UKG: Tight Labor Market Challenging for Smaller Businesses
UKG:
Summary:
Businesses with 100 or fewer employees experienced a decline in workforce activity for the 12th time in 13 months, according to the July 2023 Workforce Activity Report published by UKG. Smaller businesses will likely continue to struggle amid the tight labor market, which may create additional wage inflation as businesses of all sizes and across all industries compete to hire and grow.
UKG will discuss current and future potential trends shaping the frontline economy on Tuesday, August 1, at 10:00 a.m. ET, including:
A nationwide decline in shift work (-0.7%) in July, following back-to-back months of growth;
Declines across most sectors, including manufacturing (-0.9%), retail and hospitality (-1.1%), and services and distribution (-0.7%);
The importance of healthcare's fourth straight month of growth (0.2%);
How the Federal Reserve's recent decision to again increase interest rates will impact the labor market; and
Why economic conditions remain ideal to potentially prompt additional wage inflation over the next 6-12 months.
The UKG Workforce Activity Report is a high-frequency index analyzing shift work trends across 4.2 million people at 35,000 U.S. businesses to understand the economy. Reports are published and briefings are held each Tuesday prior to the publication of the BLS Employment Situation Report. Upcoming publication schedule:
August 2023 Workforce Activity Report: August 29, 2023
September 2023 Workforce Activity Report: October 3, 2023
October 2023 Workforce Activity Report: October 31, 2023
About UKG
At UKG, our purpose is people. As strong believers in the power of culture and belonging as the secret to success, we champion great workplaces and build lifelong partnerships with our customers to show what's possible when businesses invest in their people. One of the world's leading HCM cloud companies today, UKG and our Life-work Technology approach to HR, payroll, and workforce management solutions for all people helps more than 75,000 organizations around the globe and across every industry anticipate and adapt to their employees' needs beyond just work. To learn more, visit ukg.com.
Copyright 2023 UKG Inc. All rights reserved. For a full list of UKG trademarks, please visit ukg.com/trademarks. All other trademarks, if any, are property of their respective owners. All specifications are subject to change.
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