- Banking, finance, insurance, and real estate: +42%
- Construction: +36%
- Manufacturing: +35%
- Other services: +33%
- Wholesale and retail trade: +30%
- Restaurants and hotels: +29%
- Not-for-Profit: +26%
- Education, health, social work, and government: +25%
- Primary production: +24%
- Other industries: +20%
Globally, employers in 39 of 41 countries reported positive net employment outlooks for the fourth quarter. Canada reported a moderate outlook of 30%, down 8% from the previous quarter.
Overall, findings revealed uneven economic growth across global markets responding differently to disruptions from the conflict in Ukraine, concerns over a possible recession, rising inflation, and higher costs of living.
Despite challenges, demand for skilled workers remained at record highs.