--- title: Heartbeats of the Economy October 15, 2020 description: "Through the Lens of Talent Acquisition The Employment Situation — September 2020 The Numbers: Total non-farm employment rose by 661,000 in September Temporary help services rose by 8,100 The national unemployment rate declined, from 8.4% to 7.9% 13 of the 15 major industry groups gained jobs last month Leisure & Hospitality added 318,000 jobs Unemployment rate continues to decline as the number of job losers on temporary layoff continues to decline: 4.498 million in September from 6.160 million in August The number of “permanent job losers” continues to rise, to 3.756 million in September from 3.411 million in August Labor force decline in September to 160.143 million, it remains well below its January 2020 peak of 164.606 million Source: Bureau of Labor Statistics Forecasters Split on When U.S. Economy Will Return to Pre-Pandemic Levels The Numbers: According to its October report 38%, of the National Association for Business Economics report estimate pre-pandemic GDP levels by […]" image: https://blog.bountyjobs.com/hubfs/Imported_Blog_Media/BLG-WBS-Numbers-OCT-2-800x400-1.jpg --- 2 min read # Heartbeats of the Economy October 15, 2020 [ Szilvia Toth ](https://blog.bountyjobs.com/author/szilvia-toth) : October 15, 2020 [Talent Acquisition Trends](https://blog.bountyjobs.com/tag/talent-acquisition-trends) ![Heartbeats of the Economy October 15, 2020](https://blog.bountyjobs.com/hubfs/Imported_Blog_Media/BLG-WBS-Numbers-OCT-2-800x400-1.jpg) ## Through the Lens of Talent Acquisition ### [The Employment Situation — September 2020](https://bit.ly/3iSOiUv) **The Numbers:** - Total non-farm employment rose by 661,000 in September - Temporary help services rose by 8,100 - The national unemployment rate declined, from 8.4% to 7.9% - 13 of the 15 major industry groups gained jobs last month - Leisure & Hospitality added 318,000 jobs - Unemployment rate continues to decline as the number of job losers on temporary layoff continues to decline: 4.498 million in September from 6.160 million in August - The number of “permanent job losers” continues to rise, to 3.756 million in September from 3.411 million in August - Labor force decline in September to 160.143 million, it remains well below its January 2020 peak of 164.606 million - Source: Bureau of Labor Statistics ### [Forecasters Split on When U.S. Economy Will Return to Pre-Pandemic Levels](https://bit.ly/3jTxKgl) **The Numbers:** - According to its October report 38%, of the National Association for Business Economics report estimate pre-pandemic GDP levels by the second half of 2021 - 32% expect it to reach that level in the first half of 2022, and 30% believe it will occur in the second half of 2022 or later - The median forecast for job gains in 2021 is 350,000 per month, down from the 497,000 projected in June - Source: Staffing Industry Analyst ### [Jobless Claims Fall By 9,000 Last Week, But Some Concerns About Data](https://bit.ly/36YbT3F) **The Numbers:** - Initial jobless claims fell by 9,000 in the week ended October 3rd - However, concerns remain, economists expected 825,000 new claims - Initial jobless claims under the Pandemic Unemployment Assistance program fell by 44,270 to a total of 464,437 - Extended benefits claims rose by 84,129 in the week ended September 19th to 352,479 - Source: Staffing Industry Analyst ### [Auto Industry Struggles to Find Workers](https://reut.rs/3lB860j) **The Numbers:** - Suppliers are struggling to staff production lines - Demand for new vehicles has rebounded - Rewards for good attendance and at-work teachers to lure job seekers - Employers to raise pay despite the high national jobless rate - Many suppliers are dealing with absenteeism rates of 10-15% - Source: Reuters ### [New LinkedIn Data Shows That Job Seeker Interest Is Shifting to Small Businesses](https://bit.ly/2GYuNMY) **The Numbers:** - This is an excellent time for SMBs to hire blue-chip talent - While SMB share of jobs dropped by 22% since March, their share of applications risen by 25% - SMB workers: more likely to seek purposeful mission and challenge - 25% of SMB employees said a purposeful mission was one of the most important EVPs - Employees moving into SMBs are more likely to become managers - Source: LinkedIn ### [Future of Sales 2025: Data-Driven B2B Selling to Drive Digital Commerce](https://gtnr.it/3nIcRHd) **The Numbers:** - The rise in interactivity between suppliers and buyers will lead to more interdependence of people, processes and technology - 60% Of B2B Sales organizations will adopt data-driven selling by 2025 - Sales leaders must adopt the principles of hyper-automation and bring B2B digital commerce into the fold - Source: Gartner ### [Digital Immigration: Could Global Hiring Be the Future?](https://bit.ly/2GI7R4R) **The Numbers:** - Recent mass migration to remote work has triggered a change in the dynamics between talent and employers - LinkedIn found that regarding city migration patterns, departures have significantly exceeded new arrivals and have fallen more than 20% from April through August of this year versus a year earlier - According to the Bureau of Labor Statistics, 35.4% of American workers teleworked in May - Source: Forbes ### [IT Jobs Rise for Second Straight Month in September Following Initial Impact of COVID-19](https://bit.ly/2SNzxHN) **The Numbers:** - IT employment was up by 0.47% to nearly 5.2 million jobs in September - The explosion of ‘work from home’ and the need for ‘digital transformation’ resulted in an investment in IT - Engineering employment rose by 0.49% in September to a total of nearly 2.6 million jobs - Source: Staffing Industry Analyst ### [35% of U.S. Employers are Lowering Projected Salary Increase Budgets for Next Year](https://bit.ly/3jS4JSh) **The Numbers:** - 35% of U.S. employers are reducing their projected 2021 salary increase budgets - Employee groups are projected to receive salary increases of 2.6% in 2021, down from a projected 2.8% - Salary increase for top executives is expected to be 2.5% in 2021 - Source: Staffing Industry Analyst   ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Szilvia Toth", "url" : "https://blog.bountyjobs.com/author/szilvia-toth" }, "dateModified" : "2023-06-29T16:43:48.050Z", "datePublished" : "2020-10-15T14:47:15.000Z", "headline" : "Heartbeats of the Economy October 15, 2020", "image" : [ "https://blog.bountyjobs.com/hubfs/Imported_Blog_Media/BLG-WBS-Numbers-OCT-2-800x400-1.jpg" ], "mainEntityOfPage" : { "@id" : "https://blog.bountyjobs.com/by-the-numbers-october-15-2020", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.bountyjobs.com/hubfs/Marketing/01-Logos/Logo%202023_Logo_Mixed_2x.svg" }, "name" : "BountyJobs" } } ```