Workforce Weekly: Week 17
Let’s Talk Employment
- Alaska posted the highest unemployment rate among all states in March coming in at 6.6%. Illinois and West Virginia closely followed at 6.5% each.
- Staffing jobs in the week ending 4/10/2016 decreased 2.28% from the prior year.
- The Conference Board’s US leading economic index edged up in March suggesting modest growth in 2016. The index rose 0.2% in March to a reading of 123.4, following decreases of 0.1% in February and 0.2% in January.
- The National Association for Business Economics’ April 2016 business conditions survey indicates softer employment expectations following weaker sales and declining profit margins in the first quarter. Employment increases were reported by fewer respondents than at any time in the previous two years while expectations for wage increases over the next three months also dipped.
- Median weekly earnings of US full-time wage and salary workers rose 2.7% year over year in the first quarter to $830 (not seasonally adjusted).
What Else Did I Miss?
- According to “The Active Job Seeker Dilemma,” passive job seekers with a wide network of referrals have the upper hand on active job seekers in today’s employment landscape.
- TrueBlue Inc. reported first-quarter revenue rose 12.7% to $646.0 million amidst slowing demand combined with rising labor and sourcing costs. First-quarter revenue growth included 4% organic growth and 9% from acquired businesses.
- Companies plan to hire more recent college graduates this year than in the past 10 years. 67% of employers said they plan to hire recent college graduates this year, up from 65% last year and the highest outlook since 2007.
- Employers appear to be reacting to a tightening labor market by boosting wages to retain talent.
- The US four-week moving average of initial claims for unemployment insurance fell to 260,500 last week, down 4,500 from the previous week’s unrevised average. This marks 59 consecutive weeks of initial claims below 300,000 — the longest streak since 1973 — and is the lowest level for initial claims since November 1973.