Here are our top staffing industry news picks for the month of May
Businesses are making significant investments in artificial intelligence technologies to help attract and hire skilled workers in an increasingly tight labor market, according to information from Randstad Sourceright’s Q2 2018 Talent Trends report.
Wage growth accelerated in April, with one-month annualized hourly earnings growth of 3.25%, marking a two-year high, according to the latest Paychex | IHS Markit Small Business Employment Watch.
The U.S. Federal Reserve held interest rates steady yesterday and expressed confidence that a recent rise in inflation to near the U.S. central bank's target would be sustained, leaving it on track to boost interest rates in June
57% percent of small businesses are hiring or planning to hire, up four points from March, according to the National Federation of Independent Business. A net 33% of small-business owners also reported higher worker compensation, on par with the previous month and the highest reading since 2000.
The Conference Board Employment Trends Index increased in April, for the second consecutive month. The index now stands at 108.08, up from a downwardly revised 107.37 in March. The change represents a 4.9% gain in the ETI compared with a year ago.
The Small Business Optimism Index sustained record-high levels, increasing to 104.8 in April, driven by reports of improved profits, the highest in the NFIB Small Business Economic Trends Survey's 45-year history. Additionally, the number of small businesses reporting poor sales declined to a near record low.
The number of unfilled jobs U.S. employers had at the end of March rose to a record high of 6.55 million, according to the U.S. Department of Labor. There were just 6.59 million unemployed Americans that month, creating the narrowest gap between available jobs and those actively seeking work in nearly two decades of record keeping.
This year’s graduating class is still very deep in the weeds of job searching, according to a Monster.com survey of 353 students graduating this year. So far, few grads in the class of 2018 have a job lined up for after graduation, and while most report being hopeful they’ll have a job by the time they collect their degree, many are only just starting to look.
The U.S. Federal Reserve is almost certain to raise short-term interest rates at its June policy meeting and likely will follow up with another increase in September, according to a survey of 60 economists by the Wall Street Journal.
The number of foreign graduates from US colleges remaining and working in the US after graduation is growing and more than half are working in STEM fields under the Optional Practical Training Program, or OPT, according to a report by Pew Research.
The U.S. National Labor Relations Board recently announced that it will soon start the rulemaking process to clarify the current joint employment standard. NLRB considers this a "long-term action" and has not set a target date for completion, although NLRB chairman John Ring would like to issue a proposed rule "as soon as possible."
U.S. Citizenship and Immigration Services is recalling approximately 8,543 permanent resident cards (also known as green cards) due to a production error. The green cards were for spouses of U.S. citizens. The cards were printed with an incorrect "resident since" date and mailed between February and April 2018.
The Canadian staffing index, which measures staffing activity in Canada, rose 8% in April on a year-over-year basis to a reading of 107. “April’s strong year-over-year growth can be largely attributed to the greater number of working days this year,” said Maxim Kupfer, research analyst at Staffing Industry Analysts.
Employers say they are planning to hire more recent college graduates this year than they have in more than a decade, according to a survey of 1,012 hiring managers and HR professionals by CareerBuilder. Eighty percent of employers say they plan to hire college graduates this year, up from 74% last year.
The Conference Board Leading Economic Index for the U.S. increased 0.4% in April to 109.4, following a 0.4% increase in March. "April's increase and continued uptrend in the U.S. LEI suggest solid growth should continue in the second half of 2018," said Ataman Ozyildirim, director of business cycles and growth research at the Conference Board.
More CEOs are “very confident” in the growth of their companies over the next three years, and a narrow majority believe artificial intelligence and robotics will create more jobs than they destroy, according to the new “US CEO Outlook” survey from accounting firm KPMG.
43% percent of workers are underemployed in their first job, according to an analysis of four million resumes and federal data sets relating to degree completion, majors, and workers' earnings. Workers initially underemployed are five times more likely to remain so after five years than those who were not underemployed in their first job.
The US average weekly wage increased 3.9% year over year to $1,109 in the fourth quarter of 2017, according to data released today by the US BLS. Among the 346 largest counties in the US, San Mateo County in California and Ada County in Idaho had the largest year-over-year percentage increases in average weekly wages, with gains of 11.5% each.
The overwhelming majority (95%) of employers are adding more shifts this summer and more than half plan to hire more summer workers than last year, according to a survey of 1,000 employers by Snag. Most employers (82%) plan to fill all seasonal summer jobs by May, up from 71% in 2017.
Gross domestic product will expand by a strong 2.9% in 2018, according to the “The Forecast of the Nation” released by the Economic Forecasting Center at Georgia State University’s J. Mack Robinson College of Business. The GDP will then moderate to 2.4% in 2019 and 1.8% in 2020, according to the forecast.
Finding workers has become more difficult for summer vacation areas that hire seasonal employees — even more so with more stringent immigration controls. Now some companies are looking to Puerto Rico as a source for workers, according to a story in The Boston Globe.
The Paychex | IHS Markit Small Business Employment Watch for May shows a small increase in the rate of hiring and a slight decrease in the pace of wage growth. The Small Business Jobs Index grew for the first time since January, up 0.07% to 99.6. Job growth among small businesses is down 0.73% year-to-year.
An additional 15,000 H-2B visas for temporary nonagricultural workers will be available for the remainder of fiscal year 2018, US Citizenship and Immigration Services announced. Secretary of Homeland Security ordered the increase after determining a shortage of qualified US workers available to perform temporary non-agriculture labor to satisfy the needs of American businesses in the current fiscal year.