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Economy And Labor

All articles tagged with #economy and labor

economy-and-labor2 years ago•2 min saved

"2024 Pay Raise Prospects Dim as U.S. Job Market Levels"

U.S. workers are expected to receive smaller raises in 2024, with companies planning an average salary increase of 4%, down from 4.4% in 2023. This trend is attributed to a cooler job market and is unlikely to reverse soon, according to labor experts. The demand for labor, which surged post-pandemic, has now moderated, leading to less aggressive wage growth compared to the "great resignation" period. Despite the decrease, the projected raises are still higher than the post-2008 financial crisis average of 3%. Companies are balancing the need to be competitive with the risk of overextending budgets, which could lead to layoffs.

via CNBC|

##economicforecast #economy-and-labor

economy-and-labor2 years ago•1 min saved

"US Job Growth Surges in December, Exceeding Expectations and Buoying Markets"

President Joe Biden highlighted the positive aspects of the December Jobs Report, noting the creation of 2.7 million new jobs in 2023 and an unemployment rate consistently below 4%. He emphasized the reduction in inflation to pre-pandemic levels and the decrease in prices for various goods. Biden reaffirmed his commitment to lowering costs for Americans and opposing Republican policies that he believes would benefit the wealthy and threaten social programs.

via The White House|

##bidenstatement #economy

economy-and-labor2 years ago•5 min saved

"AI Impact: Boosting Productivity or Rendering High-Skilled Jobs Obsolete?"

Nobel laureate economist Christopher Pissarides has warned that advancements in artificial intelligence could render many high-skilled STEM jobs obsolete, potentially disrupting labor markets and changing the demand for certain skill sets. While some experts believe AI will eliminate jobs that involve repetitive tasks and those with clear 'right' answers, others emphasize the importance of STEM education for adapting to future technological changes. Pissarides remains optimistic about AI's impact, suggesting that long-term opportunities will arise in fields that require communication and personal care, and that the overall effect on the job market will be positive.

via Fox News|

##artificialintelligence #economicimpact

economy-and-labor2 years ago•2 min saved

"Addressing the Construction Labor Shortage Amidst Industry Boom and Workforce Challenges"

The Bureau of Labor Statistics' Job Openings and Labor Turnover Survey (JOLTS) for November revealed significant disparities in job openings across industries. Construction is experiencing a boom with a 44% increase in job openings since 2019, reaching the highest number in the data set. In contrast, the information sector, which includes tech and social media companies, saw a 20% decline in job openings compared to 2019. Other sectors like professional and business services, manufacturing, and healthcare continue to have a tight labor market with job openings significantly higher than in 2019, while retail trade has seen a decrease. State and local government education sectors still show signs of teacher shortages, and wholesale trade has seen a slight increase in job openings.

via WOLF STREET|

##constructionindustry #economy-and-labor