Job Growth Slows in November
The Numbers: The U.S. labor market added 155K nonfarm jobs in November, per the U.S. Bureau of Labor Statistics’ monthly jobs report, which was 40K fewer than projected. The unemployment rate stayed at 3.7%, a 49-year low – for the third straight month. Several industries saw employment growth such as healthcare (32k) and manufacturing (27k).
A Third of Workers Looking for Next Opportunity
The Numbers: A survey from Ceridian found that more than a third of workers are actively or casually searching for their next role. 36% would consider a job jump if the situation arose – only 27% said they wouldn’t be interested in a job with a different company. 32% feel they would need to leave their current job in order to move forward in their career.
Employees Desire Fair Treatment Along with Fair Pay
The Numbers: 55% of respondents to a survey from Clutch ranked fair compensation first or second as an important employer attribute – close behind at 54% was fair treatment, with ethical standards coming in third at 38%.
BountyJobs Reports: Hard to Hire 2018: Third-Party Recruiting and the State of Talent Acquisition Report
The Numbers: What makes a position hard to fill? While 67% cited that hiring in competitive industries caused much of their challenges, the obstacles were split among responding groups. The lowest challenges on the list were ‘overwhelmed internal recruiters’ and ‘the hire being outside the internal recruiter’s area of expertise’ at 22% and 17% respectively. To get the full data surrounding these challenges, download the full report.
Millennials Happy with the Job but Not Their Career Path
The Numbers: 65% of millennials stated they are ‘satisfied’ or ‘very satisfied with their current jobs, and 62% stated they are satisfied with their current benefits, per a study from LaSalle Network. Only 45% feel pleased with their career path and 49% are not satisfied with the training and development programs at their current company.
Technology Impact = Opportunity
The Numbers: 74% of employees see technology as a positive impact on their job while 58% feel they will need a different skill set, per Randstad’s fourth-quarter Workmonitor survey. 80% desire to increase their digital skills for job security and future employability – 47% worldwide feel pressure to develop their digital skills. This pressure is even moreso in areas such as China and Italy, where 80% feel the push.
Employment Trends Index Decreases in November
The Numbers: After seeing an increase in October, the Conference Board’s U.S. Employment Trends Index decreased slightly in November – 110.73 to 110.41, respectively. “The Employment Trends Index declined slightly this month and shows some moderation after reaching its highest point so far in August,” said Gad Levanon, chief economist, North America, at The Conference Board. “The gloom and doom views infecting the financial markets are an exaggeration. However, slower economic activity, tighter labor markets and higher labor costs are likely to lead to weaker job growth in 2019.
Job Openings Essentially Flat in October
The Numbers: The U.S. Bureau of Labor Statistics report released data finding that while there were 7.1 million job openings in October, the rise was 18.8% year over year and only 1.7% from August.
U.S. Private Sector Adds 179K Jobs in November
The Numbers: According to the ADP National Employment Report, the U.S. private sector added 179,000 jobs in November – compared to 225,000 jobs in October and 209,000 in September. “Job growth is strong, but has likely peaked,” said Mark Zandi, chief economist of Moody’s Analytics. “This month’s report is free of significant weather effects and suggests slowing underlying job creation. With very tight labor markets, and record unfilled positions, businesses will have an increasingly tough time adding to payrolls.”
Increasingly Tight Labor Market Pushes Employers to Act
The Numbers: Per the Federal Reserve’s Beige Book report, labor markets tightened even more across a variety of occupations in mid-October through late November. More than 50% of the districts that had firms reporting had “cited employment, production and sometimes capacity expansion that had been constrained by an inability to attract and retain qualified workers.”
The Number of Unemployed Continue to Exceed Job Openings in the U.S.
The Numbers: In October there were one million more positions available than those actively seeking work, per the Labor Department. Before March of this year, job openings never exceeded those looking for work – in the 17 years since records were kept. Information, real estate, and education industries were those seeking the most help.
Workers On Board to Upskill, Employers Falling Behind
The Numbers: 74% of respondents to a Randstad Workmonitor survey see digitization as an opportunity, and 59% feel that within the next five to ten years, automation, robotics, and artificial intelligence will positively affect their job. 80% of respondents want to acquire more digital skills – 76% feel the employers should offer training, but only 44% said their employers actually do so.
U.S. Employers – Strongest Hiring Outlook in 12 Years
The Numbers: Per the first-quarter Manpower Employment Outlook Survey, U.S. employers report their strongest hiring intentions in 12 years, and were ranked among the strongest outlooks for hiring among 44 countries surveyed. The survey found that 23% of U.S. employers plan to increase staff in Q1 of 2019, which is up from 21% when compared to the same timeframe last year. “We’re seeing continued demand for skilled talent across the globe, as companies stay focused on business growth, especially in tight labor markets like the US,” said ManpowerGroup Chairman and CEO Jonas Prising. “We see positive hiring too across Europe despite some caution in Northern Europe where Outlooks are more modest.”
Declining Optimism Among Small-Business Owners
The Numbers: The NFIB Small Business Optimism Index declined 2.6 points in November, bringing it to its lowest level since April. The tight labor market, inventory buildups, and anxiety around slowing economic growth are said to be contributing factors. 25% of small-business owners say they are ‘struggling to recruit qualified workers’, and those considering raising wages have reached a 30-year high.
Burnout Impacting Nurses
The Numbers: 49% of respondents to research from RNnetwork stated they have considered leaving nursing in the past two years – this percentage has stayed flat since 2016. 60% of nurses feel they work the right amount of hours, which is down from 63% in 2016 – which points to an influx in hours and expectations. Partly due to the nursing shortage, 62% of nurses felt regularly burned out and 44% believe that burnout negatively affected their work performance in 2018.
Hiring Steady of On the Rise in Q1
The Numbers: The first quarter of 2019 is garnering a positive outlook per a survey from Express Employment Professionals. 53% of respondents expect job market growth to stay flat while 38% forecast an increase – 9% see diminished growth.
Apple to Double-Down in Austin, Texas
The Numbers: Apple plans to double its 6,000-employee workforce in Austin, in addition to developing a $1 billion campus. Operations will open in San Diego, Seattle, and Culver City with 1,000 workers each. Offices in New York, Pittsburgh, and Boulder will also see hiring growth.