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Starting Monday, fast-food workers in California at chains with more than 60 national locations earn $20 an hour, higher than the state's broader minimum wage of $16 per hour. California pay is already highwatch nowWhile the new fast-food minimum wage is among the highest in the U.S., California employers are used to paying more for their labor. Even when it is not mandated, restaurants usually find themselves paying more than the minimum wage to attract hourly workers. As a full-service restaurant chain, the company won't be obligated to pay its California workers $20 an hour. Advocates prepare to go biggerFrom start to finish, the California law, which was backed by the Service Employees International Union, has been controversial.
Persons: David Paul Morris, Gavin Newsom, Matthew Haller, Daniel Zhao, Zhao, Lauren Crabbe, she's, Crabbe, Matthew Clark, Jennifer B, Perez, I'm, it's, Newsom, Greg Flynn, Flynn Organizations: McDonald's Corp, Bloomberg, Getty, International Franchise Association, CNBC, Bureau of Labor Statistics, Service Employees International Union, Gov, SEIU Locations: Oakland , California, U.S, California, , California, Fresno, San Francisco, Long Beach
47% of workers said they felt worried about their job security, according to a 2023 survey conducted by McKinsey & Company. AdvertisementThe job market looks to be cooling off even as the economy looks like it is going strong. New LandscapeFor disgruntled workers, it may help to hear that CEOs also are getting pushed out at the fastest pace in decades. The job market is expected to slow in 2024, he estimated, pointing to the deceleration in hiring activity. AdvertisementTotal full-time workers declined in February, the first decline posted since the pandemic, according to the Bureau of Labor Statistics.
Persons: , Daniel Zhao, Zhao, Jamie Dimon, Andrew Challenger, Challenger, Zhao doesn't Organizations: Service, Business, Glassdoor, JPMorgan, McKinsey & Company, Challenger, Bureau of Labor Statistics
Middle managers are less confident about their companies' business outlook than other employees. They're under pressure to execute layoffs, RTO mandates, and stringent performance reviews. "Middle managers are under pressure to do more with less," Glassdoor's lead economist Daniel Zhao said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . This story is available exclusively to Business Insider subscribers.
Persons: Daniel Zhao, , Glassdoor Organizations: Service, Business
The job market might look solid on paper — unemployment is low, job openings are high — but the reality for many Americans on the job hunt tells a different story. "I just think the numbers are underselling how hard it is for job seekers right now." Economists and recruiters say lingering expectations from the "great resignation" and businesses' fears about an imminent recession could be to blame for job seekers' malaise. "How people feel about the job market is informed by their recent experiences with the job market," Glassdoor chief economist Daniel Zhao recently told CNBC. So even if 2024 is shaping up to be a relatively healthy labor market by recent comparison, it doesn't feel quite as strong."
Persons: ghosting, Javier Serrano, Serrano, Daniel Zhao, Bert Bean, aren't, Zhao, it's, Dan Kaplan, Kaplan Organizations: LinkedIn, CNBC, Insight Locations: Orlando, boardrooms
New York CNN —The first jobs report for 2024, set to be released at 8:30 am ET Friday, is expected to underscore the strength of the US economy despite 11 rate hikes from the Federal Reserve. That can make the January jobs report among the trickiest to forecast, said Sarah House, a senior economist with Wells Fargo. Friday’s jobs report also will include the final annual benchmark review of payroll data for the 12 months that ended in March 2023. However, excluding January 2023, last month’s job cuts were the highest seen in January since 2009, according to Challenger. US worker productivity grew 3.2% in the fourth quarter, according to a BLS report released Thursday.
Persons: Jerome Powell, he’s, Sarah House, Wells, “ We’re, , there’s, Boussour, EY, ” Boussour, Daniel Zhao, Zhao, haven’t, ” Andrew Challenger, people’s paychecks, ” Diane Swonk, , , Swonk Organizations: New, New York CNN, Federal Reserve, Labor, Workers, Challenger, , BLS, KPMG, CNN Locations: New York, Wells Fargo, United States
Tech has long been considered one of the most desirable industries to work in. Job search site Glassdoor recently released its Best Places to Work report based on current and former employee reviews. They singled out the best industries to work for based on the ones that showed up most on the list. Though it still topped the list, "tech is a little bit less popular this year just because of the news that they've had around layoffs and fears of recession," says Daniel Zhao, lead economist at Glassdoor. Twelve consulting companies made it onto Glassdoor's list, making it the second best industry to work for after tech.
Persons: they've, Daniel Zhao Organizations: Tech, Amazon, Microsoft, U.S, Bain & Company Locations: That's
Vargas, a special education instructor, has been mired for months in various stages of interviews for three teaching jobs. Employers' hiring rate fell sharply in 2023, Zhao said. They'll often toss out some number around 40, he told BI. AdvertisementHitting the numbers on job applications is also a priority for Kevin Cash, who previously told BI he's applied to more than 1,200 jobs and has mostly been ghosted. She's accepted a part-time job and plans to teach private classes for students learning English as a second language.
Persons: , Lynne Vargas, Vargas, Daniel Zhao, Cory Stahle, Zhao, Josh Bersin, Debbie Lovich, Lovich, Royal Siu, They'll, Siu, it's, Kevin Cash, They're, Jeff Calnan, Indeed's Stahle, Stahle, She's Organizations: Service, Business, Employers, Federal, BI, Boston Consulting Group, Navy, US Air Force Locations: Middletown , New York, Seattle, Woburn , Massachusetts
The job market looks solid on paper. Over the course of 2023, U.S. employers added 2.7 million people to their payrolls, according to government data. Unemployment hit a 54-year low at 3.4% in January 2023 and ticked up just slightly to 3.7% by December. "The labor market has been fairly strong and surprisingly resilient," said Daniel Zhao, lead economist at Glassdoor. More than half, 55%, of unemployed adults are burned out from searching for a new job, Insight Global found.
Persons: Daniel Zhao, Jenna Jackson, it's, Jackson Organizations: Finance, Insight Global, Insight Locations: Ardmore , Pennsylvania
Remote workers and middle managers are often more vulnerable to layoffs, experts say. Remote workers who are anxious about job security should return to the office, one expert said. Still, there's likely to be more cuts on the way, experts say, and remote workers and middle managers may be prime targets. Middle managers are also vulnerable, experts say. Meta CEO Mark Zuckerberg said in 2023: "I don't think you want a management structure that's just managers managing managers, managing managers, managing managers, managing the people who are doing the work."
Persons: , It's, there's, Ariel Schur, Andy Challenger, Mark Zuckerberg, Daniel Zhao, they're, Daniel Keum Organizations: Service, PayPal, ABS Staffing Solutions, Bloomberg, Wall Street, Meta, Columbia Business School
That can make the January jobs report among the trickiest to forecast, said Sarah House, a senior economist with Wells Fargo. Friday’s jobs report also will include the final annual benchmark review of payroll data for the 12 months that ended in March 2023. Fresh data on job cuts and productivityOn Thursday, the layoff picture became clearer. However, excluding January 2023, last month’s job cuts were the highest seen in January since 2009, according to Challenger. US worker productivity grew 3.2% in the fourth quarter, according to a BLS report released Thursday.
Persons: Jerome Powell, he’s, Sarah House, Wells, “ We’re, , there’s, Boussour, EY, ” Boussour, Daniel Zhao, Zhao, haven’t, ” Andrew Challenger, people’s paychecks, ” Diane Swonk, , , Swonk Organizations: New, New York CNN, of Labor Statistics, Federal Reserve, Labor, Workers, Challenger, , BLS, KPMG, CNN Locations: New York, Wells Fargo, United States
Los Angeles Times, eBay, and UPS are three companies that have made recent layoff announcements. Despite cuts at big household names, the nation's layoffs and discharges rate has been steadily low. AdvertisementEmployees at the Los Angeles Times, eBay , Microsoft , and UPS are some of the workers impacted by recent layoff announcements in January. That sector had a layoffs and discharges rate of 0.8% in December, which is actually a small dip from the 0.9% in November. Zhao noted that "the scale here" means that this number probably isn't really going to change because of the recent layoff announcements.
Persons: , Nick Bunker, Bunker, Julia Pollak, ZipRecruiter's, Daniel Zhao, Glassdoor, Zhao, that's, Kory Kantenga, isn't Organizations: Los Angeles Times, eBay, UPS, Service, Microsoft, Bureau of Labor Statistics, North America, Labor, LinkedIn
Maskot | Digitalvision | Getty ImagesWorkers are sour on the job market — but that pessimism may be somewhat misplaced. So far in 2024, for example, big technology firms including Amazon, eBay, Google and Microsoft have announced job cuts. U.S.-based companies planned about 722,000 job cuts in 2023, almost double those announced in 2022, according to Challenger, Gray & Christmas, an outplacement and executive coaching firm. watch nowHowever, those recent headlines mask strength in the overall job market, economists said. "It's still a very robust and resilient labor market overall," Pollak said.
Persons: Daniel Zhao, Zhao, it's, Mark Zandi, Zandi, they've, Julia Pollak, " Pollak Organizations: Digitalvision, Getty Images Workers, Amazon, eBay, Google, Microsoft, Citigroup, Universal Music Group, U.S, Challenger, Moody's, Federal Reserve Locations: BlackRock, U.S
For those seeking new job opportunities, geography could be one way to narrow the search. Personal finance company WalletHub recently looked at more than 180 cities across the country and ranked its best cities for jobs based on metrics such as job openings per job seeker and median annual incomes. Here are the top 10 cities for job search according to WalletHub. "This ensures there will be plenty of hiring opportunities for people entering the workforce," says Cassandra Happe, WalletHub analyst. 1 best U.S. city to live in is Cambridge, Massachusetts—see which other cities made the listMoving to a new city?
Persons: Cassandra Happe, Daniel Zhao Organizations: jobseekers, U.S Locations: WalletHub, Scottsdale , Arizona Tampa , Florida Salt Lake City , Utah Columbia , Maryland Austin , Texas Atlanta , Georgia Seattle, Washington Pittsburgh , Pennsylvania Plano , Texas Boston , Massachusetts Scottsdale, Tampa, Salt Lake City, Cambridge , Massachusetts, U.S
About a third, 29% want more flexible work hours, according to Monster's 2024 Work Watch Report. Job search site Glassdoor recently released its Best Places to Work report, including a list of the 100 best large companies to work for based on current and previous employee reviews. Glassdoor looked at which came up the most to decipher the best industries to work for as well. Here are their top four industries, including examples of jobs and how much they pay. TechThere were 31 tech companies on the list, crowning the industry as the best one to work for overall.
Persons: Glassdoor, Daniel Zhao, Zhao, Cassandra Happe, Booz Allen Hamilton, Fannie Mae Organizations: Workers, Tech, WalletHub, Companies, NVIDIA, Procore Technologies, VMWare, Bain & Company . Companies, McKinsey & Company, Booz, Huron Consulting Group, Bain & Company, Finance, Fidelity Investments, Mastercard, & $ Locations: Glassdoor
Zhao, Croucher, and career coach Stacey Perkins outlined four tips for job seekers in today's labor market. Make a job planPerkins, a career coach at organizational consulting firm Korn Ferry, suggested job seekers figure out a robust strategy for job searching, which doesn't mean simply submitting your résumé to many places. Perkins suggested looking at who you have a mutual connection with or identifying who you already know at the places noted on the list. AdvertisementFor people just graduating and looking for work, Croucher suggested looking for an internship first because it could be easier to get. AdvertisementBut job seekers should be picky about what they want to include.
Persons: , Daniel Zhao, Zhao, Rebecca Croucher, Croucher, Stacey Perkins, Perkins, Korn Ferry, you've, It's, it's Organizations: Service, Business, Labor Statistics hasn't, BLS, North Locations: North America, ManpowerGroup
Stephanie Keith | Bloomberg | Getty ImagesNovember's solid jobs report did not assure that the economy will come in for a soft landing, but it did help to clear the runway a little more. "Overall, the jobs market is doing its part to get us to a soft landing," said Daniel Zhao, lead economist at jobs rating site Glassdoor. The unemployment rate unexpectedly declined to 3.7%, easing worries that it could trigger a historically dead-on signal known as the Sahm Rule, which coordinates increases of the unemployment rate by half a percentage point to recessions. "The recession versus soft landing debate sort of misses the necessary nuances of this unique cycle," Sonders said. "A best-case scenario is not so much a soft landing, because that ship has already sailed for [some] segments.
Persons: Stephanie Keith, Daniel Zhao, nonfarm, Gus Faucher, Liz Ann Sonders, Charles Schwab, Sonders, Sanders, Schwab Organizations: Bloomberg, Getty, Labor, PNC Financial Services, PNC, University of Michigan's Locations: New York, U.S
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 mid-Atlantic state registered a record unemployment rate of 1.6% in September — less than half the national unemployment rate of 3.8% that month — Labor Department data shows. That’s the lowest seasonally adjusted unemployment rate of any state on records going back to 1976, according to a CNN analysis. However, Maryland’s job market is still robust, with government and health care employers adding jobs at a brisk pace. Here’s a dive into the labor market of the state with the lowest unemployment rate in American history:Where the jobs areThe biggest industries in Maryland are government, health care, education and professional services. Fort Meade, a military base, is the largest employer in the state, according to Moody’s Analytics.
Persons: ” Christina DePasquale, Johns, Colin Seitz, , ” Seitz, There’s, , Mary Kane, what’s, Kane, ” Daniel Zhao, ” Zhao Organizations: DC CNN, — Labor Department, CNN, Baltimore, Fort Meade, University, of Maryland, Johns Hopkins University, Labor Department . State, Health, Johns Hopkins Carey Business School, Moody’s, Maryland, Bureau of Labor Statistics, Maryland Hospital Association, Labor, Maryland Chamber of Commerce, , Maryland Department of Labor, DC Locations: Washington, Atlantic, California, Lexington, Maryland, Fort, Florida, Texas, Virginia
When the government released September's job report Friday morning, the market's first take was that it was too good to be … good. And odds of another rate hike, which had edged up early in the day, had retreated again. "I don't think the week's data indicates the labor market needs higher interest rates," said Daniel Zhao, lead economist at career platform Glassdoor.com. But average hourly income rose just 0.2%, doing a lot to mute fears that a tight labor market would keep propelling inflation. The gap between economists and bond investorsEconomists and bond investors have been seeing two different pictures in the labor data all week, Crofoot said.
Persons: Daniel Zhao, Elizabeth Crofoot, Zhao, Crofoot, Goldman Sachs, Jan Hatzius, Hatzius Organizations: New York Stock Exchange, Treasury, Dow, Federal Reserve, Labor Department, CNBC Locations: New York City, Washington
The US economy added an estimated 336,000 jobs last month, blowing expectations out of the water, according to Bureau of Labor Statistics data released Friday. In September, leisure and hospitality helped drive job growth higher, with 96,000 jobs added. Today’s headline jobs number — that surprising 336,000 net job gain — is an initial estimate that will be revised twice more. The surprising September jobs report, however, didn’t continue that streak. August’s second look has job growth now at 227,000 for the month, an increase of 40,000.
Persons: , Sung, Soh, Joe Biden, , it’s, ” Biden, Andrew Patterson, ” Patterson, they’ve, Jim McCoy, we’re, ” Daniel Zhao, Glassdoor’s, ” Julia Pollak, didn’t, ” Diane Swonk, — CNN’s Tami Luhby Organizations: Minneapolis CNN, of Labor Statistics, Loyola Marymount University, SS Economics, BLS, Federal Reserve, Dow, Nasdaq, Bureau of Labor Statistics, Vanguard, Fed, Administration, Children, Families, Nationwide, Century, CNN Locations: Minneapolis, United States
Job growth surged in September
  + stars: | 2023-10-06 | by ( Madison Hoff | Juliana Kaplan | ) www.businessinsider.com   time to read: +5 min
The US added 336,000 jobs in September, greater than job growth in August. "It is a sign of stability, steady growth, and we are committed to making sure that all Americans share in the growth and prosperity." Leisure and hospitality saw robust job growth in September, with a gain of 96,000. Government employment soared by 73,000, with bigger gains in local and state government roles compared to the job growth for the federal government. After an increase in the unemployment rate in August as more people entered the labor force, the unemployment rate was 3.8% again in September.
Persons: , Labor Julie Su, Nick Bunker, Julia Pollak, ZipRecruiter, Bunker, Daniel Zhao, Karin Kimbrough, Kimbrough, there's Organizations: Workers, Service, Bureau of Labor Statistics, of Labor, Labor, North America, Leisure
The job market is stable but not 'gangbusters'Several metrics — including job openings, quits, layoffs and the unemployment rate — suggest the labor market is healthy, economists said. I think a lot of folks are comparing the labor market today to a year or two ago when things were hot. The problems with the 2021, 2022 job marketsIn fact, job openings rose significantly, by 690,000, to 9.6 million in August, the Labor Department reported Tuesday. And the broader trend is clear: Job openings, along with quits and hires, have cooled from their pandemic-era peaks, economists said. "I think a lot of folks are comparing the labor market today to a year or two ago when things were hot," Zhao said.
Persons: Daniel Zhao, Zhao, Pollak Organizations: Bank, Getty, Federal Reserve, U.S . Department of Labor, Labor Department
Oil prices are up 20% and energy stocks are rebounding
  + stars: | 2023-08-04 | by ( Krystal Hur | ) edition.cnn.com   time to read: +5 min
New York CNN —Energy stocks are making a comeback after being left for dead earlier this year. Energy stocks faltered in the beginning of the year, defying investors’ expectations for last year’s boom to accelerate on a lack of global supply. That drop in energy stocks came despite OPEC+ producers, the cartel of oil producing countries plus Russia, announcing several output cuts in a bid to bump up crude prices. US WTI crude oil prices have gained 22% since June 11, while global benchmark Brent is up by 19%. Jobs report will likely be strongMarkets and economists are expecting another solid jobs report on Friday, reports my colleague Alicia Wallace.
Persons: That’s, what’s, , Rebecca Babin, Chevron, Derek Amey, Jobs, Alicia Wallace, Daniel Zhao, Refinitiv, Read, Here’s what’s, Danielle Wiener, Bronner, We’ve, ” Read Organizations: CNN Business, Bell, New York CNN — Energy, Energy, OPEC, Brent, Federal Reserve, CIBC Private Wealth, titans, Shell, Reuters, Glassdoor, USA Rice Federation Locations: New York, Russia, Saudi Arabia, China
Federal Reserve Board Chairman Jerome Powell speaks during a press conference following a closed two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, U.S., July 26, 2023. Other parts of the Labor Department report were less encouraging for Fed policymakers counting on a labor market softening to put more downward pressure on inflation. Traders of contracts tied to the Fed's policy rate now see less than a 30% chance of another rate hike by the end of this year, down from about a 35% chance before Friday's jobs report. "I think overall this still does point to a labor market that is slowly but steadily heading toward a soft landing," said Daniel Zhao, lead economist at Glassdoor. There are several more key data releases that will shape Fed policymakers' views before the next policy meeting in September.
Persons: Jerome Powell, Elizabeth Frantz, Raphael Bostic, Austan Goolsbee, Daniel Zhao, Kathy Bostjancic, Ann Saphir, Tim Ahmann, Lucia Mutikani, Jason Neely, Kevin Liffey, Paul Simao Organizations: Federal, Committee, REUTERS, Federal Reserve, Atlanta Fed, Bloomberg Television, Labor Department, Chicago Fed, Nationwide, Thomson Locations: Washington , U.S, U.S
But markets and economists are expecting another solid jobs report Friday morning. And while economic data isn’t typically the sexiest of topics, the government’s jobs report has in recent months delivered plenty of excitement and its fair share of surprises. Last July, for example, the US economy added 568,000 jobs — more than double the 250,000 that economists had expected. Come Friday, the government’s jobs report for this July might not end up being quite so shocking. In fact, it could be relatively humdrum: A slight cooling in job growth, and unemployment holding steady.
Persons: Minneapolis CNN — Fitch, , Daniel Zhao, Refinitiv, Chris Rupkey, That’s, Michael Gapen, Janet Yellen, Glassdoor’s Zhao, ” Zhao, there’s, ” Andy Challenger, Challenger, ” Gus Faucher, they’re, Becky Frankiewicz, Organizations: Minneapolis CNN, Glassdoor, Bank of America, ” Bank of America, Business, Conference Board, Fitch, Challenger, “ Companies, Labor Department, , PNC Financial Services Group, CNN, Labor Statistics, BLS, “ Employers, ManpowerGroup Locations: Minneapolis, United States
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