Despite 500,000 Leaving Employment Market, Job Openings Surge by 300,000

Last week’s employment report was quite disappointing as only 88,000 net jobs were created. The unemployment dropped from 7.8 to 7.7 percent, but the reason was that some 500,000 people left the labor force. If you’re not employed and not looking for employment then you aren’t counted in the ranks of the unemployed. Some of those who left the workforce came from the increasing number of Baby Boomers reaching retirement age but pretty clearly many came from those who would prefer to be working but gave up their search after reaching the conclusion that it was fruitless.

Today, the U.S. Bureau of Labor Statistics issued a report that should provide some comfort to those who are still looking for work as well as those who stopped but may re-start their search. According to the BLS, there were 3.9 million job openings on the last business day of February, up from 3.6 million in January, the U.S. Bureau of Labor Statistics reported today. The hires rate (3.3 percent) and separations rate (3.1 percent) were little changed in February. This release includes estimates of the number and rate of job openings, hires, and separations for the nonfarm sector by industry and by geographic region. Continue Reading

Only 88,000 New Jobs Added in March; Economists Predicted 200,000

A cynic might say that the news out of Washington, D.C. is rarely good but today that cynic would be correct. The U.S. Department of Labor released its monthly employment report today and the news was quite disappointing. The U.S. economy added only 88,000, nonfarm jobs in March. Economists had predicted an increase of 200,000. The biggest loser? Retail. In related news, fewer people started looking for work during the month so the number of unemployed people hardly moved (now 11.7 million) and the unemployment rate fell but only slightly from 7.7 to 7.6 percent.

Household Survey Data

Among the major worker groups, the unemployment rates for adult men (6.9 percent), adult women (7.0 percent), teenagers (24.2 percent), whites (6.7 percent), blacks (13.3 percent), and Hispanics (9.2 percent) showed little or no change in March. The jobless rate for Asians was 5.0 percent (not seasonally adjusted), little changed from a year earlier. Continue Reading

80% of Job Openings Are Unadvertised

Photo courtesy of Shutterstock

I was recently quoted by the Wall Street Journal as saying that 80 percent of job openings are unadvertised. Several people have contacted me to ask where I got that number. Some believe that only 70 percent of job openings are unadvertised. So where did I get 80 percent from?

As well stated on the Jobfully blog, the number bounces around a bit year-to-year and even month-to-month depending upon the state of the labor market and is indirectly reported by the U.S. Bureau of Labor Statistics in their monthly Job Openings and Labor Turnover Survey (JOLTS). The survey reports these numbers: Continue Reading

1.8 Million 2013 Four-Year College Grads Entering Improving Job Market

John Challenger of Challenger, Gray & Christmas

With college seniors around the nation returning to their respective campuses following spring break recess, many will undoubtedly turn their attention to their impending graduation and the search for their first post-collegiate job.  A new analysis of the entry-level job market estimates that while the job market continues to strengthen for college graduates, the environment remains highly competitive, which may force some to pursue unexpected career paths.

In its annual college graduate job-market outlook, global outplacement consultancy Challenger, Gray & Christmas, Inc. says this year’s crop of 1.8 million bachelor’s degree recipients will be able to take advantage of the 36 consecutive months of private-sector employment growth that has occurred since the jobs recovery began in earnest in March 2010.

“Job creation has been slow, but it has been steady.  Over the past 14 months, private payrolls have grown by an average of 190,000 new workers per month.  There are a growing number of opportunities for job seekers, but the search definitely requires an aggressive approach.  This is especially true for new graduates, who are likely to have less real-world experience to point to in job interviews,” said John A. Challenger, chief executive officer of Challenger, Gray & Christmas. Continue Reading

Economy Added 236,000 Jobs Despite Expectations of Only 160,000

The U.S. economy added 236,000 jobs in February. According to the Wall Street Journal, economists had forecast that payrolls would rise by 160,000 and the unemployment rate would fall to 7.8 percent. In related news,  the unemployment rate fell two-tenths of a percentage point to 7.7 percent, the lowest level since the end of 2008.

Total nonfarm payroll employment increased by 236,000 in February, and the unemployment rate edged down to 7.7 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in professional and business services, construction, and health care. Continue Reading

Despite More Government Layoffs, 157,000 Net New Jobs Added in January

Total nonfarm payroll employment increased by 157,000 in January, and the unemployment rate was essentially unchanged at 7.9 percent, the U.S. Bureau of Labor Statistics reported yesterday. Retail trade, construction, health care, and wholesale trade added jobs over the month.

Household Survey Data

The number of unemployed persons, at 12.3 million, was little changed in January. The unemployment rate was 7.9 percent and has been at or near that level since September 2012. Continue Reading

Private Sector Gained 582,000 Jobs in Q2 2012; California Led With 108,383 New Jobs

From March 2012 to June 2012 gross job gains from opening and expanding private sector establishments were 7.0 million, an increase of 69,000 from the previous quarter, the U.S. Bureau of Labor Statistics reported today. Over this period, gross job losses from closing and contracting private sector establishments were 6.4 million, an increase of 301,000 from the previous quarter.

The difference between the number of gross job gains and the number of gross job losses yielded a net employment gain of 582,000 jobs in the private sector during the second quarter of 2012. Continue Reading

11 of the Fastest-Growing Jobs in America

Heather Dugan, Salary.com contributing writer

Everyone wants a little job security. But in these turbulent times filled with massive changes, how can any of us know if our careers are on solid ground?

Luckily, the Bureau of Labor Statistics crunched some numbers and came out with employment projections to the year 2020. So which jobs are the safest bets? The aging population of Baby Boomers put more than a few health care careers on this list, but check out other popular options amongst the fastest growing occupations of the future. Continue Reading

Employers Add 155,000 Jobs in December; Private Sector Up 168,000

U.S. job growth slowed slightly in December as Congress fought over tax increases and spending cuts. In a nutshell, the report was quite positive as U.S. nonfarm payrolls increased by a seasonally adjusted 155,000 last month, the U.S. Bureau of Labor Statistics reported earlier today. Given population growth, that’s about how many jobs need to be added to the economy in order to keep the employment rate steady. In 2012, job gains averaged 153,000 per month, the same as in 2011. In December, employment rose in health care, food services and drinking places, construction, and manufacturing.

Health care employment increased by 45,000 over the month, with gains in ambulatory health care services (+23,000), in hospitals (+12,000), and in nursing and residential care facilities (+10,000). Health care added 338,000 jobs over the past 12 months.

Employment in food services and drinking places rose by 38,000 in December. In 2012, the industry added an average of 24,000 jobs per month, essentially the same as in 2011.

Construction employment rose by 30,000 in December, with gains in construction of buildings (+13,000) and in residential specialty trade contractors (+12,000).

In December, manufacturing employment grew by 25,000, with small gains in a number of component industries. In 2012, manufacturing added 180,000 jobs; most of the growth occurred during the first quarter of the year.
Within retail trade, employment in clothing and accessories stores fell by 19,000 in December, following gains that totaled 55,000 over the prior 3 months. In December, employment continued to trend up in automobile dealers and in food and beverage stores.

Average hourly earnings of all employees on private nonfarm payrolls rose by 7 cents in December to $23.73. Over the past 12 months, average hourly earnings have risen by 2.1 percent. From November 2011 to November 2012, the Consumer Price Index for All Urban Consumers (CPI-U) increased by 1.8 percent.

Most major indicators from the survey of households showed little or no change in December. The unemployment rate, obtained by a separate survey of U.S. households, was 7.8 percent, the same as the November figure. The rate has been at or near that level since September. In December, the number of unemployed persons was little changed at 12.2 million. Among the unemployed, 39.1 percent had been jobless for 27 weeks or more. The employment-population ratio, at 58.6 percent, also was essentially unchanged over the month, and the labor force participation rate held at 63.6 percent.

Among persons who were neither working nor looking for work in December, 2.6 million were classified as marginally attached to the labor force, about unchanged from a year earlier. These individuals wanted a job, were available for work, and had looked for a job within the last 12 months. The number of discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, was little changed in December from a year earlier at 1.1 million.

December Layoffs Lowest Since 1997

John Challenger of Challenger, Gray & Christmas

After three consecutive months of  increased layoff activity, the number of  planned job cuts announced in December plunged to 32,556, the second lowest monthly total of 2012.  Overall, the year ends with the lowest 12-month job-cut total since 1997, according to the latest report from global outplacement consultancy Challenger, Gray & Christmas, Inc.

The 32,556 planned job cuts announced last month were 43 percent fewer than the 57,081 November cuts.  The December total was 22 percent lower than a year ago, when employers announced 41,785 in the final month of the year.  The only month in 2012 to see fewer job cuts than December was August, when job cuts totaled 32,239.

Despite the December decline, planned layoffs in the fourth quarter were up 33 percent from the previous quarter.  Employers announced 137,361 job cuts in the final three months of year, compared to 102,910 in the third quarter.  The third-quarter total was the lowest quarterly total since 81,568 job cuts were announced in the second quarter of 2000. Continue Reading