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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
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
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 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
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
Wharton organizational psychologist Adam Grant recently told CNBC's "Squawk Box" about an 'amazing' cover letter he read a few years ago, where the applicant did not have all the qualifications listed. Instead of ignoring her weaknesses, she addressed the elephant in the room by admitting that she was "not quite the fit." I don't have the years of experience and I don't have these skills," Grant said the cover letter read. "She got the job [after that cover letter] and she crushed it." Some of the most in-demand soft skills like time management and critical thinking can be developed in non-position-specific experiences that you can instead demonstrate in your cover letter.
Persons: Wharton, Adam Grant, CNBC's, Grant, Ian Siegel, Markman, Nic Fink, Fink, Warren Buffett Organizations: CNBC, Harvard Business
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
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
watch nowState and local pay transparency laws enacted over the last few years have more employers disclosing salary ranges in job descriptions. The growth of advertised wages for new hires is slowing, according to a report from job posting service ZipRecruiter — and in some cases, it's reversing, with companies now posting lower pay ranges. Some jobs go unfilled as employers lower pay rangesSome employers don't follow pay transparency rulesSturti | E+ | Getty ImagesAbout 30% to 40% of employers are not complying with new state pay transparency laws, according to Revelio Labs, a workforce analytics firm. In Washington state, job applicants and current employees can file a complaint or bring a civil lawsuit if a company doesn't comply with the law. Other companies post pay even when not requiredBut there has also been a spillover effect with companies that have complied with pay transparency laws.
Persons: Timothy W, Emery, Emery Reddy, it's, Lisa Simon, Katie Cox Branham, Branham Organizations: Revelio Labs, Department of Labor & Industries, Companies Locations: Washington, Seattle, Atlanta, U.S, SalesLoft
“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
Your second language presents a brain shortcutSpeaking in your native language is easy — and it can lull your brain into being less able to process information objectively, says Gallo. When that happens, you're stuck in a mindset Gallo refers to as "hot cognition," also known as "System 1 thinking." "When you are thinking in your second language, you are being very analytical and careful about the surface-level features of information," he explains. Using your second language acts as a quick shortcut into "Spock mode," Gallo says. It can help you avoid false memories and misinformationThe benefits of a second language extend beyond analytical thinking, says Gallo.
Persons: David Gallo, monolinguals, Gallo, Monolinguals, Boaz Keysar, , Spock, It's, Rosetta Stone Organizations: University of Chicago, Research, CNBC
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
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 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
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,
The US is in a childcare crisis due to cost and lack of available teachers. The state now gives free tuition to the children of childcare teachers. However, one potential solution appears to be working, but only if governments are willing to step in and help. AdvertisementAdvertisementNPR found one example of a center offering free tuition to employees without state assistance in West Virginia. Many childcare centers may be forced to close.
Persons: , Kentucky Daniel Light, Sinead, ZipRecruiter, Luis Alvarez, Clive R Organizations: Service, Census Bureau, Center for American Progress, Bluegrass State, NPR, Bureau of Labor Statistics, Economic, Institute, Walmart, View, National Association for, Education of Young Locations: Kentucky, West Virginia, NPR , Kentucky
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
Moran moved to Mexico City in 2019 and is now a permanent resident and lives with Dai, her Mexican boyfriend. "When North Americans come to Mexico, especially to Mexico City, they do not come for survival reasons," Osorno says. Alberto Martinez believes that the Mexican government needs to come up with a way to control rent prices in Mexico City. In 2022, the Mexico City government partnered with Airbnb to promote the city as a global remote working hub. In 2022, Airbnb and Mexico City announced a partnership that caused an uproar among CDMX locals.
Persons: it's, Gene Kim, Kyla Moran, Moran, Dai, Tasia Jensen, Beatriz Bajuelos, Hutchins, Caitlin Hutchins, Cora, Victor, Adalia, , Aborisade, Hutchins isn't, I'm, Keith Brown, Brown, George Floyd, There's, doling, I've, Darnell, Tiara Darnell, Guillermo Osorno, Frida Kahlo, Diego Rivera, Leticia Lozano, Lozano, Anais Martinez, Martinez, It's, Leticia Lozano López, Alberto Martinez, Airbnb, Lozano López Organizations: CNBC, Mexico City, Black American, Spanish, U.S, Spotify, National Institute of Statistics, Human Rights, Osorno, Roma, Mexico's Foreign Affairs, New, of Labor Statistics, National Autonomous University of Mexico, The New York Times, Urban Regeneration, MIT, Airbnb, Nurphoto Locations: Mexico City, Mexico's, Ciudad, North America, Mexico, U.S, American, Hutchins, North Carolina, Texas, Mexico City's, United States, Buffalo , New York, Buffalo, Roma Norte, La, Osorno, Tourism Secretarait, Mexican, New York City, , La Condesa, Airbnb, Latin America, Barcelona, Florence, Congress
1 place where new college grads are applying for jobs, according to new data from Handshake, the college and recent grad career site. It's a continued pattern from pre-Covid days, but to an even greater extreme: New York City received the most applications from recent grads prior to the pandemic, and it's only gotten more competitive. That's nearly double the share of people willing to move for a job pre-pandemic, when 44% applications were submitted out of state. Want to be smarter and more successful with your money, work & life? Check out: The top 3 cities for new grads: ‘I can afford the house I want and the life I want’
Persons: grads, That's Organizations: New York City, New York Chicago Dallas Los Angeles Atlanta Boston San, New York Chicago Dallas Los Angeles Atlanta Boston San Francisco Austin , Texas Washington D.C, Houston Seattle Denver Philadelphia San, Houston Seattle Denver Philadelphia San Diego Miami New, CNBC Locations: New York City . New York, It's, New, Chicago, New York Chicago Dallas Los Angeles Atlanta Boston San Francisco Austin , Texas Washington, Houston Seattle Denver Philadelphia San Diego, Houston Seattle Denver Philadelphia San Diego Miami New York, Manhattan, U.S, Miami, Atlanta, Philadelphia, Seattle, San Diego, San Francisco
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
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
ADP: Employers Add Paltry 89,000 Jobs in September
  + stars: | 2023-10-04 | by ( Tim Smart | Oct. | At A.M. | ) www.usnews.com   time to read: +3 min
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
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
Sign-on bonuses, higher pay, and paid family leave are on offer with some government jobs. Listings offer an average of 20% higher pay compared to last year, The Wall Street Journal reported. Many are offering higher pay, sign-on bonuses, and paid family leave, The Wall Street Journal reported. Oklahoma is poised to pay out teachers bonuses of between $15,000 and $50,000 to about 530 recently recruited teachers, according to NPR affiliate KOSU. For some, paid family leave can help maintain that balance, and government employers seem to be taking note.
Persons: , KPIX, Katie Hobbs Organizations: Street Journal, Service, FRED Economic, US Bureau of Labor Statistics, Customs, Alameda Police Department, NPR Locations: Polk County , Florida, Tampa, California's Bay, Oklahoma, Arizona
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