Unemployment Rate
3.5%
The U.S. economy added 223,000 nonfarm jobs in December 2022, as the unemployment rate decreased from 3.7% in November to 3.5% in December. The Education and Health Services industry had the largest increase in employment in the private sector, adding 78,000 positions, while Government jobs increased by 3,000. Learn more from the recent employment report compiled by the U.S. Bureau of Labor Statistics and view the unemployment rate in your state.
Major Industry Employment:
- Construction: +28,000
- Manufacturing: +8,000
- Retail Trade: +9,000
- Transportation and Warehousing: +4,700
- Information: -5,000
- Professional and Business Services: -6,000
- Education and Health Services: +78,000
- Health Care and Social Assistance: +74,400
- Leisure and Hospitality: +67,000
- Government: +3,000
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Workforce
88% of Hiring Managers Would Consider Firing Workers for Content in Personal Social Media Posts
ExpressPros.com – January 11, 2023
Inappropriate social media posts may be grounds for termination as 88% of U.S. hiring managers say they would consider firing employees for content found in workers’ posts, according to a survey from The Harris Poll commissioned by Express Employment Professionals.
Fireable offenses include publishing content damaging the company’s reputation (59%), revealing confidential company information (58%), showcasing and/or mentioning illegal drug use (50%), violating the company’s social media use policy or contract (45%) and showcasing and/or mentioning underage drinking (38%).
Only 12% of U.S. hiring managers say there is nothing a company could fire an employee for based on their social media posts.
When asked the same question, the majority of job seekers (86%) agree companies can fire employees based on their social media posts that reveal confidential company information (64%), violate the company’s social media use policy or contract (58%) or damage the company’s reputation (57%). Further scrutiny extends to content showcasing and/or mentioning illegal drug use (50%) or underage drinking (43%) and showcasing and/or mentioning beliefs different than those held by the company (21%).
Labor Shortage, Employee Turnover, and Benefits Demands Keeping Employers Up at Night
ExpressPros.com – December 28, 2022
While a majority of U.S. hiring managers feel positive about their company’s hiring outlooks, 85% still expect challenges over the next year with 75% saying it keeps them up at night, according to a survey from The Harris Poll commissioned by Express Employment Professionals.
Pertaining to more general hiring difficulties, hiring managers worry about increased competition in the job market (35%), available talent pool not matching the company’s needs (29%), reaching diverse candidates (23%) and difficulty assessing candidates’ skills during the hiring process (23%).
But as to what is causing these decision makers to lose sleep, 3 in 10 say the labor shortage continuing (29%), increases in employee turnover (28%), increased demand from candidates for better benefits in order to accept a job offer (27%) and an inability to fill open positions (27%) are among those late-night fears.
For some, the inability to fill open positions is not just a fear for the future, but a current problem they are actively trying to solve, including many hiring managers (42%) who say their company currently has open positions they cannot fill. Corresponding with the top hiring challenges companies face, those with open positions report they are not filled due to a lack of applicants. This includes applicants who lack hard skills (39%), relevant experience (38%), soft skills (36%) and/or applicants in general (34%).
Staffing
Temporary Employment Down in December
Staffing Industry Analysts – January 6, 2023
After a downwardly revised loss in November, the U.S. temporary help industry declined sharply in December losing 35,000 jobs, according to the Bureau of Labor Statistics. The number of total temporary jobs reached 3.04 million.
The number of temporary jobs as a percentage of overall employment (temporary penetration rate) dropped from 2.01% in November to 1.98% in December.
“This month’s report highlights the continued strength of the US labor market despite slower economic growth and headline layoffs in the tech sector,” said Barry Asin, president of Staffing Industry Analysts. “Longer-term, a mild increase in labor force participation is also a positive sign for employers looking to hire.”
Looking at overall employment, the U.S. experienced notable gains in leisure and hospitality, up by 67,000; healthcare, up 55,000; construction, up 28,000; and social assistance, up 20,000.
Total nonfarm employment reached more than 153.7 million in December.
Business
Employment Trends Index Decreased in December
The Conference Board – January 9, 2023
After increasing in October and November, The Conference Board Employment Trends Index (ETI) decreased from a downwardly revised 117.14 in November to 116.31 in December. The decrease can be attributed to negative readings from seven out of eight index components: “Initial Claims for Unemployment,” “Percentage of Firms With Positions Not Able to Fill Right Now,” “Ratio of Involuntarily Part-time to All Part-time Workers,” “Number of Employees Hired by the Temporary-Help Industry,” “Industrial Production,” “Real Manufacturing and Trade Sales,” and “Job Openings.”
“The ETI declined for the third consecutive month in December 2022—a signal that further deceleration in job growth is likely over the coming months,” said Frank Steemers, Senior Economist at The Conference Board. “However, the ETI remains at a high level and job gains are currently still robust. The ETI would need to further decline before it may signal that a turning point in employment is about to occur.”
Consumer Confidence Bounces Back in December
The Conference Board – December 21, 2022
After declining in October and November, U.S. consumer confidence bounced back in December. The Conference Board’s Consumer Confidence Index increased from an upwardly revised reading of 101.4 in November to 108.3 in December. The short-term outlook of consumers increased as the Expectations Index was up from 76.7 in November to 82.4 in December. The Present Situation Index, which shows current views on business and labor conditions, was up from 138.3 in November to 147.2 in December.
The report also found that 47.8% of respondents felt jobs were currently plentiful, up from 45.2% in November; while the amount of those who said jobs were hard to get was down from 13.7% in November to 12% in December.
