The unemployment rate changed little at 4.1 percent in
December. The number of unemployed people, at 6.9 million,
also changed little in December.
Employment trended up in health care, government, and social
assistance. Retail trade added jobs in December, following a job loss in November.
The number of long-term unemployed (those jobless for 27 weeks or more) was little
changed at 1.6 million in December. After increasing earlier in the year, the unemployment
rate has been either 4.1 percent or 4.2 percent for the past 7 months.
The number of people employed part time for economic reasons, at
4.4 million, changed little in December.
Looking Forward:
The economy added 256,000 jobs in December, seasonally
adjusted, the Labor Department reported on Friday. The
number handily beat expectations after two years of cooling in
the labor market, and the unemployment rate edged down to 4.1
percent, which is very healthy by historical standards.
The number of jobs added in the prior two months were both
revised, with job creation in October revised up by 7,000 from
a gain of 36,000 to 43,000; while November was revised down
by 15,000 from a gain of 227,000 to 212,000. Taken together, those
two months saw 8,000 fewer jobs created than previously reported.
The manufacturing sector saw employment fall by 13,000 in December, a
surprise decline when economists projected a gain of 5,000 jobs. Health care added
46,100 jobs in December, with gains focused in home health care services (+15,200), nursing
and residential care facilities (+14,000) and hospitals (+11,500). Health care added an
average of 57,000 jobs per month in 2024, the same as the monthly average in 2023.
The report’s details were encouraging as well. A decrease in the unemployment rate came from more people finding
jobs, rather than a decline in the number of people looking for work. A broader measure of unemployment, which
includes people working part time who would rather work full time, as well as those marginally attached to the labor
force, appears to have stopped rising after topping out at 7.8 percent last summer.
Source: U.S. Bureau of Labor Statistics – The Employment Situation – December 2024
The unemployment rate at 4.2 percent, and the number of unemployed people, at 7.1 million, changed little in November.
Employment trended up in healthcare, leisure and hospitality, government, and social
assistance. Retail trade lost jobs.
The number of long-term unemployed (those jobless for 27 weeks or more) was little
changed at 1.7 million in November. This measure is up from 1.2 million a year earlier.
The number of people not in the labor force who currently want a job, at
5.5 million, changed little in November
Looking Forward:
The U.S. dollar fell on Friday after data showed the
unemployment rate edged higher in November even though
jobs increased more than expected last month. The
unemployment rate climbed to 4.2% after holding at 4.1% for two
straight months, data showed. Nonfarm payrolls, however, increased
by 227,000 jobs last month after rising an upwardly revised 36,000 in
October.
In its release, the BLS noted employment in the transportation equipment
manufacturing industry rose by 32,000, “reflecting the return of workers who were on
strike.” Temporary help services employment rose modestly in November but also
marked a turnaround from a loss of over 33,000 jobs in this industry the prior month.
The report comes as investors look for clues on whether or not the Federal Reserve will cut
interest rates for the third time this year at its Dec. 18 meeting. Entering the print, markets
were widely expecting the Federal Reserve to cut interest rates by a quarter of a percentage
point in December. Economists argue that the November jobs report should do little to
change that thinking.
The healthcare sector added another 54,000 jobs in November, largely in line with the typical monthly average gain,
the Bureau of Labor Statistics reported Friday. Federal, state, and local governments also continued to add to their
headcounts, by 33,000 last month.
Source: U.S. Bureau of Labor Statistics – The Employment Situation – November 2024
The unemployment rate at 4.1 percent, and the number of unemployed people, at 7 million, changed little in October.
Employment continued to trend up in health care and government. Temporary help services lost jobs. Employment declined in manufacturing due to strike activity.
The number of long-term unemployed (those jobless for 27 weeks or more) was little
changed over the month at 1.6 million. This measure is up from 1.3 million a year earlier.
The number of people not in the labor force who currently want a job, at 5.7 million, was essentially unchanged in October.
Looking Forward:
Job creation in October slowed to its weakest pace since late 2020 as the impacts of storms in the Southeast and a significant labor impasse dented the employment picture. Nonfarm payrolls increased by 12,000 for the month, down sharply from September and below the Dow Jones estimate for 100,000, the Bureau of Labor Statistics reported Friday. It was the smallest gain since December 2020.
The weak October report also included substantial downward revisions from previous months. August was cut to just a gain of 78,000 while September’s initial estimate came down to 223,000. Together, the net revisions lowered previously reported job creation totals by 112,000.
“Does this data change the Fed debate for next week? Even allowing for the hurricane and strike effect, there are hints of softening in the data (revisions, the household survey) which doves will say support the idea for more rate cuts. Hawks of course will say November’s figures will likely show a big rebound in jobs, meaning there’s less need to be cutting rates.”
The fallout from Hurricanes Helene and Milton significantly affected October’s jobs report, the Bureau of Labor Statistics said Friday While Hurricane Helene made landfall on Sept. 26 in Florida, the effects of the storm persisted well into October. Milton, which struck Florida on Oct. 9, hit during the reference periods for both surveys that the bureau used in calculating the U.S. employment situation.
Source: U.S. Bureau of Labor Statistics – The Employment Situation – October 2024
The unemployment rate at 4.1 percent, and the number of
unemployed people, at 6.8 million, changed little in
September.
Employment continued to trend up in food services and drinking
places, health care, government, social assistance, and construction.
The number of long-term unemployed (those jobless for 27 weeks or more) was little
changed over the month at 1.6 million. This measure is up from 1.3 million a year earlier.
The number of people employed part time for economic reasons
changed little at 4.6 million in September. This measure is up
from 4.1 million a year earlier.
Looking Forward:
The number of Americans who applied for unemployment
benefits last week rose slightly to a minuscule 225,000, confirming
that layoffs remain surprisingly low even though many companies
have pulled the plug on hiring. New claims climbed to 225,000 in the
seven days that ended Sept. 28, up from 219,000 in the prior week. The low level of layoffs
has kept the unemployment rate from rising all that much despite a big slowdown in
hiring. Businesses are mainly letting positions go unfilled after workers change jobs,
retire or leave for other reasons.
Hiring in September proved far stronger than economists expected, making it more
likely that the Federal Reserve will opt for a smaller interest rate cut in November than had
been anticipated just a few weeks ago.
Looking over the last three months, at the industry level, the composition of job gains
remains quite skewed. Healthcare and leisure industries accounted for around two-thirds
of the job gains in the past three months. The rest came from government, as well as the construction and real estate.
In the wake of the September jobs report, expectations have largely vanished for the Fed making a second
half-percentage point cut in its interest rate target range when officials next meet in November.
Source: U.S. Bureau of Labor Statistics – The Employment Situation – September 2024
The unemployment rate, at 4.2 percent, and the number of
unemployed people, at 7.1 million, changed little in August.
Employment continued to trend up in health care, and in
construction.
The change in total nonfarm payroll employment for June was revised down by 61,000,
from +179,000 to +118,000, and the change for July was revised down by 25,000, from
+114,000 to +89,000. With these revisions, employment in June and July combined is
86,000 lower than previously reported.
The number of long-term unemployed (those jobless for 27 weeks or
more) was virtually unchanged at 1.5 million in August. The
long-term unemployed accounted for 21.3 percent of all
unemployed people.
Looking Forward:
U.S. Jobs Report Shows Hiring Has Shifted Into Lower Gear
Ahead of a key Federal Reserve meeting to set interest rates,
employers added 142,000 jobs in August, fewer than economists had
expected, and previous months were revised downward.
Collectively, Friday’s figures depict a job market slowing under the pressure of high
interest rates but still growing. Many businesses appear to be holding off on adding
jobs, in part because of uncertainty about the outcome of the presidential election and
about how fast the Fed will reduce its benchmark rate in the coming months.
The Federal Reserve has been closely monitoring the labor market ahead of a widely
anticipated rate cut later this month. Interest rates have been at the highest level in 23
years amid the central bank’s bid to tamp down inflation, with the benchmark federal funds
rate sitting at a range of 5.25% to 5.50%. Markets have expected the Fed to announce a 25-
basis point cut at their next policy meeting on Sept. 17 and 18, although the new data showing continued softness in the labor market could boost the case for a 50-basis point cut.
Paul Ashworth, chief North America economist at Capital Economics, said the report showed “the labor market is
clearly experiencing a marked slowdown” but “overall, still consistent with an economy experiencing a soft landing
rather than plummeting into recession”.
Source: U.S. Bureau of Labor Statistics – The Employment Situation – August 2024
The unemployment rate rose to 4.3 percent in July, and
nonfarm payroll employment edged up by 114,000.
Employment continued to trend up in health care, in
construction, and in transportation and warehousing, while information lost jobs.
The number of long-term unemployed (those jobless for 27 weeks or more) changed little
at 1.5 million in July. This measure is up from 1.2 million a year earlier.
The unemployment rate rose by 0.2 percentage point to 4.3 percent in
July, and the number of unemployed people increased by 352,000
to 7.2 million. These measures are higher than a year earlier,
when the jobless rate was 3.5 percent, and the number of
unemployed people was 5.9 million.
Looking Forward:
In a continuation of a recent trend, job growth has narrowed to
a few sectors: health care, which added 55,000 jobs; and social
assistance, up 9,000. Construction continued its remarkable strength,
with an increase of 25,000 jobs fueled by investment in new housing.
Nonfarm payrolls grew by just 114,000 for the month, down from the downwardly revised
179,000 in June and below the Dow Jones estimate for 185,000.
While the survey of establishments used for the headline payrolls number was
discouraging, the household survey was even more so, with growth of just 67,000, while
the ranks of the unemployed swelled by 352,000.
Both Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen have judged
that the labor market has returned to conditions seen before the pandemic. Powell on
Wednesday described this as “strong but not overheated.” He pointed out that back in 2019,
the US was not an inflationary economy, and the labor market wasn’t putting pressure on prices.
This week’s ISM manufacturing data was “bad.” Activity shrank in July by the most in eight months, prompting the
biggest employment cutback in four years. Manufacturers had already cut jobs in June, so it will be interesting to see
what happened in July.
Source: U.S. Bureau of Labor Statistics – The Employment Situation – July 2024
The unemployment rate ticked higher to 4.1% against expectations it would hold steady at 4.0%.
Job gains occurred in government, health care, social assistance, and construction.
The number of long-term unemployed (those jobless for 27 weeks or more) rose by 166,000 to 1.5 million in June. This measure is up from 1.1 million a year earlier. The long-term unemployed accounted for 22.2 percent of all unemployed people in June.
The number of people employed part time for economic reasons, at 4.2
million, changed little in June. These individuals, who would have
preferred full-time employment, were working part time because
their hours were reduced and were unable to find full-time jobs.
Looking Forward:
The unemployment rate unexpectedly climbed to 4.1%, tied for
the highest level since October 2021 and providing a conflicting sign
for Federal Reserve officials weighing their next move on monetary
policy. The forecast had been for the jobless rate to hold steady at 4%.
Though June job creation topped expectations, it was due in large part to a 70,000 surge in
government jobs. Also, health care, a consistent leader by sector, added 49,000 while
social assistance contributed 34,000 and construction was up 27,000. Several sectors
saw declines, including professional and business services (-17.000) and retail (-9,000).
“The job market is bending without yet breaking, which boosts the argument for rate
cuts,” said David Russell, global head of market strategy at TradeStation. “Things are not
too hot and not too cold. Goldilocks is here and September is in play” for a Fed rate cut.
Long-term unemployment rose sharply on the month, up 166,000 to 1.5 million, compared
with 1.1 million a year ago. The BLS said the share of long-term unemployed as a percentage of
the total jobless level was 22.2%, compared with 18.8% a year ago.
There have been recent signs of cracks in the labor market, with purchasing manager surveys showing
contraction in hiring for both the manufacturing and services sector.
Source: U.S. Bureau of Labor Statistics – The Employment Situation – June 2024
Maintaining a stable business model is best accomplished by maintaining the same workforce for months to even years at a time. By focusing on how your business can benefit your employees, you will ensure that those you hire will be willing to stay with you.
Studies show that the current job market is uniquely unpredictable. 75% of employers report that it’s becoming increasingly difficult to fill open positions. So, what do we do to ensure potential employees choose us or current employees stay with us for an extensive period? Focusing on employee retention options is the first and most crucial step.
Why Is Employee Retention Important?
Ensuring your business has a strong, steady, and stable workforce will ensure long-term success. It’s important to remember that hiring people willing to work for you for a longer period of time means your efforts can be focused on the bottom line instead of staffing and behind-the-scenes organization.
There are five things to keep in mind when considering why employee retention is vitally important for your company.
Reduced Company Costs – First and foremost, longer employment periods end up costing you less in the long run because you don’t have to spend money on onboarding costs at a more frequent rate.
Greater Productivity – It’s important to remember that keeping a steady workforce means your employees can rely on each other and work together as a team to get the job done. With frequent turnover, your employees are stuck training new employees instead of focusing more on the company’s overall productivity.
A Strong, Flourishing Work Culture – Overall, your employees’ motivation will remain positive and high if they see that their coworkers are sticking around. It shows that you respect, support, and appreciate everyone in the company.
Enhanced Employee Morale – When employees remain the same and a reliable unit, the morale across the board will be higher. Knowing that the people they work with will be there daily allows employees to feel more connected and motivated about their jobs.
Happier Customers – The longer an employee stays with your company, the more likely they will know how to interact with your customers. This, in turn, will allow your customers to rely on and trust your company and leave them more satisfied with the services being provided.
Important Strategies to Keep in Mind
We have previously posted about employee retention strategies. While many of these strategies have stayed the same, there are a few key differences that better match the working environment in 2024.
It is also important to point out that our strategies for hiring and retaining millennials can now be applied to all working individuals. What used to be exclusively the feelings and desires of a younger working audience are now found among all employees, from young to seasoned.
So, what strategies do we suggest? On the grand scale, our suggestions focus on things that uplift morale and employee motivation. Keeping that in mind, let’s get started!
Ensure Your Hiring Process is Quick & Efficient
J & J Staffing has consistently made this suggestion since 2022. We truly believe that the faster and more efficient your hiring process is, the more motivated people will be to work for you.
This becomes the easiest way to ensure that the people you hire will want to work for you specifically. In 2024, the most eligible employees are looking for employers who make them feel special, valued, and respected even during the hiring process.
Offer Flexible Work Arrangements
At the end of lockdown, late 2020 and early 2021, employers started to find that having either a work-from-home option or a hybrid setup was more motivating for their employees. This is due in large part to the flexibility they offer as a means to help productivity and employee happiness.
While we understand that not all businesses can offer either of those options to their employees, there are ways to make flexible work arrangements in every environment on a case-by-case basis. Taking the time to accommodate employees tells them you value their contributions and want to keep them happy and employed.
Offer Positive Feedback
Offering positive feedback seems like the littlest thing you can do, but it truly can make a significant impact. Employees need to feel that their efforts are seen, appreciated, and acknowledged.
Positive feedback starts you off on a positive note and fosters an overall positive, caring company culture. Starting with an employee’s strengths allows the areas they need to improve on to be better received.
Foster Creativity
Humans all want to feel like their ideas are worth something. Allowing your employees to make suggestions about company policies and procedures that directly impact their jobs will motivate them to care about what they are doing.
Sometimes, the best ideas for growth and development come from the people on the front lines performing the tasks day in and day out.
Encourage Mutual Respect
In recent years, more individuals have been looking for bosses and supervisors who treat people with respect and allow the same level of respect to be reflected back to them. While positions naturally create a hierarchy that needs to be in place for a business to operate properly, giving room for equality in other aspects can change the whole game.
Well-respected employees and supervisors are likely to come together and remain united in furthering the business goals. Respect goes a long way toward ensuring employees feel as though they have a voice and are valued at work.
Provide Growth Opportunities
It is proven that if employees feel they don’t have anywhere to grow in their job they will move on. No one wants to spend years doing the same work over and over without any potential for promotion or professional development.
Even if you are only offering the opportunity to expand their knowledge and expertise in their chosen field, you are ensuring employees will appreciate the service they are providing. Any amount of growth is beneficial and can keep your employees satisfied.
Offer a Competitive Salary
Along the same lines of promoting personal and professional growth, offering a competitive salary is important. You might find the perfect person to add to your company roster, but if you aren’t giving them financial compensation to match, they aren’t going to choose you.
If you aren’t consistently reassessing the salaries of all your employees against the current economy and job market, you also run the risk of losing long-term, loyal employees. They are going to go where the money is. It’s as simple as that.
Promote Trust & Transparency
In line with some other action items on this list, promoting an environment of trust and transparency is important. Every time your company makes a significant decision, it is best to inform your employees and open the floor up for feedback regarding said changes.
No one likes feeling blindsided by decisions affecting them, nor do they like feeling lied to. It takes zero extra time and effort to keep your employees informed and in the loop about anything regarding company policies and procedures.
Create a Collaborative and Open Culture
In 2024, the desire to work for a company where you truly feel like a unified team is at an all-time high. Employees want to have a positive work environment that feels completely balanced with their personal lives.
Feeling as though they have the support of their professional team ensures that employees are going to overlook any minor irritations they have about their jobs and remain with the company. In fact, with an open, respectful, and collaborative culture, employees are more likely to inform higher-ups about those things that irritate them in the workplace, allowing for changes to be enacted.
Identify & Alleviate Employee Pain Points
Listening to your employees is a significant way to take action today to ensure your employees remain part of your team. Everyone wants to be heard, especially when they spend most of their time on the job.
Showing employees that you care enough about them to listen to their concerns and make an effort to implement solutions allows them to be further motivated to meet productivity standards. A workforce that feels appreciated and heard is more likely to contribute 110% to the company goals and ensure the customers are happy.
Implement Changes Over Time
Finally, if you find that changes need to be made to current policies or procedures, make them over time. Most employees need time to adjust to anything new, so giving them the time to do so will boost their morale significantly.
Giving employees time to test out new changes and provide feedback on how well they work is also a great way to ensure your employees respect you and wish to stay with the company. They will more likely adhere to the changes and take pride in their work.
Work with J & J Staffing to Ensure You’re Hiring the Right Employees
One of the things J & J Staffing takes pride in is our ability to stay on top of the latest hiring and retention trends. This allows us to provide the best service for our clients.
If you have questions about how to ensure you’re hiring the right people or retaining the wonderful employees you already have, we are here to advise. Contact us for more information.
Staffing Services In Greater Philadelphia
J & J Staffing Resources is a professional staffing agency that connects local businesses to job seekers throughout the Greater Philadelphia area, including Pennsylvania, New Jersey, and Delaware.
We bring over 45 years of expertise in office, industrial, technical, and professional staffing placements as well as payroll management, and offer a wide range of services for both employers and job seekers.
Need help? J & J Staffing has offices in Newark, Bridgeport, Woodbury, Cherry Hill, Ewing, Princeton, Langhorne, and Horsham. Visit your local J & J staffing center or get started below.
The unemployment rate ticked higher to 4.0% against
expectations it would hold steady at 3.9%.
Employment continued to trend up in several industries, led by health care; government;
leisure and hospitality; and professional, scientific, and technical services.
The number of long-term unemployed (those jobless for 27 weeks or more), at 1.4 million, changed little in May. The long-term unemployed accounted for 20.7 percent of all unemployed people.
Total nonfarm payroll employment increased by 175,000 in
April, lower than the average monthly gain of 242,000 over the
prior 12 months.
Looking Forward:
Ever since the pandemic began to fade, surging employment has
helped the US economy stand out from its peers. New data on
Friday confirmed that trend by showing companies added about
272,000 staff members in May, far ahead of the 180,000 that economists
had expected. The bumper reading forced traders to recalibrate (again) on
when they expect the Federal Reserve may lower interest rates.
The largest job increases in Friday’s report were in healthcare, which added 68,000 jobs
in May. Meanwhile, government employment added 43,000 jobs, and leisure and
hospitality added 42,000 jobs.
Combine that with other readings on the labor market, and there’s a case to be made for
weakness. Job openings, for example, fell in April to the lowest level in more than three
years. Vacancies in health care fell to the lowest number in three years, while those for
manufacturing dropped to the lowest since the end of 2020.
Wage growth in May will keep the Federal Reserve focused on its inflation fight, dimming prospects for interest-rate
cuts in the foreseeable future. Americans’ average hourly earnings rose faster than expected in May, up 0.4% from the
previous month, according to the BLS on Friday, June 7th. That was 4.1% higher than a year ago and compared with
the consensus estimate of 0.3% growth
Source: U.S. Bureau of Labor Statistics – The Employment Situation – May 2024
