 | FRI, FEB 03, 2023 | | | |
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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. January payrolls increased by 517,000, obliterating the Dow Jones estimate of 187,000. Since January 2022, this is the third highest monthly increase of new jobs. Leisure and hospitality led the charge adding 128,000 jobs followed by 87,000 in professional and business services. In addition, the unemployment rate came in lower than expected at 3.4%, the lowest it's been in 53 years. After layoff announcements from companies such as Microsoft, Amazon and Alphabet have dominated the headlines in recent weeks, today's report may come as a surprise to many.
However, it is worth noting that the recent job cuts have primarily been in sectors that are more sensitive to rising interest rates like finance and tech. Economists believe that layoffs in the tech industry will not have a widespread effect. Once again, this past week the Federal Reserve raised interest rates. During a recession, jobs in retail, food and construction are often hit hard, but they are not as susceptible to changing interest rates as other industries. In January, retail added 30,000 jobs and construction added 25,000. This year, blue collar workers may have better job security than white collar workers. 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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| Introverts and extroverts alike, we all have to go through job interviews — and we all equally have the potential to blow them. Not that I think you would. I believe in you. But if you get to the job interview stage and find you aren't getting job offers after, you have to examine what you're doing in the interview. Did you fidget or giggle nervously? Or worse, did you pull a me and babble on way too long, leaving out some of the important stuff? |
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| Job creation in the private sector plunged in January as weather-related issues sent workers to the sidelines, payroll processing firm ADP reported Wednesday. Companies added just 106,000 new workers for the month, down from an upwardly revised 253,000 the month before. Economists surveyed by Dow Jones had been looking for a gain of 190,000. |
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| Strong demand for cybersecurity workers is continuing even as big technology companies lay off thousands of employees. That's not a big surprise, as cybersecurity is seen as one of the more resilient areas for tech investment in a more cautious economic environment — though even it is not immune from the tech sector slowdown. But it is an area for young professionals, college students, and workers looking to make career transitions to focus on as the tech sector's labor force contracts significantly for the first time in a decade, from the largest companies to the venture-backed startup community. |
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Healthy Returns | Moonshots to Miracles | March 29 CNBC Healthy Returns convenes a world-class virtual gathering of CEOs, scientists, investors and innovators in the health care space to reflect on the progress made today to reinvent the future of medicine, including the newest drug breakthroughs and device innovations. Plus, an exclusive rundown of the best investment opportunities in biopharma, health-tech and managed care. Learn more and register here. |
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