MAREMCIA

BLS revision confirms job market recession As I've been sharing for over a year, the initial jobs reports just haven't been adding up. The follow-up revisions and deep dive analysis have been telling a more accurate version of the state of the employment market. And now the BLS announced the 2nd largest revision on record (-818k), with just the 824K downward revision in 2009 just (barely) greater. This should not come as a shock to anyone who has been entrenched in the labor market. We've been in a recessionary employment market for more than a year. Based on these past cycles lasting between 12-24 months; The reality is we are closer to the end of this recessionary period than the beginning.  

HIRE RATES & QUIT RATES continue to show labor market weakness >The # of hire as as % of employment fell to *3.6% in May (near the lowest levels since the 2020 Pandemic hiring) >During the Pandemic recovery labor market in mid to late 2021, the rate was *4.6% >The quit rate for June remained at *2.1% >Quit rates remain low not only due to low levels of hiring, but also those employed seeking WFH flexibility as a condition of changing jobs. While the majority of companies with job openings having more traditional on-site requirements. *Source: Bureau of Labor Statistics

MAREMCIA is engaged on a newly created Director, Internal Audit for a multi-billion dollar, growing Life Sciences company. Reporting into the VP, this role will manage a small team overseeing operational audits, risk, and compliance. The all-in cash compensation will fall in the $275-325k range plus equity and a full relocation package is available to Southern California.

I’m pleased to announce that Nancy H. has joined MAREMCIA. Nancy brings a wealth of career experience, having worked as an Auditor in Big 4 public accounting, served as a career advisor to both corporate and public tax & accounting professionals, and most recently been a part of the corporate talent acquisition team for a global Big 4 firm. Nancy’s combination of experience makes her uniquely qualified to provide counsel to both hiring teams seeking the best fit candidates and professionals looking to make successful job changes.  Nancy will be heading up our tax practice on a national level, while also supporting our accounting & finance practice primarily in the NJ/NYC markets. I look forward to working with again Nancy and to the contributions she’ll make to MAREMCIA’s corporate clients and the professionals we represent. 

July 5th jobs revisions paint more accurate picture 1. BLS estimates continue overstatement trend APRIL JOBS:   165k initial                               108k revised MAY JOBS:       272k initial                                    218k revised JUNE JOBS:     206k initial                                 2. Part-time jobs continue to grow while full-time jobs continue to fall YOY June 2023-June 2024 the US has lost 1.6 million full-time jobs while adding 1.8 part-time jobs 3. Government jobs account for majority of job growth 70,000 government jobs added in June(more than the next 7 categories combined); 41% of jobs created since 2019 were government 4. Unemployment rate up to 4.1% (the highest since November 2021)

MAREMCIA has been engaged on a unique Tax Planning Manager role located north of Fort Lauderdale, FL. Looking for experience with Real Estate, REITs, and K-1/partnerships. Relocation is available (remote flexibility is an option). Excellent opportunity to work directly with the CFO and focus on strategic business issues and planning. Please contact Abhi Mavani for further details.

Some other interesting numbers from the jobs reports. In the past 12 months, 1.2 million full-time jobs have been lost; 1.5 million part-time job have been added. US native-born employment has been flat since 2020; during that same period, foreign-born workforce has seen 14% growth.

We are currently looking for a talented HR Leader on Long Island with a proven track record in performance management. This hands-on role offers the opportunity to work closely with a third-generation business that is actively scaling its operations. Please contact me if you're looking to make a significant impact on the company's growth and success. #HRLeader #LongIsland #PerformanceManagement

Can anyone recommend an attorney with employment law/contracts experience in NYC?

Among corporate roles, technical accounting, SEC reporting, and general accounting are the most current in-demand skills.