Another strong month for jobs despite fears of a slowdown
 | FRI, JUN 03, 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. May was another strong month for jobs with 390,000 nonfarm payrolls added. This came in above the Dow Jones estimate of 328,000. In addition, unemployment held at 3.6% just above the December 1969 low. Average hourly earnings are up 5.2% year-over-year. So far, high inflation and fears of a recession are not enough to cool off the hot labor market. But could this be the peak for the job market? Yesterday, Elon Musk announced that because of his worries about the economy he intends to cut 10% of Tesla's workforce. Tesla is just the latest tech company to announce hiring freezes and layoffs. However, Musk's announcement came just days after his declaration that Tesla employees need to be in the office at least 40 hours a week or should resign. It is very possible that the return to office requirement could lead employees to leave, which would pare down Musk's workforce without forcing him to make layoffs. While there is no guidebook for how to run a business post-pandemic, this succession of emails does not bode well for a strong company culture. With the strong labor market employees are still in the driver's seat, not companies. 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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| Most workers have returned to the office, but convincing remaining at-home hold-outs to return to in-person work is proving difficult. In major cities like New York, San Francisco, and Chicago, office vacancy rates remain high, and demand for new office space is just 66% of the pre-pandemic average. In the latest CNBC|Momentive Workforce Survey of more than 9,000 workers across the U.S, 65% say they are now working fully in-person from their office or workplace, 14% are working mostly in-person, 9% are working mostly remotely, and 11% are working fully remotely. |
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| From Starbucks to Amazon to Apple, the recent headlines show that the biggest companies in the world can't duck the union issue. But the issue isn't isolated to a few iconic companies operating in retail. While union membership remains at a multi-decade low, a CNBC survey finds that a majority (59%) of workers across the U.S. and across all sectors say they support increased unionization in their own workplaces. |
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| The new CNBC All-America Workforce Survey finds that millions of workers were laid off during the pandemic and ended up returning to work at different companies and in different jobs; many started working from home and don't expect to go back. And many left the workforce, but a significant percentage would come back if they found the right job. And while many are now satisfied with their job, the data suggests the Great Reshuffle may yet have longer to play out and that workers are deeply concerned about the economic outlook. |
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Evolve Global Summit | Lessons in Agile Leadership: Reimagining Outcomes | July 13 As inflationary, labor and supply pressures converge, what capabilities will companies need to increase economic resilience and stay relevant with consumers? The challenges facing today's leaders seem daunting, but those who embrace change and bank on innovation will continue to transform their organizations for the future. The CNBC Evolve Global Summit looks at legacy companies who are recalibrating skills, demonstrating a growth mindset and taking active steps to succeed in this new era of business. Learn more and register here. |
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