Latest news with #laborforce
Bloomberg
3 days ago
- Business
- Bloomberg
Hadiran CEO Power Speaks on Re-Shoring High Skill Labor
Hadrian CEO Chris Power speaks at the Reagan National Economic Forum in California on re-industrialization and the re-shoring of high skill labor. He says you "have to automate" due to the lack of high skill laborers, but when automation and AI cannot do the job, a highly productive workforce is important. (Source: Bloomberg)
CBS News
6 days ago
- Business
- CBS News
Rising number of college grads are unemployed, new research shows
Recent college graduates are having a harder time finding work, despite their higher education degrees, which usually give job-seekers a leg up in the labor market. That's according to a new report from Oxford Economics which shows that unemployed recent college grads account for 12% of an 85% rise in the national unemployment rate since mid-2023. That's a high number, given that this cohort only makes up 5% of the total labor force. What's more, the rate of unemployment among workers, ages 22 and 27, who have recently graduated from college, is nearing 6% —which is above the national unemployment rate of 4.2%. "People who have obtained a bachelor's degree or higher have a higher unemployment rate than national average, and this is the first time this has happened in the last 45 years of data," Matthew Martin, senior U.S. economist at Oxford Economics, told CBS MoneyWatch. That's noteworthy, he said, because "those with higher educational attainment usually have better prospects overall than their peer with less." So why are recent college grads are having a tougher time finding work post-college than previous graduating classes did? While the report points to a couple of factors, it finds that much of the rising rate is being driven by industries where employers are slowing hiring. "The rise in the recent graduate unemployment rate is largely part of a mismatch between an oversupply of recent graduates in fields where business demand has waned," according to the report. That holds especially true in the tech industry, as more college students graduate with degrees in computer science and related fields than any other major. "Prospects for employment will remain minimal for these individuals, keeping the unemployment rate elevated in the near term," Oxford Economics researchers wrote in the report. Tech sector-centric Computer science is among the fastest-growing fields of study among undergrads, according to the National Center for Education Statistics, but jobs in the sector are particularly vulnerable to replacement by automation. Recent advances in artificial intelligence also expose workers in the field to being rendered obsolete. "There's a mismatch between business demand and the labor supply overall," Martin said. "And it's very concentrated in the technology sector." The industry hired at a fast clip when the economy reopened post-pandemic, before pulling back. Those cuts are likely still affecting the current unemployment rate, according to Martin. "Some of it could be a normalization after the tech sector's hiring surge at the end of the pandemic around 2021," he said. "But there's also evidence that AI is starting to impact lower-level computer science gigs," he added. Experienced workers who graduated with computer science degrees but have racked up more than a few years of experience are faring fine, noted Martin. It's those who do the kind of lower-level, rote work that AI is already adept at, who are seeing a mismatch between the number of jobs available and the supply of workers seeking them. "Some of it might be businesses being productive with the workers they have and not wanting to increase costs overall by hiring. It could also be higher adoption rates of AI," Martin said. "At the moment, it looks to be a bit of both." Uncertainty slows hiring Economic uncertainty, driven largely by President Trump's aggressive, yet ever-changing tariff agenda, is also leading a number of businesses to press pause on growth and investment. Because of this, the unemployment rate among recent college graduates could continue to inch upward, according to Martin. "We are heading into a period where uncertainty is really high; the impact of tariffs is starting to bleed through, and businesses are facing higher input costs," he said. Although recent college graduates who have secured employment aren't being laid off at higher rates than the rest of the workforce, Martin doesn't expect things to get easier for young graduates on the hunt for employment, absent a surge in hiring by tech companies or mass exodus of workers from the labor force. "There is some softening in demand overall, but a lot of it is concentrated at the moment in recent college graduates, and we are looking for the unemployment rate to rise," he said. The "underemployment" effect When qualified workers with college degrees try and fail to find work in their desired field, they tend to continue seeking work, sometimes looking for a job in another sector, as opposed to withdrawing from the labor force, the report notes. That can lead t college-educated workers finding themselves "underemployed," or in roles where 50% of the workers who occupy them do not have a bachelor's degree or higher. This scenario can doom them for years to come: Underemployed workers tend to remain so for the rest of their careers, according to a report.
Zawya
7 days ago
- Business
- Zawya
Domestic work in Egypt: A push toward formalization
While Egypt's economy often draws attention for its large infrastructure and booming tech sector, a vital yet overlooked part of the economy persists quietly: domestic work. Rooted in informal and traditional hiring practices, this sector faces challenges, including lack of transparency and workers' protection. However, a transformative shift is underway. The rise of digital platforms and new legislative efforts aimed at formalizing domestic work is opening the door to greater efficiency, accountability, and economic inclusion. This evolving dynamic promises to reshape the livelihoods of millions and influence Egypt's broader labor market future. The Evolving Landscape of Domestic Work in Egypt Domestic work in Egypt has long been rooted in informal, traditional hiring practices. Historically, Egyptian families relied on personal networks or intermediaries, often rural-urban migrants or brokers, to recruit domestic workers, most of whom were women from unprivileged backgrounds. The increased female labor force participation has driven demand for domestic services, making it a necessity for many households. In Egypt, domestic workers face serious challenges that need urgent attention. A 2022 study by Alternative Policy Solutions (APS) uncovered troubling conditions for both live-in and live-out domestic workers. The research revealed that 78% of live-in workers endured workdays exceeding 11 hours, with nearly half laboring more than 15 hours daily. According to the study, 40% reported working every day of the week, while the remainder had no more than 24 hours of rest per week. Among live-out workers, 38% said they had no days off at all. These findings highlight the sector's widespread lack of basic labor protection. Many domestic workers are hired through employment agencies. While some agencies have their own policies, such as sick leave and systems for handling complaints, none of them are fully governed by the Ministry of Manpower and Immigration. As a result, these agencies operate outside the scope of labor inspections and largely without direct accountability, as emphasized by Soha Abdelaty, APS deputy director, and Leila Roberts, researcher at APS, in their paper 'Towards Legal Protection for Egypt's Domestic Workers'. The domestic work sector also includes unregistered foreign workers, who often compete with Egyptian workers in the market. Nouran ElKhouly, an economic analyst, tells Arab Finance: 'Unregistered foreign workers contribute to the expansion of the informal sector, creating a landscape of vulnerability and unfavorable working conditions.' 'Their presence can also depress wages for local domestic workers, as employers may opt for cheaper labor. This growing informality adds pressure on the government to enforce labor regulations more effectively,' she explains. Formalizing Domestic Work The informal sector, which includes domestic work, makes up about 40% of Egypt's gross domestic product (GDP), or approximately EGP 2.6 trillion, according to the Ministry of Planning's latest reports from end-2022. Therefore, comes the need for the inclusion of domestic workers in the formal economy and the issuance of laws that protect their labor rights. For years, domestic workers have remained outside the umbrella of legal protection under the pretext of household privacy. In early May 2025, President Abdel Fattah El-Sisi issued directives to draft a comprehensive law regulating the status of over one million domestic workers. These individuals include cleaners, nannies, cooks, drivers, and guards. They provide vital daily services to Egyptian households without any legal guarantees protecting them from exploitation or abuse. 'The proposal for a new law to regulate domestic work is a significant step toward improving labor conditions in the domestic services sector. This sector currently suffers from a lack of adequate organization and legal protection,' Nourhan Nour Eldin, an economist, points out. 'From an economic perspective, this law addresses the challenges of informal labor, a prevalent issue in the domestic work sector. By integrating domestic workers into the formal economy, the law can improve working conditions, boost productivity, and enhance overall market efficiency,' she adds. 'However, this law must be accompanied by a robust awareness campaign. Many workers in this sector have limited digital literacy, so it is crucial to create accessible channels that provide clear information about workers' rights and obligations. This will help ensure full integration and maximize the economic and organizational benefits of the law for all stakeholders,' Nour Eldin explains. The Rise of Domestic Worker Platforms In 2024, Egyptian employers started adopting digital platforms for domestic work. Wessam, a 29-year-old mother and teacher, tells Arab Finance: 'I prefer using digital platforms and apps to hire domestic help, rather than relying on traditional methods. They feel more trustworthy, as the platform is responsible for any issues caused by the worker. Also, they allow me to set a schedule that suits my needs, not the worker.' ElKhouly notes, 'These platforms would provide access to a broader pool of labor and help match employers with workers who have the right skills. They also increase the probability of better enforcement of regulations, thus, better working conditions. On the supply side, these platforms can cut recruitment costs and improve profitability.' Meanwhile, Nour Eldin says, 'Digital platforms and hiring apps have transformed the labor market in general. They streamline hiring processes, significantly reduce search costs, and save time for employers.' 'By utilizing advanced technologies like cloud computing and artificial intelligence (AI), these platforms enhance employer-worker matching and eliminate inefficiencies in traditional hiring practices. The widespread use of smartphones and the rise of remote work further amplify these advantages,' according to Nour Eldin. ElKhouly agrees, stating: 'AI is a disruptive force across industries. Online platforms can leverage AI to improve job matching based on skills and geographic proximity. These can also provide unbiased ratings and increase security for both workers and employers.' The transformation of Egypt's domestic work sector stands as a compelling example of how tradition and innovation can intersect to drive economic and social progress. As digital platforms gain traction and legislative reforms move closer to reality, the sector is poised to shed its informality. Hence, it is set to embrace a new era defined by transparency, worker protection, and operational efficiency. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Yahoo
26-05-2025
- Business
- Yahoo
State jobless rate remains among the nation's lowest
Hawaii continues to rank among the nation's top states for low unemployment. The seasonally adjusted jobless rate in April remained at 2.9 % for the second straight month after holding at 3.0 % for the previous eight months, according to data released last week from the state Department of Business, Economic Development and Tourism. In addition, Hawaii's nonagriculture year-over-year payroll job growth rate at 2.7 % was the highest in the nation in April. 'April labor data shows that Hawaii has one of the best labor markets in the nation, ' DBEDT state Chief Economist Eugene Tian said via email. 'Compared with April 2019, Hawaii's labor force and employment in April 2025 were fully recovered to the same levels in April 2019.' Tian, 68, who is retiring effective Sunday after 33 years with DBEDT—15 years as chief economist—said the state agency expects 'slowing down in job growth for the rest of the year, mainly caused by the reduction in federal employment, reduction in federal grants, and slowing down in tourism. For the year as a whole, we still expect job growth at around 1.0 %.' Hawaii's 2.9 % unemployment rate in April ranked behind only South Dakota, 1.8 %; North Dakota, 2.6 %; and Vermont and Montana, both at 2.7 %, according to the U.S. Bureau of Labor Statistics. Tian said two factors are keeping Hawaii's unemployment rate steady. 'More people are joining the labor force, ' he said. 'We saw the labor force participation rate increase or be stable in the last 10 months. Also, more people have found jobs. Most Hawaii industries have gained jobs in the past year.' The state's labor force, which includes those who are employed, those who are unemployed but actively seeking work and those who are self-employed, increased to 688, 300 in April from 686, 450 in March. Those employed edged up to 668, 650 from 666, 600, while the number of people unemployed decreased to 19, 650 from 19, 850. Tian said federal layoffs that were spearheaded by the Department of Government Efficiency, or DOGE, already have occurred among federal government jobs in Hawaii. 'In April, the federal civilian job count was 34, 800, the lowest since February 2023, and a decrease of 1, 000 jobs from April 2024, ' Tian said. 'However, we saw the job count increase in state government year over year. 'State government has been having a high vacancy rate. I believe some of the federal workers may have found jobs in the state government. From the initial unemployment claims data, we did not see an increase in unemployment claims. The average weekly initial unemployment claims for the first 20 weeks of 2025 (through May 17 ) was at 1, 043, lower than the 1, 059 during the same period in 2019.' Tian said federal civilian employees should claim unemployment benefits with the state Department of Labor and Industrial Relations if they were laid off in Hawaii. Nationally, the unemployment rate in April held at 4.2 %. Hawaii's nonfarm payrolls, calculated from a mail survey of employers, increased by 1, 500 in April from March. The leisure and hospitality sector showed the largest increase at 1, 900 with private education and health serv ices next with a gain of 1, 100. Meanwhile, the unemployment rate was mixed in the state's four major counties from March. State and national labor force data is adjusted for seasonal factors, but the county jobs data is not seasonally adjusted and thus does not take into account variations such as the winter holiday and summer vacation seasons. Honolulu County's rate rose to 2.4 % from 2.3 %, Hawaii County inched up to 2.8 % from 2.7 %, Kauai County increased to 2.3 % from 2.2 % and Maui County held at 3.0 %. Within Maui County, Maui's rate remained at 3.0 %, Molokai's rate dipped to 2.0 % from 2.1 % and Lanai's rate rose to 4.9 % from 3.5 %. HOLDING STEADY The seasonally adjusted unemployment rate over the past year : HAWAII April 2025 2.9 % March 2025 2.9 % February 2025 3.0 % March 2025 2.9 % January 2025 3.0 % December 2024 3.0 % November 2024 3.0 % October 2024 3.0 % September 2024 3.0 % August 2024 3.0 % July 2024 3.0 % June 2024 2.9 % May 2024 2.9 % April 2024 2.9 %—U.S. April 2025 4.2 % March 2025 4.2 % February 2025 4.1 % January 2025 4.0 % December 2024 4.1 % November 2024 4.2 % October 2024 4.1 % September 2024 4.1 % August 2024 4.2 % July 2024 4.2 % June 2024 4.1 % May 2024 4.0 % April 2024 3.9 % Source : State Department of Business, Economic Development and Tourism ; U.S. Bureau of Labor Statistics
Bloomberg
20-05-2025
- Business
- Bloomberg
Influx of Foreign-Born Workers Drove 2024 US Labor Force Growth
Foreign-born workers drove US labor force growth for another year in 2024, providing a last boost for the job market before President Donald Trump's immigration crackdown was set in motion. Some 1.2 million immigrants joined the US workforce in 2024, more than offsetting a decline in the number of native workers, Bureau of Labor Statistics data showed Tuesday. The nation's 32.3 million foreign-born workers — legal and undocumented — now represent a record 19.2% of the labor force.
