>>By the Numbers: November 22, 2019

By the Numbers: November 22, 2019

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U.S. Economic Growth Forecasts Grow Weaker

The Numbers:

  • Over the next year, the outlook for U.S. economic growth looks weaker now than it did three months ago
  • Real GDP is now expected to grow 1.7% this quarter, down from 2% originally forecasted
  • The number of jobs added was slightly revised upward for job gains over the next two years
  • Source: Federal Reserve Bank of Philadelphia

Imbalance on Pay Between New and Existing Workers Has Impacts

The Numbers:

  • As a way to recruit new hires, many companies focused on increasing wages, which inadvertently increased the wages for younger workers as that age group is akin to new hires
  • This has led to historic pay compression due to the imbalance between spending on new hires vs. existing workers
  • The difference between wages of those in the 20-24 year old range and those in the 25-34 year old range narrowed to its smallest gap in 36 years
  • Source: The Conference Board

Talent Acquisition and Retention Top 2020 Challenges

The Numbers:

  • Talent acquisition and retention topped the list of challenges in 2020 followed by competitive pay, competition in general, and the ability to pay benefits
  • 47% of employers plan to hire permanent staff, down from 54% in 2019
  • 65% were hiring partly due to newly created jobs
  • 83% were having to replace employees due to voluntary turnover
  • Source: Employer Associations of America

Hiring College Grads in 2020 to Increase

The Numbers:

  • In 2020, U.S. employers plan to hire 5.8% more college grads than in 2019
  • This year’s hiring increase is down from 16.6% from a year ago
  • Source: National Association of Colleges and Employers

Engineering Employment Decreases

The Numbers:

  • Employment for Engineering decreased .18% in October compared to September
  • Total employment has neared 2.7 million
  • Engineering employment had increased by1.5% since October 2018
  • Source: TechServe Alliance
By |2019-11-21T21:58:37+00:00November 22nd, 2019|Categories: Uncategorized|Comments Off on By the Numbers: November 22, 2019

About the Author:

Erin Geiger is a seasoned Content, Editorial, and Product Engagement professional with two decades of experience creating content as well as overall content direction and strategy. Her background stems from a variety of online verticals ranging from start-ups to Fortune 500 corporations.