Magazine Article | October 2, 2017

It's Official: The Labor Market Has Fully Recovered From The Great Recession

Source: Channel Executive Magazine

By Wayne Rampey, CEO, Apollo Staffing and the VAR Staffing brand

For CEOs and business owners, does today’s job market mean increased hiring and retention costs for growing MSPs and VARs?

With the release of the U.S. Department of Labor’s July 2017 report on unemployment, combined with the most recent Hamilton Project report published by the Brookings Institute, it seems official; the job market has fully recovered from The Great Recession. Impressively, due to actual population growth between 2007 to 2017, it took the addition of over 10 million jobs to recover to the prerecession job loss equivalent of approximately 8.5 million jobs.

But a tight labor market is most likely no surprise for small to midsize MSP and VAR business owners. Most have experienced the challenge of hiring qualified technical talent for several years now. Some professions recovered faster than others, and the technology sector recovered earlier and faster than most.