The unemployment rate has remained under 4%. Although companies have eased layoffs, they are cutting back on hiring. Here are some key points you need to know about unemployment and job data.
Do you know how those monthly job and unemployment figures in the U.S. are cooked up?
The BLS uses a nifty monthly survey called the Current Population Survey (CPS) that chats with about 60,000 households nationwide. During this chat, they figure out who’s employed, job-hunting, and who’s out of the labor force altogether. After it’s tallied up, the BLS divides it by the total labor force (that’s the working folks and the job seekers) to whip up that ever-quoted unemployment rate.
But wait, there’s more! The BLS also taps into another source, the Current Employment Statistics (CES) survey. This survey measures the number of payroll jobs to calculate the monthly job numbers. And, of course, they sprinkle in some more adjustments to finally get the unemployment and job numbers.
Question. Do the job and unemployment numbers reflect what is happening in the job market today? We want to hear from you. What are your thoughts about unemployment, jobs, and what to expect in 2024? What was it like in 2023, and what will it be in 2024?
Weekly jobless claims in the U.S. dipped to 210,000, down 2,000 from last week. This shows a steady trend despite recent layoff announcements.
The unemployment rate has been under 4% for over two years, a testament to the labor market’s resilience. Employers are cautious with hiring, yet layoffs remain low, indicating stability amidst economic shifts.
Stay tuned as Mallory Vachon (LaborIQ) breaks down the Bureau of Labor Statistics’ monthly report, which is coming out next week! She will provide insights into job openings, employment growth, and unemployment rates. This is crucial information for Talent Acquisition!
A class-action lawsuit has been filed against Workday, a leading H.R. software company, alleging discrimination in their AI-powered hiring tools. Here’s what you need to know:
This case raises critical questions about the use of A.I. in hiring and who should be held accountable for discriminatory practices. Stay tuned for updates as this story unfolds!
MyPerfectResume recently surveyed more than 4,000 U.S.-based respondents to gauge workers’ perceptions of RTO policies. An overwhelming majority (77%) feel companies are implementing RTO policies to have greater control over their employees.
MyPerfectResume’s 2024 RTO Survey also found that:
The survey also examined workers’ opinions about remote work, and it was clear that companies mandating RTO policies and their employees are at odds.
The full report can be found here.
Entrepreneur.com has an article comparing Indeed to ZipRecruiter. But here’s a question for those in recruitment marketing. If you had to cut one of these from your budget, would it be ZipRecruiter or Indeed? Below are some features and capabilities to help you decide which is better for your talent acquisition team.
Job Listings and Candidates:
Looking for candidates? ZipRecruiter spreads the word across 100+ job boards, while Indeed aggregates listings from various sources.
Candidate Management:
ZipRecruiter’s AI-driven system targets qualified candidates, simplifying the process. Meanwhile, Indeed relies more on employers’ manual efforts.
Pricing:
ZipRecruiter offers flexible subscription plans, while Indeed offers free job postings with options for sponsored posts at a cost.
Reporting:
For insights, Indeed stands out with comprehensive hiring analytics and market trends, while ZipRecruiter’s reporting integrates better with ATS.
Applicant Experience:
Both platforms strive for user-friendly experiences, with ZipRecruiter boasting a smoother application process.
Read the article at (Entrepreneur.com)
We found this article that highlights how leading employers are enhancing their hiring practices to create a better candidate experience, which in turn helps them attract and retain top talent in a competitive job market.
Here are the key points:
Check out the rest of the article highlighting the latest strategies shaping the future of hiring and candidate experiences.
The evolving nature of work and advancements in A.I. and technology further underscore the need for transparency and accountability in hiring practices. Let’s continue this dialogue to ensure that our strategies align with the realities of today’s employment landscape, fostering trust and reliability in the recruitment process. Join us at The ERE Recruiting Conference this spring in Austin, Texas, from May 14th through 16th. We promise you’ll come away with all the information, resources, and tools to help you navigate the rapid changes recruiters currently face.
