Bob Funk, Chairman and CEO of Express Employment Professionals, released seven predictions for 2014 related to jobs and the economy.
“As for the future of jobs in America for 2014, I see little change in the unemployment rate. At the same time, I see the number of temporary workers achieving an all-time high and skilled workers will remain hard to find and in high demand,” said Funk, the former Chairman of the Kansas City Federal Reserve. “I’ve been in the staffing business for nearly 50 years and certain trends are clear – the most notable is widespread uncertainty in the labor market. It will remain the driving force in 2014.”
- The national unemployment rate will not change very much.
The rate dropped from 7.9% at the beginning of 2013 to 7.0% now, but Funk believes 2014 will end with a rate between 6.7% and 7.2%, little changed from its current rate.
- The labor force participation rate will stay stuck at 1970s levels.
The current participation rate of 63% will fluctuate in a range between 62.6% and 63.5% by the end of 2014, little changed from its level in 1978. This is a troubling sign that many people have given up looking for work. Read More→