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Job Openings Fall Sharply, Suggesting Weaker Labor Market
  + stars: | 2023-12-05 | by ( Tim Smart | Dec. | At A.M. | ) www.usnews.com   time to read: +3 min
The number of job openings fell sharply in October, to 8.7 million from a downwardly revised 9.35 million a month earlier, according to the Labor Department. The number released Tuesday was lower than economists had forecast and suggests that the labor market is slowing as the year comes to an end. “Job openings dropped to 8,733,000 in October, the lowest level since March 2021. Despite some volatile jumps/drops month-to-month, job openings have been on a downward trend since early 2022,” Daniel Zhao, lead economist and senior manager on Glassdoor’s economic research team, posted on social media. The Federal Reserve will be looking at the latest readings on the labor market as they come one week before officials meet to consider monetary policy.
Persons: ” Daniel Zhao, Jeffrey Roach, Joanie Bily, ” Bily, , Jerome Powell Organizations: Labor Department, LPL, American Staffing Association, ” Nomura Securities, Hollywood, Government, Federal, Fed
The result may be that Gen Z largely kills off middle management roles for good. AdvertisementIt may even be that Gen Z kills off middle management for good. Success looks different to Gen ZBen Voyer, an ESCP Business School professor and founder of the Gen Z Observatory, told BI that his research showed that "success takes many more different forms" for Gen Z workers. Advertisement"It seems like the employees like to blame the middle managers, and the leadership likes to blame middle managers," she said. AdvertisementKing also agreed that Gen Z rejecting middle management is not because they're work-averse or lazy.
Persons: , Wendy, — millennials, Zers — Wendy, wasn't, Millennials, Gen Zers, Vivian Lynn, dwindles, Z Ben Voyer, Michelle P, Netflix's, it's, King, Morgan Sanner, they're, Sanner, Voyer, there's, Gen, Zers, they'll, haven't, millennials, Lynn, she's Organizations: Service, Business School, Resource Solutions, American Staffing, Harris, Pew Research Center Locations: America
The "coffee-cup test" has resurfaced online as a symbol, for some, of opaqueness in hiring. The secret nature of the test can raise similar concerns to the use of AI in hiring. AI can seem just as arbitrary in its decision making as the coffee-cup test. AI, of course, could make a hiring process that's still way too subjective that much less so. The online poll, conducted in June by Resume Builder, involved about 1,000 people who are part of the hiring process at their employers.
Persons: today's, , Josh Millet, Millet, who's, there's, There's, Harris, Sandra Sucher, Sucher, it's Organizations: Service, Amazon, American Staffing Association, Pew Research Center, Harvard Business School Locations: Wall, Silicon, Los Angeles
The Bureau of Labor Statistics kicks things off on Tuesday with the Job Openings and Labor Turnover Survey report for July. But the pace of job creation and demand by employers for flexible labor, temporary, contract and full time jobs, while still strong, has definitely slowed. Tell me about the ASA Staffing Index, which tracks weekly changes in temporary and contract employment. The ASA Staffing Index is a real-time snapshot of employment. So I think we may have seen a trough in terms of temporary employment and we could be seeing now the beginning of the upturn.
Persons: Bell, Richard Wahlquist, Jackson, Jerome Powell, Powell’s Jackson, we’ve, We’ve, they’ve, upticks, Alicia Wallace, , Janelle Griffith, Marsh, Brian Fung Organizations: CNN Business, Bell, New York CNN, Labor Statistics, Labor, ADP, Reserve, American Staffing Association, Fed, ASA, Panama Canal Authority, Amazon, Apple, Google, Meta, Microsoft, Companies Locations: New York, Jackson Hole , Wyoming, Panama, North American
But fear not, says Richard Wahlquist, chief executive at the American Staffing Association, a trade group that represents staffing companies across industries. "Despite recent headlines involving layoffs at major companies, tech jobs remain among the most in-demand jobs in the labor market," Wahlquist tells CNBC Make It. What has changed about the tech hiring landscape: the jobs are less at Big Tech companies. Instead, tech workers should target their job search at small and medium-sized enterprises, says Wahlquist. Indeed, ZipRecruiter's chief economist Julia Pollak said in February on CNBC's "The Exchange" that even the tech workers who had been laid off found new jobs quickly.
Persons: Richard Wahlquist, Julia Pollak Organizations: American Staffing Association, CNBC, Big Tech Locations: Wahlquist
Experts say it's important to tell your boss about your side hustle. It's probably time to tell your boss about it. If your side hustle is already a thriving business, you tell your boss right away. PeopleImages/GettyBut if your side hustle is already a thriving business, you should mention it right away, she said. If you have a good relationship with your boss, consider having a frank conversation about how your full-time work benefits from the side hustle.
Stephen and Karen White retired in 2021, but then they rejoined the workforce. The couple made the choice to retire in the beginning of 2021 after visiting Washington, but the pandemic's impact also played a role. After both officially retired in the summer of 2021, skyrocketing inflation pushed the couple to walk back their plans and go back to the workforce grind. Stephen went back to work in education. "Workers who say they've retired regularly return to work after some time away."
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