Good News for CFOs This Morning: November Employment Report Shows U.S. Economy Added 263,000 Jobs, sign of continued strength in the labor market

Well, another round of good news for CFOs and all C-Suite leaders this morning: The U.S. economy added 263,000 jobs in November and the jobless rate remained at 3.7%, signs of continued strength in the labor market.

Once again, the U.S. job market remains resilient, with employers still seeking to hire despite an uncertain economic outlook and elevated recession fears. And, as a result, this continued low unemployment, coupled with ongoing wage gains have helped fuel consumer spending, the U.S. economy’s main financial engine.

So, as CFOs from across industries, markets, sizes, and business life cycles tackle budgeting, forecasting, and planning for 2023, and take stock of what worked and what didn't this year, they can they can do so with the benefit of seeing some stability in the labor markets, even as volatility and uncertainty abound. And, while these numbers indicate that the war for talent will likely continue to rage in 2023, what it also means is that if that's the case, CFOs and their C-suite colleagues can look back at their financial performance from 2022, with some level of confidence, to identify trends and patterns that could shape 2023. They can analyze why things changed for the better or for the worse and what they can do to build on what worked in 2022 and what they can do differently to improve performance in 2023. It means that they can continue to focus on improving productivity by streamlining and automating processes. It means that the investments that they make in automation will likely help them save money and increase organizational agility, which can lead to greater profitability in 2023 and beyond.

Although it appears that at present, we're in a much better position than we were during the Great Recession of 2008, there are still economic uncertainties ahead. And, there is no guarantee that all will go smoothly. However, today's CFO understands that their role requires them to think big but also be nimble enough to keep up with changing market conditions. Also while taking into account any other potential risks (from operational risks to increase in competition) to make sure they have enough money in reserve if this should arise.

As Founder of The CFO Alliance, the only Network created by CFOs, for CFOs, ?I remain truly impressed by the individual and collective efforts by our 9,000+ members to invest their time and energy to drive value creation, capital markets activities, risk management techniques, leadership, and relevant skill development for the CFO role. They have embraced the mandate that today's CFO must be equipped with the skills, tools, and frameworks needed to lead financial transformation and handle increasingly complex challenges being faced by their organizations. It is certainly going to be an interesting 2023.

Wondering how your CFO sentiment on 2023 compares to those of your peers? Participate in The CFO Alliance 2023 Global Mid-Market Sentiment Survey. PLEASE NOTE: This survey is used to collect benchmarking data and is not used or intended to see you anything. All Study responses are confidential and are reported in aggregate. The Survey will take about 10 minutes to complete. All participants will receive a complimentary copy of the results and to gain access to diverse peer insights, real-time benchmarking data, rich diagnostic tools, and a full suite of performance solutions.