Now Trending in the Labor Force: Week 34
Let’s Talk Employment
- The Conference Board’s Leading Economic index for the U.S. rose 0.4% in July to a level of 124.3 (2010 = 100) after rising 0.3% in June. Separately, the U.S. Department of Labor reported that U.S. initial claims for unemployment fell by 4,000 in the week ended Aug. 16 to a level of 262,000. Reuters reports claims fell more than expected last week, reinforcing views of labor market strength that could encourage the Federal Reserve to raise interest rates soon.
- The Wall Street Journal reports car manufacturers and parts suppliers that were attracted by Mexico’s plentiful and inexpensive labor are now poaching workers, paying bonuses and offering perks, chipping away at the country’s low-cost advantage.
- Contingent workers represented 29% of all US workers last year, or 44 million people, according to new research by Staffing Industry Analysts. The contingent workers represented $792.4 billion in staffing buyer spend.
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- Millennial workers are the most likely generation to forfeit time off, even though they earn the least amount of vacation days, according to a report released by Project: Time Off. The survey found millennials stay at work because they feel more fear and greater guilt about taking time away from the office than any other generation.
- The number of employed youth, those between 16 and 24 years old, rose by 1.9 million in July from April to a total of 20.5 million, the US Bureau of Labor Statistics reported on August 17th. In July, 53.2% of the overall youth population were employed, little changed from a year earlier.
- Employers who took their time making hiring decisions just a few years ago now scramble to snag candidates in as little as a day for fear of losing them to competitors in a tight labor market, USA Today reports.