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The January Job Surge
Spiggle Law
February 16, 2024
Today, we’re jumping right. We’re glad you could join us.
January Job Surge
In January, US employers added an impressive 353,000 jobs, surpassing economists' predictions and dispelling concerns of an economic slowdown.
This remarkable number nearly doubles the expected 185,000 jobs, continuing the trend from December's 216,000 and November's 199,000 increases.
According to the Labor Department, the surge in employment was particularly notable in professional and business services, which saw a robust gain of 74,000 jobs, far exceeding the average monthly increase of 14,000.
Other sectors such as healthcare, retail, and social assistance also experienced growth, although there was a decline in employment within the mining and oil sectors.
Despite these gains, the unemployment rate held steady at 3.7% in January, matching the previous two months and slightly below economists' forecasts of 3.8%.
On the topic of the job market, let’s dive into the Job Market Minute brought to you by The Spiggle Law Firm:
Catch the Latest in Job Market Trends with 'Job Minute Market 📊
Consumer price index reveals a 3.1% increase in food, energy, and shelter
According to the Consumer Price Index, food, energy, and shelter prices rose an average of 3.1% in the last 12 months ending in January. Within the average, energy prices decreased by 4.6%, while the food index increased by 2.6% over the previous year.
Average hourly earnings are down by 0.1% due to shorter workweeks
Average hourly earnings rose by 1.4% from January 2023 to January 2024 last year. However, employees saw a decrease of 1.4% in the average workweek, resulting in a 0.1-percent reduction in actual average weekly earnings.
High school degrees are required for 40% of jobs
Currently, 40% of jobs require a high school degree, and 47.5% need workers to have prior work experience. The high school diploma is needed at higher rates within particular fields, with 70% of childcare workers in need of the degree. However, most jobs (79%) require new employees to complete on-the-job training.
Raising unemployment rates in city centers
In December, the highest unemployment rate in city centers was found in El Centro, CA, with 18.3%, and the lowest was in Burlington, VT, with 1.6%. Of the 51 cities with populations of at least 1 million, Baltimore, MD, saw the lowest jobless rate in December at 2.0 percent, and Las Vegas-Henderson-Paradise, NV, had the highest rate at 5.3 percent.
Rapid Expansion of AI in Human Resources
New research from SHRM reveals that while only a quarter of employers utilize artificial intelligence for HR functions, the majority of these adopters began doing so within the past year. The study, conducted among 2,366 HR professionals across various industries and organization sizes in the U.S., highlights a growing priority for AI adoption in HR, particularly among larger organizations and those in the technology, finance, and information sectors.
Despite concerns about job displacement, the research indicates widespread optimism among HR professionals regarding AI's potential benefits, including improved collaboration. However, some remain apprehensive, citing fears of job displacement and a perceived loss of the "human touch" in HR processes.
Video Feature: SUBTLE HARRASSMENT
In this insightful video, Tom delves into the often overlooked realm of subtle signs of harassment, particularly relevant for those new to the employment scene. Discover valuable examples that go beyond the obvious, as Tom sheds light on the nuances of workplace dynamics. Arm yourself with knowledge to recognize and address subtle harassment with precision.
Don't miss this essential guide to fostering a respectful and inclusive workplace culture. Watch now to empower yourself and others against the silent struggles of workplace harassment. Knowledge is power—be informed, be vigilant!
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Thank you for joining us for another edition of the Career Rocket newsletter. We hope you found today's content informative and engaging. Stay tuned for more updates on employment laws, career insights, and industry news in our future editions.
Until next time, keep aiming for the stars in your career journey!
Fly high,
The Career Rocket by The Spiggle Law Firm