Latest news with #JobOpeningsandLaborTurnover
CNBC
a day ago
- Business
- CNBC
Here's what's happening with unemployed Americans — in five charts
While the unemployment rate in the U.S. is still fairly low, data shows it's not uncommon to see individuals job hunting for extended periods of time. The unemployment rate remained flat at 4.2% in May, the Bureau of Labor Statistics reported Friday. However, over the past six months, it's become "drastically harder to find a job," whether you're entering the job market for the first time or you've been looking for a while, according to Alí Bustamante, an economist and director at the Roosevelt Institute, a liberal think tank. "It's not that folks are losing their jobs," Bustamante said. "It's just that businesses are much more reticent to hire people, to make investments, because they just feel this very uncertain economic climate." More from Personal Finance:Millions of Americans would lose health insurance under House GOP megabillCheck your home insurance ahead of an 'above normal' hurricane season401(k) balances drop due to market volatility: Fidelity Bustamante and other economists say several data points beyond the headline job market numbers — the job-finding and quits rates, the share of workers who have been unemployed for 27 weeks or more, a broader rate of unemployment and the state of so-called "white collar" jobs — showcase deeper issues within the labor market. "Employers aren't hiring, they're not firing. People aren't leaving their jobs, and there's just fewer opportunities right now," said Cory Stahle, an economist at Indeed, a job search site. As career coach Mandi Woodruff-Santos put it during a recent interview with CNBC: "The job market is kind of trash right now." Here's what's happening with unemployed Americans, in five charts. The job-finding rate reflects the share of unemployed workers who successfully found a job, Stahle said. Over the past few years, the job-finding rate for unemployment has been declining, he said. In other words, people who are looking for work are not finding jobs, Stahle said. On the flip side, the quits rate reflects the share of employees who have left their jobs in a given month, Stahle said. That figure has also been declining, meaning people are not voluntarily leaving their jobs. The quits rate was at 2.0% in April, little changed from 2.1% in March, both numbers seasonally adjusted, according to the latest Job Openings and Labor Turnover report by the Bureau of Labor Statistics. The number of quits was down by 220,000 over the year. Hiring activity has also been down in recent years. The rate of hires was at 3.5% in April, little changed from 3.4% in March, both seasonally adjusted, per the JOLTs report. As people stay put in their jobs and employers are reluctant to hire, such factors create a "low hiring, low firing" environment, Stahle said. The number of long-term unemployed workers dropped in the bureau's latest report. However, not only is the rate still high, the recent drop could also be a red flag, Bustamente said. The share of unemployed workers facing long-term unemployment — those who have been jobless for at least 27 weeks — was a seasonally adjusted 20.4% in May, according to the bureau's latest data. That's down from a seasonally adjusted 23.5% in April. But the recent decline may not be an improvement. It could be signaling that a large number of long-term unemployed workers left the labor force altogether, he said. Considering that 139,000 jobs were added in May and about 218,000 workers are no longer in the unemployment cohort, there's a significant gap of workers who were unemployed but did not secure new roles, Bustamante said. What's more, the number of people not in the labor force jumped by 622,000 in May. "All the data point to long-term unemployment declining because people left the labor force," Bustamante said. While the headline unemployment rate — also known as the U-3 rate — has remained steady, another measure shows a clearer picture of what's happening with unemployed workers still looking for jobs, experts say. The U-6 rate includes the total number of unemployed workers, plus all marginally attached workers, and the total employed part time for economic reasons. Marginally attached workers are those who are neither working nor looking for a job — but indicate that they want and are available for work, and looked for a new role recently. There's a subset of this group called discouraged workers, or those who are not currently looking for a job due to labor-market reasons. People employed part time for economic reasons are those who want and are available for full-time work but settled for a part-time schedule. As of the latest BLS data, the U-6 rate remained unchanged from April at 7.8%. This data tells us that more and more Americans have either stopped looking for work out of labor-market frustrations, or are picking up part-time gigs to get by financially, experts say. When looking at professional and business services — the industry that represents "white collar," and middle and upper-class, educated workers — there hasn't been much hiring, experts say. Fields such as marketing, software development, data analytics and data science have far fewer opportunities now than they did before the pandemic, Stahle said. On the other hand, industries such as health care, construction and manufacturing have seen consistent job growth. Nearly half of the job growth came from health care, which added 62,000 jobs in May, the bureau found. "There's been a divergence in opportunity," Stahle said. "Your experience with the labor market is going to depend largely on the type of work it is you're doing."
Yahoo
7 days ago
- Business
- Yahoo
The May Jobs Report Comes Out Friday—Here's What You Need to Know
The Bureau of Labor Statistics' monthly employment report is scheduled to be released Friday morning. The report could have implications for the broader economy, as many watch to see how tariffs affect the labor market. Economists expect a slight slowdown in jobs, but overall, the labor market has been resilient so far this year. However, cracks could be forming that would push the Federal Reserve to cut its influential interest rate to stave off mass Bureau of Labor Statistics is scheduled to release its monthly jobs report on Friday morning, and investors will watch closely. The May employment report is the government's official measure of the labor market. If other measures from the private sector are any indication, Friday's report could be a harbinger of tariffs' effects on the broader economy. Here's what to know about the report ahead of its release. According to a survey by Dow Jones Newswires and The Wall Street Journal, economists expect the report to show 125,000 jobs were added in May. That would be a slowdown from the unexpectedly high 177,000 in April. "While trade policy uncertainty declined after the U.S.-China trade deal, it remained very high across the payroll month," wrote analysts at Goldman Sachs on Thursday. "Elevated uncertainty is likely to disproportionately weigh on employment growth in months when gross hiring is particularly elevated, such as May." Economists also expect the unemployment rate to remain at 4.2%, the same as last month. Over the last twenty years, it has averaged 5.8%. Official government reports on the labor market have shown it has been surprisingly resilient to tariff pressures. Still, economists and private sector reports indicate a rough road ahead. Economists predict that higher tariffs will cause companies to pull back on their highest cost—labor. That could mean fewer new jobs or layoffs. Uncertainty around tariff policies has already caused businesses to hold off on investments like hiring, according to anecdotal reports. But so far, that hasn't shown up in official government data. This week, the Job Openings and Labor Turnover report found that employers had 7.4 million jobs open in April, up from 7.2 million in March. That was more than economists expected, though they warned that it is a lagging indicator. Other, more-recent measures of the labor market show a grimmer picture. A report from payroll provider ADP found that private employers added the fewest jobs since March 2023, almost half compared to the month prior. Economists tend to shrug off that report, as it only measures a portion of the labor market. President Donald Trump, however, wasn't so quick to eschew the findings. In the wake of the report, he once again criticized the Federal Reserve for not cutting interest rates to boost the economy. If tariffs do slow down the labor market and raise the unemployment rate, the Federal Reserve may be pushed to cut its influential federal funds rate. The Fed has held its rate at a historically high level this year as it waits to see how the tariffs will affect the economy. Central bankers are concerned that tariffs threaten both sides of their "dual mandate" to keep inflation low and employment high. That inaction has drawn the ire of Trump, who wants rate cuts to boost the economy immediately. He has said that the central bank has been too slow to cut and should follow the lead of its counterparts in Europe. Central bankers, for their part, are waiting to see if inflation or jobs are affected before making moves. If prices rise because retailers pass tariffs to consumers, the Fed would need to maintain high rates to stifle inflation. If the job market does suffer, central bankers would likely be inclined to cut rates to boost economic activity and hiring. Read the original article on Investopedia Sign in to access your portfolio
Yahoo
02-06-2025
- Business
- Yahoo
NYSE Content Advisory: Pre-Market update + U.S. - China trade tensions escalate
NEW YORK, June 2, 2025 /CNW/ -- The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today's NYSE Pre-market update for market insights before trading begins. Caroline Woods delivers the pre-market update on Jun 2nd Stocks are lower ahead of Monday's open after China accused the U.S. of breaching the terms of the trade deal agreed to last month, adding that it vows to respond. This is just the latest tension between the two sides. Investors will be paying attention to jobs data coming in this week. The Job Openings and Labor Turnover survey and the ADP Private Payrolls Report will give Wall Street a glimpse of the job market before the April Jobs Report comes out on Friday. As June trading begins, the S&P 500 is coming off its best month since November 2023. The DOW is also coming off a strong May, with a gain of 4%. Opening BellDiamondRock Hospitality (NYSE: DRH) celebrates its 20th anniversary of listing Closing BellGrindr (NYSE: GRND) celebrates Pride Month 2025 Click here to download the NYSE TV App View original content to download multimedia: SOURCE New York Stock Exchange View original content to download multimedia: Sign in to access your portfolio
Cision Canada
02-06-2025
- Business
- Cision Canada
NYSE Content Advisory: Pre-Market update + U.S. - China trade tensions escalate
NEW YORK, June 2, 2025 /CNW/ -- The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today's NYSE Pre-market update for market insights before trading begins. Stocks are lower ahead of Monday's open after China accused the U.S. of breaching the terms of the trade deal agreed to last month, adding that it vows to respond. This is just the latest tension between the two sides. Investors will be paying attention to jobs data coming in this week. The Job Openings and Labor Turnover survey and the ADP Private Payrolls Report will give Wall Street a glimpse of the job market before the April Jobs Report comes out on Friday. As June trading begins, the S&P 500 is coming off its best month since November 2023. The DOW is also coming off a strong May, with a gain of 4%. Opening Bell DiamondRock Hospitality (NYSE: DRH) celebrates its 20 th anniversary of listing Closing Bell Grindr (NYSE: GRND) celebrates Pride Month 2025
Yahoo
02-06-2025
- Business
- Yahoo
NYSE Content Advisory: Pre-Market update + U.S. - China trade tensions escalate
NEW YORK, June 2, 2025 /CNW/ -- The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today's NYSE Pre-market update for market insights before trading begins. Caroline Woods delivers the pre-market update on Jun 2nd Stocks are lower ahead of Monday's open after China accused the U.S. of breaching the terms of the trade deal agreed to last month, adding that it vows to respond. This is just the latest tension between the two sides. Investors will be paying attention to jobs data coming in this week. The Job Openings and Labor Turnover survey and the ADP Private Payrolls Report will give Wall Street a glimpse of the job market before the April Jobs Report comes out on Friday. As June trading begins, the S&P 500 is coming off its best month since November 2023. The DOW is also coming off a strong May, with a gain of 4%. Opening BellDiamondRock Hospitality (NYSE: DRH) celebrates its 20th anniversary of listing Closing BellGrindr (NYSE: GRND) celebrates Pride Month 2025 Click here to download the NYSE TV App View original content to download multimedia: SOURCE New York Stock Exchange View original content to download multimedia:
