Receive daily articles & headlines each day in your inbox with your free ERE Daily Subscription.

Not logged in. [log in or register]

economicdata RSS feed Tag: economicdata

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…

ADP Report Shows Hiring Slowdown in May

by Jun 4, 2014, 2:34 pm ET

ADP adds chart May 2014Private sector job growth slowed in May, says ADP’s monthly employment report out this morning. Payrolls increased by 179,000, the HR services firm estimated, which fell far short of the 210,000 economists were expecting. It was also under April’s revised ADP count of 215,000 new jobs.

“After a strong post-winter rebound in April, job growth in May slowed somewhat,” said Carlos Rodriguez, president and chief executive officer of ADP. However, he noted, “The 179,000 jobs added figure is higher than May of last year and in line with the average over the past twelve months.” keep reading…

Jobs Up By 288K in April As Unemployment Rate Plummets

by May 2, 2014, 9:53 am ET

Econ Index April 2014The unemployment rate plummeted in April to the lowest point in more than five years as the U.S. economy added an unexpectedly large 288,000 jobs during the month.

All but the most optimistic of economists expected the jobs numbers to be strong, but nowhere near 300k, with the consensus of surveys placing the increase in the range of 210,000 to 220,000. The unemployment rate was forecast to decline only by a tenth of a point from March’s 6.7 percent.

Instead, the Bureau of Labor Statistics report released this morning said unemployment dropped almost across the board, with lower rates for whites, blacks, Hispanics, men, women and teenagers. However, the sharp decline in the unemployment rate was due mostly to the 806,000 who left the labor force and were therefore not counted as unemployed. keep reading…

ADP Report: 220k New Jobs Is Most Since November

by Apr 30, 2014, 1:06 pm ET

ADP report for APril 2014This morning’s private sector employment report from ADP is buoying hopes the jobs market is picking up after after a slow winter. The payroll processor and HR services firm said the U.S. economy created 220,000 new private sector jobs in April, about 10,000 more than analysts were expecting.

The monthly ADP National Employment Report also upped the number of jobs initially reported for March by 18,000. keep reading…

U.S. News and Raytheon Launch ‘STEM Index’

by Apr 24, 2014, 11:34 am ET

Screen Shot 2014-04-24 at 8.21.56 AMA new “STEM Index” measures math and science test scores, degrees granted, interest in science careers, and other factors related to U.S. science, technology, and related careers. keep reading…

March Report: NewJobs=192k; New Workers=500k; Unemployment=6.7%

by Apr 4, 2014, 9:45 am ET

Econ Indicators March 2014U.S. job growth in March was somewhat lower than predicted as employers added 192,000 jobs during the month. The unemployment rate remained at 6.7 percent due largely to the half-million workers who rejoined the labor force.

This morning’s report from the U.S. Bureau of Labor Statistics also upped the initial numbers for January and February, adding 37,000 more jobs. With the revisions, monthly job growth during the first quarter of the year averaged 177,700 new jobs versus 206,000 for the first quarter last year.

Analysts were expecting a March gain of about 200,000 jobs, but the various surveys of economists showed a wide range of individual estimates. (The business news services survey analysts prior to the release of the monthly government report, and then average their estimate to produce a consensus result.) How much of the decline in job growth from last year is due to the unusually bad weather is a subject of debate among economists. keep reading…