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The higher wage expectations are a reflection of this current moment in the economy and the labor market, said Julia Pollak, chief economist for online job marketplace ZipRecruiter. “It largely explains what we’ve been seeing during this summer of strikes and unions pushing for higher wages; and, of course, wages follow inflation, and part of the reason that workers are expecting higher wages is because prices have risen 17.5% since the pandemic,” she said. Men and college grads demand moreWhile reservation wages rose for workers across the board, some groups’ demands are significantly higher than others: For college graduates and men, the wage floors were $98,644 and $91,048, respectively. Women’s reservation wages set a record as well, but at $66,068 — $12,500 below the average and nearly $25,000 below men’s expectations. “Especially in male-dominated industries, women may just not know what the going rate is and underestimate,” Pollak said.
Persons: they’d, , Julia Pollak, they’ve, ” Pollak, they’ll, that’s, Nina Roussille, who’s Organizations: Minneapolis CNN, Federal Reserve Bank of New, Massachusetts Institute of Technology Locations: Minneapolis, Federal Reserve Bank of New York, York, Hired.com
AI continues to make headlines as companies and individuals alike try to harness the power of new tools like ChatGPT to become more efficient at work and in life. "There's incredible demand for people who are creative, who are entrepreneurial, who quickly adopt new technologies and figure out how to leverage them," says Julia Pollak, chief economist at ZipRecruiter. "Toward the end of last year, we started noticing spikes in searches around all types of AI-related needs," says Yoav Hornung, head of verticals at Fiverr. These included technical needs around integrating it, but also included consulting, "a lot around AI video editing and prompt engineers," he says. Here are four new AI gigs on Fiverr and how much freelancers are charging for them.
Persons: Julia Pollak, Fiverr, Yoav Hornung Organizations: ZipRecruiter Locations: Fiverr
CNN —US consumer prices rose 3.2% for the 12 months ending in July, according to the latest Consumer Price Index, which landed Thursday. “Don’t be fooled by the uptick in [year-over-year] inflation,” noted Julia Pollak, chief economist for ZipRecruiter. Gimme (cheaper) shelter: Shelter (i.e. “Our baseline forecast suggests that year-over-year shelter inflation will continue to slow through late 2024 and may even turn negative by mid-2024,” the researchers wrote. Uncooked beef steak prices rose 2.3% and uncooked ground beef rose 1.5%.
Persons: It’s, Don’t, , Julia Pollak, Joe Brusuelas, ” Brusuelas, , Anna Bahney, Danielle Wiener, Bronner, That’s, Douglas Elliman, Miller Samuel, Spencer Platt, Jonathan Miller, , Read, Biden, Michelle Toh Organizations: CNN Business, Bell, CNN, ZipRecruiter, RSM US, Federal Reserve, Commerce Department, San Francisco, Big Apple, Getty Locations: Manhattan, New York, New York City, China, Silicon
Minneapolis CNN —For the first time in more than 12 months, the pace of consumer price hikes accelerated on an annual basis. The Consumer Price Index rose 3.2% for the year through July, up from June’s 3% annual increase, according to data released Thursday by the Bureau of Labor Statistics. Core CPI, which excludes the more volatile food and energy prices, increased 0.2% from June and was up 4.7% from the year-ago period. July is the the fourth consecutive month that annual core CPI has eased, and the 4.7% rate landed 0.1 percentage points below consensus expectations. Shelter prices rose 0.4% month on month and were up 7.7% for the year ending in July.
Persons: “ Don’t, , Julia Pollak, Joe Biden, ” Biden, “ We’ve, Kurt Rankin, Dow, , Joe Brusuelas, Brusuelas, Tamara Charm, Brandon Bell, Danielle DiMartino Booth, DiMartino Booth, — CNN’s Elisabeth Buchwald Organizations: Minneapolis CNN —, Bureau of Labor Statistics, BLS, CPI, Federal Reserve, PNC, Nasdaq, RSM US, CNN, San, Services, , McKinsey, Quill Intelligence, Federal Reserve Bank of Dallas Locations: Minneapolis, June’s, San Francisco, Austin , Texas
But aside from simply skirting a recession, it’s not obvious what the economy would look like in a soft landing. And who even declares that the Fed has officially defied the odds and achieved a soft landing? The main aspect of a soft landing, according to economists, is the absence of a recession, which is determined by the National Bureau of Economic Research (NBER.) In a soft landing, the job market has to remain intact. The other key feature of a soft landing is for the Fed to successfully control inflation, but that’s open to some interpretation.
Persons: we’ve, , Kayla Bruun, , Julia Pollak, ” Pollak, Josh Markman, cooldown, Austan Goolsbee, ” Goolsbee, Raphael Bostic, Michelle Bowman, Patrick Harker, Armour, Ralph Lauren Organizations: CNN Business, Bell, DC CNN, Federal Reserve, Bank of America, Fed, National Bureau of Economic Research, Morning, Atlanta, ZipRecruiter, Labor, Bel Air Investment Advisors, Federal, Federal Reserve Bank of Chicago, Bloomberg, Atlanta Fed, , Tyson Foods, UPS, Fox, Restaurant Brands, The National Federation of Independent Business, US Commerce Department, China’s National Bureau of Statistics, Disney, US Labor Department, National Statistics, University of Michigan Locations: Washington
Private education and health services saw a one-month job gain of 100,000, with healthcare and social assistance seeing a gain of 87,100. Leisure and hospitality, construction, and financial activities are some of the other industries that saw job growth. Julia Pollak, chief economist at ZipRecruiter, told Insider Friday's report from BLS showed a slowing labor market but one that's "still very solid." Different data points before Friday's jobs report suggest that the labor market is still a strong jobs market for workers and job seekers. Pollak described the labor market as sustainable, and Bunker described it as robust. So this is still a strong, resilient, robust labor market."
Persons: payrolls, Daniel Zhao, Julia Pollak, Pollak, it's, Nick Bunker, Tuesday's, Bunker, Labor Julie Su, we're Organizations: payrolls, Service, of Labor Statistics, BLS, Friday's BLS, North America, Bureau of Labor Statistics, Labor Locations: Wall, Silicon, Friday's
In the past, he would have swiftly chopped 10% of the workers that run his bag-making machines, or about 15 people. Faced with the tightest job market in decades, many have become less trigger-happy with layoffs, even in the face of a cooling economy. But, so far, the economy has continued to grow, albeit more slowly, and the job market has powered onward. Reuters Graphics'HOLD ONTO YOUR LABOR FORCE'At least one major company has adopted a formal strategy of hoarding workers. "I don't think it's the case that many businesses are holding onto workers who are idle," she said.
Persons: Kevin Kelly, Nathan Frandino, Kelly, Alan H, Shaw, they're, Dana Peterson, Peterson, Arnold Kamler, Julia Pollak, Thomas Simons, We're, Timothy Aeppel, Dan Burns, Paul Simao Organizations: Emerald Packaging, REUTERS, Packaging, Employers, Federal Reserve, Labor, Reuters Graphics, Norfolk, Reuters, U.S, Survey, Labor Department, Conference Board, Business Council, Kent International, Jefferies, Thomson Locations: California, Union City , California, U.S, San Francisco, Norfolk Southern, downturns, Atlanta, New York, South Carolina, rehire, Los Angeles
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailZipRecruiter: The Fed wants to see wage gains easing within a still resilient economyJulia Pollak, Chief Economist at ZipRecruiter, breaks down her expectations for the July jobs report.
Persons: Julia Pollak Organizations: ZipRecruiter
But now a tantalizing possibility is emerging: Can America both tame inflation and keep its labor market gains? Data last week showed that price increases are beginning to moderate in earnest, and that trend is expected to continue in the months ahead. Housing costs are slowing in inflation measures, something that economists have expected for months and that they widely predict will continue. New and used car prices are cooling as demand wanes and inventories on dealer lots improve, allowing goods prices to moderate. And even services inflation has cooled somewhat, though some of that owed to a slowdown in airfares that may look less significant in coming months.
Persons: , , Julia Pollak Organizations: ZipRecruiter Locations: America, Powell’s
For more than two years, persistent and pervasive inflation has taken big bites out of Americans’ paychecks. Annual real weekly wages were up 0.6% last month, a rate that’s a tick below the 0.7% gain seen in February 2020. June also marked the second consecutive month of year-over-year real hourly wage growth — the first back-to-back months of gains since early 2021. Fears of a dreaded “wage-price spiral” — when rising wages and prices feed into each other — have made a bogeyman out of wage growth. And finally, supply-side inflation has drastically cooled to the point where annual inflation is practically flat — which, ideally, gives firms more wiggle room to pay workers, she said.
Persons: hasn’t, , That’s, , William Ferguson, Gertrude B, Austin, it’s, Alex Pelle, , Sung Won Sohn, Ben Bernanke, ” Pelle, Julia Pollak, they’ve Organizations: Minneapolis CNN, Bureau of Labor Statistics, Grinnell College, stoke, Mizuho Securities, Loyola Marymount University, SS, San Francisco Fed, BLS Locations: Minneapolis, Iowa
PinnedInflation data released on Wednesday showed a pronounced cooling and offered some of the most hopeful news since the Federal Reserve began trying to tame rapid price increases 16 months ago. Officials have signaled in recent weeks that they are likely to raise interest rates at their July 25-26 meeting. For one thing, the cost of housing as measured by the Consumer Price Index — which relies on rent prices — is coming down sharply. The Fed officially targets 2 percent inflation on average over time, though it defines that goal using a separate inflation measure, the Personal Consumption Expenditures index. Interest rates increases work partly by slowing the job market and cooling wage increases, so the Fed’s fight against inflation and the strength of the labor market are closely tied.
Persons: , Laura Rosner, Warburton, it’s, . Rosner, Airfares, , Beth Weaver, Loretta Mester, ” Julia Pollak Organizations: Federal Reserve, Federal, Consumer, Buick GMC, Fed, Federal Reserve Bank of Cleveland, ZipRecruiter Locations: Erie, Pa
PinnedInflation data released on Wednesday showed a pronounced cooling and offered some of the most hopeful news since the Federal Reserve began trying to tame rapid price increases 16 months ago. But Federal Reserve officials are still trying to assess whether the cool down is likely to be quick and complete. Officials have signaled in recent weeks that they are likely to raise interest rates at their July 25-26 meeting. For one thing, the cost of housing as measured by the Consumer Price Index — which relies on rent prices — is coming down sharply. Interest rates increases work partly by slowing the job market and cooling wage increases, so the Fed’s fight against inflation and the strength of the labor market are closely tied.
Persons: , Laura Rosner, Warburton, it’s, . Rosner, Airfares, , Beth Weaver, Loretta Mester, ” Julia Pollak Organizations: Federal Reserve, Federal, Consumer, Buick GMC, Fed, Federal Reserve Bank of Cleveland, ZipRecruiter Locations: Erie, Pa
Job list site ZipRecruiter recently looked at the average annual salaries in hundreds of U.S. cities according to their online job postings between January and June 2023. In fact, ZipRecruiter found that the best cities for salary were fairly spread out throughout the country. "Not all companies post pay," says Julia Pollak, chief economist at ZipRecruiter, about the results. Currently, eight states have laws that require employers to post pay on job listings, including California, Rhode Island and Maryland. Here is ZipRecruiter's list of the top 10 U.S. cities for average annual salary according to job listings, including that average salary.
Persons: ZipRecruiter, Julia Pollak Organizations: New Locations: U.S, New York, Los Angeles, California, Rhode Island, Maryland, Cincinnati, Jersey City, N.J
Recent data reveals inflation is cooling, the labor market is slowing, and a recession may not come after all. Inflation data released Wednesday showed that inflation is coming down fast. The Fed may be pleased by this data, though a rate hike may still be on the table later this month. Other measures also show that the job market is still very healthy. The Fed may be happy to see slower job growth and the prime-age labor force participation rate rising, Bunker said.
Persons: doesn't, Julia Pollak, Nick Bunker, Bunker, Jerome Powell, Bill Adams, Pollak, " Pollak, Powell Organizations: Service, Labor, Survey, North America, Federal, Consumer, CPI, National Federation of Independent Business, Congress, Fed, Comerica Bank, Comerica Locations: Wall, Silicon
US annual inflation slowed to 3% last month, according to the latest Consumer Price Index released Wednesday by the Bureau of Labor Statistics. The June annual rate is down from 4% in May and landed slightly below economists’ expectations for a 3.1% increase, according to Refinitiv. Starting in March 2022, the central bank rolled out 10 consecutive interest rate hikes to tame inflation, finally hitting pause last month. And June of last year was monumental: Annual inflation soared to 9.1%, the highest in more than 40 years largely because of record-high energy costs. So the Fed and economists have been keyed in on what’s happening with core inflation, particularly core services.
Persons: Olivia Newton, ” William Ferguson, , Joe Biden, ” Sung Won Sohn, Lael Brainard, ” Brainard, Brainard, ” Julia Pollak, ZipRecruiter, Sohn, , , Nicole Goodkind Organizations: Minneapolis CNN, Bureau of Labor Statistics, CPI, Grinnell College, CNN, Federal Reserve, Loyola Marymount University, SS Economics, Core PCE, National Economic Council, Economic, of New, BLS, Kansas City Fed Locations: Minneapolis, Iowa, of New York
Summer hiring is on the rise in several industries, says Julia Pollak, chief economist at ZipRecruiter, as consumer appetite for traveling and dining out remains "stronger than expected" despite recession fears. In June, private sector jobs surged by 497,000, well ahead of the 220,000 Dow Jones estimate, payroll processing firm ADP reported Thursday. If you're looking for a low-stress gig that pays at least $20 an hour — and don't mind spending your shift outdoors, or at a museum — there are several summer jobs you may want to consider. Plus, according to Indeed, many of these jobs pay upwards of $22 an hour. Here are five low-stress, high-paying summer jobs employers are hiring for right now:Tour guideO*NET score: 69Average hourly pay: $22.58 per hourFitness instructorO*NET score: 63Average hourly pay: $26.29Construction workerO*NET score: 63Average hourly pay: $18.04TutorO*NET score: 75Average hourly pay: $23.92Virtual assistantO*NET score: 70Average hourly pay: $20.43To improve your chances of landing one of these coveted summer gigs, look for job openings where "others aren't," says Jeff Hyman, CEO of the executive search firm Recruit Rockstars.
Persons: Julia Pollak, Dow Jones, Pollak, Jeff Hyman, it's, Hyman, You'd Organizations: Dow Locations: YMCAs
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
Women’s labor force participation has rebounded from the pandemic “she-cession” and returned to its pre-pandemic form of making progressively historic labor market gains. By February of 2020, the labor force participation rate for prime working-age women was 77% — just shy of the record 77.3% set during the dot-com era, BLS data shows. The pandemic walloped the leisure and hospitality and education and health services sectors, where women make up the majority of the workforce. The economic evolution and recovery from the pandemic helped accelerate favorable drivers for women to enter the workforce. Separately, new research shows that although women were outnumbered by men in the US workforce, women could be disproportionately affected by businesses’ adoption of generative AI: One recent analysis estimates that 79% of working women (nearly 59 million) are in occupations susceptible to disruption and automation.
Persons: ” Julia Pollak, ZipRecruiter, , ” Pollak, Allison Joyce, didn’t, they’re, That’s, University of North Carolina’s, Dana Peterson, we’ve, , ” —, Jeanne Sahadi Organizations: Minneapolis CNN, of Labor Statistics, Bloomberg, Getty, Baby Boomers, Pew Research Center, University of North, University of North Carolina’s Kenan, Flagler Business School, Conference Board, CNN Locations: Minneapolis, America, Bolivia , North Carolina
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPollak: Economic activity is pretty much back to pre-pandemic levels, but employment is notZipRecruiter chief economist Julia Pollak discusses the key factors to pull from the June jobs data, and which sectors are still driving the market and economy forward.
Persons: Pollak, Julia Pollak
Fewer workers are taking time off for vacation or personal days, compared to last year. The following chart shows that the post-pandemic recovery in the number of workers taking vacation in June has stalled, with a slight drop from June 2022 to June 2023. To be sure, airline ticket inflation isn't as bad as it was last year. Even so, airline ticket inflation came in at 30.2% for all of 2022. When it comes to why fewer Americans are taking time off for vacation this summer, Acting Secretary of Labor Julie Su told Insider that it's "an important question."
Persons: Julia Pollak, , who's, Bianca Giacobone, Hopper, Labor Julie Su, Su, Dan Latu, Ric Kenworthy, Latu, They're Organizations: Labor Statistics, Service, lastest Bureau of Labor Statistics, Labor Locations: lastest, Europe, Asia, Phoenix
The U.S. job market is gradually cooling but remains hot despite a year-long government campaign to reign it in, amounting to a favorable environment for many jobseekers, economists said. "You're in a lucky position," she added, referring to employees. Since most workers quit for new employment, the uptick suggests a rebound in workers' confidence they can find a new job, economists said. While job openings — a barometer of business' demand for workers — fell by about 500,000 in May, they remain well above their pre-pandemic level. In all, job openings and monthly quits are respectively 40% and 15% higher than they were before the Covid-19 pandemic, while monthly layoffs are 21% lower, pointing to a "robust and resilient labor market," Pollak said.
Persons: Julia Pollak, , Pollak Organizations: Federal, Finance, Companies, Labor, U.S . Bureau of Labor Statistics
Summer may have officially started on June 21, but the summer job market has been hot for weeks as restaurants, waterparks and other businesses staff up for their busiest seasons. Pollak has also noticed that summer hiring has been strong across a broader range of industries this year than last, with hotels, movie theaters and sports venues needing just as many seasonal workers as summer camps and swimming pools. If you're still looking for a summer job, there are plenty of in-demand gigs that pay at least $20 an hour and offer overtime opportunities, which can help you maximize your income. Here are five in-demand summer jobs that pay well, according to data from ZipRecruiter and Indeed:Summer jobs are getting more competitive, however: ZipRecruiter is seeing 40% more applications to summer jobs compared to this time last year, partly driven by an increase in jobseeker search traffic. Beyond online job boards like Indeed, ZipRecruiter and LinkedIn, cities will often post seasonal gigs or summer job opportunities in the area on their local government websites.
Persons: Julia Pollak, Pollak, ZipRecruiter Organizations: ZipRecruiter, NPR Locations: Massachusetts, ZipRecruiter, York
Images By Tang Ming Tung | Digitalvision | Getty Images"This is clearly a function of inflation starting to come down," Terrazas said. 'Unprecedented' pay jumps during pandemicWage growth started to spike in 2021 as workers enjoyed the benefits of a hot job market. In some cases, workers' pay growth was strong enough to outrun inflation's impact — especially for those who quit their jobs for higher-paying gigs elsewhere. Meanwhile, wage growth has also declined but at a slower pace — translating to a net boost to Americans' financial well-being in May relative to last year. These data sets are more inclusive than that of wage growth.
Persons: Tang Ming Tung, Terrazas, Julia Pollak, Pollak, Mark Zandi, Aaron Terrazas, Zandi Organizations: ZipRecruiter, CPI, . Bureau, Moody's, Federal Reserve Bank of New Locations: U.S, Federal Reserve Bank of New York
Minneapolis CNN —More prime working age women are employed in the United States now than ever before. The labor force participation rate for women between 25 and 54 years old set a record high in April and then again in May, rebounding from the pandemic “she-cession” and returning to its pre-pandemic form of making progressively historic labor market gains. Estimates that nearly eight out of 10 women workers could be affected “are just staggering,” said Julia Pollak, chief economist with online job marketplace ZipRecruiter. “Some of these things are becoming more prevalent, and that’s supportive of more women in the labor market,” she said. On the other hand, AI could prove harmful and threatening for any role that is highly “automatable,” Peterson said.
Persons: Goldman Sachs, University of North Carolina’s, , Julia Pollak, it’s, Mark McNeilly, Flagler, “ It’s, ‘ I’m, ’ ” McNeilly, , Pollak, didn’t, Dana Peterson, that’s, ” Peterson, Ben Zweig, Jobs, Peterson, we’ve, Sara Mannheimer, Kathrin Ziegler, ” Meredith Nudo, you’re, Nudo Organizations: Minneapolis CNN —, University of North, University of North Carolina’s Kenan, Flagler Business School, Kenan, Flagler, UNC Kenan, CNN, of Labor Statistics, Conference Board, Baby Boomers, Labs, Montana State University, Institute of Museum and Library Services, Librarians, Digital, National Association of Voice Locations: Minneapolis, United States, Houston
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConstruction and manufacturing jobs have been remarkably resilient, says ZipRecruiter's Julia PollakJulia Pollak, ZipRecruiter chief economist, joins 'Fast Money' with the results of ZipRecruiter's 'Q2 New Hire' survey.
Persons: ZipRecruiter's Julia Pollak Julia Pollak, ZipRecruiter Organizations: ZipRecruiter's, Hire
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