And the proportion who plan to add more than 11 workers has fallen sharply, to nearly 19%, down from 30% in January. A separate survey of 400 of its clients finds that while most plan to add jobs this year, the proportion who say they won’t add jobs has doubled to 8% in June compared with January of this year. On Friday, the June jobs report is expected to show that employers added 275,000 jobs, which would be a solid increase but the smallest in more than a year.Īnd Homebase, a company that provides payroll and hiring software for small businesses, says it has seen a 16% drop in new job postings by its customers in June compared with May. There are signs that hiring and the demand for labor may cool in the coming months. On Friday, the government will release its monthly jobs report, which includes net job gains and the unemployment rate. Wednesday’s report, known as the Job Openings and Labor Turnover Survey, or JOLTS, provides overall data for hiring, job postings, and the number of people quitting their jobs. Last month, the government said that employers added 390,000 jobs in May, a healthy increase, while the unemployment rate stayed at 3.6%, near a 50-year low. Fed Chair Jerome Powell hopes that weaker spending will reduce demand for workers, lower job openings and wage increases, and bring down inflation.įor now, labor demand remains strong. The Federal Reserve has targeted the nearly record-high job openings as evidence that the economy has overheated, and is rapidly lifting the short-term interest rate it controls to cool consumer and business spending. Higher labor costs have, in turn, contributed to pushing up prices, with inflation now at 40-year highs. With companies posting so many available positions, they have also been raising pay and offering more benefits to attract and keep workers. The number of people quitting fell to 4.3 million in May, down about 60,000 from April and below a record 4.5 million last November, but still historically high.Įconomists are closely monitoring the jobs opening figures for signs the labor market is cooling, which could bring down inflation. labor market, but for now, the sun is still shining.”Īmericans are also far more likely to quit their jobs than before the pandemic, mostly for new jobs at higher pay, another trend that is pushing up incomes. “Clouds can move in quickly and darken the outlook for the U.S. “This is not what a recession looks like,” said Nick Bunker, director of economic research at employment website Indeed's Hiring Lab. Demand has been particularly strong in travel- and entertainment-related services. Yet companies are still scrambling to add workers. The figures reflect the unusual nature of the post-pandemic economy: Inflation is hammering household budgets, forcing consumers to pull back on spending, and growth is weakening, heightening fears the economy could fall into recession. There are nearly two job openings for every unemployed person, a sharp reversal from the historic pattern: Before the pandemic, there were always more unemployed people than available jobs. Job openings reached 11.9 million in March, the highest level on records dating back more than 20 years. employers advertised fewer jobs in May amid signs that the economy is weakening, though the overall demand for workers remained strong.Įmployers posted 11.3 million job openings at the end of May, the Labor Department said Wednesday, down from nearly 11.7 million in April. The Durham force said it had studied “a substantial amount of documentary and witness evidence” and concluded “that there is no case to answer for a contravention of the regulations, due to the application of an exception, namely reasonably necessary work.WASHINGTON - (AP) - U.S. Starmer said no rules were broken because it was part of a workday. Rules in place at the time barred indoor social mixing between households. Starmer said he and colleagues had a takeout curry and a beer in a lawmaker’s office in northeast England in April 2021 during campaigning for a special election. Labour leader Keir Starmer and deputy leader Angela Rayner both said they would resign if they were fined over the incident, dubbed “beergate” by the media. The local police force in the city of Durham said that following an investigation, it “will not be issuing any fixed penalty notices in respect of the gathering and no further action will be taken.” LONDON – Police in England said Friday they won't fine the two top leaders of the U.K.'s opposition Labour Party over a curry-and-beer meal with colleagues last year while Britain was under coronavirus restrictions.
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