Unemployment Rate
3.9%
The unemployment rate increased 0.2 percentage points and total nonfarm payroll employment rose by 275,000 in February. The labor force participation rate was 62.5% for the third consecutive month. Average hourly earnings for all employees edged up by 5 cents to $34.57, and the average workweek increased by 0.1 hours to 34.3 hours. Industries that saw increases in employment include healthcare, government, and food services and drinking places.
According to the American Staffing Association, temporary help employment was 1.74% of total nonfarm employment in January.
Major Industry Employment
Notable Gains and Losses
- Healthcare and Social Assistance: +90,700
- Leisure and Hospitality: +58,000
- Government: +52,000
- Construction: +23,000
- Transportation and Warehousing: +19,700
- Retail Trade: +18,700
- Temporary Help Services: -15,400
- Manufacturing: -4,000
Read the full report at BLS.gov
Workforce and Economic News
Shift in American Work Culture Post-Covid: Prioritizing Life Over Labor
BNN Breaking — March 11, 2024
The traditional work ethic has undergone a significant transformation since the onset of Covid-19. The pandemic not only altered the labor market’s outward appearance but also deeply changed Americans’ attitudes toward work, career, and the importance of personal time. This evolution marks a profound shift in the nation’s labor dynamics, with implications that may redefine the future of work in the United States. Read more at BNNBreaking.com.
Over Half of Americans Are Worried About Job Security and How AI Will Impact Their Future Employment
Fast — March 11, 2024
Mass layoffs in the tech industry have made headlines nearly every week since late 2022. Combine that constant barrage with the rise of AI and uncertainty over the global economy and you have the perfect recipe for increasing anxiety across the American workforce when it comes to fears about job security. A new survey out from online marketing firm Authority Hacker put some concrete numbers on just how many of the currently employed are worried about their job security in the years ahead. Read more at FastCompany.com.
Some Employees Are Struggling with the Return to Office. Now, the Workplace Etiquette Industry Is Booming
CNN Business — March 8, 2024
Demand for workplace etiquette training has surged over the past two years as companies grapple with the fact that some employees brought their at-home habits back to the office and others had little experience in a professional setting in the first place. More than 60% of companies plan to implement etiquette courses for staff this year, according to a survey of more than 1,500 business leaders published in July 2023 by job seeker service company Resume Builder. Read more at CNN.com.
America Employed
Insights from Express Employment Professionals
One-Third of Companies Bracing for Higher Employee Turnover
ExpressPros.com — February 28, 2024
Thirty-three percent of U.S. hiring managers anticipate employee turnover at their company to increase in the next year, costing an average of $36,295 (e.g., cost to rehire, lost productivity) annually. Significantly, more than 20% of hiring managers say that number climbs to $100,000 or higher. This is according to a recent Express Employment Professionals-Harris Poll survey.
For those who anticipate increased turnover in 2024, many point to better pay/benefits offered elsewhere (38%), increased workplace demands (35%), employees resigning (33%), employee feelings of being overworked (31%), and the competitive job market (26%) as the cause. Read more at ExpressPros.com.
Love at First Interview: 37% of US Employees Looking to Swipe Right on New Jobs
ExpressPros.com — February 14, 2024
Nearly 40% of U.S. employees are hopeful to match with a new job this year, however, fewer believe there are more job opportunities in their chosen field compared to a year ago (28%)—a significant decrease from 2023 (34%). This is according to a recent Express Employment Professionals-Harris Poll survey.
There appear to be mixed feelings when it comes to the difficulty of landing a job—with half of job seekers reporting it will be easy (51%) and a similar proportion citing it will be difficult (49%). Still, nearly 7 in 10 U.S. job seekers believe it will take them six months or less to find a job, a significant shift from the previous survey (69% vs. 62% spring 2023). As for employed job seekers, they have been at their current company for eight years, on average, but still more than one-third are actively searching for a new job. Read more at ExpressPros.com.
