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☆ Why moves by Amazon and comments by Jamie Dimon don’t threaten an end to remote work benefits
▼ + stars: | 2024-09-25 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +4 min

But for two key reasons, these kinds of public proclamations don’t signal a broader demise of remote work benefits. Flex work options are too popular to ditchWhile an individual company may decide to backtrack on its remote work policies, the numbers suggest that’s not happening widely. Workplace consulting firm Gallup found in May that among full-time employees in remote-capable jobs, 53% work a hybrid schedule, 27% work exclusively remotely and 21% work on site. As of August 31, job postings on Indeed.com that specify hybrid and remote work have dipped a half percentage point year over year. It also found that HR leaders say hybrid work models help attract and retain talent.

Persons: Jamie Dimon, Andy Jassy’s, Jassy, ”, ’ ”, Chris Williams, “, ” Williams, Gallup, Nick Bunker, it’s, Williams Organizations: CNN, JPMorgan Chase, Microsoft, Board Locations: “, Seattle

Read previewNikki, a recent college graduate, has been struggling to find a job after completing her degree in biochemistry this year. While a cooling job market has made it harder for Americans of all ages to find work, young college grads are among the groups being hit the hardest. This means young college grads have been more likely to be unemployed than the broader population, even as the job market has returned to a more normal post-pandemic state over the past two years. "If you don't have a job, if you're a new grad, finding a job is actually unusually difficult." AdvertisementAre you a recent college graduate who's struggling to find a job?

Persons: —, Nikki, She's, Zers, grads, Julia Pollak, Pollak, Gen Zers, that's, Nick Bunker, who's Organizations: Service, Business, Federal Reserve Bank of New, LinkedIn, Federal Reserve Locations: Federal Reserve Bank of New York

☆ Why finding a job is so awful right now
▼ + stars: | 2024-09-15 | by ( Tim Paradis | ) www.businessinsider.com time to read: +9 min

I'm still unemployed," Jolles told Business Insider. AdvertisementIn any case, Jolles, who describes himself as an "older" tech worker, felt depleted by the job search in California. Averett believed the position wasn't a good fit for her, but she also knew from her experience in HR how tough a job search could be. As someone who works in HR, she gets what it's like to be inundated with applications from job seekers like her. Given how fruitless his job search has been, Cash plans to soon give it up.

Persons: —, David Jolles, I'm, Jolles, It's, Nick Bunker, Bunker, Jason Henninger, Heller, bupkis, Jenitta Averett, Averett, she's, — Averett, it's, Kevin Cash, he'd, Cash, Uber, he's, I've, Kevin Cash Ben Boxer Cash's Organizations: Service, Business, UPS, LinkedIn, Navy Locations: Silicon Valley, It's, Atlanta, America, Georgia, California, Covid, Hampton , Virginia, Portland , Oregon

☆ Friday’s jobs report will likely determine the size of the Fed’s rate cut
▼ + stars: | 2024-09-05 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

CNN —The US economy appears to be on a knife’s edge, and Friday’s jobs report will be the deciding factor as to the next direction. Economists are expecting that the August report should reaffirm that the labor market is merely cooling versus outright weakening. Inflation had cooled, and the labor market was rolling right along and doing its part to keep consumers spending and the economy churning. Friday’s jobs report should provide further reassurance that the labor market is merely softening and not collapsing, economists predict. “It would be a mistake to define the labor market as being excessively weak at this stage.”Instead, the signals indicate that the labor market has moved from being extremely strong and into better balance, she said.

Persons: ” Tuan Nguyen, —, ” Karin Kimbrough, “, ” Oliver Allen, ” Allen, ”, Andrew Challenger, Nick Bunker, Pantheon’s Allen, Beryl “, Mike Skordeles Organizations: CNN, RSM, Federal, LinkedIn, Labor, Department of Labor, “ Companies, Pantheon Macroeconomics, BLS, Employers, ADP, Challenger, Technology, “, North America, Bank of America Locations: US, Michigan, Texas

☆ Job openings fell more than expected in July in another sign of labor market softening
▼ + stars: | 2024-09-04 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Job openings slumped to their lowest level in 3½ years in July, the Labor Department reported Wednesday in another sign of slack in the labor market. "The labor market is no longer cooling down to its pre-pandemic temperature, it's dropped past it," said Nick Bunker, head of economic research at the Indeed Hiring Lab. "Nobody, and certainly not policymakers at the Federal Reserve, should want the labor market to get any cooler at this point." While the job openings level declined, layoffs increased to 1.76 million, up 202,000 from June. "The still low level of layoffs and tick up in hires suggests the labor market is not cracking.

Persons: Dow Jones, it's, Nick Bunker, Krishna Guha, nonfarm Organizations: Labor Department, Labor, Survey, Federal Reserve, Global Policy, Central Bank, Evercore ISI

☆ Why remote work has staying power: It's 'still kicking,' economist says
▼ + stars: | 2024-08-23 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

watch nowSuch arrangements were rare before the pandemic, economists said. While remote work opportunities have waned from their peak, they appear to have stabilized well above their pre-pandemic levels, economists said. "Remote work is not going away," Nick Bloom, an economics professor at Stanford University who studies workplace management practices, recently told CNBC. Why remote work has enduredRemote work has endured largely because it benefits both workers and employers, economists said. Remote work also opens up the pool of potential candidates during hiring, Bunker said.

Persons: Taiyou, Nick Bunker, Nick Bloom, Bunker, Bloom Organizations: Digitalvision, North America, Stanford University, CNBC, Finance, Workers, Research Locations: U.S

☆ Inflation cooled in July, adding to the case for interest rate cuts at the next Fed meeting
▼ + stars: | 2024-08-14 | by ( Madison Hoff | ) www.businessinsider.com time to read: +3 min

It's the first time the inflation rate has been below 3% since March 2021, and it adds to the case that the Federal Reserve could cut rates at its next meeting. Over the month, the consumer price index rose 0.2% in July. The Fed is watching for inflation to cool before committing to rate cuts. Many economists think it's well past time for the Fed to cut interest rates and have expressed worries about the rapidly cooling labor market. AdvertisementThe labor market is cooling off, and it might be harder to get a job than a few years ago.

Persons: —, Jerome Powell, Nick Bunker, Claudia Sahm, Powell Organizations: Service, Federal, Business, Core CPI, of Labor Statistics, Fed, North America, Bureau of Labor Statistics, New Century Advisors, Federal Reserve

☆ This labor data trend is a 'warning sign,' economist says. Here's why
▼ + stars: | 2024-08-06 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

The unemployment rate jumped in July, and there is a detail in the data that has alarmed some economists. So-called marginally attached workers, according to the Bureau of Labor Statistics, are those who are available to work and want a job, but have not searched for a job in the four weeks preceding the survey. Bustamante assessed marginally attached workers plus unemployed workers as a group, which the BLS refers to as U-6. "That's a warning sign" for the labor market, he said. It is a sign that people want a job, but are having a hard time finding a job, he said.

Persons: Alí Bustamante, Bustamante, Kamala Harris, Nick Bunker Organizations: Bureau of Labor Statistics, Worker Power, Economic Security, Roosevelt Institute, Finance, North Locations: New York City, North America

☆ There are cracks forming in the US jobs market
▼ + stars: | 2024-08-02 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

CNN —The pandemic threw the US job market into chaos, but four years later, things finally seem to be back to normal. Most indicators support the idea that the labor market is no longer overheated and could easily maintain a new normal of steady, but slower growth. The unemployment rate is expected to hold steady at 4.1%, according to FactSet consensus estimates. “This is a labor market that’s otherwise moderated,” Nick Bunker, director of North American economic research at Indeed, told CNN. The same goes for the prime-age labor force participation rate, which at 83.7% also is the highest in 23 years.

Persons: hasn’t, Jerome Powell, Nick Bunker, Powell, Nancy Vanden Houten, ’, “, ”, —, Madhavi Bokil, Indeed’s Bunker, Bunker, ” Elise Gould, ” Bunker, “ It’s, Julia Pollak, ” Pollak, can’t Organizations: CNN, Federal, of Labor, Challenger, Economic Policy Institute, ” Locations: Oxford

☆ The labor market's soft landing 'is in danger,' economist says. Here's where jobs are still growing
▼ + stars: | 2024-08-02 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

Tom Merton | Ojo Images | Getty ImagesJob seekers have been sour on the job market for a while now — and with good reason. "The soft landing in the U.S. labor market is in danger," Nick Bunker, Economic Research Director for North America for Indeed Hiring Lab, wrote in a statement on Friday. "Yellow flags had started to pop up in the labor market data over the past few months, but now the flags are turning red," Bunker said. Meanwhile, the unemployment rate increased to 4.3%, the highest since October 2021. To pivot, assess 'transferrable skills'Because the labor market is weakening, it might be hard for workers to find opportunities in their preferred industries, Bustamante noted.

Persons: Tom Merton, Nick Bunker, Bunker, Nonfarm payrolls, Alí Bustamante, Julia Pollak, Pollak, NEETS, Bustamante Organizations: Economic, North, Bureau of Labor Statistics, Worker Power, Economic Security, Roosevelt Institute, ZipRecruiter, Health, Finance Locations: U.S, North America, New York City

Read previewThe July jobs report has thrown the economy's soft landing into question — and the Federal Reserve is taking the heat. AdvertisementGiven the jobs report, Nick Bunker, economic research director for North America at the Indeed Hiring Lab, told Business Insider that "the soft landing for the US labor market is in peril." Advertisement"The problem is there's very few indications that this is the labor market we're going to stick around in," Bunker said. "It's clear that momentum of the labor market continues to be downward. "But I continue to stand by the idea that this is still part of the soft landing that people thought was not possible."

Persons: —, it's, Nick Bunker, Claudia Sahm, Sahm, Jerome Powell, Julia Pollak, It's, We're, Bunker, Powell, Harris, doesn't, Labor Julie Su, Su, they've Organizations: Service, Federal Reserve, Bureau of Labor Statistics, Business, North America, New Century Advisors, Fed, Biden, Labor

☆ Fed Chair Powell just said the labor market is getting vulnerable. Friday’s jobs report could prove why
▼ + stars: | 2024-08-01 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

CNN —The pandemic threw the US job market into chaos, but four years later, things finally seem to be back to normal. Most indicators support the idea that the labor market is no longer overheated and could easily maintain a new normal of steady, but slower growth. “This is a labor market that’s otherwise moderated,” Nick Bunker, director of North American economic research at Indeed, told CNN. Labor force participation/employment to population ratio: These metrics are key reasons why Bunker and others believe the labor market remains in good shape. The same goes for the prime-age labor force participation rate, which at 83.7% also is the highest in 23 years.

Persons: hasn’t, Jerome Powell, Nick Bunker, Powell, Nancy Vanden Houten, ’, “, ”, —, Madhavi Bokil, Indeed’s Bunker, Bunker, ” Elise Gould, ” Bunker, “ It’s, Julia Pollak, ” Pollak, can’t Organizations: CNN, Federal, of Labor, Challenger, Labor, Economic Policy Institute, ” Locations: Oxford

☆ Job seekers are sour on the cooling labor market
▼ + stars: | 2024-07-24 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Nitat Termmee | Moment | Getty ImagesWorkers are souring on the state of the job market. Workers had reason for euphoria two to three years ago: The job market was red-hot and, by many metrics, historically strong. However, the labor market has slowed gradually. Workers are now having a harder time finding jobs and the labor market, while still solid, could be in trouble if it continues to cool, economists said. While that rate is "consistent with a strong labor market," its steady rise is the "troubling factor," Nick Bunker, economic research director for North America at the Indeed Hiring Lab, wrote in early July.

Persons: Nitat, Nick Bunker, Bunker Organizations: Getty Images Workers, Workers, U.S . Federal Reserve, North America

☆ The latest trick companies could be using to pay workers less
▼ + stars: | 2024-07-11 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

More US companies are dropping experience and education requirements from their job postings. AdvertisementDropping hiring requirements could save some companies moneyThere's some evidence that companies could already be dropping hiring requirements in part to cut costs. He found that the industries with the largest declines in hiring requirements also saw "rapidly cooling demand" for workers over this period. The marketing and IT sectors also have experienced hiring slowdowns and large declines in hiring requirements, per Indeed data. It's not clear how much of an impact the decline in hiring requirements has had on employer's labor costs.

Persons: —, Cory Stahle, Stahle, slowdowns Organizations: Service, Business, LinkedIn

☆ Restaurants and hotels were helping power the booming job market. Now, they're barely hiring.
▼ + stars: | 2024-07-10 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

Still, the industry largely saw strong monthly job gains following the losses it faced early on in the pandemic, averaging 205,000 jobs a month in 2021. Data out Friday from the Bureau of Labor Statistics showed this industry saw a month-over-month job gain of 7,000; the overall nonfarm payroll job gain in June was 206,000. The industry has historically had higher rates of quits and job openings than the overall labor market, per the Job Openings and Labor Turnover Survey. Additionally, the healthcare and social assistance sectors have seen robust job growth and likely will be looking for job seekers long-term. AdvertisementThe overall tougher labor market still has potential for job seekers.

Persons: —, switchers, Julia Pollak, " Pollak, Pollak, Nick Bunker Organizations: Service, Business, Bureau of Labor Statistics, Labor, BLS, Healthcare, North America Locations: Federal

☆ Friday's jobs report expected to show slowing payroll gains as concern rises about broader economy
▼ + stars: | 2024-07-04 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Payroll gains so far in 2024 have totaled 1.24 million, down about 50,000 a month below the same period a year ago. "Specifically, I'm thinking more about the unemployment rate, which has been slowly trending up." Under normal circumstances, a 4% unemployment rate would be cause for celebration, not concern. The May rate was 0.5 percentage point above its 12-month low of 3.5% in July 2023, potentially triggering a recession indicator called the Sahm Rule. The rule has shown consistently that whenever the unemployment rate on a three-month average eclipses its 12-month low by half a percentage point, the economy is in recession.

Persons: nonfarm payrolls, Dow Jones, Nick Bunker, it's

☆ US job openings unexpectedly grew in May, reflecting a still resilient labor market
▼ + stars: | 2024-07-02 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

CNN —The number of available jobs in the US unexpectedly grew in May, signaling continued resilience in the nation’s labor market. Job openings jumped higher to 8.14 million in May, from a downwardly revised 7.91 million in April, according to the Bureau of Labor Statistics’ latest Job Openings and Labor Turnover Survey (JOLTS) report released Tuesday. While both hires and job openings rates (as a percentage of total employment) ticked higher for May, the quits rate and layoffs rate were unchanged. The labor market appears to be at a crossroads, Nick Bunker, Indeed Hiring Lab’s head of economic research, wrote in commentary posted Tuesday. But some Fed officials have noted that the job market has lost momentum recently and that it’s highly unclear whether it will continue to hold steady or weaken further.

Persons: Economists, “, ” Robert Frick, switchers, David Tinsley, Nick Bunker, ” Bunker, ”, you’ve, Austan Goolsbee, ” Marisa DiNatale Organizations: CNN, Bureau of Labor Statistics ’, Labor, Navy Federal Credit Union, Industries, Bank of America, Bank of America Institute, “, Federal Reserve, Chicago Fed, Bloomberg, European Central Bank, Moody’s, Labor Statistics Locations: Sintra , Portugal

☆ Bad news for coders: The US is past peak software developer
▼ + stars: | 2024-06-22 | by ( Madison Hoff | ) www.businessinsider.com time to read: +5 min

A new ADP Research Institute report shows employment for software developers has declined from January 2018. Related storiesJob-search platform Indeed has its own running index of job postings for the software development sector. Swallowing a pay cut is a tough ask for software developers who were earning top dollar just a few years ago." AdvertisementData from Handshake, a platform where students can look for work, suggests a cooler demand for software developers or engineers. Have you made a career change from or to software development or another tech job?

Persons: —, Daniel Zhao, Glassdoor's, Zhao, Nela Richardson, Richardson, Nick Bunker, Bunker, Randy Tarnowski, Tarnowski, they're Organizations: Service, ADP Research, Business, North America, Bureau of Labor Statistics

☆ The Fed's next decision will likely mean Americans are going to wait a lot longer for any interest rate cuts
▼ + stars: | 2024-06-11 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +5 min

Americans shouldn't expect interest rate cuts to head their way anytime soon. Related stories"It may be bad, partly, because it is driven in part by uncertainty and fear and high interest rates holding back activity," Pollak added. "And if I had to bet, I bet that we will get two rate cuts, one in September and one in December." Some Democratic lawmakers have been pushing the Fed to cut rates and give Americans some breathing room, especially after the European Central Bank cut rates earlier in June for the first time in five years. "The Fed's decision to keep interest rates highs continues to widen the rate gap between Europe and the U.S, as the lower interest rates could push the dollar higher, tightening financial conditions," they wrote, adding: "You have kept interest rates too high for too long: it is time to cut rates."

Persons: there's, Jerome Powell, Powell, Julia Pollak, ZipRecruiter, It's, Pollak, Nick Bunker, Joseph Briggs, Goldman Sachs, we're, David Kelly, Kelly, Elizabeth Warren, Jacky Rosen, John Hickenlooper Organizations: Service, Reserve, Business, North America, Morgan Asset Management, Democratic, European Central Bank Locations: United States, Amsterdam, Sens, Europe

☆ US economy added a whopping 272,000 jobs in May
▼ + stars: | 2024-06-07 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

At a time when Americans and the Federal Reserve are clamoring for clear-cut data about the state and trajectory of the economy, Friday’s jobs report was much more opaque than everyone had hoped. Employment fell in the household survey, while unemployment increased to just shy of 6.5 million and pushing the unemployment rate to the threshold of 4%. Service-providing industries accounted for the bulk of the month’s job gains, with health care and social assistance continuing to lead the way, with 83,500 jobs added. “Don’t get overly spooked by the rise in the unemployment rate,” Bunker wrote. “The labor market is still gliding toward a soft landing.”

Persons: ” Dean Baker, “, I’ve, Diane Swonk, ”, Wall, Chris Rupkey, FwdBonds, CEPR’s Baker, ” Baker, ” Thomas Simons, Jeffries, Nick Bunker, Bunker, “ Don’t, ” Bunker Organizations: CNN, Federal Reserve, Center for Economic, Policy Research, of Labor Statistics, KPMG, That’s, Index, Traders, BLS, Service, North America

☆ Why a five-day return to office is unlikely, Stanford economist says
▼ + stars: | 2024-06-06 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

The five-day, in-office workweek is antiquated for a large share of workers, a relic of the pre-pandemic job market. "Remote work is not going away," said Nick Bloom, an economics professor at Stanford University who studies workplace management practices. Remote work is not going away. Nick Bloom economics professor at Stanford UniversityHis research suggests workers value hybrid work about the same as an 8% raise. 'Firms care about profits, not productivity'In addition, hybrid work doesn't appear to have any negative impact on workers' productivity, Bloom said.

Persons: Justin Paget, Digitalvision, Nick Bloom, workdays, lockdowns, Nick Bunker, Martin, Bloom, Bunker, it's, flexibly Organizations: Stanford University, Research, Finance, Employers, U.S, McKinsey, University of Pittsburgh

☆ It finally looks like the US economy is sticking its soft landing
▼ + stars: | 2024-06-05 | by ( Madison Hoff | ) www.businessinsider.com time to read: +6 min

A soft landing is on the horizon, too — or already here depending on who you ask — and recent data reinforces that. AdvertisementThere has been a ton of moderation in this rate particularly when comparing recent changes to those seen in 2022, another sign pointing to a soft landing. AdvertisementThe soft landing might already be hereDavid Kelly, chief global strategist at J.P. Morgan Asset Management, believes the US has already achieved a soft landing. "To me, a soft landing is when the unemployment rate has basically hit its full-employment level, and the inflation rate is gradually coming down to a rate that's acceptable," Kelly said. Advertisement"In other words, a fairly comfortable soft landing with occasional turbulence," Draho added.

Persons: —, That's, it's, Joseph Briggs, Goldman Sachs, Briggs, Nick Bunker, Bunker, David Kelly, Kelly, Jason Draho, Draho, It's Organizations: Service, Business, Bureau of Labor Statistics, North America, UBS, Morgan Asset Management, UBS Global Wealth Management

☆ Buckle up America: Powell says interest rates will likely stay higher for longer as inflation stubbornly refuses to come down
▼ + stars: | 2024-05-16 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +6 min

Read previewInflation and interest rates are still high, but Americans shouldn't count on any relief just yet. Advertisement"The status of the battle against inflation requires that interest rates remain elevated in the near-term," Hamrick said. "The first quarter in the United States was notable for its lack of further progress on inflation," Powell said during the panel. But while job seekers and workers may find this cooldown concerning, that moderation is also welcome and the labor market is still strong. "Paired with high borrowing costs — like high interest rates on your credit cards — and the current economy can feel quite uncomfortable," Renter added.

Persons: —, That's, Mark Hamrick, Hamrick, Jerome Powell, Powell, Joanne Hsu, Nick Bunker, Ted Rossman, Rossman, Elizabeth Renter, Renter, it's Organizations: Service, Federal Reserve, Bureau of Labor Statistics, CPI, Business, Federal, University of Michigan, North America Locations: Amsterdam, United States, —

☆ It's getting really hard to find a job that pays well
▼ + stars: | 2024-05-03 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +5 min

Job growth in April was concentrated in traditionally low-paying sectors like healthcare and retail. Wage growth, though slower, still outpaces inflation, which is still a boon for workers. That's because the industries that led job growth in April are traditionally low-paying. Indeed, job growth is concentrated in industries that are historically low-paying — and continue to pay less than the average across private industries. As Pollak notes, "wage growth has come down sharply, but it's mostly come down in industries where it was very rapid before."

Persons: —, it's, Jobs, that's, Labor Julie Su, Julia Pollak, It's, Kate Bahn, Insider's Aki Ito, Pollak, ALICE, They're, Nick Bunker, Bunker Organizations: Service, Federal Reserve, Labor, Healthcare, Institute for Women's, North, Business Locations: Bahn, North America

☆ The top 15 companies for career growth if you work in the US, according to LinkedIn
▼ + stars: | 2024-04-17 | by ( Madison Hoff | ) www.businessinsider.com time to read: +3 min

Read previewLinkedIn released its annual US list of the best big employers for career growth this week, and JPMorgan Chase & Co. ranked No. A few kinds of employers emerge among LinkedIn's top 15 large companies for US career growth including financial-services giants like JPMorgan and Wells Fargo, telecom companies AT&T and Verizon, and the Big Four accounting firms Deloitte and PwC. This story is available exclusively to Business Insider subscribers. "This year's honorees are proving that investment in the employee experience is vital in today's workplaces," the report said. "Our methodology uses LinkedIn data to rank companies based on eight pillars that have been shown to lead to career progression," the report said.

Persons: —, Wells, it's, Nick Bunker Organizations: Service, JPMorgan Chase &, JPMorgan, AT, Verizon, Big, Deloitte, PwC, Business, North America Locations: Wells Fargo

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