Is the future of work a smaller workforce?
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The US added far fewer jobs in December as nonfarm payroll numbers rose by 199,000 compared to the 422,000 estimate. Although the jobs number was well below projections, the unemployment rate fell to its lowest point during the pandemic to 3.9%, which is not far off from the 50-year low of 3.5% in February 2020. In addition wages rose 4.7% year over year, more than the 4.2% estimate.
For more on the world of work, check out our Key Stories roundup below.
Until the next time, stay safe, stay healthy and stay in touch.
Companies hired at the fastest pace in seven months in December ahead of escalating concerns over surging Covid cases, according to a report Wednesday from payroll processing firm ADP. Private job growth totaled 807,000 for the month, well ahead of the Dow Jones estimate for 375,000 and the November gain of 505,000. The November total was revised lower from the initially reported 534,000. In a phenomenon that has been labeled the "Great Resignation," workers have been leaving their positions partly in response to increased mobility in the labor market as job openings strongly outnumber those looking for work.
The San Francisco-based e-commerce developer piloted the program last fall, and the results were overwhelmingly positive, said founder and CEO Ryan Breslow. Productivity has increased, work has been streamlined and employees are happy, he added. A survey taken at the end of the three-month trial period found 94% of workers and 91% of managers wanted the program to continue.
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Healthy Returns: Reality, Recovery and Opportunity | March 30
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