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Private-sector jobs rise by 233,000 in October: ADP October 30, 2024 Private-sector employment in the US rose by 233,000 jobs in October, reaching its highest level since July 2023, according to the ADP National Employment Report released today. The increase follows an upwardly revised gain of 159,000 jobs in September. The service-providing industries contributed significantly to October’s growth, adding 211,000 jobs, with education/health services, trade/transportation/utilities and leisure/hospitality leading the gains at 53,000, 51,000 and 37,000 jobs, respectively. Manufacturing was the only sector to report job losses. Despite strong hiring, the report found year-over-year pay gains slowed. Pay gains for those staying in their jobs decelerated to 4.6%, continuing a two-year slowdown, while pay gains for job changers dropped to 6.2%. Here is the change in private-sector employment by industry sector: --Goods-producing, up 22,000 --Natural resources/mining, up 4,000 --Construction, up 37,000 --Manufacturing, down 19,000 --Service-providing, up 211,000 --Trade/transportation/utilities, up 51,000 --Information, up 7,000 --Financial activities, up 11,000 --Professional/business services, up 31,000 --Education/health services, up 53,000 --Leisure/hospitality, up 37,000 --Other services, up 21,000 Looking at job growth by company size, small firms added 4,000 jobs, midsize firms added 86,000 and large firms gained 140,000. Regionally, the South led by adding 77,000 jobs, followed by the Midwest with an increase of 63,000. The Northeast added 48,000 and the West added 44,000. #laborforce #workforce #employment #unemployment #jobs #work #jobopenings

83% of Gen Z frontline workers are burned out October 29, 2024 Global frontline workers feel overworked, underappreciated and inclined to quit for a better employee experience, with Gen Z reporting the most dissatisfaction, according to a survey released on 28th October by UKG, an HR, payroll and workforce management solutions provider. UKG defines frontline roles as those requiring employees to be physically present at a specific place or time to perform their jobs. The global survey found that Gen Z employees, in particular, seek more control over their schedules, work locations and hours. This cohort includes workers between the ages of 18 to 27. Eighty-three percent report feeling burned out, compared to 75% of all frontline employees, and 36% of Gen Z say they would quit a job that negatively affects their physical/mental well-being. More than half, 58%, would prefer more vacation time over a pay increase, and 29% would forgo a promotion for an additional week of paid time off each year. While Gen Z reports more dissatisfaction, challenges are seen across generations: --61% of Gen Z is dissatisfied with their employee experience, compared to 55% overall. --72% of Gen Z and 62% of all frontline workers feel work interactions have worsened their mental health. --71% of Gen Z and 59% of frontline employees in all generations may quit due to negative interactions with their managers, co-workers or customers. In organizations with both frontline and corporate employees, 49% of frontline employees say there are two separate cultures: one for the frontline and one for everyone else. --19% of frontline employees globally report never receiving recognition from their manager. Top factors frontline employees consider when choosing an employer include pay/compensation, 71%, and work-life balance/flexibility and work schedules, 55%. Meanwhile, 27% of frontline employees globally said they’d resign due to a lack of workplace flexibility. The survey also found that 54% of organizations with frontline employees offer flexible hours/self-scheduling. Other flexible scheduling practices include shift trading with co-workers, part-time work with no loss of benefits, compressed workweeks and job sharing. The survey includes responses from 12,715 global workers — 10,915 frontline employees and 1,800 frontline leaders — from Australia, Brazil, Canada, France, Germany, India, Mexico, the Netherlands, New Zealand, the UK and the US. It was conducted between 19 June and 24 July. #employment #laborforce #workforce #workers #work #jobs #career

October 21, 2024 According to FORBES The estimated number of baby boomers retiring daily range from 10,000 to 11,200. 11,200: The Retirement Income Institute at the Alliance for Lifetime Income estimates that more than 11,200 Americans will turn 65 every day from 2024 through 2027. 4.1 million: This number represents the estimated number of baby boomers retiring each year from 2024 through 2027. The mass retirement of baby boomers is sometimes referred to as the "silver tsunami". This demographic shift is expected to have a significant impact on the workforce, job market, and many industries, particularly IT and technology.  #employment #laborforce #labor #working #career #retirement

Employment index trends downward, though jobs picture is strong | October 7, 2024 | The Conference Board Employment Trends Index (ETI) fell to a reading of 108.48 in September, down from August’s upwardly revised 109.54 reading. Still, the index remains near 2018-2019 levels. “The ETI has been on an extended downtrend that mirrored the decline in job vacancies over the past two years, yet the overall employment picture has remained strong through much of that time,” Mitchell Barnes, economist at The Conference Board, said in a press release. Barnes noted that while hiring has slowed in recent months from its former rapid pace, Oct. 4’s employment report showing a job gain of 253,000 in September should alleviate some concerns as the Federal Reserve begins its rate-cutting cycle. “Despite falling steadily from its peak, the Employment Trends Index remains around 2018-19 levels,” Barnes said. In addition, one component of the index — the share of respondents reporting “jobs are hard to get,” in The Conference Board’s Consumer Confidence Survey — rose for the fifth consecutive month to 18.3%, indicating jobseekers have begun experiencing challenges entering the market at this stage with many companies fully restaffed to prior levels. #jobs #employment #unemployment #labor #laborforce #work

October 8, 2024 A majority of managers are willing to increase starting salaries in order to get new hires into the office, according to research by staffing firm Robert Half (NYSE: RHI). It found that 66% of managers are OK with raising starting pay to get applicants on site for jobs that could otherwise be done remotely. More than half of those raising salaries, 59%, said they would increase pay by up to 20% to have workers come in four to five days per week. The research was included in Robert Half’s annual salary guide. Other findings include: --Advancements in AI are reshaping needed skill sets, according to 54% of hiring managers. In addition, 37% are bringing in contract talent to support AI-related projects. --Salary expectations are a concern, with 48% of managers saying that meeting job seekers’ pay expectations are among their greatest hiring challenges. It noted benefits that support employee wellbeing, work-life balance and career advancement can make an offer more attractive. --Retirements are a top concern for managers, and 45% are investing in training and upskilling of their current workforce as a result. In addition, 41% of hiring managers are rehiring retirees as part-time consultants. Robert Half’s research is based on a survey of more than 2,500 managers with hiring responsibilities in finance/accounting; technology; marketing and creative; legal; administrative and customer support; and human resources at companies with 20 or more employees in the US. #jobs #labormarket #working #employment #jobmarket #laborforce #unemployment

WASHINGTON, Oct 4 (Reuters) - U.S. job gains increased by the most in six months in September and the unemployment rate fell to 4.1%, pointing to a resilient economy that likely does not need the Federal Reserve to deliver large interest rate cuts for the rest of this year. In addition to the bigger-than-expected increase in nonfarm payrolls reported by the Labor Department on Friday, wages rose at a solid pace last month. The closely watched employment report also showed the economy added 72,000 more jobs in July and August than previously estimated. #employment #laborforce #unemployment #jobs #economy #work

Private-sector jobs rebound after 5-month slowdown: ADP | October 3, 2024| Private-sector employment in the US rose by 143,000 jobs in September, rebounding after a five-month slowdown, according to the ADP National Employment Report released today. The increase follows an upwardly revised gain of 103,000 jobs in August. Job gains in September were widespread, with the leisure and hospitality, construction and education/health sectors driving growth, adding 34,000, 26,000 and 24,000 jobs, respectively. The manufacturing sector also added jobs for the first time since April. US private payrolls increased more than expected in September, adding to the evidence of a stable labor market, Reuters reported. Despite stronger hiring, pay gains fell year over year in September, according to the report. Pay gains for those staying in their jobs slowed to 4.7%, while those changing jobs saw a bigger decline, with pay gains slowing to 6.6% from 7.3%. Looking at job growth by company size, small firms lost 8,000 jobs in September, midsize firms added 64,000 and large firms gained 86,000. By region, the South led by adding 61,000 jobs. The Northeast followed with an increase of 32,000 jobs, while the Midwest added 26,000 and the West added 22,000. #employement #unemployment #labor #laborforce #jobsreport #work #jobs #jobmarket |Please follow me or join my network to stay on top of the latest news, trends, and topics related to the job market.|

Let’s connect on LinkedIn! I post a lot about employment news, jobs data, and just about everything related to work and recruiting topics. I also provide a ton of data from a variety of data sources to help my connections know what’s happening in the job market. I would be honored if you choose to follow me here on LinkedIn, or simply send me a connection request! US job openings at 3-month high Bloomberg News | October, 1 2024 US job openings rose in August to a three-month high, a development at odds with other data indicating slowing demand for workers. Available positions increased to 8.04 million from 7.71 million in July, led by the biggest jump in construction openings since 2009 as well as increases in the state and local government sectors, the Bureau of Labor Statistics Job Openings and Labor Turnover Survey showed Tuesday. The median estimate in a Bloomberg survey of economists called for 7.69 million openings. At the same time, the hiring rate declined to 3.3%, matching the lowest reading since 2013 excluding the onset of the pandemic in 2020. Retail trade and transportation and warehousing registered the biggest declines. The report showed the layoffs rate also remained low, painting a mixed picture about the state of the labor market. Federal Reserve officials cut interest rates by 50 basis points at their September meeting in part to guard against a further slowdown and have said they could authorize another half-point cut in November if weakness continues. Monthly BLS data on employment for September, due Friday, is expected to show the pace of hiring picked up slightly and the unemployment rate held steady last month, according to the median estimates in a Bloomberg survey of economists. The number of vacancies per unemployed worker, a ratio the Fed watches closely, held near a three-year low at 1.1. At its peak in 2022, the ratio was 2 to 1. The so-called quits rate, which measures the percentage of people voluntarily leaving their jobs each month, fell to 1.9%, the lowest since June 2020. That suggests people are less confident in their ability to find a new position than they were a couple years ago. #labor #laborforce #employment #unemployment #jobs #working #joblsess #jobopenings

US jobless claims fall to four-month low September 26, 2024 US initial jobless claims fell by 4,000 in the week ended Sept. 21 to total of 218,000, the lowest level since mid-May, the US Department of Labor reported today. The previous week’s level was revised upward by 3,000. Economists polled by Reuters had forecast 225,000 claims in the latest week.  Meanwhile, the four-week moving average declined by 13,500 in the latest week to 224,750; the previous week’s average was revised upward by 750. The four-week moving average was 224,750, a decrease of 3,500 from the previous week’s revised average, which was revised upward to 228,250. #jobless #jobs #employment #unemployment #working #laborforce #labor