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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
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
Read previewHere's some less-than-great news if you're looking to job-hop because of your pay: People changing roles likely won't be getting as big of a wage bump as past job switchers. However, the report said that "median pay raises appear to have moderated to around 10%" as of this past May. The drops in the median pay raise for job-to-job movers from 2022 to 2024 were felt across workers in all income groups, the Bank of America Institute found. Still, the report noted that lower-income Bank of America customers — those making under $50,000 a year — had the highest median pay gains. AdvertisementThe report said that those middle- and upper-income job seekers may "have somewhat less leverage and bargaining power in negotiating a raise on taking a job."
Persons: , David Tinsley, Tinsley, there's, switchers Organizations: Service, Bank of America Institute, Business, Bureau of Labor Statistics, Bank of America, New, of Labor Statistics Locations: Atlanta
Private payroll growth edged lower in June, according to a report Wednesday from ADP that indicates a potential slowdown in the U.S. labor market. Companies added 150,000 jobs for the month, below the upwardly revised 157,000 in May and the Dow Jones consensus estimate for 160,000. The sector added 63,000 jobs, easily the biggest gain among the categories that payrolls processing firm ADP measures. ADP's report serves as a precursor to the more closely watched nonfarm payrolls count that the Labor Department will release Friday. For May, the BLS reported that private payrolls rose by 229,000, or 72,000 more than ADP's estimate.
Persons: Dow Jones, Nela Richardson, Job switchers Organizations: Companies, Labor Department, ADP, of Labor, BLS Locations: U.S
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
Business Insider looked at how components of the labor market have settled down, like wage growth. And that more boring but steady labor market could be great news for workers and job seekers. The US could be in a Goldilocks job market. Job switchers are seeing higher wage growth than people staying, according to the 12-month moving average of median wage growth from the Atlanta Fed's Wage Growth Tracker. So what will happen to the Goldilocks job market?
Persons: Nick Bunker, Bunker, , That's, Julia Pollak, ZipRecruiter's, " Pollak, Pollak, Job, Julie Su, switchers, Eugenio Alemán, Raymond James, Juliana Kaplan Organizations: Service, North America, BLS Locations: Atlanta
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's how you know it's time to leave your jobA majority of Americans, 95%, said they plan to look for a new job in 2024, according to a survey by job site Monster. Money's a big part of this: 45% of American workers say they need a higher income. Data from the Federal Reserve shows that job switchers increase their salary more quickly on average than those who stay put, but hiring professionals say it's still important for candidates to be strategic when making career moves.
Organizations: Federal Reserve
A majority of Americans, 95%, said they plan to look for a new job this year, according to a January 2024 survey by job site Monster. Money is a big reason, with 45% of workers saying they need a higher income. Data from the Federal Reserve shows that job switchers increase their salaries more quickly, on average, than those who stay put. The first time she switched jobs, she took a $20,000 pay cut in order to gain experience. Abdul told CNBC she continued to grow her salary through promotions and other job hops.
Persons: Kyyah Abdul, I've, Abdul, She's Organizations: Federal Reserve, Finance, CNBC Locations: Los Angeles
Salaries for fully in-office roles are climbing in the United States. As of March 2024, hybrid roles pay $59,992 on average, in 2023, that number was $54,034, ZipRecruiter reports. Remote jobs now pay $75,327, but in 2023, they paid an average $69,107. Given how competitive the job market has been in recent months — especially for remote roles — Bui says it's a "fair trade-off." It's too soon to tell if higher salaries will be enough to convince people to choose an in-office job over a remote offer.
Persons: switchers, Johnny Bui, Bui, — Bui, it's, Julia Pollak, ZipRecruiter's, Pollak, It's Organizations: United States . Companies, CNBC, Visa, LinkedIn, Employees, Owl Labs, Employers Locations: United States, U.S, Austin , Texas
Some side hustles come with a significant time investment and unpredictable pay. Related storiesNot all side hustles come with the time investment that ride-hailing does. But everyone with a side gig is faced with the same question: Are the extra working hours worth the financial reward? Only eight months after he started, he resigned from his two extra roles and decided to stop job-juggling for the time being. But all prospective job-switchers are faced with the same question: Are the uncertainties that come with a new job worth the financial reward?
Persons: , switchers, Lyft, There's, overemployment Organizations: Service, Business, Harris Poll, Uber, Twin Cities, Bureau of Labor Statistics —, Federal Reserve Bank of Atlanta, Harris, Atlanta Fed Locations: Atlanta, Minnesota, Texas
Winning candidate Gen Kitchen said the result was a "stunning victory for the Labour Party and must send a message from Northamptonshire to Downing Street." LONDON — U.K. Prime Minister Rishi Sunak's ruling Conservative Party suffered another double by-election defeat on Thursday, as the opposition Labour Party's momentum shows no sign of slowing. The double defeat of Thursday was the latest in a string of unfavorable by-election results for the ruling party in what were previously considered safe seats. "I was very pleased last night to see that we were clearly getting Tory switchers, in other words people who hadn't voted for the Labour Party before, coming out last night and voting for the Labour Party in a by-election." The Labour Party maintains a lead of more than 20 points over the Conservatives in all national polling, with a general election due no later than January 2025.
Persons: Kitchen, Peter Bone, , Rishi Sunak's, Helen Harrison, Gen Kitchen, Chris Skidmore, Damien Egan, Keir Starmer, Tory switchers, hadn't, Boris Johnson, Robert Ford Organizations: Labour, Labour Party, Downing, Conservative, Conservatives, LONDON, Conservative Party, Kettering Leisure Village, Tamworth, Liberal Democrats, BBC, University of Manchester, CNBC Locations: Northamptonshire, Wellingborough , Northamptonshire, KETTERING, England, Wellingborough, Kettering, Kettering , England, Kingswood , South Gloucestershire, North, Kingswood, Mid Bedfordshire, West Midlands, Selby, Ainsty, Somerton, Frome
Policy changes look to reduce 401(k) plan 'leakage'
  + stars: | 2024-02-10 | by ( Greg Iacurci | ) www.cnbc.com   time to read: +5 min
About 40% of workers who leave a job cash out their 401(k) plans each year, according to the Employee Benefit Research Institute. The 401(k) ecosystem would have almost $2 trillion more over a 40-year period if workers didn't cash out their accounts, EBRI estimated. 85% of workers who cash out drain their 401(k)It's not all workers' faultIt's not all workers' fault, though. By law, employers can cash out the small account balances of former employees who leave their 401(k) accounts behind. It's not just workers who benefit: Administrators keep more money in the 401(k) ecosystem, likely padding their profits.
Persons: Craig Copeland, , whittle, Spencer Williams, Vanguard Group —, wouldn't, Williams, who's, It's Organizations: Getty, Research, Fidelity Investments, Vanguard Group
Barthélémy Kiss, 36, is a politics graduate running his second AI company Powder. Kiss has hired career switchers and liberal arts grads to work on his most recent AI project. Working on this startup, I've learned that people with a liberal arts background have a major edge in our industry. The liberal arts grads we've hired have a creative, human-centric approach to understanding the best applications of AI in their respective fields. We need creative thinkers to get the best out of AI technologyHuman creativity is crucial in the AI space.
Persons: Barthélémy, Kiss, switchers, grads, , Eric Risser, We've, I've, grads we've, Stan, Maryan, Pierre Boulez Organizations: Service, Unity, Creative, Ircam Locations: Paris
New York CNN —The first jobs report for 2024, set to be released at 8:30 am ET Friday, is expected to underscore the strength of the US economy despite 11 rate hikes from the Federal Reserve. That can make the January jobs report among the trickiest to forecast, said Sarah House, a senior economist with Wells Fargo. Friday’s jobs report also will include the final annual benchmark review of payroll data for the 12 months that ended in March 2023. However, excluding January 2023, last month’s job cuts were the highest seen in January since 2009, according to Challenger. US worker productivity grew 3.2% in the fourth quarter, according to a BLS report released Thursday.
Persons: Jerome Powell, he’s, Sarah House, Wells, “ We’re, , there’s, Boussour, EY, ” Boussour, Daniel Zhao, Zhao, haven’t, ” Andrew Challenger, people’s paychecks, ” Diane Swonk, , , Swonk Organizations: New, New York CNN, Federal Reserve, Labor, Workers, Challenger, , BLS, KPMG, CNN Locations: New York, Wells Fargo, United States
That can make the January jobs report among the trickiest to forecast, said Sarah House, a senior economist with Wells Fargo. Friday’s jobs report also will include the final annual benchmark review of payroll data for the 12 months that ended in March 2023. Fresh data on job cuts and productivityOn Thursday, the layoff picture became clearer. However, excluding January 2023, last month’s job cuts were the highest seen in January since 2009, according to Challenger. US worker productivity grew 3.2% in the fourth quarter, according to a BLS report released Thursday.
Persons: Jerome Powell, he’s, Sarah House, Wells, “ We’re, , there’s, Boussour, EY, ” Boussour, Daniel Zhao, Zhao, haven’t, ” Andrew Challenger, people’s paychecks, ” Diane Swonk, , , Swonk Organizations: New, New York CNN, of Labor Statistics, Federal Reserve, Labor, Workers, Challenger, , BLS, KPMG, CNN Locations: New York, Wells Fargo, United States
CNN —Former President Donald Trump made several false claims in a speech Tuesday night after CNN and other media outlets projected that he would win the Republican presidential primary in New Hampshire. CNN also watched rival candidate Nikki Haley’s Tuesday night speech in New Hampshire; Haley’s claims were either accurate or too general to fact check. He lost the 2020 election fair and square to Joe Biden, by a 306 to 232 margin in the Electoral College, and also lost New Hampshire in that election. Chris Sununu, a supporter of Haley, Trump said that because of Sununu’s incompetence, “in the Republican primary, they accepted Democrats to vote. In fact, I think they had 4,000 Democrats – Democrats before October 6 – they already voted.
Persons: Donald Trump, Nikki Haley’s, Haley’s, dismissively, Joe Biden, , Biden, ” Howard Gleckman, , ” Gleckman, ” Trump, Hillary Clinton, Chris Sununu, Haley, Trump, , it’s, Sununu, can’t Organizations: CNN, Republican, Trump, Electoral College, New Hampshire, Brookings Tax, Urban Institute, New Hampshire Trump, Democratic, Republican New Hampshire Gov, – Democrats, GOP, New Hampshire Bulletin Locations: New Hampshire, , New, Trump’s, Florida, Hampshire
If you've ever thought about quitting your job and exploring a new path, now is a great time to switch careers. Businesses typically refresh their hiring budgets at the start of the year, meaning there are more job opportunities to explore, and with travel slowing down after the holidays, more people are unencumbered and willing to network, making it easier to strike up meaningful connections. Conversations with close friends won't yield the most valuable insights, says Lipman, who is also the bestselling author of "NEXT! "You can post a networking request on LinkedIn or Instagram, or if you have a list of industries you're interested in, you can text people and just say, 'Hey! I'm looking to transition careers, and am interested in learning more about working in tech (or whatever the industry is), do you know anyone I can chat with?'"
Persons: Joanne Lipman, Lipman, Erin McGoff Organizations: Yale University Locations: New York
These workers in accounting, product management, defense, and music quit their jobs to work in AI. Moritz Kremb quit his product manager job to focus on his AI business. Ted Lebantino says there's a high learning curve in developing AI skills. To make the jump into AI, Kremb suggests making a name for yourself on social media by creating content about AI. As for Fineberg, the AI startup CEO says you don't even need to quit your job to break into it.
Persons: , Moritz Kremb, OpenAI's ChatGPT, Kremb, Weeks, Moritz Kremb There's, who've, Justin Fineberg, there's, Justin Fineberg Justin Fineberg, Uber, Fineberg, Jacqueline DeStefano, Tangorra, Lockheed Martin, Ted Lebantino, — Lebantino, Javier Orman, Javier Orman DeStefano, DeStefano, Orman, switchers Organizations: Service, Business, Meta, Netflix, New Yorker, Omni Business Intelligence Solutions, Lockheed, San Francisco Bay Area, LinkedIn Locations: New, New York, Long, San Francisco Bay, Chicago
sturti | Getty ImagesThe Great Resignation may be over for most workers — but for some top honchos, it's only just begun. CEOs are looking around and thinking: 'I prefer a position in another company,' or 'I prefer retirement. "CEOs are looking around and thinking: 'I prefer a position in another company,' or 'I prefer retirement. While businesses rally to ensure the mental well-being of their workforce, CEOs might find themselves isolated in their struggles. While businesses rally to ensure the mental well-being of their workforce, CEOs might find themselves isolated in their struggles."
Persons: Gray, Alexander Kirss, Covid, switchers, Kirss, Carlina, , LaShawn Davis, Challenger, Andrew Challenger, Davis, there's Organizations: Challenger, Christmas, Gartner, CNBC, Employees, Hospitals Locations: Ukraine
Many workers reported cost of living as the most significant reason for moving states for a new job. Cities including San Francisco and Miami saw net population losses in the third quarter of 2023. New data from the Bank of America Institute looks at where job switchers are moving for those new roles , and which cities are increasingly luring in more new workers. San Francisco had one of the lowest shares of job changers moving in at under 11%. For many of these cities, Bank of America found population change and job growth went hand-in-hand.
Persons: , San Francisco, they're, Gen Zers, Bostonians Organizations: Miami, Service, Boston, Bank of America Institute, Los Angeles . Bank of America, of America, Bank of America, Workers, Sun, San Franciscans Locations: Boston, Portland, San Francisco, Boston —, Oregon, Chicago, New York City, Miami, Los Angeles, Columbus, Austin, San Antonio, Las Vegas, Tampa, Seattle
The boomer market boon
  + stars: | 2023-10-30 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +7 min
With that in mind, Bank of America has a way the rest of us can cash in on the boomer boon, writes Insider's Aruni Soni. Millennials vs. boomer spending Bank of AmericaIf you don't want to invest in boomers, you could always just invest like them. Regardless of what you decide to do with your money, just don't bank on getting more of it from your relatives. The billionaire hedge fund boss and owner of the New York Mets isn't expecting a deep recession or prolonged market downturn. The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City.
Persons: , John Knox, Joe Raedle, boomers, They're, Insider's Aruni Soni, Treasurys, Insider's Filip De Mott, Cuban, Neil Cavuto, Steven Ferdman, Charlie Munger, Bill Ackman, Michael Baron, Steve Cohen, Linda Yaccarino, Elon Musk, Jerod Harris, Jenny Chang, Rodriguez, it's, Arantza Pena, Taylor Swift, Devin Booker, John Adams, Diego Maradona, Ivanka Trump, Keyatta Mincey, Parker, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Bank of America, of America, Big Tech, Fox Business Network Studios, Dallas Mavericks, New York Mets, Elon, Elon Musk's, Microsoft, Google, Amazon Web Services, Kansas, HSBC Locations: Pompano Beach , Florida, New York City, Phoenix , Arizona, Local Kansas City, Kansas City, McDonald's, San Diego, London, New York
Office communication is becoming far more casual, and Gen Z is leading the shift, new research has found. Job hoppers earned increasingly more than job stayers during the Covid-19 pandemic, but gains have languished. Wages for "job switchers" were 5.6%, as wages for "job stayers" slid 5.2%, according to Atlanta Fed data. However, job hopping won't necessarily make work difficulties disappear. As your funds keep growing for your retirement, keeping tabs on your old workplace accounts after you switch jobs can help ensure you aren't losing track of those accounts over time.
Persons: Sophia Bera Daigle, Bera Daigle, Daigle, haven't Organizations: Workers, Atlanta Fed, CNBC FA Locations: Austin , Texas
That's about 25% of money in all 401(k) plans. Typically, as long as you have $5,000 invested in your employer's plan, you can leave it there when you leave. A 401(k) plan comes with limited investment options, and the ones in your old plan may not be very attractive. This makes a lot of sense for people who gravitate toward simple, passive investing strategies, which tend to be available in just about every 401(k) plan, says Betz. A 401(k) is just about always going to come with a limited menu of investment options, and maybe this one is full of high-fee, low-performing mutual funds.
Persons: switchers, that's, Jason Betz, it's, Yoav Zurel, Betz Organizations: Ameriprise, Employers
The boss is back in charge
  + stars: | 2023-09-17 | by ( Beatrice Nolan | Sarah Jackson | ) www.businessinsider.com   time to read: +7 min
After a brief transition of power to workers, it feels like bosses are back in charge. Between the rise of AI, return-to-office mandates, and layoffs — employee anxiety is high. Between the rise of job-threatening AI, strict return-to-office mandates, and sweeping layoffs, it feels like bosses are clawing back what little remains of employees' power . The economic trend began in early 2021 in the wake of the pandemic and saw millions of workers quit their jobs . AdvertisementAdvertisementThe charge is largely being led by Big Tech and banks, with varying degrees of severity and pushback.
Persons: didn't, Peter Cappelli, Cappelli, Erin Kelly, Stanford, Nick Bloom, they're, Raj Choudhury, OpenAI's ChatGPT Organizations: Service, Companies, Wharton Business School, MIT Sloan, Big Tech, Amazon, Web Services, Harvard Business School, Octopus Energy Locations: Wall, Silicon
CNN —Much remains unknown of course about the presidential general election whose traditional kick-off will come one year from today on Labor Day, 2024. Twenty states have likewise voted for the GOP presidential nominee in all four of those contests. That means 40 of the 50 states, or 80%, have voted the same way in four consecutive presidential elections. In the presidential elections of 2012, 2016 and 2020, though, the states where the margin of victory landed within four points of the national vote total dwindled. Eventually a Democratic choice to write off Florida and Ohio could provide a tactical benefit for the GOP presidential nominee.
Persons: , Doug Sosnik, Bill Clinton, Barack Obama’s, Joe Biden’s, Franklin D, Roosevelt, Trump, hasn’t, Obama, Kyle Kondik, Ball, Kondik, Amy Walter, Biden, Crystal Ball, Cook, Trump’s, headwinds, Republican Sen, Ron Johnson, Roy Cooper, Erika Franklin Fowler, , George W, Bush’s, Hillary Rodham Clinton, Michael Bloomberg, I’ve, Steve Schale, Schale, don’t, it’s, “ Biden, Ben Tulchin, Fowler Organizations: CNN, Labor, White, Democratic, GOP, University of Virginia’s Center for Politics, Electoral College, Trump, Democrats, Crystal Ball, New Hampshire, Republican, White House, Biden, Pennsylvania Senate, Democratic Gov, Wesleyan Media Project, Wesleyan University, Electoral, Republicans, , Wisconsin, District, New, New York City, Sunshine Locations: Indiana , Iowa , Ohio, Florida, North Carolina, Arizona, Georgia, Wisconsin, Michigan, Nevada, Pennsylvania, New Hampshire, Arizona , Georgia, New, dislodging Michigan, Nebraska, Ohio, New York, Minnesota, New Hampshire , Virginia, Oregon, Texas
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