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In January, the unemployment rate was 3.7 percent for the third month in a row, and the number of unemployed people was little changed at 6.1 million.
The number of long-term unemployed (those jobless for 27 weeks or more), at 1.3 million, was little changed in January. The long-term unemployed accounted for 20.8 percent of all unemployed people.
The labor force participation rate, at 62.5 percent, was unchanged in January, and the employment-population ratio, at 60.2 percent, was little changed. These measures showed little or no change over the year.
In January, average hourly earnings for all employees on private nonfarm payrolls rose by 19 cents, or 0.6 percent, to $34.55. Over the past 12 months,average hourly earnings have increased by 4.5 percent. In January, average hourly earnings of private-sector production and nonsupervisory employees rose by 13 cents, or 0.4 percent, to $29.66.
In January, the number of people employed part time for economic reasons, at 4.4 million, changed little. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs.
The number of people not in the labor force who currently want a job, at 5.8 million, was little changed in January. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job.
Temporary help employment was 1.76% of total nonfarm employment in January, down slightly from 1.80% in December 2023.
Temporary help jobs in January decreased -7.0%, seasonally adjusted, from the same month last year.
Total nonfarm payroll employment rose by 353,000 in January, similar to the gain of 333,000 in December. Payroll employment increased by an average of 255,000 per month in 2023.
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This means they are less likely to connect to their company’s mission and do not feel like their company cares about them as a person.
In 2023, 33% of employees were engaged in their work and workplace.
According to Gallup, clear expectations are critical to employee engagement. Employees need more clarity around what’s expected of them in the workplace.
A new rule change under the Fair Labor Standards Act is set to take effect March 11, 2024. The rule concerns how independent contractors in the U.S. are classified.
According to SHRM, the final rule restores an earlier standard that required companies to weigh a variety of economic factors together to determine whether a worker is an employee or an independent contractor.
The updated rule will likely most affect workers paid less than the federal minimum wage of $7.25 per hour.
Sen. Bill Cassidy has already said he will introduce a Congressional Review Act resolution to repeal the new rule.