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☆ Americans are suddenly finding it harder to land a job — and keep it
▼ + stars: | 2024-07-08 | by ( Elisabeth Buchwald | Alicia Wallace | ) edition.cnn.com time to read: +5 min

Suddenly, the red-hot labor market is feeling closer to lukewarm for job seekers. The unemployment rate rose to a three-year high of 4.1% in June, with 6.8 million people unemployed. At that time a year ago, the unemployment rate was at 3.6% and 6 million people were unemployed. The rising unemployment rate — driven primarily by more people entering the workforce — means that it’s getting more competitive for job hunters to get hired. Since 2022, the temporary help sector has added jobs in only four months.

Persons: It’s, Luke Pardue, switchers, David Tinsley, Jack McIntyre Organizations: CNN, Aspen, Bank of America, Bank of America Institute, “, of Labor Statistics, Labor Department, Brandywine Global

☆ Meet the typical new entrepreneur: A young woman living in the South who's doing it as a side hustle
▼ + stars: | 2024-04-24 | by ( Jacob Zinkula | Juliana Kaplan | ) www.businessinsider.com time to read: +8 min

The newest entrepreneurs are both young and old and looking to grow their wealth through their businesses. The share of new Hispanic entrepreneurs rose from 8% in 2022 to 13% in 2023, Gusto found. Many new entrepreneurs are open to using AI tools and hiring remote workers, per the Gusto survey. The share of entrepreneurs who started a business while juggling another gig rose from 27% in 2022 to 44% in 2023. The Babson report found that most US entrepreneurs, 71%, were motivated by the prospect of boosting their wealth through their businesses.

Persons: They're, —, Ewing Marion, Luke Pardue, Babson, Entrepreneurship isn't Organizations: Service, Bureau of Labor Statistics, Babson College, Midwest Women, Pew Research Center, Ewing Marion Kauffman Foundation, Bureau, Kauffman Foundation, Entrepreneurs, Business Administration, Entrepreneurship Locations: Midwest, New Hampshire, Minnesota, Montana, Northeast, West

☆ Opinion | Older Americans Are Winning the Economic War of the Generations
▼ + stars: | 2023-10-27 | by ( Peter Coy | ) www.nytimes.com time to read: +1 min

If there is a war of the generations, we older Americans are winning it. As evidence, I present two remarkable charts, which are my versions of charts made by the Center on the Economics and Demography of Aging at the University of California, Berkeley. The charts show a big increase since 1960 in the consumption of goods and services by people over 60, with the biggest increase among people 75 and older. The charts show average consumption per individual, not total consumption by the (growing) cohort of the old. Rightly or wrongly, Congress is choosing spending on the old over spending on the young.

Persons: it’s, Melissa Kearney, Luke Pardue Organizations: Center, University of California, Social, Aspen Economic Locations: Berkeley, United States

☆ How High Interest Rates Sting Bakers, Farmers and Consumers
▼ + stars: | 2023-10-23 | by ( Lydia Depillis | More About Lydia Depillis | ) www.nytimes.com time to read: +1 min

Yet the economy continued to burn hot, with job openings outstripping the supply of workers and consumers spending freely. Some categories driving inflation sank back quickly, like furniture and food, while others — like energy — have resurged. In September, the central bank held its rate steady, but signaled that the rate would stay high for longer than the market had anticipated. For start-ups, which proliferated over the last few years, the concern is about the survival or failure of their businesses. Most entrepreneurs use their savings and help from friends and family to start businesses; only about 10 percent rely on bank loans.

Persons: “ We’ve, ”, Gregory Daco, Luke Pardue

☆ Landing a new job right now could take you nearly 2 months, according to LinkedIn
▼ + stars: | 2023-08-16 | by ( Morgan Smith | ) www.cnbc.com time to read: +3 min

Could you wait seven weeks to start a new job? That's how long it's taking job seekers to go from submitting an application to their first day of work, according to new research from LinkedIn. For more senior roles, the average hiring cycle is seven weeks. Hiring has slowed from last year's breakneck pace, but the news isn't all bad for job seekers, says Luke Pardue, an economist at payroll provider Gusto. That, combined with the Federal Reserve's hefty interest rate hikes, has slowed hiring.

Persons: Luke Pardue, they're, Guy Berger, LinkedIn's, Berger, Pardue, It's, Warren Buffett Organizations: LinkedIn, Consulting, Federal Locations: U.S

☆ Texans are staying inside during record heat — and the state's economy could take a $9.5 billion hit from reduced business
▼ + stars: | 2023-07-29 | by ( Eliza Relman | Noah Sheidlower | ) www.businessinsider.com time to read: +5 min

In Texas, that could mean a $9.5 billion hit to the state's GDP if the extreme heat continues. As extreme heat grips much of the US this summer and the Earth records its hottest month on record, people are staying inside. Pardue told Insider he was surprised at the magnitude of the decline in hours worked as a result of extreme heat. "And then we're seeing, long term, this opposite shift, where during the summer, there's all this extreme heat." Are you staying home or working fewer hours because of extreme heat?

Persons: —, Luke Pardue, Pardue, we've, Ray Perryman, Jonathan Horowitz, Andreas Flouris Organizations: Service, Workers, Wall Street, Buffalo Bayou Brewing, Nationwide, The National Energy Assistance, Association, Research, University of Thessaly, New York Times, Nature Conservancy, Phoenix, Louisiana Department of Health, erelman Locations: Texas, Houston, Greece, Arizona, New Orleans

☆ Other countries don't have an issue with 'tipflation.' Here's how much people tip around the world
▼ + stars: | 2023-07-12 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

In part, that's because tips make up a larger part of workers' pay in the U.S., particularly in industries like entertainment, food service, and leisure and hospitality. In fact, in some of those jobs, workers make less than minimum wage because they are considered "tipped employees." (Some states are now increasing the hourly minimum wage for tipped employees or eliminated tipping wages altogether.) This applies primarily to restaurant workers, although other employees who receive more than $30 a month in tips may qualify. For these workers, tips can boost wages by about 25%, according to data from payroll platform Gusto.

Persons: Owen Franken, Jaime Peters, it's, Lynn, Luke Pardue Organizations: Maryville Locations: Europe, U.S

☆ Teenagers are in high demand as summer hiring surge gets under way
▼ + stars: | 2023-06-21 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Job opportunities and wages rise for teensEconomists are predicting another strong summer for teen employment in 2023. Already, teens make up 18% of all summer hires this year, up from 15% a year ago, according to data from payroll platform Gusto. "The market for teens is hotter than it's ever been," said Luke Pardue, an economist at Gusto. watch nowThe strong labor market and increased demand for low-wage work have also contributed to a rise in labor force participation. Now, teens are more likely to have a paying job over the summer and while in school compared with just a few years ago.

Persons: Luke Pardue, Gregg Murset Organizations: New, U.S . Department of Labor

Small businesses have boomed since the start of COVID-19, earning some entrepreneurs six figures. In fact, 33% of the small-business owners who used Gusto said they needed side hustles to keep their companies afloat. "The surge in side hustles is partly caused by new entrepreneurs who need to rely on additional sources of income to cover the businesses that they just started," Pardue said. Some of the most recognizable companies, such as Apple, Twitter, and Facebook, started as side projects and later became multibillion-dollar corporations. Insider spoke with entrepreneurs who earn almost six figures or more about their advice on building side hustles.

Persons: —, Luke Pardue, Pardue, Mark Stenberg, Weng Cheong Organizations: Apple, Twitter, Facebook, Service Locations: hustles

☆ Bosses want people in the office. The class of 2023 is ready.
▼ + stars: | 2023-05-21 | by ( Ethan Dodd | Madison Hoff | ) www.businessinsider.com time to read: +8 min

Surveys show Gen Z and class of 2023 graduates want an in-person experience. In-person work can provide young workers with community, keep them engaged, and enhance their early workplace learning. Not so with Gen Z and the class of 2023. This generation wants the community, learning opportunities, and engagement that in-person work can provide — although some young professionals aren't a fan of in-office roles and prefer remote work. "Especially for new grads, they should balance the flexibility that they have for remote work and finding new opportunities with some of the benefits of in-person work," Pardue said.

☆ The 10 big cities where young people are getting hired like crazy, and what your new income will buy you
▼ + stars: | 2023-05-11 | by ( Madison Hoff | ) www.businessinsider.com time to read: +3 min

Amid graduation season, Gusto analyzed city data to see where young job seekers can get the biggest value. It ranked adjusted salaries for big cities that had the highest hiring rates for full-time young workers. 1, while New York City ranked No. To do this, Gusto looked at the 50 largest metro areas and what full-time hiring rates look like for young workers, including both college grads and non-grads. The following are large cities with high full-time hiring rates for young workers where the class of 2023 and young job seekers can get the biggest bang for their buck, per Gusto's analysis.

☆ Small businesses are saving the economy from a recession, for now
▼ + stars: | 2023-01-25 | by ( Jennifer Ortakales Dawkins | Madison Hoff | ) www.businessinsider.com time to read: +6 min

Data shows a boom in small businesses likely to employ workers, suggesting job growth could keep going well into the future. Small businesses have seen their openings soar, compared to larger businesses, from where they stood before the pandemic. While openings for small businesses are not as high as they were in spring 2022, there still are more openings in these kinds of businesses than big ones. Yet Swonk remains optimistic that small businesses will prevail. "Although small businesses fail at a much higher rate than any other businesses out there, I have some hope in the traction that they've already gained," she said.

☆ Google bonus delay has a windfall lesson for workers: ‘Don't have it spent before it gets there,’ says advisor
▼ + stars: | 2023-01-20 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

A pedestrian strolls on the Google campus in Mountain View, California, on Jan. 27, 2022. David Paul Morris/Bloomberg via Getty ImagesGoogle is delaying full year-end bonus checks by a few months, simultaneously demonstrating a keystone tenet of household finance: Don't count on money you don't have in hand. The investment bank earlier this month announced job cuts for up to 3,200 employees, or 6.5% of its workforce. watch nowAcross all industries, small businesses slashed 2022 bonuses by 9.7% to an average $526, down from $582 in 2021, according to Gusto, a payroll provider. They shrank most — by 10.7% — among financial companies, law firms and others in the "professional services" category.

☆ Economists say there is a 61% likelihood for a recession in 2023, and businesses are preparing
▼ + stars: | 2023-01-16 | by ( Alexandra York | ) www.businessinsider.com time to read: +4 min

Economists say there is a 61% likelihood for a recession in 2023, according to the Wall Street Journal survey. Some say high interest rates will push the US economy into the recession. For instance, some say higher interest rates will push the U.S. economy into a recession this year. Regardless, businesses and workers alike are preparingSince the middle of 2022, businesses and workers have continued preparing for the economic downturn to come. Despite today's economic fears, now is actually a beneficial time to start these small businesses, financial experts told Insider.

☆ Small businesses are saving the economy from a recession for now
▼ + stars: | 2023-01-15 | by ( Jennifer Ortakales Dawkins | Madison Hoff | ) www.businessinsider.com time to read: +5 min

☆ The 10 easiest businesses to start in 2023, including freelance writing, user-generated content creation, and digital marketing
▼ + stars: | 2023-01-01 | by ( Alexandra York | Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +2 min

2023 is a hopeful time to start a business or side hustle, especially for solopreneurs. Digital marketing, content creation, and e-commerce are among those with the most potential. The gig economy is growing in size and specialty, said Lauren Russell, freelancer and founder of social media marketing agency Irresistibly Social LLC. "With the gig economy growing, there are a lot of micro niches so people can have a more custom, tailored service," Russell said. Insider spoke with economists and entrepreneurs about the best businesses to start in 2023.

☆ Americans still haven't felt the worst of the war on inflation, meaning 2023 will be 'survival of the fittest'
▼ + stars: | 2022-12-29 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +8 min

The Federal Reserve hiked interest rates seven times during 2022 to fight inflation. He believes the new year will bring a whole host of different challenges for small businesses. "I believe that we're going to see small businesses dropping like flies, and competition thinning out among the pandemic entrepreneurs," Gray said. With nearly half of Americans employed by small businesses, financial hardship to the sector could significantly impact the overall workforce. "Just since June, the rates have gone up almost 3% so capital is getting a lot more expensive for small businesses generally," Wallace told Insider.

☆ 15 high-paying freelance side hustles that can help people earn additional money during a recession
▼ + stars: | 2022-12-22 | by ( Emily Canal | Alexandra York | ) www.businessinsider.com time to read: +4 min

If you have the skills, the right freelance job could support you and your business. Managing social media accounts, copyediting, and virtual assisting are among the top 15 gigs. Below are the 15 highest-paying freelance side hustles and the average hourly Upwork rates, according to the platform. Social media manager, $14 to 457. Entrepreneurship is glamorized through social media and pop culture, but the reality often involves working long hours, earning irregular pay, and experiencing intense pressure.

☆ Amid talk of a recession, experts share why now is a good time to start a business and which industries are the most promising
▼ + stars: | 2022-10-13 | by ( Alexandra York | ) www.businessinsider.com time to read: +7 min

While the prospect of an economic downturn can be worrying, indicators suggest it's still a good time to start a business. "When starting a business, your capital needs are as low as they're ever going to be," he said. Mawhinney, along with an economist, a business coach, and an entrepreneur, each shared their predictions for the coming years and why they encourage aspiring business owners to jump on the entrepreneurial bandwagon now. "But what we're seeing now is they've realized that employment itself is risky, and it's become easier to start that business." She encourages her coaching clients, who are aspiring entrepreneurs and freelancers, to take advantage of the new opportunities.

☆ Souring Economy Gives Tech Freelancers a Lift
▼ + stars: | 2022-10-12 | by ( Angus Loten | ) www.wsj.com time to read: +5 min

Like most companies, he said, it enlists freelancers with specific skills across a range of capabilities, including AI and analytics. “The pandemic and, more recently, the turbulence in the economy, spurred demand for greater labor flexibility both among employers and workers,” Mr. Herbert said. Sebastián Siseles, a vice president at Freelancer.com, said freelance work also allows IT job seekers—especially younger workers—to reduce the risk of being dependent on a single employer. By adapting to remote work during the pandemic, employers “opened the window” to hiring more freelancers, Mr. Siseles said. Many tech-enabled companies such as Uber Technologies Inc., Lyft Inc. and DoorDash Inc., which rely heavily on gig workers, have opposed similar efforts in the past.

☆ California cities dominate the list of those in the US with the lowest gender pay gap. These are the 10 cities where women earn the most in comparison with men.
▼ + stars: | 2022-05-31 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

The area around Los Angeles has the smallest gender pay gap, according to a report by GoodHire. Across the US' 100 biggest cities, women earn $44,220 a year, or 19% less than men, per the study. In comparison, women living in Provo-Orem, Utah, earn just under two-thirds of the amount men earn. Here are the 10 areas with the smallest gender pay gap, per GoodHire's study:Los Angeles-Long Beach-Anaheim, California – women earn 9% less than men Durham-Chapel Hill, North Carolina – women earn 10% less than men Fresno, California – women earn 11% less than men Cape Coral-Fort Myers, Florida – women earn 11% less than men Miami-Fort Lauderdale-Pompano Beach, Florida – women earn 12% less than men Las Vegas-Henderson-Paradise, Nevada – women earn 12% less than men Winston-Salem, North Carolina – women earn 14% less than men Springfield, Massachusetts – women earn 14% less than men San Diego-Chula Vista-Carlsbad, California– women earn 14% less than men Albuquerque, New Mexico – women earn 14% less than menGoodHire also ranked the cities with the biggest gender pay gap:Provo-Orem, Utah – women earn 38% less than men Baton Rouge, Louisiana – women earn 32% less than men Ogden-Clearfield, Utah – women earn 31% less than men San Jose-Sunnyvale-Santa Clara, California – women earn 28% less than men Detroit-Warren-Dearborn, Michigan – women earn 25% less than men Augusta-Richmond County, Georgia/South Carolina – women earn 25% less than men Tulsa, Oklahoma – women earn 25% less than men Salt Lake City, Utah – women earn 25% less than men Pittsburgh, Pennsylvania – women earn 25% less than men Oklahoma City, Oklahoma – women earn 25% less than menAcross the US, the gender pay gap shrank slightly in 2020. On average, across the 100 most populous cities, women earn $44,220 a year, which is 19% less than men, per GoodHire's study.

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