Unemployment Rate
3.9%
The unemployment rate changed little while nonfarm payroll employment rose by 150,000 jobs in October. Average hourly earnings rose by 7 cents (0.2%) to $34. The average workweek for employees on private nonfarm payrolls edged down by 0.1 hour to 34.4 hours. Gains occurred in healthcare, government, and social assistance. Manufacturing employment declined due to strike activity.
According to the American Staffing Association, temporary help employment was 1.88% of total nonfarm employment in October.
Major Industry Employment
Notable Gains and Losses
- Healthcare and Social Assistance: +77,200
- Government: +51,000
- Construction: +23,000
- Leisure and Hospitality: +19,000
- Professional and Business Services: +15,000
- Manufacturing: -35,000
- Transportation and Warehousing: -12,100
- Information: -9,000
Read the full report at BLS.gov
Workforce and Economic News
The U.S. Economy May Be Reliving The ‘Roaring ’20s’—and That Means Growth, Inflation, and Rates Will All Stay High, UBS Says
Business Insider — November 10, 2023
The economy’s surprising resilience this year could set the stage for a new “roaring ’20s” decade of growth. While inflation has cooled away from four-decade highs, it is still running far clear of the Federal Reserve’s 2% target. Higher GDP growth, inflation, bond yields, and interest rates would be the main features in a “roaring ’20s outcome” for the economy. Read more at BusinessInsider.com.
What is “Quiet Cutting”? How Companies are Reducing Their Workforce by Forcing Employees to Quit
AS — November 10, 2023
Giving staff the sack is expensive. While severance packages vary significantly, they are usually between one week and one month’s pay per year worked. Of course, companies would aim to avoid this as much as possible. A new study shows that workers are becoming more aware of the dodgy business practices used to force them out of a job. Read more at AS.com.
Flexible Work Could Decrease Risk for the No. 1 Cause of Death in America, New Harvard Research Finds
Fortune — November 10, 2023
Stress can severely increase one’s risk of heart disease, and few things are more stressful than long days at the office, frustrating commutes, and workplace politics. Stress and burnout at work hit record levels in 2020, but new research published in the American Journal of Public Health might give some hope to the rank and file. Researchers found that for some people, flexibility in the workplace and promoting work-life balance can decrease the risk of heart-related conditions, including heart attacks — the No. 1 cause of death in the U.S. Read more at Fortune.com.
America Employed
Insights from Express Employment Professionals
The Big Rewards of Microcredentials
ExpressPros.com — October 25, 2023
Express Employment Professionals has released its newest white paper focusing on how shorter, more customizable learning opportunities can help job seekers and existing employees secure in-demand jobs and upskill without committing to a much longer traditional degree program.
With 9.6 million job openings nationwide resulting in less than one unemployed person per position, America is experiencing a unique labor shortage that defies historical expectations. Retiring baby boomers, a low labor force participation rate, and a lack of skilled workers add up to a deficit of employees that’s not likely to ease anytime soon. One likely solution is the rise in microcredentials, also known as microdegrees. Read more at ExpressPros.com.
Job Seekers Willing to Sacrifice Salary for Freedom
ExpressPros.com — October 11, 2023
In an ever-changing job market, job seekers are placing new and compelling priorities at the forefront of their career choices as a majority are willing to sacrifice better pay for flexible schedules. This is according to a recent survey from The Harris Poll commissioned by Express Employment Professionals.
Salary and work-life balance appear to be among the key factors for desired positions, as around 4 in 5 report these components are absolutely essential/very important (83% and 79%, respectively). They also place importance on the job duties and responsibilities (78%), benefits (76%), and personal fulfillment (68%) of positions. Nevertheless, job seekers also place a significant emphasis on autonomy and control over their work environment and schedules. A substantial portion considers flexible working hours (62%) and the option for remote work (53%) as absolutely essential or highly important aspects of a job. Read more at ExpressPros.com.
