Unemployment Rate
3.9%
The unemployment rate changed little from 3.8% to 3.9% in April, and nonfarm payroll employment rose by 175,000. The labor force participation rate held at 62.7%. Average hourly earnings for private nonfarm payroll employees rose by 7 cents (0.2%) to $34.75. The average workweek for employees on private nonfarm payrolls decreased by 0.1 hours to 34.3 hours. Health care, social assistance, and transportation and warehousing saw job gains.
According to the American Staffing Association, temporary help employment was 1.73% of total nonfarm employment in April.
Major Industry Employment
- Health Care and Social Assistance: +87,000
- Transportation and Warehousing: +21,800
- Retail Trade: +20,100
- Construction: +9,000
- Manufacturing: +8,000
- Leisure and Hospitality: +5,000
- Professional and Business Services: -4,000
- Temporary Help Services: -16,400
Read the full report at BLS.gov
Workforce and Economic News
Workers are Eyeing the Exit in 2024 as LinkedIn and Microsoft Study Warns More People Want to Quit Their Jobs Now Than During the Great Resignation
Fortune — May 8, 2024
The cost of living has spiraled, the threat of layoffs looms, and flexible working arrangements that won before bosses started issuing return-to-office mandates are now like gold dust. That’s why, after three years of workers quitting their jobs at a record pace, experts have reassured employers that 2024 will be the year of the “Great Stay.” However, new data from a global survey found that the percentage of people (46%) who want to quit their jobs in the year ahead is actually higher than in 2021 (40%).
Read more at Finance.Yahoo.com.
6 Things Gen Z Want from Their Employers to Flourish in Their Careers
Forbes — May 11, 2024
The return-to-office debate is alive and well, and 70% of Gen Zs surveyed want flexibility in their work schedule. Many Gen Zs, feeling misunderstood and vilified, are getting a bad rap from other generations and business leaders. Lack of etiquette, reliability, and flexibility are some of the biggest points of contention between Gen Z workers and their peers, although data from Owl Labs and dedx paints a picture of a generation that cares about their work life.
Read more at Forbes.com.
Why — and How — Employers Should Beef Up Support for Working Moms
Society for Human Resources Management — May 9, 2024
Working mothers historically have struggled with finding their place in the workforce while also managing their family lives. But in many ways, the past couple of years have been more difficult than ever, resulting in an exodus of mothers leaving the workforce. Meanwhile, significant numbers of working mothers report feeling burned out at work as they try to balance their personal and professional lives. That’s why, employers need to recognize the challenges working mothers face and provide resources to help, especially during a time when attracting and retaining talent is proving difficult, according to a benefits consultant firm.
Read more at SHRM.org.
Job Seekers Press Pause on Parenthood: Survey Highlights Work/Life Balance as Top Priority
ExpressPros.com — April 24, 2024
A lack of work/life balance is impacting job seekers in a very personal way as one-third of employed U.S. job seekers (34%) report having to put starting a family on hold due to a lack of work/life balance. And nearly 3 in 5 (59%) say it’s essential that their future company prioritizes work/life balance as they look to start a family. This is according to a recent Express Employment Professionals-Harris Poll survey.
“From what I’ve seen, a generational focus shift is happening for many after seeing their parents devoted to work at the expense of their private lives and family time,” said John Roller, an Express franchise owner in New Hampshire. “As a result, there is less of a desire to start families altogether, with many choosing to delay until ‘everything is in place’.”
Read more at ExpressPros.com.
Companies Recognize the Power of Comprehensive Benefits in Attracting and Retaining Top Talent
ExpressPros.com — April 10, 2024
Offering all the benefits employees want is seemingly impossible, according to a recent Express Employment Professionals-Harris Poll survey. However, companies appear tuned in to the advantages benefits may provide — including attracting and retaining employees, as well as potentially easing turnover rates.
Nearly half of U.S. hiring managers (48%) report more employees at their company have asked for better benefits this year, compared to last year, because of an increase in the cost of living. But delivering on this expectation may not be possible for all. Two-thirds feel it’s impossible to offer all the benefits employees want now (66%).
Read more at ExpressPros.com.
