Now Trending in the Labor Force: Week 33
Let’s Talk Employment
- The rate of layoffs in the U.S. dropped to 1.1% in June, according to a report from the U.S. Department of Labor. The report presented an ambiguous picture of the U.S. labor market, highlighting that the rate of hiring has yet to fully recover from the 2007-09 recession.
- Reports from the 12 districts of the Federal Reserve indicate that economic activity continued to expand at a modest pace across most regions from mid-May through the end of June, according to the Federal Reserve Board’s latest report on regional economies (known as the “beige book”.)
- Canadian employers reported 328,000 job vacancies in the first quarter. The number of job vacancies fell by 72,000, down 17.9%, from the first quarter of 2015. The job vacancy rate — a measure of job openings compared with total employment — declined 0.5 percentage points year over year to 2.1%.
Give Me the Numbers
What Else Did I Miss?
- Temporary help jobs rose 17,000 in July vs. June, according to seasonally adjusted numbers released by the US Bureau of Labor Statistics. The year-over-year growth rate for temporary jobs in the US ticked up to 1.9% in July. The number of temporary jobs reached 2.93 million, its highest level since December.
- The US economy is expected to add more than 7.2 million jobs over the next five years; the gains will occur disproportionately in high-wage and low-wage occupations, according to new research released by CareerBuilder. Both high-wage and low-wage occupations are projected to grow 5%, but middle-wage jobs are projected to grow only 3%.
- A consensus is forming among economists that the Federal Reserve will hold off on its next interest-rate increase until December. About 71% of the 62 economists surveyed by The Wall Street Journal this month said the Federal Reserve will raise short-term rates next, at its Dec. 13-14 meeting.