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It may sound cynical to say that bad news for job seekers is good news for employers, but in many cases, that’s absolutely the truth. The labor market, like any market, is based on supply and demand. When demand is high and supply is low, prices (wages in the case of the labor market) tend […]
In a recent press release, people- and money-management solution provider Workday, Inc. announced findings from its semi-annual Global Workforce Report, which looked at data from a poll of over 1,000 respondents in July 2024, to help understand ongoing labor market and hiring trends. Here are a few of the report’s key findings. Labor Market Leverage […]
Over the past few years, there have been much higher rates of immigration than had previously been projected. In 2019, the Congressional Budget Office (CBO)—which is tasked with providing independent, nonpartisan analysis of economic and budgetary issues to support the Congressional budget process—estimated that net immigration in 2023 would total one million people. Now that […]
The newest U.S. jobs report is a grab bag of labor-market signals. The U.S. economy added 206,000 jobs, down from about 218,000 in May 2024. At the same time, the unemployment rate ticked up slightly to 4.1%, while wage growth slowed to its lowest rate in three years. Cooling Labor Demand While 4.1% unemployment is […]
There’s been a lot of talk recently about the feasibility and value of a shorter workweek. Multiple factors have contributed to this. For one, advances in productive technologies like artificial intelligence and various forms of automation have already demonstrated significant potential in reducing the need for human labor. Additionally, the experience of the COVID-19 pandemic […]
The world of work is constantly evolving, and the human resources (HR) function is at the forefront of this transformation. As we step into 2024, organizations are grappling with a multitude of challenges and opportunities, from navigating the post-pandemic work environment to addressing the ever-increasing demands of a diverse, skilled workforce. To effectively navigate this […]
Despite aggressive interest rate hikes by the U.S. Federal Reserve, the American economy continues to hum along. In addition to perplexingly resilient consumer spending, the U.S. labor market has remained tight. In September 2023, for example, U.S. job openings increased by 56,000 to 9.533 million open positions, while the number of layoffs decreased by 165,000. […]
In an era where tuition is skyrocketing, students and former students in the United States are grappling with a staggering amount of student debt. This financial burden is leading many to question the value of a traditional college education. As a result, a significant shift is occurring in the realm of post-secondary education, with employees […]
Across the country and around the globe, people are facing historic inflation and other cost-of-living pressures, adding significant financial strain and concerns for their future financial security. Given the enormous media attention to these trends, this is hardly surprising. What is surprising, however, is how these conditions are impacting employee retention. Financial Strain May Lead […]
The labor market has always been a reflection of broader economic trends. Recent hiring data paints a picture of a paradox: While hiring has shown signs of slowing down, the labor market remains robust. This resilience, despite various economic challenges, offers a fascinating insight into the evolving dynamics of the U.S. job market. The Current […]