Unemployment Rate
3.7%
The unemployment rate remained unchanged while nonfarm payroll employment increased by 216,000 jobs in December. Employment continued to trend up in government, health care and social assistance and construction, and declined in transportation and warehousing. The labor force participation rate decreased by .3 to 62.5% after essentially remaining flat since August. Average hourly earnings rose by 15 cents (.4%) to $34.27 and the average workweek edged down by .1 hour to 34.3 hours.
According to the American Staffing Association, temporary help employment was 1.80% of total nonfarm employment in December.
Major Industry Employment
Notable Gains and Losses
- Health Care and Social Assistance: +58,900
- Government: +52,000
- Leisure and Hospitality: +40,000
- Retail Trade: +17,400
- Construction: +17,000
- Temporary Help Services: -33,300
- Transportation and Warehousing: -22,600
Read the full report at BLS.gov
Workforce and Economic News
40% of Employers Avoid Hiring Gen Z Workers
VOA News – January 6, 2024
Almost 4 in 10 managers avoid hiring recent college graduates because they judge them to be unprepared for professional life, according to a survey. Respondents cited behaviors including bringing a parent to the interview, candidates refusing to turn on their camera for a virtual interview, and interviewees struggling to make eye contact, dressing inappropriately, or using inappropriate language as deterrents.
Read more at VOANews.com.
Yellen Declares US Economy Has Achieved Soft Landing
Bloomberg – January 5, 2024
Treasury Secretary Janet Yellen declared the U.S. economy had achieved a long-sought soft landing, a historically unusual event in which high inflation is tamed without significantly damaging the labor market. Job gains and a wage increase in December both exceeded expectations.
Read more at Bloomberg.com.
Key Workplace Trends of 2024 Affecting Talent Development
Association for Talent Development – January 4, 2024
Several current workplace trends appear set to continue, and intensify, in 2024. Technology is expected to pick up even more speed, the conversation around hybrid and remote work will continue, employees may be educated on the effects of change and how to adapt amid change fatigue, and companies may focus on developing a more inclusive culture in their diversity, equity, and inclusion strategies.
Read more at TD.org.
America Employed
Job Seekers Buck the Trend, Opting for Purpose over Corporate Promotion
ExpressPros.com – December 27, 2023
While U.S. hiring managers and job seekers feel career advancement is valuable, many job seekers are more focused on achieving personal fulfillment and work/life balance. This is according to a recent survey from The Harris Poll commissioned by Express Employment Professionals.
More than half of employed job seekers (56%) feel they are performing above and beyond at their company now compared to a year ago—and hiring managers are seeing similar effort (53%). From the perspective of hiring managers, the definition of professional success for employees is advancing in their careers (73%). And 58% report that the only way for employees to achieve professional success at their company is to “climb the corporate ladder.” Around 7 in 10 job seekers (71%) are similarly aligned on the definition of professional success (i.e., advancing in their career) and believe climbing the corporate ladder is the only way employees can achieve this (57%).
Read more at ExpressPros.com.
Mentorship Programs Counter Talent Drain at U.S. Businesses
ExpressPros.com – December 13, 2023
Most American companies have lost employees to retirement the past two years, taking valuable institutional knowledge and experience with them. One possible solution? Mentorship programs.
While not a new concept, mentorship programs are gaining popularity as a way to combat this brain drain (i.e., when older employees retire without sharing knowledge of how to do their job to younger generations) and accelerate recruiting and retention in the current prolonged labor shortage.
Read more at ExpressPros.com.
