The job market remains strong as inflation rises
 | FRI, APR 01, 2022 | | | |
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| | | TECH, TRANSFORMATION AND THE FUTURE OF WORK | | | |
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Welcome to the CNBC @Work newsletter, brought to you by CNBC Events. Think a friend, colleague or business partner should receive this newsletter? Subscribe here. Despite growing inflation concerns, 431,000 jobs were added in March, a number slightly lower than expectations as the Street was looking for 490,000 nonfarm payrolls. Meanwhile, the unemployment rate came in at 3.6%, lower than the 3.7% estimate. In addition, the labor force participation rate is almost to its pre-pandemic levels with 1.7 million jobs added overall in the first quarter of this year. Over the course of the past year, strong employment numbers and higher wages have helped strengthen the economy. However, wages have not kept pace with the rapid rate of inflation, which is now at a 40-year high. As of October 2021, the consumer price index had a rate of 6.2%, whereas average hourly earnings had a rate of 4.9%. This growing difference makes it increasingly difficult for consumers to keep pace. An estimated 64% of Americans live paycheck to paycheck, including 48% of people who earn six figures, according to a LendingClub report. So far, price increases have not hindered consumers at grocery stores or gas stations, as these are often unavoidable expenses. After two difficult years, workers are continuing to get squeezed due to inflation. For more on the world of work, check out our Key Stories roundup below. Until next time, stay safe, stay healthy and stay in touch. |
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| The Job Openings and Labor Turnover Survey showed that 4.35 million workers left in February, an increase of 94,000 from the previous month. It's also a slightly higher level as a percentage of the workforce, up to 2.9% from 2.8%. At the same time, there were 11.27 million openings in February, down just slightly from January. However, with the total level of those counted as unemployed contracting further to 6.27 million, that left a record 5 million more openings than available workers. There were 1.8 jobs for every person unemployed. |
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| According LinkedIn's 2022 research, U.S. LinkedIn users who changed their jobs increased 37% in 2021. Generation Z workers — those born in 1997 or later — were the "most restless," the report showed. About 25% of respondents say they hope or plan to leave their current employers within the next six months. Another study by CareerBuilder in 2021 found that Gen Z workers would spend an average of two years and three months in a job, while millennials (25 to 40 years old) stayed for just six months more. |
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| Almost half of employees are looking for a new job or plan too soon, according to a survey, suggesting the pandemic-era phenomenon known as the Great Resignation is continuing into 2022. To that point, 44% of employees are "job seekers," according to Willis Towers Watson's 2022 Global Benefits Attitudes Survey. Of them, 33% are active job hunters who looked for new work in the fourth quarter of 2021, and 11% planned to look in the first quarter of 2022. |
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@Work: Empowering the Hybrid Workforce | April 27 In many workplaces, hybrid work has become the standard as companies hope more flexibility will help with recruiting and retaining a talented, diverse workforce. But implementing a successful strategy is not easy, and if done ineffectively, can create barriers to growth and restrict opportunity for many. Learn more and register here. | |
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