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☆ Cooling job market no reason for panic yet, economists say: 'It's a slowdown, not a collapse'
▼ + stars: | 2023-11-03 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Brown | Afp | Getty ImagesThe job market continues to show signs of cooling, but alarm bells aren't ringing just yet, economists said. The unemployment rate rose to 3.9% in October, from 3.8% in September, the BLS said. "There's almost no exception in this report: Every indicator suggests a slowing, slackening labor market," she said. "The days of explosive growth are gone, as the labor market shifts into healthier and more sustainable territory," said Noah Yosif, lead labor economist at UKG, a payroll and shift management company. The rise in the unemployment rate may also just be a sign that the extremely hot labor market is loosening a bit, Bunker added.

Persons: Frederic J, Brown, Julia Pollak, Pollak, Noah Yosif, Aaron Terrazas, Terrazas, Andrew Hunter, Nick Bunker Organizations: Afp, Getty, U.S . Bureau of Labor Statistics, BLS, Workers, Finance, Union, Capital Economics Locations: Los Angeles, U.S

☆ Here's where the jobs are for October 2023 — in one chart
▼ + stars: | 2023-11-03 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

The October jobs report showed a cooling labor market in the U.S., with many sectors showing minimal or negative growth as the economy added a relatively meager 150,000 jobs overall. If private education was included in that category, as some economists choose to do, there would have 89,000 jobs added in that group. "It's usually a bad thing when job growth is led by the public service, but in this case it is long overdue. The private sector jobs recovery was much stronger and much faster than that of the public sector," said Julia Pollak, chief economist at ZipRecruiter. Information shed 9,000 jobs, while transportation and warehousing lost more than 12,000 jobs.

Persons: Julia Pollak, Pollak Organizations: of Labor Statistics, ZipRecruiter, Manufacturing, BLS, United Auto Workers, Detroit Locations: U.S

☆ The AI boom is the newest threat to women's presence in the workforce
▼ + stars: | 2023-11-02 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

A new study found that 7.8% of jobs held by women, and 2.9% held by men, could be automated. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . From an economic perspective, more women working means more entrepreneurship , fewer labor shortages , and more disposable income to spread around businesses. Retraining workers could help mitigate the impacts of AI job replacementTo be sure, the AI future has yet to be written. AdvertisementAdvertisementHowever, even if AI does pose an additional threat in the years ahead, it won't change things overnight, giving some women time to prepare.

Persons: —, Michael Chui, Julia Pollak, ZipRecruiter, Aaron Terrazas Organizations: Service, International Labour Organization, Pew, McKinsey Global Institute Locations: United States

☆ The most in-demand AI job of 2023 can pay over $200,000 and offers remote opportunities
▼ + stars: | 2023-11-02 | by ( Morgan Smith | ) www.cnbc.com time to read: +1 min

Nearly one year since ChatGPT was introduced to the world, the excitement surrounding generative artificial intelligence has hardly waned — especially in the job market. Searches for generative AI jobs on Indeed have increased almost 4,000% in the last year, and openings for generative AI jobs are up 306% over the same period. The most sought-after AI job companies are hiring for isn't in engineering, as you might expect. Data scientist is the hottest AI job on the market right now. In the last six months, it was the most-advertised AI job on Indeed and the second most-posted on ZipRecruiter, according to data exclusively shared with CNBC Make It.

Persons: ChatGPT, Julia Pollak Organizations: CNBC

☆ Applying for too many jobs may keep you from getting hired. Avoid sending a ‘firehose of applications,’ economist warns
▼ + stars: | 2023-11-01 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

In this article ZIP Follow your favorite stocks CREATE FREE ACCOUNTFiladendron | E+ | Getty ImagesApplying to multiple job openings can increase your chances of landing a new gig. However, if you're thinking of sending out what one economist called a "firehose of applications" all at once and then just waiting for responses, think again. "The problem is that sometimes people take a college application approach to the job search," said Julia Pollak, chief economist at ZipRecruiter. 'Set a daily goal of a number of applications'There are more strategic ways to go about the job search and application process instead of applying to jobs on mass, according to experts. Julia Pollak chief economist at ZipRecruiter

Persons: Julia Pollak, Pollak, Nick Bunker, —, Gabrielle Davis Organizations: ZipRecruiter, Finance, Union, U.S . Department of Labor, ZipRecruiter Survey, New Locations: U.S

☆ U.S. Job Openings Were Steady in September
▼ + stars: | 2023-11-01 | by ( Santul Nerkar | More About Santul Nerkar | ) www.nytimes.com time to read: +3 min

The Federal Reserve closely monitors job openings to understand whether the economy is running too hot. The overall trend of slowing job openings is a sign that rate increases have cooled the economy, according to experts. Job openings, which reached a record of more than 12 million in March 2022, have trended down, as has the job-quitting rate, while separations have been flat. As openings rose slightly in September, the number of openings per unemployed worker was flat, at 1.5, the same as August. Job openings remain much higher than they were before the pandemic, and the number of unemployed workers per job opening is much lower.

Persons: Julia Pollak, ”, Sarah House, Stephen Juneau, What’s Organizations: Federal Reserve, Fed, ” Fed, Bank of America, Treasury, Labor Department Locations: Wells Fargo, September’s

☆ US paychecks grew faster than expected in the third quarter
▼ + stars: | 2023-10-31 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Total compensation paid to US workers grew at a faster pace than expected last quarter, pointing to ongoing momentum in the job market. That’s a faster pace than the 1% gain registered in the second quarter. Wage growth advanced at a robust 1.2% pace in the July-through-September period, accelerating from the prior three-month period’s 1% rise, contributing to a pickup in overall compensation growth. From a year earlier, wages and benefits grew 4.3% in the third quarter, a slower pace than the second quarter’s 4.5% annual gain and the first quarter’s 5% rate. An analysis from jobs site ZipRecruiter showed that consumer prices rose faster than wages from the first quarter of 2020 through this year’s second quarter: Consumer prices grew 17.2%, versus compensation growth of 13.6%.

Persons: ” Julia Pollak, ZipRecruiter, ” Pollak, “, ” Organizations: DC CNN —, Labor Department, Federal Reserve, CNN Locations: Washington, That’s

“I have been consistently surprised at the resilience of consumer spending,” Christopher Waller, an influential member of the Fed’s board, said in a speech this month. “The acceleration of consumer spending on experiences (has) propelled us towards another outstanding quarter,” said CEO Jason Liberty. Wealthier households, in particular, have enjoyed substantial growth in home values and stock portfolios, which are likely juicing their spending. Spending on the bank's credit and debit cards by households with incomes below $50,000 has risen faster than spending by higher-earning clients. “Consumer spending across all segments from high to low has remained stable since March."

Persons: —, they've, ” Christopher Waller, ”, Jason Liberty, “, Tim Duy, they're, Julia Pollak, Sarah Wolfe, Morgan Stanley, Small, Bret Csencsitz, Aditya Bhave, Valerie Zaffina, Zaffina, Bhave, Biden, Christopher Suh, ___ Organizations: WASHINGTON, U.S, Federal Reserve, Royal Caribbean Group, Travelers, ZipRecruiter, Fed, Gotham, Bank of America, Visa Locations: U.S, New York City, COVID, Ramsey , New Jersey, I’m, Washington, New York

☆ There's a 'radically different' wage growth forecast in 2024, says economist. What that means for you
▼ + stars: | 2023-10-30 | by ( Jared Mitovich | ) www.cnbc.com time to read: +4 min

In June, employers surveyed by consulting firm WTW said they were planning to increase salaries by about 4% in 2024, compared to 4.6% in 2023. Wage growth has 'come down pretty steadily'Employees are entering a tighter job market, which has affected wage predictions, said Terrazas. "We should expect less turnover to continue to tamp down wage growth in coming months," according to the report. At the current rate, Indeed's tracker forecasts posted wage growth to reach the 2019 average of 3.1% in late 2023 or early 2024. Wage growth has "come down pretty steadily" since that pandemic high, Indeed economist Cory Stahle said.

Persons: Scott Dalton, WTW, Mercer, LaCinda Glover, —, Cory Stahle, they've, Julia Pollak, Terrazas, Pollak Organizations: Workers, Bloomberg, Getty, Mercer, Employees Locations: Columbus , Texas

☆ Schools, hospitals, and construction: These are the jobs with labor shortages that could stick around for years
▼ + stars: | 2023-10-28 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

Labor shortages in healthcare, education, and other fields aren't going away soon. Childcare and skilled trades may also see labor shortages stick around. "For economists, labor shortages are these longer term, enduring structural shortages where labor supply is not able to adapt to changes in demand," Aaron Terrazas, chief economist at Glassdoor, told Insider. Indeed economist Cory Stahle pointed to overlooked talent pools as a way to address labor shortages. AdvertisementAdvertisementBelow are some of the kinds of work and industries where there may be labor shortages long term.

Persons: —, Aaron Terrazas, Julia Pollak, ZipRecruiter, Pollak, it's, isn't, Terrazas, Cory Stahle, Stahle Organizations: Service, Pew Research Center, of Labor Statistics

☆ The 3 in-demand soft skills candidates are 'most lacking in,' according to ZipRecruiter
▼ + stars: | 2023-10-23 | by ( Morgan Smith | ) www.cnbc.com time to read: +4 min

Hiring managers are less and less impressed by where you went to college — or if you have a four-year degree at all. Nearly half — 45% — of companies have dropped degree requirements for some roles this year, according to new research from ZipRecruiter, which surveyed more than 2,000 U.S. employers. Instead, companies are prioritizing skills over education: 42% of companies are now explicitly using skills-related metrics to find candidates, LinkedIn told CNBC Make It in June, up 12% from a year earlier. "Employers have the perception that younger generations are no longer picking up these important soft skills at school or at college," she explains. Between 2021 and 2022, when companies were desperate to fill vacancies, many lowered their recruiting standards, hiring more "novice employees" lacking these important soft skills, says Pollak.

Persons: Julia Pollak, Marissa Morrison, Morrison, Pollak, Gen, Amanda Augustine, you've, Augustine Organizations: CNBC, Harvard Business, Glass Institute, Employers, Society for Human Resource Management, Global Locations: ZipRecruiter

☆ Remote work is still 'frustrating and disorienting' for bosses, economist says—their No. 1 problem with it
▼ + stars: | 2023-10-17 | by ( Morgan Smith | ) www.cnbc.com time to read: +3 min

Remote work has plummeted from its pandemic high. Remote work's gradual decline reflects the ongoing push from companies to get employees back in the office: 43% of companies have set tighter limits around remote work or mandated some form of return-to-office over the past year, ZipRecruiter reports. Although some bosses have recognized the benefits of remote work — and studies have shown that employees are often more productive and less likely to quit when they have some degree of workplace flexibility — many are still hesitant to adopt remote work permanently. "It's an incredibly challenging, frustrating and disorienting time for employers when the tool they relied on most, observing employees in-person, is gone," ZipRecruiter chief economist Julia Pollak tells CNBC Make It. "The challenges with remote work aren't going to be solved overnight, but making that change is a strong start."

Persons: Goldman Sachs, Julia Pollak, Pollak, haven't Organizations: Business, Meta, CNBC, Workers Locations: U.S, ZipRecruiter

☆ US consumer price inflation rose more than expected in September
▼ + stars: | 2023-10-12 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

The Consumer Price Index rose 3.7% for the 12 months ended in September, landing a touch above economists’ expectations. Food price inflation is at its lowest rate since March 2021, matching overall inflation at 3.7%. It’s the first time since early 2022 that food prices did not outpace overall inflation, CPI data shows. The monthly increase in core held steady from what was seen in August. Shelter costs accounted for 70% of the monthly increase in core.

Persons: Minneapolis CNN — Price, ” Julia Pollak, — Organizations: Minneapolis CNN —, Bureau of Labor Statistics, Federal Reserve, CPI, Federal Locations: Minneapolis, August’s, “

☆ Inflation held steady in September as housing and gas prices keep going up
▼ + stars: | 2023-10-12 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

That's the same as the year-over-year increase of 3.7% in August. Core CPI increased 4.1% from September 2022 to September this year. AdvertisementAdvertisementInflation is still elevated and held steady in September, based on Consumer Price Index or CPI data out Thursday. The year-over-year increase in this index had been falling, based on data before Thursday's data release. AdvertisementAdvertisementCore CPI index increased 0.3% from August to September.

Persons: —, Julia Pollak, ZipRecruiter, Pollak, Price, Gregory Daco Organizations: Service, Consumer, Index, CPI, Bureau of Labor Statistics, BLS, payrolls

☆ US economy added 336,000 jobs last month, almost twice what was expected
▼ + stars: | 2023-10-06 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

The US economy added an estimated 336,000 jobs last month, blowing expectations out of the water, according to Bureau of Labor Statistics data released Friday. In September, leisure and hospitality helped drive job growth higher, with 96,000 jobs added. Today’s headline jobs number — that surprising 336,000 net job gain — is an initial estimate that will be revised twice more. The surprising September jobs report, however, didn’t continue that streak. August’s second look has job growth now at 227,000 for the month, an increase of 40,000.

Persons: ”, Sung, Soh, Joe Biden, “, it’s, ” Biden, Andrew Patterson, ” Patterson, they’ve, Jim McCoy, we’re, ” Daniel Zhao, Glassdoor’s, ” Julia Pollak, didn’t, ” Diane Swonk, — CNN’s Tami Luhby Organizations: Minneapolis CNN, of Labor Statistics, Loyola Marymount University, SS Economics, BLS, Federal Reserve, Dow, Nasdaq, Bureau of Labor Statistics, Vanguard, Fed, Administration, Children, Families, Nationwide, Century, CNN Locations: Minneapolis, United States

☆ Job growth surged in September
▼ + stars: | 2023-10-06 | by ( Madison Hoff | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

The US added 336,000 jobs in September, greater than job growth in August. "It is a sign of stability, steady growth, and we are committed to making sure that all Americans share in the growth and prosperity." Leisure and hospitality saw robust job growth in September, with a gain of 96,000. Government employment soared by 73,000, with bigger gains in local and state government roles compared to the job growth for the federal government. After an increase in the unemployment rate in August as more people entered the labor force, the unemployment rate was 3.8% again in September.

Persons: —, Labor Julie Su, Nick Bunker, Julia Pollak, ZipRecruiter, Bunker, Daniel Zhao, Karin Kimbrough, Kimbrough, there's Organizations: Workers, Service, Bureau of Labor Statistics, of Labor, Labor, North America, Leisure

Employers added only 89,000 jobs in September, well below expectations, private payroll firm ADP said on Wednesday. "We are seeing a steepening decline in jobs this month," said Nela Richardson, chief economist at ADP. The report is the second to come this week on the health of the job market. On Tuesday, the Labor Department issued its report on job openings for August, with a surprising 9.6 million jobs available. While the job market has slowed in 2023, it still remains tight by historical standards.

Persons: Nela Richardson, ”, Lightcast, Rachel Sederberg, Julia Pollak, José Torres Organizations: ADP, Federal Reserve, Labor Department, Interactive Brokers

☆ US job openings unexpectedly grew in August
▼ + stars: | 2023-10-03 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

Minneapolis CNN —The number of job openings at US employers unexpectedly surged in August, a testament to the continued strength of the labor market, according to new data released Tuesday by the Bureau of Labor Statistics. There were an estimated 9.61 million open jobs in August, according to seasonally adjusted data from the BLS’ latest monthly Job Openings and Labor Turnover Survey (JOLTS) report. That’s up from July’s upwardly revised estimate of 8.92 million openings. The consensus estimate from economists was for 8.8 million openings, according to Refinitiv. Federal Reserve officials have frequently pointed to the robust labor market, particularly the imbalance of job postings to job seekers, as a key factor in helping to lower inflation.

Persons: August’s, Julia Pollak, ZipRecruiter, ”, Christopher Rupkey, Stocks Organizations: Minneapolis CNN, Bureau of Labor Statistics, BLS, Labor, CNN, Federal Reserve, FwdBonds, Dow Locations: Minneapolis

☆ The job market is strong, economists say — but workers don’t think so
▼ + stars: | 2023-10-03 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

The job market is stable but not 'gangbusters'Several metrics — including job openings, quits, layoffs and the unemployment rate — suggest the labor market is healthy, economists said. I think a lot of folks are comparing the labor market today to a year or two ago when things were hot. The problems with the 2021, 2022 job marketsIn fact, job openings rose significantly, by 690,000, to 9.6 million in August, the Labor Department reported Tuesday. And the broader trend is clear: Job openings, along with quits and hires, have cooled from their pandemic-era peaks, economists said. "I think a lot of folks are comparing the labor market today to a year or two ago when things were hot," Zhao said.

Persons: Daniel Zhao, Zhao, Pollak Organizations: Bank, Getty, Federal Reserve, U.S . Department of Labor, Labor Department

Some childcare operators told Insider the end of pandemic-era funding could make the problem worse. To keep the doors open at her Southampton Township, New Jersey, childcare center, she needs to find new clients or new funding. Jackson is just one of many providers across the US entering a period of uncertainty after a pandemic-era infusion of federal childcare funding ran out at the end of last month. That funding expired on Saturday, along with $13.5 billion in childcare funding from other pandemic-era legislation. She added: "What we're likely to see is childcare providers doing everything they can to continue to operate.

Persons: —, Jackson, Patti Smith, Joe Biden's, they'd, Allyx Schiavone, Lauren Bauer, Molly Kinder, Julie Kashen, Kashen, Schiavone, Cristi Carman, they're, Carman, Shannon Hampson, Hampson, we're, Rep, Katherine Clark, Julia Pollak, ZipRecruiter, there's, Grant Organizations: Service, Greenway, National Association for, Education of Young Children, Rescue, Friends Center for Children, American Progress, Brookings Institution, The Century Foundation, Care, American Locations: Southampton Township , New Jersey, Maryland, Lincoln , Nebraska

☆ Crypto is growing up: Goodbye yacht parties and NFTs, hello regulation and practical tech
▼ + stars: | 2023-09-23 | by ( Phil Rosen | ) www.businessinsider.com time to read: +8 min

The three-day Messari Mainnet conference in New York was less expensive and less fun than it was a year ago. That's the sense I got after spending three days rubbing shoulders with crypto founders, blockchain pros, politicians and executives at Messari Mainnet in New York City. Coinbase hosted reporters at a press breakfast during Messari Mainnet 2023. AdvertisementAdvertisementThe long shadow of Gary GenslerGary Gensler, the chairman of the Securities and Exchange Commission, did not attend Messari Mainnet, but no one could stop saying his name. "Gary Gensler cannot state whether ethereum is a security or not," Ramaswamy told the audience.

Persons: Phil Rosen, Carlos Domingo, they're, Anthony Scaramucci, Jesse Pollak, Base, Coinbase, Crypto, Jess Houlgrave, WalletConnect, Houlgrave, Gary Gensler Gary Gensler, Scaramucci, Vivek Ramaswamy, Ramaswamy, Gensler, Gary Gensler, Coinbase's Pollak, Pollak, Messari Organizations: Service, Skybridge Capital, White House, Coinbase, Securities and Exchange Commission, Jiminy Cricket, SEC Locations: New York, Wall, Silicon, New York City, ethereum, Singapore, Hong Kong

On Wednesday, the Federal Open Market Committee will announce whether it will raise interest rates again or implement a pause. AdvertisementAdvertisementHatzius also said at the NYU forum that "we've seen a very substantial rebalancing of the labor market." "We have seen clear evidence that inflation is moving down to the Fed's target, or strongly in the direction of the Fed's target, without a substantial deterioration in the real economy," Hatzius said. "We're entering a period where consumers are returning to an environment where they're much more dependent on the path of the labor market, on the flow of income creation," Meyer said. Goldman Sachs predicted those events could stunt economic growth — and complicate the Fed's job in the months to come.

Persons: Jerome Powell, Powell, Jan Hatzius, Goldman Sachs, we've, Hatzius, Nick Bunker, it's, Bunker, Julia Pollak, Pollak, Michelle Meyer, Meyer Organizations: Service, Federal, Economic, North America, Bureau of Labor Statistics, NYU, Jackson, Mastercard, Politico, of Labor Statistics, Fed Locations: Wall, Silicon

☆ Government shutdown would leave the Fed flying blind
▼ + stars: | 2023-09-18 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —In the event of a US government shutdown, the Bureau of Labor Statistics says it will stop releasing data, including key figures on inflation and unemployment. A lack of crucial government data would make it difficult for investors and the Federal Reserve to interpret the US economy. “By the time the Fed discovered its mistake, the effects of excessive monetary tightening could be difficult to reverse,” she said. It’s unclear whether the Fed would hold rates steady in the absence of government data or how it would navigate a government shutdown when deliberating monetary policy. The effects of a government shutdown also depend on how long it lasts, which also isn’t clear at this point.

Persons: Kevin McCarthy, acquiesce, Greg Daco, ”, Agron Nicaj, Price, Julia Pollak Organizations: DC CNN, of Labor Statistics, Federal Reserve, BLS, Republicans, “, MUFG, Labor, Survey, ZipRecruiter, Fed Locations: Washington, EY, United States, —

Wholesale inflation surged 0.7% in August, largely due to a spike in energy costs, the Labor Department reported on Thursday. The producer price index, a measure of what businesses pay for their supplies, rose 1.6% for the year. The core PPI, excluding energy and food costs, rose 0.3% for the month and 3% for the year, above estimates for increases of 0.2% and 2.2%. The overall August increase is the largest since a 0.9% increase in June of 2022, when inflation began rising sharply, and was fueled heavily by a 10.5% increase in energy prices. On Wednesday, the government said the consumer price index rose 0.6% in August and 3.7% for the year.

Persons: “, ” Julia Pollak, ” Organizations: Labor Department, Analysts, PPI, Research, CPI, Federal

☆ What the August jobs report means for the Fed
▼ + stars: | 2023-09-02 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —The long-robust US job market is continuing to cool, according to several economic indicators released this week. It’s clear the labor market has cooledThere are plenty of signs that the job market has continued to weaken and that momentum is largely expected to continue in the months ahead. The August jobs report showed that average hourly earnings grew at a monthly pace of just 0.2%, or 4.3% annually. “Pretty much everything in the labor market has cooled back to the pre-pandemic temperature,” Julia Pollak, chief economist at ZipRecruiter, told CNN. It’s also possible the job market holds steady if recession fears continue to fade, allowing businesses to address stubborn staffing shortages.

Persons: Jerome Powell, Powell, “, ”, Steve Wyett, ” Julia Pollak, we’ve, Nick Bunker, ” Bunker, It’s, they’ve, ” Pollak Organizations: DC CNN, Federal Reserve, Kansas City, Labor, BOK Financial, Fed, of Labor Statistics, Labor Department, CNN, Commerce Department, US, Banks Locations: Washington, Jackson Hole , Wyoming

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