Sarasota Jobs Report

September 2020 Jobs Report

Jobs Added

Metro +800
  • Month Over Month: +0.3%
  • 3 Month Average: 4,533
  • Year Over Year: -5.8%
State +57,900
  • Month Over Month: +0.7%
  • 3 Month Average: 141,400
  • Year Over Year: -5.1%
National +661,000
  • Month Over Month: +0.5%
  • 3 Month Average: 1,303,667
  • Year Over Year: -6.4%

Unemployment Rate

Metro %
  • Month Over Month: %
  • 3 Month Average: 0%
  • Year Over Year: %
State %
  • Month Over Month: %
  • 3 Month Average: 0%
  • Year Over Year: %
National 7.9%
  • Month Over Month: -0.5%
  • 3 Month Average: 8.83%
  • Year Over Year: +4.4%

What does the last U.S. jobs report before the election tell us?

 

We’re losing momentum.

Since late spring, job growth has declined every month—from 4.8 million in June, to 1.8 million in July, to 1.4 million in August, to just 661,000 in September. There are several reasons for this: the fact that many open positions were filled over the summer, the uncertainty around the impending presidential election, and the continued worry over COVID-19’s presence.

Drew Matus, chief market strategist for MetLife, said it best on CNBC, “The issue is momentum, and I think we’re losing it. When you go through a significant disruption to the labor market, it takes time to fix itself. That’s without regard to whether there’s a virus.”

Job growth per industry varies drastically.

Leisure & hospitality (+318,000) and retail trade (+142,400) lead the way, as both industries continue to ramp back up as cities and states gradually reopen to greater capacities.

Hospital jobs declined (-6,400) while health care & social assistance jobs spiked (+107,700). The former saw sharp growth as COVID peaked but seems to have backed off since. The latter should continue to grow quickly, as it consists of a broad range of essential workers such as childcare professionals, home health aides, and various clinical and non-clinical medical professionals.

Some companies are taking a cautious approach.

As we’ve seen with some of our own clients, business leaders are being somewhat cautious as the election quickly approaches. A potential change in leadership could mean new legislation around corporate taxes, emissions regulations, employee benefits, and more—all things that could affect companies’ direction, investments, and hiring strategies.

Additionally, the election could bring social unrest, particularly in major cities. If unrest escalates to the point at which business operations are interrupted and much of the public stays home, business leaders may be inclined to take a longer-term hiring approach.

What does this mean for your business?

During up-and-down times like these, it’s important to remain flexible and be ready to pivot. Monitor the election’s effect on consumer confidence, job growth, unemployment rates, labor force participation rates, and wages on a macro level and specific to your vertical and local market.

It’s also a time to rely on your staffing suppliers and their expertise. They should have the talent pools, recruiting technologies, and onboarding capabilities to help you scale your workforce up and down quickly in today’s volatile market—and position you for growth when the time is right.

Local Industry Job Growth from the B.L.S.

Financial Activities -100
  • From Last Month: -0.7%
  • 3 Month Average: 15
  • From Last Year: -3.9%
Information 0
  • From Last Month: 0.0%
  • 3 Month Average: 3
  • From Last Year: -8.8%
Leisure & Hospitality -300
  • From Last Month: -0.8%
  • 3 Month Average: 36
  • From Last Year: -19.4%
Manufacturing -200
  • From Last Month: -1.2%
  • 3 Month Average: 17
  • From Last Year: -4.1%
Retail Trade -100
  • From Last Month: -0.2%
  • 3 Month Average: 42
  • From Last Year: -5.0%
Transportation, Warehousing, & Utilities +100
  • From Last Month: +1.7%
  • 3 Month Average: 6
  • From Last Year: -3.2%
Trade, Transportation, & Utilities +100
  • From Last Month: +0.2%
  • 3 Month Average: 56
  • From Last Year: -4.9%
Manufacturing -200
  • From Last Month: -1.2%
  • 3 Month Average: 17
  • From Last Year: -4.1%
Manufacturing -200
  • From Last Month: -1.2%
  • 3 Month Average: 17
  • From Last Year: -4.1%
Goods Producing +200
  • From Last Month: +0.5%
  • 3 Month Average: 42
  • From Last Year: -2.1%
Hospitals 0
  • From Last Month: 0.0%
  • 3 Month Average: 14
  • From Last Year: +1.4%
Manufacturing -200
  • From Last Month: -1.2%
  • 3 Month Average: 17
  • From Last Year: -4.1%

U.S. Job Growth for All Sectors

Local Job Reports

BLS.gov cannot vouch for the data or analyses derived from these data after the data have been retrieved from BLS.gov.