Unemployment Rate — 3.7%
Total nonfarm payroll employment rose by 353,000 in January, while the unemployment rate was unchanged. Jobs increased in professional and business services, healthcare, retail trade, and social assistance, and declined in the mining, quarrying, and oil and gas extraction industry. The labor force participation rate remained at 62.5%. Average earnings for all employees on private nonfarm payrolls rose by 19 cents (0.6%) to $34.55. The average workweek decreased by 0.2 hours to 34.1 hours.
According to the American Staffing Association, temporary help employment was 1.76% of total nonfarm employment in January.
Major Industry Employment
Notable Gains and Losses
- Healthcare and Social Assistance: +100,400
- Professional and Business Services: +74,000
- Retail Trade: +45,200
- Government: +36,000
- Manufacturing: +23,000
- Transportation and Warehousing: +15,500
- Construction: +11,000
- Mining and Logging: -6,000
Read the full report at BLS.gov
Workforce and Economic News
3 Disruptive Workplace Changes in 2023 Led to ‘Change Fatigue,’ Employees Report
Forbes – February 10, 2024
A new survey concluded that last year was marked with workplace upheaval and uncertainty. The report discovered a majority of worn-out workers suffered from “change fatigue,” brought on by a frequent shifting of priorities, policies, and personnel over the course of the year. Employees reported that the turbulence left the toll of feeling stressed, anxious, burned out, and distrusting of their employers. Read more at Forbes.com.
How to Combat Deepfakes in the Workplace
Spiceworks – February 12, 2024
If 2023 had a theme, it would undoubtedly be artificial intelligence (AI). It’s no surprise that more and more businesses are seeking ways to integrate AI into their daily workflows. It is increasingly important for leaders to identify how AI can help them and be aware of how AI applications can expose the company to fraud. One such threat is deepfakes. Read more at Spiceworks.com.
Employers Risk Losing Talent to The Gig Economy if They Don’t Prioritize Flexibility. Here’s What They Can Do
Employee Benefit News – February 9, 2024
The workforce has made itself pretty clear that flexibility is non-negotiable. And if they don’t have it at their corporate jobs, they’re willing to turn to gig work to find it. Seventy-four percent of Americans under 45 believe flexible gig workers will eventually drive America’s economy, not traditional full-time workers, according to a recent survey conducted by workforce management platform Jitjatjo. Traditional employers may need to start thinking about how they fit with employees’ changing needs. Read more at BenefitNews.com.
America Employed
Record 92% of US Hiring Managers Brace for Challenges in the Year Ahead
ExpressPros.com – January 24, 2024
Despite the continued hiring optimism of U.S. hiring managers, more than 9 in 10 (92%) expect to face challenges over the next year—reaching the highest point since the Job Insights survey began in 2020. This is according to a recent survey from The Harris Poll commissioned by Express Employment Professionals.
At the top of the list of expected obstacles in 2024 are finding qualified candidates (53%), increased competition in the job market (29%), and the available talent pool not matching the company’s needs (27%)—on par with the expected challenges cited for 2023. Nearly a quarter (22%) cite the company’s pay not being competitive as another anticipated bump in the road for the new year. Read more at ExpressPros.com.
Positive Pulse for Employment: US Employers Set to Boost Hiring in First Half of 2024, Unveiling a New Peak in Confidence
ExpressPros.com – January 10, 2024
Employers are ringing in the new year with an optimistic hiring outlook as the majority plan to increase their employee count in the first half of 2024. This is according to a recent survey from The Harris Poll commissioned by Express Employment Professionals.
Most U.S. hiring managers are looking toward hiring opportunities this year with a positive mindset (79%)—often citing feelings of optimism (44%), hopefulness (39%), and confidence (37%). And to that point, expectations for increasing hiring efforts continue as nearly two-thirds of hiring managers (63%) say their company plans to increase the number of employees in the first half of 2024 (i.e., Jan. 1 through June 30, 2024); continuing its positive trajectory, now reaching its highest point since the Job Insights survey began in 2020. Read more at ExpressPros.com.
