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☆ The Great Resignation is giving way to the 'Big Stay' as job-hopping slows down
▼ + stars: | 2023-05-13 | by ( Madison Hoff | ) www.businessinsider.com time to read: +6 min

It may be accurate to say the quitting situation is evolving into the "Big Stay," per ADP's chief economist. "The Big Quit of 2022 could be easing into the Big Stay of 2023," Richardson wrote in her recent commentary. "A year later, all three of these dynamics are abating, and the great resignation itself is looking like a thing of the past." Pollak said that "to the extent that there is a big stay, it is not taking place across the economy." Even if the Great Resignation might not be prevalent in all areas of the economy right now, it could emerge again.

☆ American consumers are growing worried about a US debt default
▼ + stars: | 2023-05-12 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

“If policymakers fail to resolve the debt ceiling crisis, these dismal views over the economy will exacerbate the dire economic consequences of default.”The latest survey showed that the university’s consumer-sentiment index fell by 9% in May. Monthly household spending growth tumbled to 5.4% from a revised 7.1% in December, according to the New York Fed’s Household Spending Survey, which is fielded every four months. Michigan’s report showed US household spending was flat in March from the prior month, after limping just 0.1% in February. Stack on top of that the Federal Reserve’s punishing interest-rate increases and still-high inflation, and consumers might just tap out. The Conference Board’s sentiment survey showed that consumer confidence worsened in April as Americans became more worried about the jobs market.

☆ I’ve helped thousands of people land high-paying jobs—here’s the truth about who really gets hired at job interviews
▼ + stars: | 2023-05-09 | by ( Sho Dewan | ) www.cnbc.com time to read: +2 min

Too many people believe that their resume and skills alone are enough to ace the job interview. And here's a hard truth about who really gets hired: It's often less about your experience, and more about how you make the hiring manager feel. So if you constantly get interviews but no job offers, here's my best advice:1. Don't treat the job interview like a job interview. But remember that job interviews can be stressful for employers, too.

The Labor Department's report showed non-farm payrolls increased by 253,000 last month, higher than economists' expectations of 180,000. "This is a strong report and shows that the labor market is resilient. "It's been a tough week for the stock market, the regional banking problems have raised the fear factor, but Apple earnings came in strong. The S&P 500 has gained nearly 6% so far this year, while the S&P 500 Banks index (.SPXBK) and KBW Regional Banking index (.KRX) have lost 17% and 31%, respectively. ET, Dow e-minis were up 222 points, or 0.67%, S&P 500 e-minis were up 33.5 points, or 0.82%, and Nasdaq 100 e-minis were up 87 points, or 0.67%.

☆ Instant View: Solid April US jobs report undermines case for Fed cut soon
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +8 min

ANTHONY SAGLIMBENE, CHIEF MARKET STRATEGIST, AMERIPRISE FINANCIAL, TROY, MICHIGAN“It's definitely telling you that the job market is still hot. PETER CARDILLO, CHIEF MARKET ECONOMIST, SPARTAN CAPITAL SECURITIES, NEW YORK“It was a hotter than expected report, it certainly didn’t show any cooling in the labor market. Hourly earnings were a little higher than I was looking for.”“Bottom line, this is a strong report and shows that the labor market is resilient. So I think the real focus is on the inflation numbers, and what's happening with wage growth. We are hopeful the continued strength of the jobs market and signs of slowing inflation will ease market volatility in the coming months.

☆ Slower US job growth expected in April; unemployment rate seen rising to 3.6%
▼ + stars: | 2023-05-05 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

The unemployment rate is forecast to have risen to a still historically low 3.6%. "The labor market is slowly bending, but not breaking," said Sam Bullard, a senior economist at Wells Fargo in Charlotte, North Carolina. "There is continued resilience in the labor market right now, but the trend is one that is continuing to see a decelerating pace of momentum." The service-providing sector likely accounted for most of the anticipated job gains in April. WAGE GAINS MODERATEAverage hourly earnings are expected to have risen by 0.3% in April, matching March's gain.

☆ Will wages outpace inflation for long? It depends on the job
▼ + stars: | 2023-05-05 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —Wages are now finally beating inflation, according to the latest quarterly data on wage growth. That was the biggest monthly increase since March 2022, though wage growth had gradually slowed since then. “The folks who left one company and went to another are the ones who are still benefiting from wage growth,” said Morgan Llewellyn, chief data scientist at Jobvite. Part of the continued strength in wage growth largely has to do with employers’ difficulty in hiring, which varies by industry. “Wage growth has still been higher for job changers than job stayers and that suggests that there’s still a shortage of labor for some companies,” said Dawn Fay, operational president at staffing firm Robert Half.

☆ Job Openings Slipped in March as Labor Market Continued Easing
▼ + stars: | 2023-05-02 | by ( Sydney Ember | ) www.nytimes.com time to read: +2 min

The JOLTS report is the last major piece of data that Fed policymakers will see before their decision. More recently, however, the ratio has been declining — a welcome sign for the Fed that underscores the labor market’s gradual slowdown. Officials also track other details in the report, including the number of layoffs and workers who quit their jobs voluntarily. The Background: Labor Market StrengthMonth after month, the labor market has remained robust, defying expectations and complicating the Fed’s efforts to cool the economy. In addition to the Fed decision on Wednesday, there will be the Labor Department’s monthly snapshot of the employment situation on Friday.

☆ GC Agenda: May 2023
▼ + stars: | 2023-05-01 | by ( Practical Law The Journal | ) www.reuters.com time to read: +23 min

Clawback Listing StandardsPublic companies should be aware that proposed NYSE and Nasdaq clawback listing standards may be in place earlier than expected. Organizations may use biometric data in a variety of ways, including when:tracking employee time; restricting access to physical and digital assets; monitoring consumer shopping behavior; and integrating biometric data into consumer products and services. Consider whether the organization’s current policies and procedures meet applicable biometric data handling requirements, including notice, consent, retention, storage, and security obligations. Review applicable laws and obligations when contracting with service providers that handle biometric data and continuously monitor their performance. In February 2023, the NYSE and Nasdaq filed proposed new listing standards, which contemplated that they could become effective as early as April 27, 2023.

☆ I'm a retired baby boomer who thinks Gen Z and millennial workers are smart to push back on return-to-office mandates
▼ + stars: | 2023-05-01 | by ( Rebecca Knight | ) www.businessinsider.com time to read: +5 min

Many Gen Z and millennial workers are rejecting old corporate rules and return-to-office mandates. But one who shared his thoughts on Gen Zers with Insider says he's cheering on younger generations. There might also be a sense that since we boomers paid our dues, we see Gen Z and millennial workers — particularly the ones forming unions and pushing back against corporate rules — as entitled. Now that I'm sitting on the sidelines of the workforce, I'm cheering on these younger generations with all my might. And I sympathize with my Gen Z and millennial counterparts who have decades of work ahead of them.

☆ Employee Monitoring and Surveillance
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +50 min

Ensuring Employee Safety and Systems SecurityEmployers may use electronic workplace monitoring and surveillance to protect their:Worksites. Potential Liability for Electronic Workplace Monitoring and SurveillanceEmployers that engage in electronic workplace monitoring and surveillance must comply with various federal and state laws, including:The Wiretap Act. Best Practices for Electronic Workplace Monitoring and SurveillanceTo avoid violating relevant state and federal laws, before conducting workplace monitoring and surveillance, employers should:Consider the purpose and appropriate scope of their monitoring and surveillance activities and what methods will help them achieve their objectives. Determine the Purpose of Workplace Monitoring and SurveillanceBefore conducting any workplace monitoring or surveillance, best practice is for employers to identify the purpose and goals of these activities to:Ensure that there is a legitimate business purpose for the planned monitoring and surveillance activities. Determine the scope of monitoring and surveillance necessary to accomplish the business purpose, and conduct only the minimum monitoring and surveillance necessary to meet that business need.

Staffing shortages strained supervisory resources, particularly at the FDIC's New York regional office, in the years leading up to the collapse of Silicon Valley Bank and Signature Bank in March, both regulators said. Both the Fed and FDIC highlighted that their oversight ranks grew leaner even as the institutions they were tasked with reviewing grew larger and more complex. At the Fed, supervisory hours at SVB declined at the same time the Santa Clara, California-based bank was experiencing rapid growth starting in 2017. While the Fed had 15 full-time employees staffed on the supervisory team for SVB, the bank received fewer supervisory resources through 2021 compared to similar banks. "Examination resource shortages, particularly in the New York region, are a mission-critical risk that will require a sustained whole-of-agency response," the FDIC said.

☆ Workplace discrimination linked to increased risk of high blood pressure, study finds
▼ + stars: | 2023-04-26 | by ( Kyla Russell | ) edition.cnn.com time to read: +4 min

High blood pressure damages arteries and makes them less elastic, according to the US Centers for Disease Control and Prevention. Each participant said they did not have high blood pressure at the start of the study, and most said they were not smokers and consumed little or no alcohol. According to the analysis, 319 of the participants reported developing high blood pressure by the end of the eight years. People who experienced intermediate levels of workplace discrimination at the beginning of the study were 22% more likely than those who reported low levels of workplace discrimination to report high blood pressure after eight years. Compared with participants who experienced low workplace discrimination at the beginning of the study, people with high levels of workplace discrimination were 54% more likely to report high blood pressure after eight years.

☆ Medicare is prohibited from covering weight-loss drugs — Ozempic could change that
▼ + stars: | 2023-04-25 | by ( Lydia Ramsey Pflanzer | ) www.businessinsider.com time to read: +5 min

Medicare is prohibited from covering new weight-loss medications. Medicare, the federal program that covers healthcare for people 65 and older, is prohibited by law from covering any weight-loss medications. That includes looking at programs that test out Medicare coverage and proposed limits to coverage, The Journal reports. The future of the $100 billion weight-loss drugs marketExpanding Medicare coverage to new weight-loss medications could drastically change how Americans access the drugs. Meanwhile, other Americans will continue to go to Canada, Mexico, and unregulated online pharmacies to get the weight-loss medications for cheap.

☆ Americans are getting worried about the job market
▼ + stars: | 2023-04-25 | by ( Bryan Mena | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —US consumer confidence worsened in April as Americans become more pessimistic about the job market. The Conference Board’s Consumer Confidence Index, which measures attitudes toward the economy and the job market, fell to 101.3 in April, down from 104 in March and marking the lowest level since July 2022. “Compared to last month, fewer households expect business conditions to improve and more expect worsening of conditions in the next six months. They also expect fewer jobs to be available over the short term.”That matches government figures showing the labor market has begun to show some cracks. Employers added 236,000 jobs in March, the smallest gain in two years, and job openings fell below 10 million for the first time since May 2021.

☆ Biden Opens a New Back Door on Immigration
▼ + stars: | 2023-04-23 | by ( Miriam Jordan | ) www.nytimes.com time to read: +1 min

In adopting the programs for Latin Americans, the Biden administration was responding to widespread criticism over the chaotic situation on the southern border, which last year saw 1.5 million unauthorized crossings. The new parole programs are temporary — most expire after two years, unless they are renewed — but they already are changing the nature of immigrant arrivals. As a result, many have wound up in shelters in cities like New York, which has struggled to accommodate them. Employers with worker shortages are welcoming the arrivals as an important new labor pool. Average weekly apprehensions declined to 46 in late February from 1,231 in early January, when some of the parole measures were announced.

☆ What Does the Class of 2023 Want From Employers? Mental-Health Benefits, for One Thing
▼ + stars: | 2023-04-15 | by ( Tom Gimbel | ) www.wsj.com time to read: 1 min

The percentage of soon-to-be college graduates who have already accepted job offers is much higher than in previous years, a survey finds. Tom Gimbel is the founder and chief executive of LaSalle Network, a national staffing and recruiting firm based in Chicago. The class of 2023 looks very different from previous graduating classes. Employers should take note.

☆ 4 countries that are embracing—or experimenting with—the 4-day workweek
▼ + stars: | 2023-04-14 | by ( Morgan Smith | ) www.cnbc.com time to read: +3 min

Dozens of countries including Ireland, Spain and the UK have tested a 4-day workweek, with overwhelmingly positive results: Businesses that participated in a six-month trial in the UK, which ended in December 2022, said switching to a 4-day workweek improved productivity, morale and team culture. Although no country has fully adopted a 4-day workweek, some countries are experimenting with one or have policies that allow workers to request a shorter schedule. Here are four countries where the 4-day workweek has been widely adopted, or is being tested:South AfricaMore than 500 employees at 28 companies are participating in South Africa's 4-day workweek trial, which began in March and will continue until September. IcelandBetween 2015 and 2019, Iceland led one of the largest 4-day workweek pilots to date, with close to 2,500 people participating. However, uptake of the 4-day workweek among businesses in Iceland's private sector "seems to be slow," he adds, as many employers are placing the onus on individuals to negotiate for worktime reductions instead of offering a 4-day workweek as an automatic benefit to all employees.

The retail sales data provided at least a hint that a pandemic-era spending boom may be nearing an end, though some economists argued that the historically low unemployment rate and rising wages make a sharp drop in consumption unlikely. In separate comments, Fed Governor Christopher Waller said he'd seen little evidence yet that the economy was under stress, little progress on inflation, and no reason to call off further rate increases. The current inflation rate is more than twice that target, and progress on getting it to move in that direction has been slow. The data showed households expected inflation to accelerate significantly in the year ahead, reversing months of progress towards them viewing inflation as a receding phenomenon. There won't be much more topline economic data before the Fed's May 2-3 meeting.

☆ Having one of these in-demand tech skills can help boost your pay by nearly $40,000—here's how
▼ + stars: | 2023-04-13 | by ( Morgan Smith | ) www.cnbc.com time to read: +1 min

The only thing standing between you and a pay bump of almost $40,000 could be a certificate in machine learning. U.S. workers with advanced tech skills earn about 49% more than workers who don't use tech skills in their jobs, according to newly released research from Gallup and Amazon Web Services (AWS), which surveyed more than 3,000 U.S. workers and 1,170 U.S. employers in August 2022. As the development and adoption of new technologies continue at a breakneck pace, the need for digitally savvy workers is "greater than ever," the report notes. Those who consider digital upskilling stand to reap major benefits from this trend: At least four in 10 U.S. workers say learning new digital skills helped them boost their pay (43%), work more efficiently (42%), or get promoted (40%). Here are the 10 tech skills employers say are "extremely likely" to become stand parts of doing business — and the most in-demand skills they are hiring for — according to AWS and Gallup:

☆ This Massachusetts lawmaker wants to create a 4-day workweek: 'A life built around working all the time is not a very happy one'
▼ + stars: | 2023-04-13 | by ( Jennifer Liu | ) www.cnbc.com time to read: +1 min

A pair of Massachusetts lawmakers are the latest to try and make the four-day workweek a reality. Rep. Dylan Fernandes of Falmouth and Rep. Josh Cutler of Duxbury filed legislation this week to create a voluntary program, the "Massachusetts Smart Work Week Pilot," that would create a tax credit for businesses who move their workers to a shorter week for the same pay. Participating businesses would be required to transition at least 15 workers to a 32-hour, four-day weekly schedule without reducing their salaries. Employers would receive a tax credit in exchange for regularly reporting the shortened week's economic and social impact in their organization, such as on employee wellbeing and work-life balance. The legislation will now be directed to a committee and considered in a committee hearing.

☆ Dollar pauses after strong gains on hawkish Fed bets; bitcoin hits $30,000
▼ + stars: | 2023-04-11 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

Leading cryptocurrency bitcoin briefly touched $30,000 for the first time since June. The U.S. dollar index - which measures the greenback against six major counterparts, including the yen - slipped 0.06% in early Asian trading, following a 0.39% advance at the start of the week. The consumer price index (CPI), due on Wednesday, will be the next major clue for Fed policy direction. The dollar index dropped to a two-month low of 101.40 on Wednesday. Bitcoin touched a fresh 10-month high at $30,000 in early Tuesday trade before last fetching $29,787, after breaking free of recent ranges on Monday.

☆ Big Tech employees are getting culled. Their European colleagues get stronger labor laws and softer landings.
▼ + stars: | 2023-04-11 | by ( Riddhi Kanetkar | Jyoti Mann | ) www.businessinsider.com time to read: +11 min

European Big Tech employees have better labor protections"There are regulations in Europe that apply to collective situations, based on European law: the so-called Mass Dismissal Directive," said Dr. Jordan. But in January, Twitter employees were reported to have been paid just one month's severance, according to CNN. Twitter employees in other European hubs such as Germany, Spain, Ireland, and the UK are also pushing back, with the help of the countries' labor laws and unions. Twitter employees in Germany have also worked with the Verdi union to push Twitter into making a better severance offer, Fortune reported. The process could take months instead of weeks, Brittin added — another testament to Europe's stronger labor protections for its employees.

"Presumably, this will also see a cessation of Fed policy rate hikes after one more possible hike at the May meeting, although it’s also possible the Fed is done already," he added in an emailed statement to Reuters. For now, traders take a more dovish view and are betting policymakers will cut rates later in the year, taking the fed funds rate to 4.35% from its current 4.75% to 5% range. Investors will be closely watching an inflation report on Wednesday to gauge the near-term trajectory for interest rates. According to Rieder, inflation should ease going forward, in line the economic slowing seen last month. "Hopefully ... markets can look forward to a more relaxed Fed from here," he said.

Charles Schwab Corp (SCHW.N) gained 3.3% after the financial broker on Thursday disclosed upbeat new client assets inflow in March. Pioneer Natural Resources Co (PXD.N) jumped 5.7% after a report that Exxon Mobil Corp (XOM.N) held preliminary talks with the company about a possible acquisition of the shale oil producer. Micron Technology Inc (MU.O) and Western Digital Corp (WDC.O) surged 7.9% and 8.9%, respectively, on Samsung Electronics Co Ltd's (005930.KS) plans to cut chip production. Declining issues outnumbered advancers for a 1.07-to-1 ratio on the NYSE and a 1.16-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and no new low, while the Nasdaq recorded 30 new highs and 108 new lows.

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