Category: Employers

Employers

Economists Are Cutting Back Their Recession Expectations

Wall Street Journal (07/15/23) Torry, Harriet; DeBarros, Anthony Economists are dialing back recession risk expectations due to easing inflation, a strong labor market, and economic resilience, according to a survey of 69 economists by the Wall Street Journal. Economists lowered the probability of a recession in the next 12 months to 54% from 61% in the prior two surveys. Forecasters said gross domestic product would

Read More »
Employers

Understanding America’s Labor Shortage

U.S. Chamber of Commerce (07/12/23) Ferguson, Stephanie The latest data shows the U.S. has 9.8 million job openings but only 5.9 million unemployed workers, according to an analysis by the U.S. Chamber of Commerce. Employers added an unprecedented 4.5 million jobs in 2022. However, millions of Americans have been leaving the labor force since before the pandemic. The labor force participation rate currently is 62.6%,

Read More »
Employers

North Carolina repeats as America’s Top State for Business in 2023

Scott Cohn, CNBC (07/11/23) North Carolina tops CNBC’s state business competitiveness rankings for the second year in a row as workers flock to take advantage of a booming economy and the growing operations of companies including Apple within the state. It is the second consecutive year at the top for North Carolina — a rare feat in the CNBC study, which launched in 2007. Business

Read More »

June Unemployment Rate falls to 3.6%

U.S. Bureau of Labor Statistics (07/07/23) Total nonfarm payroll employment rose by 209,000 in June, BLS reported. Employment continued to trend up in government, health care, social assistance, and construction. Both the unemployment rate, at 3.6%, and the number of unemployed persons, at 6.0 million, changed little in June. The unemployment rate has ranged from 3.4% to 3.7% since March 2022. Get more details, including

Read More »

US Job Openings Fall in May, but Number of Quits Rises

US Bureau of Labor Statistics (07/06/23) Job openings fell by 496,000 in May compared to the previous month and separations increased, according to seasonally adjusted data released by the US Bureau of Labor Statistics. The largest decreases in job openings occurred in healthcare and social assistance, down by 285,000; finance and insurance, down by 139,000; and in “other services,” down by 78,000. However, the BLS

Read More »
Employers

Private Sector Employment Increased by 497,000 Jobs in June

ADP News Release (07/06/23) Private sector employment increased by 497,000 jobs in June and annual pay was up 6.4% year-to-year, according to the June ADP National Employment Report. “Consumer-facing service industries had a strong June, aligning to push job creation higher than expected,” said Nela Richardson, chief economist, ADP. “But wage growth continues to ebb in these same industries, and hiring likely is cresting after

Read More »