UKG:
| 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.
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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.”
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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:
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Learn More: |
Register to attend the UKG Labor Market Briefing series. The next briefing is on October 29 at 10:00 a.m. ET, which will further explore:
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Significance: |
The UKG Workforce Activity Report uses 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:
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