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☆ 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

☆ Here's why you may get a smaller pay raise next year
▼ + stars: | 2024-07-24 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

The typical worker will get a 4.1% pay raise for 2025, down from 4.5% this year, according to a new poll by WTW, a consulting firm. Job market was 'unbelievably robust'Worker pay in 2021 and 2022 grew at its fastest pace in well over a decade amid an "unbelievably robust" job market, Wisper said. "I'm not sure I'll ever see that kind of job market in my lifetime again," Wisper said of 2021 and 2022. Still high relative to recent pastWhile the typical 4.1% projected raise is smaller than that during the last pay cycle, it's "still kind of high" relative to recent years, according to Wisper. For example, the median annual pay raise had largely hovered around 3% in the years after the 2008 financial crisis, she said.

Persons: WTW, Lori Wisper, Wisper, Julia Pollak, I'm, they're, Pollak Organizations: Hinterhaus, Stone, Companies, Workers, ZipRecruiter, Finance Locations: U.S

☆ Jamie Dimon: Skills are 'far more important' than a college degree in hiring
▼ + stars: | 2024-07-18 | by ( Morgan Smith | ) www.cnbc.com time to read: +4 min

Skills are "far more important" than having a college degree for many jobs, he added. Dimon said JP Morgan Chase has eliminated degree requirements for most jobs at the bank and pivoted toward more skills-based hiring. About 80% of JP Morgan Chase's current roles for "experienced hires," or candidates with full-time work experience, don't require a college degree, a company spokesperson confirmed to Fortune. For context, 62% of Americans don't have a college degree, according to the latest Census data. That means degree requirements can lock out millions of job seekers with alternative qualifications from high-paying opportunities.

Persons: Jamie Dimon, Dimon, Morgan Chase, JP Morgan Chase's, It's Organizations: JPMorgan Chase, LinkedIn, Wall Street, Ivy League, McKinsey & Co, Harvard Business School's, Glass Institute, CNBC

☆ 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

☆ What to expect from the June jobs report
▼ + stars: | 2024-07-05 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

That said, the job market of today is far different than it was 30 months ago. “The labor market has normalized,” Luke Tilley, Wilmington Trust’s chief economist, told CNN in an interview. As such, Friday’s report could provide a crucial signal as to whether the jobs market is at a stable or even pre-pandemic state — or is perhaps weaker than advertised. The continued upswing in claims has Tilley closely watching an underlying datapoint of the monthly jobs report: Unemployed persons by reason for unemployment. The overall labor force participation rate dipped in May to 62.5% from 62.7%, reversing progress made earlier this year.

Persons: don’t, ” Luke Tilley, ”, Nela Richardson, ” Dean Baker, aren’t, Tilley, ” Tilley, That’s, Julia Pollak, ” Pollak, Rachel Sederberg, Joe Biden, Donald Trump, Biden, Jerome Powell, Powell, “, can’t, Lightcast’s Organizations: CNN, Bureau of Labor Statistics, Center for Economic, Policy Research, of Labor, Challenger, ZipRecruiter, ”, CNN Business, Workers, Federal Reserve, Labor Locations: Wilmington, “, Portugal

Klaus Vedfelt | Digitalvision | Getty ImagesAlthough the unemployment rate has spent 30 months at or below below 4% — a near record — not everyone who wants a job has one. Others, alternatively, are well-qualified but often younger candidates who are struggling to find positions, comprising a contingent of "new unemployables," according to a recent report by Korn Ferry. 'NEETS' feel 'left out and left behind'Still, some young adults in the U.S. are neither working nor learning new skills. In 2023, about 11.2% of young adults ages 15 to 24 in the U.S. were considered as NEETs, according to the International Labour Organization. In other words, roughly one in 10 young people are "being left out and left behind in many ways," Bustamante said.

Persons: Klaus Vedfelt, Korn, Alí Bustamante, Bustamante, that's, Biden's, Julia Pollak, Pollak, David Ellis, Korn Ferry Organizations: Digitalvision, Worker Power, Economic Security, Roosevelt Institute, U.S . Bureau of Labor Statistics, International Labour Organization, Finance, Here's, Trump, Employers, National Association of Colleges Locations: New York City, U.S

☆ How to avoid scams while job-hunting online, according to career experts
▼ + stars: | 2024-06-30 | by ( Alex Koller | ) www.cnbc.com time to read: +5 min

It's a big enough issue that federal agencies like the FBI and Federal Trade Commission have issued warnings about job scams. Then, they may ask you to send them money or personal information, according to Amanda Augustine, a career expert at TopResume. Some companies make executive-level job openings confidential to high-profile applicants at first, but they will begin disclosing more details about the role as the interview process gets underway. For job openings that have no reason being kept so tightly under wraps, a formal job description should be handed over upon request, Augustine explains. "If there's absolutely no digital trail about this company, or it's really, really sparse when you're running some Google searches, I would be concerned."

Persons: Amanda Augustine, there's, Phoebe Gavin, Augustine, Oscar Rodriguez, it's, Gavin Organizations: FBI, Federal Trade Commission, LinkedIn, Google

☆ 4 in 10 companies say they've posted a fake job this year—what that actually means
▼ + stars: | 2024-06-27 | by ( Jennifer Liu | ) www.cnbc.com time to read: +4 min

As many as 4 in 10 companies say they've posted a "fake job listing" this year, and 3 in 10 companies say they're currently advertising for a role that isn't real. It's also worth noting that while this proportion of companies say they've posted a fake job, that doesn't mean the same share of their listings are fake. Still, a majority, 7 in 10, hiring managers say the practice of posting fake job listings is "morally acceptable." Finally, hiring managers say they keep fake listings up in order to collect resumes to keep on file for later. Cold applying to job listings may be 'a last resort'Knowing how many job listings might not be real doesn't exactly inspire confidence in online job boards.

Persons: they've, It's, Stacie Haller, who's, Haller, ZipRecruiter, that's, it's, there's Organizations: CNBC, LinkedIn

☆ Are you better off than you were four years ago? It can be a murky picture for many
▼ + stars: | 2024-06-25 | by ( Shannon Pettypiece | ) www.cnbc.com time to read: +9 min

But retirees and full-time caregivers have been unable to take advantage of a strong job market. Now, consumers are largely left with the same buying power they had four years ago rather than having seen real income gains over that time that would have helped bolster their financial picture. The outlook for the job market also varies by race with the unemployment rate at 5.6% for Black workers and 5% for Hispanic workers. Food prices have risen around 25% over the past four years while Biden was in office. The rise in food prices has disproportionately impacted lower-income households, which spend around a third of their discretionary income on food, according to a 2022 Agriculture Department survey.

Persons: Joseph Prezioso, Joe Biden, Donald Trump, Ronald Reagan, Julia Pollak, Pollak, Joseph Davis, Biden, MAGA, Julian Assange, Trump, Davis Organizations: Gloucester High School, AFP, Getty, Homeowners, ZipRecruiter, NBC, Consumer, Vanguard, NBC News, Food, Bureau of Labor statistics, Agriculture, Federal Reserve, Walmart, Aldi, Target, Gas Locations: Gloucester , Massachusetts, U.S, Arizona, Nebraska , Colorado

☆ America’s top central banker says the job market is back to normal. Is that true?
▼ + stars: | 2024-06-16 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Washington CNN —America’s top central banker recently said the job market now looks the way it did before the Covid-19 pandemic drastically upended society. Before the Bell spoke with Julia Pollak, chief economist at jobs site ZipRecruiter, about her views of the job market. Before the Bell: Do you agree with Chair Powell’s view that today’s job market is back to a pre-pandemic normal? Why is the job market slower now? The number of job openings is higher than it was by around 15% or so, but online job postings are actually lower by ZipRecruiter’s count.

Persons: Washington CNN —, “, Jerome Powell, Powell, it’s, Bell, Julia Pollak, they’re, They’re, Olesya Dmitracova, Emmanuel Macron, Read, Patrick Harker, Lisa Cook, Tom Barkin, Susan Collins, Adriana Kugler, Lorie Logan, Alberto Musalem, Goolsbee Organizations: CNN Business, Bell, Washington CNN, Fed, Labor, EU, National, New York Fed, Manufacturing Index, Reserve Bank of Australia, US Commerce Department, Federal Reserve, National Association of Home Builders, Accenture, Kroger, Darden, Bank of England, US Labor Department, Philadelphia Fed, Richmond Fed, Global, National Association of Realtors Locations: Washington, France, Wells Fargo

☆ New college graduates are stepping into a tougher job market. It could set their earnings back for years.
▼ + stars: | 2024-06-15 | by ( Jacob Zinkula | Andy Kiersz | ) www.businessinsider.com time to read: +9 min

New college graduates are having a harder time finding work, and as a result, some of them could see their careers and earnings take a hit for years. Meaning that recent college graduates have been more likely to be unemployed than the broader population. This new normal has worked out OK for some Americans, but it's been particularly tough on new college graduates. While the tough job market could temporarily hurt some young graduates' earnings, there's reason to be optimistic that their finances could eventually recover. But if the job market continues to prove frustrating, some of them may begin to wonder.

Persons: Lohanny Santos couldn't, Zer, Santos isn't, overqualified, millennials, Gen Zers aren't, Julia Pollak, ZipRecruiter, it's, — aren't, they'd, —, grads —, Goldman Sachs, Elise Peng, Louis, who's Organizations: Service, Business, New York Fed, NY Fed, Meta, Rice University's, Bloomberg, LinkedIn, National Association of Colleges, Glass Institute, Strada Education Foundation, Federal, Louis Fed

☆ Up to 65% of workers with these jobs are middle class—and some don't require a bachelor's degree
▼ + stars: | 2024-06-11 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

But the middle class may be more occupationally ambiguous, especially since a middle class income can range from $49,720 to $149,160 in the U.S., according to Pew Research's definition and based on the latest Census Bureau income data. Pew defines the middle class as households earning between two-thirds and double the median income, which was $74,580 in 2022, according to the U.S. Census Bureau. Since over half of U.S. households were estimated to be in the middle class as of 2022, Pew says, it makes sense the jobs that offer those middle class incomes would vary. But some positions and industries tend to have higher shares of middle class workers. Notably, many of the jobs that are likely to ensure a middle class salary may not require a college education.

Persons: Pew Organizations: Pew, . Census, Survey, Armed, Workers, Bureau of Labor Statistics, Department of Defense, Public, CNBC Locations: U.S

☆ 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

☆ Here’s the ‘bad news’ in the ‘good’ jobs report
▼ + stars: | 2024-06-07 | by ( Alicia Wallace | ) edition.cnn.com time to read: +5 min

CNN —At a time when Americans and the Federal Reserve are clamoring for clear-cut data about the state of the economy, Friday’s jobs report was much more opaque than everyone had hoped. Unemployment roseThe unemployment rate rose to 4% from 3.9%. The rise in unemployment can be traced to the findings of the household survey (one of two surveys that feed into the monthly jobs report). Compared to the establishment survey that showed the robust 272,000 net gain in jobs, the household survey faltered. That’s in the service sector, everything from personal care services, dry cleaning, cleaning and home maintenance and vehicle maintenance, she said.

Persons: Dean Baker, ” Diane Swonk, Gus Faucher, “ Jobs, ”, ” Julia Pollak, ZipRecruiter, ” Pollak, ” Swonk, That’s, ” Andrew Challenger, hirings, Wells, Sarah House, Mike Pugliese, it’s Organizations: CNN, Federal Reserve, KPMG, PNC, “ Employers, Challenger

☆ 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

☆ Why Friday’s jobs report could be one for the record books
▼ + stars: | 2024-06-06 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

CNN —The US job market showed a softer side in April when just 175,000 jobs were added, marking one of the weakest months in the past three years. It was also well shy of economists’ expectations (for 235,000 jobs added) and sharply lower than the 315,000 net gain for March. A separate report released Thursday showed that fewer job cuts were announced in May than both the month and year before. Foreign-born workers: In addition to high labor force participation rates among prime working age individuals, specifically prime working-age women, the US labor market is benefiting from a boom in immigrant workers. Some of these workforce moves typically come at the end of the school year, meaning the May jobs report and June report could show the effects.

Persons: It’s, we’ve, Elizabeth Crofoot, ”, aren’t, Crofoot, Dean Baker, that’s, Julia Pollak, “, ” Andrew Challenger, Ryan Sweet, CEPR’s Dean Baker Organizations: CNN, Bureau of Labor Statistics, Federal Reserve, BLS, Center for Economic, Policy Research, “ Employers, Department of Labor, Challenger, Secondary School Emergency, Oxford Economics Locations: State

☆ Job market is still strong but has 'gotten competitive' for applicants, economist says
▼ + stars: | 2024-06-04 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

"This is still a strong labor market." The U.S. Federal Reserve raised borrowing costs to pump the brakes on the economy and labor market, ultimately to throttle back inflation. watch nowThere are indicators the U.S. job market remains strong and resilient despite headwinds, economists said. The national unemployment rate has been below 4% — a level indicating historical labor market strength — since February 2022. The current job market is more sustainable, she said.

Persons: Julia Pollak, Don't, Thomas Ryan, it's, Pollak, ZipRecruiter Organizations: SDI, U.S . Federal Reserve, Labor, Capital Economics, Workers, Federal Reserve Locations: North America

☆ Why job skills could make or break your next interview
▼ + stars: | 2024-05-31 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Nearly half, or 45%, of employers scrapped degree requirements for some roles in the past year, and 72% now prioritize skills over certificates in job candidates, according to the ZipRecruiter survey. The trend, which prioritizes a candidate's practical skills and real-world experience over formal education, appears to be "gaining momentum," according to ZipRecruiter. Meanwhile, hiring managers are being more explicit in job ads about the specific skills they seek in applicants, said Cory Stahle, an economist at the job site Indeed. What this means for job seekers"If the [job ad's] focus is on skills, the focus of your resume should be on skills as well," Stahle said. While skills should be "prominent" in such cases, that doesn't mean applicants should forgo traditional information, Stahle added.

Persons: Cory Stahle, Stahle, Indeed's Stahle Organizations: Getty, Harvard Business School, Glass, USA, Finance, Harvard Locations: U.S

☆ U.S. workers are less satisfied with nearly every aspect of their jobs than they were a year ago, survey finds
▼ + stars: | 2024-05-29 | by ( Alex Koller | ) www.cnbc.com time to read: +4 min

Overall job satisfaction among U.S. employees increased a modest 0.4 percentage points in 2023 from the year prior, according to the Conference Board's annual Job Satisfaction survey released this month. He cited the group's results a year before, when job satisfaction was up overall and for every subcategory. 2023 marks the 13th consecutive year that U.S. job satisfaction climbed incrementally, according to the Conference Board's reporting. Overall job happiness could be a product of workers getting more raises, experiencing more job stability or receiving more benefits, he says. More than 65% of hybrid workers expressed overall job satisfaction, topping the 64% of fully remote and 60% of fully in-person workers who said the same, per the Conference Board's study.

Persons: Allen Schweyer, Schweyer, Julia Pollak, Pollak, you've, Claudia Goldin's Organizations: Conference, Conference Board

☆ Why Americans' confidence in finding a new job is tanking even as the labor market is humming along
▼ + stars: | 2024-05-18 | by ( Jacob Zinkula | Madison Hoff | ) www.businessinsider.com time to read: +7 min

Why Americans might be getting worried about the job marketIn some ways, Americans' growing pessimism in the job market is perplexing. That's because the job market has become more challenging than it was a couple of years ago, when the Great Resignation was at its peak. So, it's possible that some Americans in certain industries are facing a job market where openings are far from abundant. For example, there's some evidence that the job market for high-wage roles has cooled over the past year. Julia Pollak, the chief economist at ZipRecruiter, told Business Insider earlier this month after April's labor market figures were released by the Bureau of Labor Statistics that it is "no longer a white-hot labor market" or a job "candidate's market in every industry where workers can get whatever they want."

Persons: —, they'd, hasn't, What's, Joanne Hsu, Julia Pollak Organizations: Service, York Fed's Survey, Consumer, Business, NY, of Labor Statistics, Bureau of Labor Statistics, New, Fed, LinkedIn, NY Fed, University of, Labor Locations: York

☆ Jobseekers and Recruiters Are Both Using AI in Hiring. It's Chaos.
▼ + stars: | 2024-05-16 | by ( Shubham Agarwal | ) www.businessinsider.com time to read: +11 min

They can now add AI recruiting systems to that pile. It turns hiring into a depersonalized process, it inundates hiring managers, and it reinforces weaknesses in the system it's designed to improve. AI is supposed to fix this mess, saving companies time and money by outsourcing even more of the hiring process to machine-learning algorithms. Platforms like LinkedIn and ZipRecruiter have started using generative AI to offer candidates personalized job recommendations and let recruiters generate listings in seconds. Several seasoned recruiters told me they hadn't incorporated AI into their workflow beyond auto-generating job descriptions and summarizing candidate calls.

Persons: Josh Holbrook, Holbrook, I've, Rik Mistry, Ian Siegel, —, ZipRecruiter, weren't, it's, Tatiana Becker, Becker, Pallavi Sinha, Sinha, Kerry McInerney, Danielle Caldwell, chatbot, Caldwell, Mclnerney, Peter Laughter, who's, Bonnie Dilber, Dilber, Aki Ito, Sandra Wachter, Wachter, David Francis Organizations: Business, Society for Human Resource Management, LinkedIn, Unilever, Google, BI, Microsoft, University of Cambridge, University of Sussex, Berkeley Haas Center for Equity, Gender, Leadership, Black, University of Oxford, IBM, Talent Tech Labs Locations: Alaska, HireVue, Humanly, Portland , Oregon, Zapier

☆ Earnings Exchange: Dropbox, ZipRecruiter & Sphere Entertainment
▼ + stars: | 2024-05-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEarnings Exchange: Dropbox, ZipRecruiter & Sphere EntertainmentLee Munson, president and CIO at Portfolio Wealth Advisors, shares outlooks on three trades: Dropbox, ZipRecruiter, and Sphere Entertainment.

Persons: Sphere Entertainment Lee Munson Organizations: Sphere Entertainment, Wealth

☆ Nearly 50% of people are considering leaving their jobs in 2024—more than during the 'great resignation'
▼ + stars: | 2024-05-08 | by ( Morgan Smith | ) www.cnbc.com time to read: +1 min

In 2022, at the height of the "great resignation," a record 4.5 million workers each month — about 3% of the U.S. workforce — were quitting their jobs. While some economists have said this pandemic-era trend is over, new research from Microsoft and LinkedIn forecasts that even more people plan to leave their jobs in 2024. And Americans' confidence in their job-hunting prospects has reached its highest point in two years, a February 2024 ZipRecruiter survey of more than 2,000 jobseekers shows. Despite high-profile job cuts at a few large companies, layoff rates, much like unemployment, are lower than before the Covid-19 pandemic. Americans are more confident about their career prospects — but dissatisfaction with continuing high inflation and their current roles could equally be driving them to seek new opportunities.

Persons: Julia Pollak, — Organizations: Microsoft, LinkedIn, CNBC Locations: U.S

Entry-level jobs are typically thought of as positions requiring little to no prior experience or skills. But it's a longstanding gripe among job seekers on social media that job listings' requirements are more ambitious. "Companies listing 'Masters preferred' for entry level office positions," posted another. In a 2022 report from McKinsey & Company, the second-most-cited barrier to employment was a lack of experience, relevant skills, credentials or education. Less than 61% of human resources leaders said in 2023 that they are hiring for entry-level and less-specialized positions, down from 79% in 2022, according to a PwC survey.

Persons: Julia Pollak Organizations: Finance, Treasury Department, McKinsey & Company Locations: TestGorilla

☆ Here's where the jobs are for April 2024 — in one chart
▼ + stars: | 2024-05-03 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

The U.S. economy added 175,000 jobs overall , well below Wall Street expectations. Job growth stumbled in April, with a few previous areas of strength showing meager job additions or even losses. The slower job growth could be good news on the inflation front but will raise concerns about a broader economic slowdown. The overall picture is one of a steady labor market with disinflationary growth," Pollak continued. Job growth in transportation and warehousing also accelerated month-over-month with a gain of 21,800.

Persons: Julia Pollak, Pollak Locations: U.S

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