Thursday July 3, 2014

Great jobs report: Strong hiring, unemployment down

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By Annalyn Kurtz  @AnnalynKurtz July 3, 2014: 8:41 AM ET

 

chart jobs 070314

NEW YORK (CNNMoney)

The American jobs recovery seems to have finally hit its stride.

The U.S. economy added 288,000 jobs in June, marking the fifth straight month where employers added at least 200,000 jobs. The last time that happened was in late 1999, as the dot-com bubble was inflating.

Economists surveyed by CNNMoney had predicted that 200,000 jobs were added last month,

Meanwhile, the unemployment rate is now 6.1%, down from 6.3% in May. Economists were expecting the unemployment rate to stay at 6.3%.

Another sign of good news for those who currently have jobs is that pay is on the rise. Hourly wages ticked up 0.2% in June and are up 2% in the past 12 months. Federal Reserve chief Janet Yellen has mentioned concern that wages aren't growing as rapidly as needed.

Friday April 4, 2014

BLS: Staffing Jobs Continue Robust Growth

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American Staffing Association (04/04/14)

Seasonally adjusted employment data released today by the U.S. Bureau of Labor Statistics indicate that temporary help services employment added 28,500 new jobs in March (up 1.0% from February). "Employment growth in temporary help services had averaged 20,000 per month in the prior 12 months," said BLS Commissioner Erica L. Groshen.

In a year-to-year comparison, staffing firms employed 9.6% more temporary workers in March than in the same month a year ago, according to BLS. That was the strongest year-to-year growth since the summer of 2012.

Nonseasonally adjusted BLS data, which estimate the actual number of jobs in the economy, indicated that staffing employment increased by 59,300 in March (up 2.2% from February). On a year-to-year basis, there were 10.0% more staffing employees in March than in the same month last year.

Tuesday December 31, 2013

More "quality" jobs seen as sign of improving economy

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Nia Hamm CNBC 

22 hours ago

Recent job gains and record highs in the stock market are signs that the U.S. economy is strengthening, leading many economists to believe job growth will continue into 2014.

"If we could maintain a 3 percent-plus pace next year ... I'm thinking so far we have in the second half of this year ... then yes, jobs prospects for everyone should improve," said Joseph A. LaVorgna, managing director and chief U.S. economist at Deutsche Bank Securities.

The job outlook should come as welcome news to millions of unemployed Americans as well as underemployed part-time workers who possess the skills to have higher-quality jobs and want to work full-time.

Yet there's a catch: Adding jobs isn't as big an economic driver as adding "quality" jobs.

With November's jobs report, the economy has added 2.1 million jobs this year. But nearly half have been in relatively low-wage sectors like retail, leisure and hospitality. These part-time, low-wage positions become important when analyzing the "underemployment rate"--a broader measure of joblessness that includes people who work part-time and people whose skills are not being fully utilized.

The good news is that many economists believe not only that job growth will increase in 2014 but that there will also be an uptick in better-quality, higher-paying jobs.

"What we do expect is that the recovery will shift gears ... and as it does, we will see more of the better-quality jobs," said Sophia Koropeckyj, managing director for Moody's Analytics.

"If we do see stronger manufacturing conditions, if we do see a stronger housing market, exports, that suggests ... we see the types of jobs shifting from these low-paid part-time jobs that characterized the economy for the past couple of years into the better-quality, full-time jobs," Koropeckyj said.

Federal Reserve Chairman Ben Bernanke said after the recent Fed decision to ease off its stimulus program, that "meaningful" progress in the jobs market led to the Fed's decision to modestly reduce its bong-buying by $10 billion a month starting in January. "I think we have been aggressive to try and keep the economy growing, and we are seeing progress in the labor market," Bernanke said.

That progress came in the form of an unemployment rate that sank to a five-year low of 7 percent in November, with nonfarm payrolls up by 203,000 jobs. That was about the same as October's unexpectedly strong gain of 200,000 jobs.

But the U.S. economy still faces many significant problems. Besides the many part-time workers who cannot find full-time work, many other Americans have stopped searching and dropped out of the labor force.

"There are millions of desperate workers out there, so even those really low-quality jobs just get snatched up," said Heidi Shierholz, economist at the Economic Policy Institute.

The underemployment rate, which economists call the U-6, fell to 13.2 percent from 13.8 percent in November. Economists believe much of that decline was likely due to the return of furloughed federal workers.

A Gallup poll indicated that 17.3 percent of the workforce is underemployed--a much higher number than the government's count. November's underemployment rate is up from 16.5 percent in October but remains statistically unchanged from 17.2 percent in November 2012, according to Gallup.

Then there is the plight of the long-term jobless. Millions of Americans have been out of work for unusually long periods of time. Many others have been forced to settle for low-wage positions, including millions of college graduates who aren't utilizing their degrees.

These factors lead to decreased spending power among average-wage workers who have trouble just making ends meet, and that's a trend that can block broad-based economic growth.

"We need demand for work to be done. What we have out there is an aggregate demand problem," Shierholz said. "People just aren't buying things--not because they're saving money ... but they just don't have money to spend, because the labor market is so weak."

It's a vicious cycle, and many economists don't believe job growth driven by low-paid sectors of the economy will lead to an increase in consumer confidence and spending, which leads to more jobs and lower unemployment.

Koropeckyj said the number of people who could only find part-time work doubled between early 2008 and 2010 and has been gradually increasing. Even the number of people employed part-time involuntarily who've had their hours cut has declined only gradually, to about 5 million people. "That's interesting because it's indicative of still an economy where there is not sufficient aggregate demand to get back to conditions that prevailed prior to the recession," she said.

What will continue to increase, Shierholz said, is corporate profits: "One of the reasons corporate profits are doing so well is because wages are so low."

Companies are sitting on mounds of cash heading into 2014. Companies around the globe have roughly $6.8 trillion of cash and equivalents on their balance sheets currently, according to Thomson Reuters. That's more than double the amount of a decade ago, and more than a trillion of that cash horde is in the U.S.

Howard Silverblatt, senior index analyst for S&P Dow Jones Indices, said unlocking this capital will be crucial for job growth. "Companies are not spending the money at this time. They are holding back.... They're not expanding," he said.

Silverblatt said corporations will need to see an increase in sales to become more liberal with cash on the balance sheet for expansion. It's another catch: Corporations aren't going to start spending and investing more capital unless they see an increase in demand, but the demand won't necessarily increase unless more higher-quality, better-paying jobs are created.


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Friday December 6, 2013

BLS: Staffing Job Growth Continues in November

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Staffing Up 8.6% From a Year Ago

Seasonally adjusted employment data released today by the U.S. Bureau of Labor Statistics indicate that temporary help employment added 16,400 new jobs in November (up 0.6% from October). BLS also revised September and October estimates up by 16,000 and 21,800, respectively, boosting growth from relatively flat to being on par with recent trends.

In a year-to-year comparison, staffing firms employed 8.6% more temporary workers in November than in the same month a year ago, according to BLS.

Nonseasonally adjusted BLS data, which estimate the actual number of jobs in the economy, indicated that the staffing industry added 13,100 jobs in November (up 0.5% from October). On a year-to-year basis, there were 7.9% more staffing employees in November than in the same month last year.

"Staffing and recruiting firms report that businesses across several sectors are beginning to feel more confident about the economy and prospects for the months ahead," says Richard Wahlquist, president and chief executive officer of the American Staffing Association. "Because payroll budgets are being reset for January, December is an excellent time for job seekers to pursue new employment opportunities."

Total U.S. nonfarm payroll employment increased by 203,000 jobs in November and the unemployment rate declined from 7.3% to 7.0%. Monthly job gains have averaged 193,000 over the past three months, BLS says. Employment increased in transportation and warehousing (31,000), health care (19,000), and manufacturing (27,000).

BLS also released preliminary October employment data for search and placement services: seasonally adjusted, employment increased 5.9% to 292,900.

For more information, visit the ASA newsroom.

Interviews with ASA executives are available.

The American Staffing Association is the voice of the U.S. staffing industry. ASA and its affiliated chapters advance the interests of staffing and recruiting firms of all sizes and across all sectors through legal and legislative advocacy, public relations, education, and the promotion of high standards of legal, ethical, and professional practices. ASA members provide the full range of employment and work force services and solutions, including temporary and contract staffing, recruiting and permanent placement, outplacement and outsourcing, training, and human resource consulting.

Friday November 8, 2013

Job growth unexpectedly surged in October

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NEW YORK (CNNMoney)

What shutdown? Job growth unexpectedly surged in October, even as the federal government closed its doors for 16 days.

The U.S. economy added 204,000 jobs, according to the Bureau of Labor Statistics. That was well above economists' expectations.

 

Plus, there was more good news about hiring during the late summer. Revisions showed an extra 60,000 jobs were created in August and September.

"The economy seems to be heating up faster than people think. It's incredibly impressive," said J.J. Kinahan, chief strategist for TDAmeritrade.

Economists were expecting weak job growth due to uncertainties created by the budget battles in Washington. The federal government shut down on Oct. 1, after Congress failed to agree on a budget for fiscal 2014. The standoff lasted 16 days and left as many as 800,000 federal employees temporarily out of work.

But the Labor Department noted "there were no discernible impacts of the partial federal government shutdown" on the job growth numbers.

The numbers were also strong enough to get Wall Street talking once again about when the Federal Reserve should start slowing its stimulus program. The Fed has been buying $85 billion in bonds each month since September 2012, in an effort to strengthen the job market.

Share your story: What's your biggest job search mistake?

Given the government shutdown, many Fed watchers were starting to think the central bank would continue its stimulus at full blast until at least spring 2014. The Fed next meets at the end of December, and the strong jobs report could mean officials will consider reducing their monthly bond purchases sooner rather than later.

"Once again the U.S. economy appears to be overcoming a summer swoon," said Paul Ashworth, chief U.S. economist for Capital Economics in a research note. "In our opinion, the data would justify the Fed reducing the pace of its asset purchases in December."

U.S. sees jobs boost in October

The outlook isn't all rosy though. Overall, the economy has still not recovered all of the jobs lost in the Great Recession.

The jobs report also showed the unemployment rate rose slightly to 7.3%, up from 7.2% in September, but economists expect this to be a passing blip. About 448,000 furloughed federal workers were counted as being on temporary layoff, and the next jobs report, due on December 6, will probably show these people were back at work in November.

Meanwhile, only 62.8% of Americans over age 16 either had a job or looked for one. That's the lowest level since March 1978.

Economists also believe this number was impacted by furloughed federal employees but nevertheless, it has been hovering around the lowest levels since the 1970s for months.

Heidi Shierholz, an economist with the Economic Policy Institute, estimates roughly six million workers are missing from the labor force, and if these workers started looking for work again, the unemployment rate would be closer to 11%.

Overall, about 11.3 million Americans were counted as unemployed in October -- 4 million of whom have been out of work for at least six months.

Where are the jobs? Job gains came across a variety of sectors. Retailers added 44,000 jobs, professional and business services also added 44,000 jobs, restaurants and bars hired 29,000 workers and manufacturers added 12,000 jobs.

Meanwhile, the federal government cut 12,000 jobs -- a third of which were at the U.S. Postal Service.

Excluding the postal service, federal jobs were at their lowest level since 2009. To top of page

Wednesday October 2, 2013

Online Labor Demand Up 209,700 in September

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News Release from The Conference Board

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Peter Tulupman 212-339-0231 / peter.tulupman@conference-board.org Release #5697

Carol Courter 212-339-0232 / courter@conference-board.org

For Immediate Release 10:00 AM ET, Wednesday, October 2, 2013

Online Labor Demand Up 209,700 in September

This month's rise is the largest monthly increase in 2013

September gains are widespread and include large States like California, Texas, and Massachusetts as well as smaller States such as Nebraska and West Virginia (Table 3)

NEW YORK, October 2, 2013...Online advertised vacancies were up 209,700 in September to 5,184,600, according to The Conference Board Help Wanted OnLine® (HWOL) Data Series released today. The September rise is the first rise of over 200,000 since December 2012. The September Supply/Demand rate stands at 2.3 unemployed for each vacancy with a total of 6.3 million more unemployed workers than the number of advertised vacancies.

・The 210,000 gain for September is the first optimistic sign this year that employers are seeking additional workers,・ said June Shelp, Vice President of The Conference Board. This brings the gain for Q3 to 68,000/month and follows a Q2 gain of 27,000/month and a Q1 loss of 26,000/month.

The National gains resulted from a mixture of gains that outnumbered the losses. The largest September gain was for food service workers, up 45,000, or 20 percent ・ a welcome increase since there are still four unemployed in this occupation for every available opening. The number of ads for management positions also rose by 24,700 in part due to greater demand for food service managers. Demand for transportation workers also rose by 20,800 as employers advertised for truck drivers. Occupations with declines in September included legal workers (-6,200) as demand for lawyers and legal support decreased. Office occupations also declined (-5,400) with less employer demand for secretaries and information clerks. (See Table 7 and Occupational Highlights on page 6 for more details.)

 

The release schedule, national historic table and technical notes to this series are available on The Conference Board website, http://www.conference-board.org/data/helpwantedonline.cfm. The historical series for the States and the 52 largest MSAs is available from Haver Analytics. The underlying data for The Conference Board HWOL is collected by Wanted Technologies Corporation.

REGIONAL AND STATE HIGHLIGHTS

September labor demand up in 19 of the 20 largest States with New Jersey declining modestly

45 of the 50 States increased in September; Alaska and Idaho declined slightly while Vermont and Rhode Island did not change (Table 3)

 

Friday April 19, 2013

Emotional Preparation for Interviews

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Hiring is an emotional process for both the candidate and the interviewer. The hiring process is shrouded with a veneer of logic "to hire the best qualified person", but in reality it is grounded with emotion. Your enthusiasm, confidence and energy will determine whether or not you get hired.

Read more: CrossRoads - Emotional Preparation for Interviews http://www.net-temps.com/careerdev/crossroads/index.htm?op=view&id=5032&newsletter_id=1174&archive=1#ixzz2QvufTyqT
Wednesday April 17, 2013

3 Job Search Mistakes To Avoid

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Let me tell you the story of "Tommy" (not his real name), who is managing to do almost everything WRONG in his job search. Learn from three of his career-killing mistakes, which can rob you of the salary and satisfaction you deserve!

Tommy first called me three weeks ago, asking if I could help him write a resume. He said he wanted a pharmaceutical sales job because his aunt and a cousin made good money at it, and he heard it was interesting work.



Read more: CrossRoads - 3 Job Search Mistakes To Avoid http://www.net-temps.com/crossroads/#ixzz2QjhlcYTA
Friday April 12, 2013

Three Steps For Women To Re-enter The Workforce

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It's not unusual for a woman to take an extended leave from her professional life. Returning to work, however, presents significant challenges. If you are a woman struggling to get back to work read on to discover three tips to put you back on your career path.

Read more: CrossRoads - Three Steps For Women To Reenter The Workforce http://www.net-temps.com/crossroads/#ixzz2QHgY1deI
Friday April 5, 2013

Post your Active Resume for Free and be entered to win the new Apple iPad with Retina Display!

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When you have an active resume on Net-Temps, thousands of recruiters can find you! Net-Temps is completely free for jobseekers. Search for jobs, sign up for job agents and apply instantly with your active resume.

Drawing is on May 1st

Post your resume now