>>By the Numbers July 3, 2020

By the Numbers July 3, 2020

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June Unemployment at a Shaky 11.1 Percent

The Numbers:

  • 8 million jobs were added to the U.S. economy in June
  • The unemployment rate decreased to 11.1% in June from 13.3% in May
  • However, the misclassification error still continues – the unemployment rate would be 12.3% in June without the error
  • Unemployment claims for the week ended June 27 totaled 1.4 million, more than analyst expectations
  • Source: U.S. Bureau of Labor Statistics

Construction and Other Industries See Hiring Rebound

The Numbers:

  • Hiring in construction was up 77% compared to May
  • Growth of at least 75% was seen in industries such as legal, hardware and networking, manufacturing, public safety, public administration and education
  • Hiring in June was down 39.6% in June from last year
  • Source: LinkedIn Hiring Report

Pay Cuts on the Rise

The Numbers:

  • About four million workers (mostly white-collar jobs) have experienced a pay cut during the pandemic
  • This could signal a long-term recession
  • Source: The Washington Post

BountyJobs Reports: A Talent Acquisition Peer Forum, Implementing a Solid Recovery Plan for Sustained Success

The Numbers:

  • Crafting recovery plans with an ever-changing start date
  • Adopting a strategic recruiting & onboarding process to handle this unique situation
  • Identifying updated KPIs to measure what matters to the business
  • Source: BountyJobs

Future Planning for HR Leaders in Flux

The Numbers:

  • More than 50% of HR leaders have continued business operations in spite of COVID-19, though at a scaled back level
  • 40% report that optimizing costs has been the biggest priority change since January
  • Source: Gartner

Results-Oriented Remote Work Wanted by Workers

The Numbers:

  • More remote work, especially with a focus on results instead of how many hours worked is something that workers report wanting post pandemic
  • Almost 75% of global workers said ‘a mix of office-based and remote work is the ideal way to go’
  • 69% stated they want more digital training
  • Source: The Adecco Group

Consumer Sentiment on the Rise But Still Low

The Numbers:

  • Consumer sentiment remains lower than pre-pandemic levels, but is improving
  • Economic conditions are still seen as weak and uncertain
  • 6% of consumers ‘expect business conditions to improve in the next six months’
  • Source: The Conference Board

‘Windowed Work’ Allowing Workers Increased Productivity

The Numbers:

  • 79% of professionals report their jobs allow for ‘windowed’ work (ability to break up their day into distinct aspects of business and personal time)
  • 73% find this has led to greater productivity
  • Source: Robert Half International Inc.

Majority of Recruiting Professionals Forecast Better Economy by End of Year

The Numbers:

  • 56% of recruiting professionals feel the economy should improve by the end of this year
  • 2% feel there will be a sustained depression that extends past 2021
  • 30% reported their businesses were performing better than or as well as this time last year
  • Source: Bullhorn

Almost 2.4 Million Jobs Added in June

The Numbers:

  • “Private-sector employment in the US rose by nearly 2.4 million jobs in June compared to the previous monthly”
  • “As the economy slowly continues to recover, we are seeing a significant rebound in industries that once experienced the greatest job losses,” said Ahu Yildirmaz, VP and co-head of the ADP Research Institute. “In fact, 70% of the jobs added this month were in the leisure and hospitality, trade and construction industries.”
  • Source: ADP National Employment Report

Temporary Jobs Increase in June

The Numbers:

  • Temp jobs rose by 148,900 in June for a total of more than 2.2 million jobs
  • This is still a decrease of 699,000 year over year
  • Source: U.S. Bureau of Labor Statistics
By |2020-07-02T19:36:07+00:00July 3rd, 2020|Categories: Uncategorized|Comments Off on By the Numbers July 3, 2020

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.