UKG recovery index slumps to 95.5 as employers slow hiring lowest of 2022.
The UKG Workforce Activity Report shows the total number of shifts worked1 by people at U.S. businesses decreased 0.6%, an early indicator that July jobs growth will fall slightly behind June’s benchmark. The UKG Workforce Recovery Scale additionally highlights a one-point drop, further reinforcing reduced job creation this month. The recovery index rests at 95.5, relative to the same month one year ago — its lowest point in 2022. Workforce activity levels indexed by industry show the retail and service sectors also hit new lows in 2022, as did all regions except the Southeast.
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“UKG’s high-frequency data highlights very slight declines in workforce activity over four of the past five months and suggests we’ll see fewer new jobs created in July’s employment report, compared with June. While there’s no indication yet of broad-based layoffs outside of specific sectors, like finance and technology, we are seeing businesses begin to pull back on new hiring. Although the labor market remains tight, this gradual decline in job creation would indicate that efforts to slow the job market are starting to work. This positions most industries — with the notable exception of healthcare — on a path to achieve a soft landing in the labor market, though the situation remains very dynamic.”
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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. Born from a historic merger that created one of the world’s leading HCM cloud companies, our unique Life-work Technology approach to HR, payroll, and workforce management solutions for all people helps more than 70,000 organizations around the globe across every industry anticipate and adapt to their employees’ needs beyond just work.
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