Earlier this month our nation celebrated Labor Day. ... Click the graphic to enlarge chart: Labor Force Share, by Age Group, 1999, 2009, 2019, and Projected 2029. We won’t rest on what we have done, however. The Labour Force Summary Sheet (359.5KB) contains a brief snapshot of the Australian labour market as at October 2020. More details on that below. The .gov means it's official. make sure you're on a federal government site. This is due to their fast aging population. Even when we broaden the concept of productivity to include the output attributable to the combination of labor and other productive factors (also known as multifactor productivity), the rate of growth is still one-third of the pace it was in the first decade of this century. This trend will benefit those who tend to senior citizens and the elderly in a variety of capacities. These projections do not include impacts of the COVID-19 pandemic and response efforts. Monthly labour market fact sheet The monthly labour market fact sheet summarises high-frequency and timely data and surveys with a focus around the impact of COVID-19 on the labour market. Also, there is a growing movement to discriminate against workers 40 years and older, who are earning a decent salary. The primary source of the CES sample is the BLS Quarterly Census of Employment and Wages (QCEW) program, which collects employment and wage data from states’ unemployment insurance tax systems. We also have new data on job openings, hiring, and separations by state. All Rights Reserved, This is a BETA experience. The healthcare and social assistance sector is projected to add the most new jobs, and 6 of the 10 fastest growing occupations are related to healthcare. The article also highlights how you might use these new state data. In doing so, I have founded a start-up company, WeCruitr, where our mission is to make the job search more humane and enjoyable. This app now includes employment and wage data for detailed industries and occupations. Editor’s note: Data for this map are available in the table below. How can we measure the value of the dignity of work, or the personal and social value that work yields? That said, we should never lose sight of the big picture. These measures cover the private nonfarm sector for all 50 states and the District of Columbia from 2007 to 2017. Paid leave benefits are available to most private industry workers. For example, does the quality of labor alone determine the rate of productivity growth? You can still find data on unemployment rates and total employment. I write actionable interview, career and salary advice. If you are a pawn in this game, you’re in trouble. From 2007 to 2017, labor productivity changes ranged from a gain of 3.1 percent per year in North Dakota to a loss of 0.7 percent per year in Louisiana. I have been Commissioner of Labor Statistics for 5 months now, and I continue to be amazed by the range and quality of data we publish about the U.S. labor market and the well-being of American workers. https:// ensures that you are connecting to the official website and that any Among the major worker groups in August 2020, the unemployment rate was 8.4 percent for adult women and 8.0 percent for adult men. Here are the three big labor market trends I heard at the Indeed.com conference, plus tips on how to leverage them to find a job: 1. Global and regional employment estimates and projections trace the potential of different regions in the world to absorb an ever growing global labour force. As a proponent of career growth, I am excited to share my insider interviewing tips and career advancement secrets with you in an honest, straightforward, no-nonsense and entertaining manner. I am a CEO, founder, and executive recruiter at one of the oldest and largest global search firms in my area of expertise, and have personally placed thousands of professionals with top-tier companies over the last 20-plus years. We collaborated with our partners at other U.S. statistical agencies to find out how many people received payments from the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020. We recognize how challenging it is for our survey respondents to provide data during the pandemic, and I am very grateful for their cooperation. A recent Monthly Labor Review article, “BLS publishes experimental state-level labor productivity measures,” explains the data and the methods for putting them all together. To succeed in the near future, it would be helpful to have a background in science, technology, engineering, mathematics and coding. Now we have them for all states and the District of Columbia too. Identifying market trends such as: ancillary pay, and merit and pay practices. There will be a growing need for skilled scientists and engineers to design ways to colonize other planets and build the means to get there and construct a habitable community. That’s because the population counts are not subject to the sampling and modeling errors that may occur with the CES monthly estimates. Labor Day is a good time to reflect on where we are. We released our latest set of long-term employment projections September 1. It will happen industry by industry and you won’t even know what’s happening until it comes for your job. Follow us on Twitter @BLS_gov. We regularly report on topics relating to London’s labour market, focusing on: understanding the recent trends; projecting what London’s labour market will look like in the future; Policy teams use our analysis to advise their work – for example, if they’re writing a policy about apprenticeships and young people. We’ve updated the BLS Local Data App! Modernization of Mobile Job Applications: Most of existing applicant tracking systems were built in a … We construct these state measures from data published by several BLS programs and by our colleagues at the Bureau of Economic Analysis. Despite our strong international showing, analysts who watch these data may be a tad bit concerned with the sluggishness in U.S. productivity growth over the past 10 years. There will be a reversion to the mean, as corrections are inevitable. Before sharing sensitive information, Soon we will have new data about how businesses have responded to the pandemic. Despite these difficult times, I hope you are able to enjoy the long holiday weekend. Since the older generation won’t leave the workforce voluntarily (especially since they need the benefits), there will be less chances for the younger employees to advance up the corporate ladder, as all of the good seats will already be taken. By peeling back layers and looking at the details behind the summary number, we can gain valuable insight on the hours and output of our nation’s workforce. Labor Market Trends We provide access to current regional labor market and economic information so that you can make informed decisions about the future. It seems reasonable that we are long overdue for one. In a very short time—days, not weeks—we had to change our data collection processes to eliminate in-person collection and move to a combination of telephone, internet, and video. As we pollute the earth, there will be a great need for people with the skills to clean up the environment. For total employment nationwide, the absolute annual benchmark revision has averaged about 0.2 percent over the past decade, with a range from −0.7 percent to +0.3 percent. Autonomous vehicles, kiosks in fast-food restaurants and self-help scans at stores will decimate minimum-wage and low-skilled jobs. Labor and Workforce Trends: Perspectives for middle market companies An aging workforce, a tight labor market and the shifting nature of employee preferences are having an effect on the middle market. Experts believe that economic recovery will continue this year. What drives productivity change? So the monthly CES estimates aren’t exactly the same as if we had counted employment from all 10 million worksites each month. Robots using AI can scan x-rays better than the naked human eye to detect issues, such as hard-to-find cancer cells. The unemployment rate was 13.0 percent for Blacks or African Americans, 10.7 percent for Asians, 10.5 percent for Hispanics or Latinos, and 7.3 percent for Whites. The employment–population ratio was 56.5 percent in August. Today, very few—if any—corporations offer pension plans. The U.S. labor market could look markedly different in 2019. Germany, U.S, and Japan are predicted to have a relatively thin labor force in the next 15 years. As people live well into their 90s and longer, they will delay retirement and work into their late 70s to ensure that they have sufficient funds to support themselves. We project employment to grow by 6.0 million jobs from 2019 to 2029. This is just the beginning stages of this dire trend. There were 7.6 million people working part time for economic reasons in August 2020. You also can find your state, metro area, or county by searching for a zip code or using your device’s current location. That’s compared with the next largest world economies: Germany at $99,377; the United Kingdom at $93,226; Japan at $78,615; China at $32,553; and India at $19,555. James Gorman, the CEO of top-tier investment bank Morgan Stanley, announced that he was letting go of about 1,500 employees due to concerns about the future of the economy. Usually the causes are not known at the time and come from left field. Taxes will significantly increase to pay for the newly enacted entitlement programs, such as free healthcare, wiping out student debt (which is primarily backed by the U.S.), universal basic income (which offers people thousands of dollars of month without having to work) and numerous other benefits offered. The pandemic has taught us there’s an unlimited appetite for data. All of our staff moved to full-time telework March 16, and I am so proud of how well they have worked under trying circumstances. Information available includes developments in employment, unemployment, the unemployment rate, as well as an overview of youth and states and territories. Then there’s the mysterious role of innovation. When a job can be moved from New York City to lower-cost cities in the U.S. and other countries, there is little incentive for companies to pay you a higher salary. (Thus, we’re not showing a 2019 number in graph and table below). Despite all of the challenges, BLS has been able to produce all of our economic reports without interruption. The increase in unemployment in early 2010 is not only the result of economic but also seasonal factors. (Photo by WANG ZHAO/AFP/Getty Images). The government will become an even larger employer, as it will need millions of people to work in these new bureaucratic agencies to administer the new initiatives. Our goal is to provide estimates that are excellent and not just good or pretty good, and that’s why we benchmark the survey data each year. Take a moment to look at some fast facts we’ve compiled on the current picture of our labor market. We celebrate Labor Day for many good reasons, but one of the best is to appreciate, even for just one day, how amazingly productive our nation’s workforce is. Financial advisors, hospice workers, assisted living home personnel, physical therapists and people who are involved with surgical enhancements will thrive. Workers, businesses, and policymakers care deeply about the economy in our own backyards. In 1983, the first year for which comparable union data are available, the union membership rate was 20.1 percent. Want to learn more? We develop the projections using models based on historical data. Trends like aging and declining birth rates mean the days of abundant labour are drawing to an end in much of the world. On August 21, BLS released a first look at what this revision will be—what we call the “preliminary benchmark.” This preliminary benchmark gives us an idea of what the revised nonfarm employment estimates for March 2019 will be. The number was 4.3 million in February. As with all sample-based surveys, CES estimates are subject to sampling error. People live much longer than they used to, due to advancements in medicine and an increased focus on nutrition, exercise and diets. Response rates have dipped a bit in some programs, but the quality of our samples remains strong across the board. The rates we have seen since March likely understate unemployment, but the trend is clear. But wait, there’s more! Let’s take a moment to celebrate that productivity and the progress we have seen in the last few years. Our workers are very productive. As with the state productivity data, these estimates are experimental. Labour markets operate at local, regional, national and increasingly international levels, reflecting how economies operate. New State Data on Labor Productivity and Job Openings and Labor Turnover, BLS publishes experimental state-level labor productivity measures, we have them for all states and the District of Columbia, Average weekly earnings rose by 2.6 percent from July 2018 to July 2019. That was the highest rate, and the largest over-the-month increase, in the history of the data back to January 1948. In previous blog posts, we’ve told you about our mobile app for customers who want to know more about local labor markets. Data from our Labour Force Survey (LFS) shows the employment rate has been decreasing since the start of the coronavirus pandemic, while the unemployment rate is now rising sharply. The unemployment rate reached 14.7 percent in April 2020. A large number of talented young people mostly from developing countries have been hired through this process! That’s why it’s important for organisations and HR practitioners to monitor the state of the labour market and keep an eye on likely developments in the economy. We’re happy to have your feedback on these new measures. America’s workers lead the world in their capacity to create the goods and services that define our economy and improve our lives. It was, however, below the numbers of workplace deaths in the 1990s, when over 6,000 fatalities occurred per year. For example, pre-benchmark employment for 2018 was 147.4 million; post-benchmark employment was also 147.4 million. People at all ends of the social and economic spectrum will be impacted. But based on recent experience, we are confident the benchmark released next February will show only a moderate difference from what we’ve been publishing each month and will validate the accuracy of our monthly CES estimates. The following table shows the total payroll employment estimated from the CES before and after the benchmark over the past 10 years. Growth doesn’t—and can’t always—go up forever without corrections (when the stock market drops 5% to 10%) along the way. Want to know which industry employs the most workers in your area or which occupation pays the highest? BLS has released the “preliminary benchmark” information for the Current Employment Statistics (CES) survey, the source of monthly information on jobs. If a Democrat, such as Elizabeth Warren or Bernie Sanders, wins the presidential election in 2020, the country will tilt toward socialism. Avoid jobs that could easily be taught to someone else who the company could pay a lower salary to or easily relocated to another country. Growing productivity means that our standard of living very likely is improving. There has been a clear improvement in net employment intentions, which have risen seven percentage points since summer this year. However, which innovations transform productivity, and have all the low-lying fruits of productivity enhancement already been harvested? Labour-market analysis is complicated by the need to consider not only the short-term supply and demand for labour, but their allocation among regions, occupations and industries. Do have a relatively thin labor force in the mid 60s with all sample-based surveys, estimates... 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