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Epoch Times
08-05-2025
- Business
- Epoch Times
US Jobless Claims Decline, Reinforcing Strength in Labor Market
The U.S. labor market is not signaling any signs of wider layoffs as the number of Americans filing for new applications for unemployment benefits declined last week, government data show. According to new figures from the This came in below the consensus forecast of 230,000. For the second consecutive week, the largest increases in initial jobless claims were centered in New York (15,418) and Massachusetts (3,301). Continuing jobless claims—a measure of individuals who continue to receive unemployment benefits—declined by 29,000 to a lower-than-expected 1.87 million. The previous week's number was adjusted lower to 1.9 million. The four-week average, which removes the week-to-week volatility, jumped by 1,000 to 227,000. Related Stories 5/2/2025 5/1/2025 Meanwhile, initial claims for unemployment benefits by former federal workers were little changed at 468. Continued jobless claims by former federal civilian employees rose by 82 to 6,716. Despite deteriorating business and consumer sentiment, the gloomy outlook has yet to appear in the hard data. Last week, the April jobs report showed that the U.S. economy added a better-than-expected 177,000 new jobs, and the unemployment rate was unchanged at 4.2 percent. Global outplacement firm Challenger, Gray, and Christmas reported a sharp 62 percent drop in layoffs in April from the previous month. However, market watchers say several forward-looking indicators signal softening in the jobs arena. In March, the number of job openings fell by 288,000 to a six-month low of 7.19 million. Additionally, the Federal Reserve's latest Beige Book report—a survey of business contacts in the U.S. central bank's 12 regional districts—revealed slowing hiring plans 'until there is more clarity on economic conditions.' Wages and Productivity New Bureau of Labor Statistics The headline reading came in higher than the market forecast of 5.1 percent. Hourly compensation advanced by 4.8 percent, up from 3.7 percent in the previous quarter. An increase in unit labor costs typically suggests that wages are growing faster than productivity, which can lead to price inflation as businesses would pass costs onto consumers. In the first three months of 2025, non-farm productivity fell for the first time in almost three years, by 0.8 percent. Output slipped 0.3 percent, but hours worked climbed by 0.6 percent. An employee works on an assembly line at startup Rivian Automotive's electric vehicle factory in Normal, Ill., on April 11, 2022. Kamil Krzaczynski/Reuters This was down from an upwardly adjusted 1.7 percent increase in the previous quarter. The decline was also worse than economists' expectations. Resilient Economic Data While economists' recession odds have increased in recent weeks, the numbers show that the country is still managing the tariff turbulence. 'We continue to see the hard data showing economic strength,' Gina Bolvin, president of Bolvin Wealth Management Group, said in a note emailed to The Epoch Times. 'The US economy continues to be incredibly resilient.' After the first quarter's import-driven 0.3 percent contraction, the Atlanta Federal Reserve Bank's widely watched GDPNow Model Following its May Fed policy meeting on May 7, the interest rate-setting Federal Open Market Committee (FOMC) highlighted that economic activity persists amid widespread uncertainty. 'Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid. Inflation remains somewhat elevated,' the FOMC Still, U.S. central bank officials fear a stagflation environment as 'the risks of higher unemployment and higher inflation have risen,' the FOMC said. Chris Zaccarelli, chief investment officer of Northlight Asset Management, says Wall Street will continue to worry about a recession until the White House announces more trade deals. 'The markets are going to increasingly worry about a recession, and unless some trade deals are made before the tariff pause runs out, we are going to see markets drop again like they did in early April,' Zaccarelli said in a note to The Epoch Times. In a Truth Social
Forbes
13-04-2025
- Business
- Forbes
3 Ways To Future-Proof Your Career Against Layoffs In 2025
Job insecurity is at an all-time high as the U.S. braces to head into another recession Recent data from a MyPerfectResume survey paints a stark picture of the labor market and of workers' trust in the traditional job model: about 81% fear job loss and 92% anticipate a recession. The report, which interviewed more than 1,100 U.S. professionals, revealed that more than half say that their salary isn't enough to keep them financially stable. 'Burnout is expected to worsen, with job insecurity cited as the top cause,' the report continued. Additionally, a Challenger, Gray, and Christmas report highlighted that 'U.S.-based employers announced 172,017 job cuts in February, the highest total for the month since 2009 when 186,350 job cuts were recorded. It is the highest monthly total since July 2020 when 262,649 cuts were announced…February's total is a 245% increase from the 49,795 cuts announced one month prior. It is a 103% increase from the 84,638 cuts announced in the same month last year.' This is most likely spurred on by federal and DOGE-related job cuts, as well as the mass tech layoffs we are all too familiar with. To add to this, recent economic wars between the U.S. and other countries as relates to tariffs has created a volatile economy and threats of a recession, JPMorganChase CEO Jamie Dimon warns in a conversation with the Wall Street Journal, which directly impacts the industries and jobs of workers, particularly in manufacturing, energy, and agriculture. So how are workers combating this harsh reality? The survey estimates that more than two-thirds of workers anticipate more freelance and contract workers next year, while about 61% are planning to upskill in 2025 to stay competitive. If you too, are feeling worried about the stability or future of your job and income, there are three steps you can take starting today to protect your career progression and ensure regular financial streams, even if your job is on the line: The fastest way to future-proof your career is to increase your value within the job market, and specifically, within your target industry. This requires upskilling, but you need to be strategic. Don't just upskill randomly. Set a goal for job descriptions or roles you would like to pursue within a few months to a year from now. Look at those jobs and analyze what tools and skill sets and competencies appear repeatedly across those job ads. This gives you an idea of the skills requirements for those roles. Next, audit your own skill set and compare with the requirements frequently listed in these jobs. See where there is a gap or mismatch due to lack of knowledge, experience, or skills. Then, double down on this skills gap by undertaking industry-recognized training via short online courses, many of which are free or relatively inexpensive, such as on Coursera, edX, LinkedIn Learning, and Google Career Certificates. Ideally, you want to focus on high-income skills which are transferable, can complement your existing experience, or enable you to pivot into a new role or industry, and are in-demand based on industry trends and hiring reports. Some examples of high-paying, in-demand skills you should focus on upskilling in include SEO, tech tools, project management, UX design, data analytics, and digital marketing. It's better to start now than wait for later when you don't have the energy or mental motivation to upskill because you're already out of work. The other way you can future-proof your job and career against layoffs is by freelancing. It's been estimated by Statista that by the year 2027, which is just two years time, more than half of the U.S. workforce will be freelancers. There is growing demand in this space, with freelance hiring ramped up by 260% from 2022 to 2024 alone. This means that you have a greater chance of landing a job as a freelance worker than you would being an employed professional. Freelancing offers you a safety net because you're able to take on multiple projects without being tied down to one employer. You can set your rates and increase them when the time feels right. And there are endless opportunities to scale and generate multiple streams of revenue just from one skill or business idea. Freelancing is a flexible workforce model that suits employers perfectly because they're able to fill critical talent gaps within a short period of time and at a reduced budget, compared to waiting for ages to find the right full-time permanent hire. At the same time, you're able to experience the benefit of working on your own terms and being able to live and work from any location remotely. This creates the ultimate win-win situation. This idea is very similar to freelancing, but takes it a step further: why not diversify your skill set and your revenue streams instead of depending solely on one or even two sources (your job and your freelance business)? Why not consider additional sources of long-term income generation, which can develop passive income to support you and your family for years to come? This includes turning to options like Airbnb hosting and rentals, licencing your knowledge and skills via IP (intellectual property) online, selling courses and digital products which are scalable, and reinvesting your income to create a portfolio of assets. Spend wisely and set aside a portion of investment so you can diversify your finance streams, making you less dependent on one job as a source of income. This also gives you flexibility to walk out the door if you don't like your job due to a toxic work environment. Are you ready to reclaim your finances and take back control over your career? Follow the three steps above, and you'll be more resilient against layoffs while proving yourself to be a valuable asset in the job market. Upskilling and diversification can mitigate the effects of layoffs on your career and finances How can I survive a round of layoffs in 2025? What should I do now? Read here for five essential steps and a seven-day checklist you should take from day one after you've been informed that your job is eliminated. How can I make money as a freelancer? To make money as a freelancer, you need to be strategic with the services you provide and the way you position yourself. Read this article for three ways to make as much as $200 a day as a freelancer in 2025.
Yahoo
07-03-2025
- Business
- Yahoo
How are Trump administration layoffs impacting the job market?
CHARLOTTE () — For the first time since taking office in November, we are getting a glimpse of how decisions made by the Trump administration are impacting the job market. New data shows massive federal cuts and tariff uncertainties have led to a near recession-level spike in planned job cuts. According to the monthly cuts report by workplace consultant agency Challenger, Gray, and Christmas, US-based employers announced plans to cut 172,017 jobs last month, the largest job cuts announcement since 2020 'The president alluded to some difficulties in the economy going forward. I think principally related to tariffs. I think that there is a risk that the unemployment rate goes higher. I think that there is a risk that hiring slows, and there is a risk that inflation flares. All of those things are sort of the opposite of what I think most people are hoping for,' Bankrate Senior Economic Analyst Mark Hamrick said. READ NEXT | Whataburger eyes Mooresville for new location as expansion across NC continues Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
