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Year Ends With Strong Jobs Growth But Economists Worry About Pay

by Jan 9, 2015, 9:46 am ET

Econ indices Dec 2014Capping the end of the strongest 12 months of U.S. job growth since well before the recession, employers added 252,000 jobs in December as the unemployment rate fell to 5.6 percent, its lowest level since June 2008.

Economists had expected a strong year-end jobs report from the U.S. Labor Department, but were predicting growth closer to about 240,000 jobs and only a slight change in November’s 5.8 percent unemployment rate.

“The economy has some momentum,” Robert Shapiro, chairman of Sonecon, an economic consultancy, told The New York Times before this morning’s report was released. “I think it’s kind of hit a stride with respect to job creation.” keep reading…

2014 Ends With Strong Job Growth as Private Sector Adds 241k Jobs

by Jan 7, 2015, 12:58 pm ET

Total-Nonfarm-Private-Employment-by-Company-Size-December-20142014 ended on a strong note with private employers in the U.S. adding 241,000 new jobs. It’s the fourth consecutive month that ADP’s National Employment Report showed job growth over 200,000 and was well above the 225,000 jobs forecast by economists.

“The job market continues to power forward,” said Mark Zandi, chief economist of Moody’s Analytics which compiles ADP’s payroll data. “At the current pace of job growth, the economy will be back to full employment by this time next year.” keep reading…

The Labor Market’s Better, But Not Yet Out of the Woods

by Jan 2, 2015, 5:07 am ET
Screen Shot 2014-12-29 at 1.08.56 PM

U.S. unemployment rate, seasonally adjusted, November 2012 – November 2014

After years of sluggish and uneven employment growth, 2014 marked a crucial year in the U.S. economy. Hiring has quickened its pace enough to help shift the balance of power in the job search from the employer to the job seeker. A look back at developments in the labor market in 2014 may help recruiters to understand what they can expect in the coming year, and what can be done to prepare for 2015.   keep reading…

November Surprise: 321k Jobs and Higher Pay

by Dec 5, 2014, 9:41 am ET

Econ Index Nov 2014Economists were expecting November’s job growth to be about average, right around 220,000. Instead, the U.S. Labor Department this morning said employers added 321,000 jobs last month, the most in almost three years.

To add to the robust report, the government adjusted upward its initial numbers for September and October by 44,000 jobs. Together with November, the U.S. economy has averaged 241,000 new jobs each month this year. In 2013 the average for the 11 months was 204,000 and in 2012 it was 184,000.

The unemployment rate was unchanged at 5.8 percent. A year ago the rate was 7 percent. keep reading…

November’s 208K New Jobs to Put Pressure on Wages

by Dec 3, 2014, 12:54 pm ET

ADP Nov infographicPrivate sector employers added 208,000 jobs in November, the seventh time this year that job growth has topped 200,000.

The report from HR services and payroll process ADP says that every one of the broad industry groups it tracks added jobs, with small businesses growing the fastest. Businesses with fewer than 50 employees created 101,000 new jobs. Employers with more than 500 workers contributed 42,000 new jobs.

“November continued to show solid job growth above 200,000,” said Carlos Rodriguez, ADP president and CEO. “Small businesses continued to drive job gains adding almost half the total for the month.”

Economists, however, were forecasting even stronger growth. Surveys put their expectations at an average of about 220,000 for the month. Bloomberg’s survey of 47 economists had predictions ranging from as little as 190,000 to as much as 262,000, with the average at 222,000. keep reading…

Fed Bank Says Worker Shortages Putting Pressure On Pay

by Oct 16, 2014, 6:40 pm ET

Reports from the Federal Reserve say shortages of skilled workers in a variety of trades are showing up here and there across the U.S., putting upward pressure on pay.

Employers are having to pay more to attract workers in construction and manufacturing in several parts of the U.S. In parts of the Midwest, mid-Atlantic region, and the Northern Plains states, transportation workers are seeing somewhat higher pay. And in New York the number of workers quitting to take higher paying jobs is on the rise.

That shortages of some professionals exist is nothing new. Last week Dice reported that unemployment among tech professionals had fallen to an average 2.7 percent in the third quarter. And SHRM’s LINE Report for October said its measure of recruiting difficulty has been going up for seven months straight.

But the Fed’s October 15th “Beige Book” notes that “Most Districts reported that some employers had difficulty finding qualified workers for certain positions.” (The nation is divided into 12 federal reserve districts.) keep reading…

Time to Fill Lengthens Again

by Oct 9, 2014, 5:16 am ET

Avg time to fill Aug 2014On the heels of a survey finding that a quarter of all employers plan to add temporary staff this quarter comes a forecast that temp agency staffing will increase 8.7 percent over last year.

Temp industry consultant G. Palmer & Associates says temp employment will average 2.978 million workers in the fourth quarter. For the last quarter of 2013, the average was 2.739 million. As of September, the U.S. Bureau of Labor Statistics reports temp agencies employed a record 2.934 million workers.

“Our forecast for the 2014 fourth quarter follows recent trends, demonstrating growth and indicating another increase in demand for temporary workers, marking the 19th consecutive quarter of year-over-year increases,” says Greg Palmer, founder and managing director of the Newport Beach, California human capital advisory firm.

“The data is also showing that with the advent of lower unemployment rates, labor is tightening, wages in certain categories are increasing, and temp help as a percentage of new job growth is beginning to tapper off,” he adds. keep reading…

As More Employers Plan Hires, Recruiting Workers Will Get Harder Still

by Oct 8, 2014, 12:28 am ET

Hiring plan chart 2014In what could be the strongest finish since before the recession, an increasing number of employers say they intend to hire full-time permanent workers this quarter.

CareerBuilder’s quarterly survey of employers found 29 percent of them expect to add permanent headcount before the end of 2014, an increase of four percentage points over those saying that last year.

While hiring expectations don’t necessarily translate into action, so far this year more employers have ended up hiring more workers than they told CareerBuilder they planned.

The survey doesn’t say how large the headcount will grow, but numbers from the U.S. Bureau of Labor Statistics show 2014 is on track to add more workers to the nation’s payrolls than at any time in a decade. Since January, employers have averaged 227,000 new jobs each month. For the same period last year, the average was 193,000. keep reading…

September Adds 248K New Jobs as Unemployment Dips to 6-Year Low

by Oct 3, 2014, 9:43 am ET

Econ Index Sept 2014Propelled by strong hiring across a range of occupations and industries, September saw 248,000 new jobs added to the economy, which helped drive down unemployment to a six year low of 5.9 percent.

The monthly jobs report from the U.S. Bureau of Labor Statistics also adjusted upward its count of hiring in August and July, increasing both by a combined 69,000 jobs. August’s initial anemic 142,000 estimate, which surprised analysts and prompted worrying about a hiring pause, was upped to 180,000.

Today’s announcement was a more pleasant surprise. keep reading…

Encouraging ADP Report May Foreshadow Strong Government Numbers

by Oct 1, 2014, 12:10 pm ET

ADP comparison change for Sept 2014With the announcement this morning that September’s private company payrolls grew by 213,000, economists are optimistic it foreshadows an even-more-robust government report due Friday. keep reading…

Your Best Candidates Might Be Searching for Part-time Jobs

by Sep 12, 2014, 12:49 am ET

Charlotte trainLooking for STEM talent? Struggling with a skills gap? Your best candidates might be searching for part-time jobs.

You see, popular coverage of the role of part-time jobs in the economy often attributes the rise of these positions to employers who have turned some full-time jobs into part-time ones. While there are 7.5 million Americans working part time for economic reasons (they’d like to work more hours but can’t find a full-time job), there are millions of others who are actively interested in more flexible work options or reduced hours — and this interest isn’t isolated to low-skilled workers. keep reading…

August’s 142,000 Jobs Is Weakest Growth This Year

by Sep 5, 2014, 9:42 am ET

Econ indicators Aug 2014 v2Even taking into account the usual summer hiring slowdown, this morning’s jobs report from the U.S. Labor Department can only be called surprising. The Department’s Bureau of Labor Statistics said 142,000 new jobs were created in August, a number far off the 220,000 to 230,000 economists forecast. Unemployment inched down to 6.1 percent from 6.2 percent.

It was the smallest increase yet this year, and follows six months of gains over 200,000 jobs each. Going into August, the monthly average gain in new jobs was 230,000.

Yesterday’s private sector jobs report from ADP and Moody Analytics foreshadowed a lower August job growth when it came in at 204,000, which was also below expectations. Few, though, expected so big a decline, which was also accompanied by a net downward revision of June and July’s numbers of 28,000.

The slight decline in the unemployment rate came from fewer working-age Americans participating in the labor force. The participation rate in August dropped back to 62.8 percent from 62.9 percent, hovering near historic lows. keep reading…

August Job Growth Slows; Just a Summer Dip?

by Sep 4, 2014, 1:12 pm ET

Econ indicators Aug 2014 v1The hand-wringing over today’s ADP private employment report should not be taken as evidence of any kind of sudden reversal of hiring.

The 204,000 private sector jobs ADP and its forecasting partner, Moody’s Analytics, said were created in August demonstrates that the hiring surge of the last several months still has legs. That the number was less than the 215,000-220,000 jobs economists expected and the lowest count since March, may be disappointing, but the August dip is familiar to any recruiter with more than a few years experience.

Hiring historically slows in August and again around the end-of-the-year holidays. Last year, ADP reported 296,900 new jobs in June and 212,400 in July. In August, the job creation count dropped to 190,200. It was back up in September to 215,000. keep reading…

July Job Gains Top 200K for 6th Straight Month

by Aug 1, 2014, 9:43 am ET

Econ data July 2014For the sixth consecutive month, the U.S. added more than 200,000 new jobs, a streak not seen since 1997.

Data from the U.S. government’s Bureau of Labor Statistics said 209,000 new jobs were created in July across a broad swath of industries. Unemployment nosed up slightly to 6.2 percent as a trickle of additional workers, perhaps buoyed by the job growth, reentered the labor market.

The BLS also adjusted upward its initial reports for May and June, adding another 15,000 jobs.

Earlier this week, The non-profit business research group The Conference Board said its measure of Consumer Confidence jumped 4.5 points to 90.9, the highest since before the recession. keep reading…

Jobs Growth Slows in July, But Job Boards Don’t

by Jul 31, 2014, 7:26 pm ET

Job board revenue Q2 2014Doubters may be questioning the strength of the U.S. jobs recovery after Wednesday’s announcement by ADP that 218,000 private sector jobs were created in July — lower than expected — but the job boards aren’t.

Two of the three publicly held careers publishers have so far reported their second-quarter results, and in both cases they’ve wowed Wall Street.

LinkedIn this afternoon announced it grew revenue by 47 percent, crossing over into billion-dollar territory halfway through the year. The company earned 51 cents a share (after adjusting for one-time expenses) versus the 39 cents predicted by analysts. keep reading…

With More Hiring Forecast, Fill Time and Recruiting Difficulty are Rising

by Jul 11, 2014, 6:16 am ET

CB Mid-year hiring plans 2014Employers are expressing more optimism about the future and it’s showing in their hiring plans for the rest of this year.

CareerBuilder’s Midyear Job Forecast says more employers expect to add headcount in the next several months than said that last year. Employers told CareerBuilder they will add to the ranks of full and part-time workers, and 33 percent will increase their temp or contract staffing workers.

The CareerBuilder survey shows a brighter employment picture than the one at the beginning of the year. With the U.S. Congress mired in budget politics and with a renewal of the debt ceiling crisis looming, barely a quarter of the hiring managers surveyed for the report foresaw increased full or part-time hiring ahead. keep reading…

‘Job Gains Were Widespread’ in June, Says U.S. Govt

by Jul 3, 2014, 8:51 am ET

Screen Shot 2014-07-03 at 5.57.22 AMThe foreshadowing from yesterday turned prescient. That bad-weather, bad-economic-news first part of the year behind us, June saw job gains in a variety of industries.

The U.S. Bureau of Labor Statistics says 288,000 jobs were created, about 75,000 more than expected.

Gains were “widespread,” it reported. Indeed, a variety of industries looked strong: keep reading…

June Had Strong Job Growth, Adding 281k Says ADP

by Jul 2, 2014, 12:56 pm ET

ADP job growth chart june 2014With a private sector jobs report from ADP estimating that employers added 281,000 jobs in June — the most in almost two years — the expectation is that tomorrow’s official government report will also be a strong one.

Labor economists were taken by surprise by the strength of the ADP report. In advance of this morning’s release, surveys by Bloomberg News, Dow Jones, and others put the average guesses of various analysts between 205,000 and 213,000.

Mark Zandi, chief economist for Moody’s Analytics, which compiles the numbers from ADP payroll processing records, was optimistic about the direction of the economy. keep reading…

A Graphical Look at What’s Happened to America’s Jobs

by Jun 10, 2014, 12:06 am ET

Times - Mixed RecoveryWhen the U.S. Bureau of Labor Statistics released its May employment report Friday, it marked a recovery milestone. Six years and five months after the recession began, the U.S. has finally recovered 8.7 million jobs lost through the recession’s official end in February 2010.

The 138.463 million jobs in May exceeds January 2008′s 138.365 million by 100,000.

While certainly good news, the recovery and job creation has been uneven. In a remarkable series of interactive charts, The New York Times graphically illustrates the mixed nature of the recovery. Industry by industry, using BLS data The Times shows how both the number of jobs has changed, as well as the average salaries. keep reading…

May Job Growth Is Fourth Month Over 200K

by Jun 6, 2014, 9:51 am ET

Econ index May 2014Early indications of an anemic May employment report proved unduly pessimistic this morning when the U.S. Labor Department announced 217,000 new jobs were added during the month and that the unemployment rate was unchanged at 6.3 percent.

Analysts predicting a gain of 210,000-215,000 payroll additions in May were surprised Wednesday when payroll processor ADP’s monthly jobs report estimated a mere 179,000 new jobs. Now, with the government showing a fourth consecutive month of gains over 200,000, there’s greater confidence that job creation is finally gaining momentum. keep reading…