Employers use a lot of data. DoL numbers are one, but they are trying to predict their own future needs. They generally have much better sources of data to their industry that are used as well.

Different companies react differently as well. Companies that have a steady flow of cash (food is very inelastic - people eat about the same every day) realize they can give smaller raises, and this is a good time to invest in the company by building so they often hire. Companies that make luxury goods for the common man (think small boats - large yachts for the rich are different) tighten their belts because they are the first place people in fear cut spending.