All Eyes on Wage, Skill, Job Nuances as Economic Jitters Abound

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The health of the labor market across California, Nevada and the nation is gaining attention over the past couple of weeks as local trends in jobs, wages and skills are routinely released.

The following is a round-up of the latest topics that give underlying context in a time of slowing regional economic growth that credit union leaders should be aware of:

(Join Dr. Robert Eyler for “The Fed’s Next Move: Economic, Rate and Housing Signals” on Monday, Sept. 23 at 10 a.m. Pacific)

  • "Job Openings Near All-Time High in August” (Glassdoor) — The labor market is showing no signs of stopping in August as job openings on Glassdoor near an all-time high. Los Angeles and San Francisco show a combined 367,000 job openings paying between $63,000 - $73,000 (and year-over-year wage growth of 3 - 3.2 percent). Click here for more wage/pay trends and job breakout information in this report. Additionally, you can view Glassdoor's ongoing Job Market Report (includes hiring and wage trends by metropolitan area).

  • "Where Salaries go Furthest in 2019: the Small-City Advantage" (Indeed Hiring Lab) — Visalia-Porterville, CA ($80,700 adjusted or $75,800 unadjusted) and Modesto, CA ($78,400 adjusted or $77,000 unadjusted) top a list of national metropolitan areas where “adjusted” salaries are the highest. And the Sacramento-Roseville-Arden-Arcade region ($73,700 versus $75,200) ranks high for where “adjusted” salaries top large-city areas. Click here for more information on the Bay Area, greater Los Angeles, San Diego, central coast, Central Valley, and the Sacramento regions. (You can also view CityLab’s "Where is the Best City to Live Based on Salaries and Cost of Living?")

  • "53,480 Announced Cuts Led by Tech; Trade Issues a Growing Concern" (Challenger, Gray & Christmas Inc.) — Click here for the full report.

  • "Plentiful Jobs Available for the Right Skills" (Challenger, Gray & Christmas Inc.) — Click here for the full report.

  • "60 Percent of Employers Now Willing to Hire Applicants with Less-Than-Required Work Experience" (CNBC) — Click here for the story.

  • "10 Facts About American Workers" (Pew Research Center) — Click here for the full report.

  • “Weekly Hours Worked Increased as Small Business Hiring Challenges Persist” (Paychex/IHS Markit Small Business Employment Watch) — Click here for the full report.

  • "Why Fostering Human Capabilities Might be More Important Than Reskilling in the Future of Work" (Deloitte) — Click here for the full report.

  • “College Students Predicted to Fall by More Than 15 Percent after 2025” (The Hechinger Report) — Click here for the full story.

  • "Employment Projections from 2018 - 2028" (U.S. Department of Labor's Bureau of Labor Statistics—BLS) — Click here for the full news release.

  • “The Decline in Labor Force Participation Rate Might be a Telling Story on the Economy” (Chmura labor analytics) — Click here for the full opinion piece.

  • “Record Number of Workers Quitting Shows Labor Market Still Strong even as Job Openings Drop and Hiring Slows” (MarketWatch) — Click here for the full story.

  • "Job Openings Labor Turnover Survey (JOLTs) Report: Labor Market Losing Momentum" (Indeed Hiring Lab) — Click here for the full report.

  • "The Enterprise Guide to Closing the Skills Gap: Strategies for Building and Maintaining a Skilled Workforce" (IBM Research Insights) — Click here for the full report.

  • "Automation Not Likely to Eliminate Millions of Jobs, but U.S. Still Needs Improved Training Policies” (MIT’s Task Force on Work of the Future) — Click here for the full report.

  • "Employment, Education, and the Time Use of American Youth: Teen Labor Participation Declining" (Brookings Institute) — Click here for the full report.

  • "Small Business Owners' Difficulty Finding Qualified Workers Reaches Survey High in August" (National Federation of Independent Businesses) — Click here for the full report.

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