Analysis of the BLS Employment
Situation Report
According to the Wall Street Journal, the August
Employment Situation Summary released by the Bureau
of Labor Statistics, sent a mixed labor-market reading as
the number of new jobs fell below the 218,000 monthly
average recorded between January and July, and the
unemployment rate fell more than anticipated. Financial
institutions and economists had hoped that the report
would have provided a more concrete basis for the
Federal Reserve to determine whether to raise interest
rates during its September 16-17 meeting.
Unemployment rate drops
The nation added 173,000 jobs in August, causing the
number of job seekers to fall to 8 million. The
unemployment rate fell as well, dropping to 5.1 percent,
the lowest it has been since 2008. Over the past 12
months the number of unemployed people declined by
1.5 million while the unemployment average went down
by 1 percent.
SEPTEMBER
assistance field grew by 16,000.
Financial activities also expanded significantly, adding
19,000 jobs. Many of these new positions were in the
real estate and investment industries. Professional and
business services added 33,000 jobs, while the food
service industry grew by 26,000 workers. Retail,
construction, wholesale trade, transportation and
warehousing and government were largely unchanged
during the month of August. The mining and
manufacturing sectors both sustained losses.
Wages on the rise
Average hourly wages for private, nonfarm payroll
workers increased by 8 cents to $25.09. In the past 12
months hourly earnings have grown by 2.2 percent, a
positive sign for both economic strength and consumer
spending.
Healthcare-specific jobs accounted for 41,000 of these
positions, with most workers being hired in the
ambulatory care and hospital sectors. The social
CBS News reported that these improvements, which
have been on par with previous months, may finally
encourage the Federal Reserve to raise interest rates.
If the Fed chooses to do so, it will be the first time in 10
years that rates have been changed. The source noted
however that an unstable stock market and a low
inflation rate, in addition to China's financial issue,
could persuade officials to hold off on making any
major adjustments.
Chart 1. Unemployment rate, seasonally adjusted,
August 2013 – August 2015
Chart 2. Nonfarm payroll employment over-themonth change, seasonally adjusted, August 2013 –
August 2015
Percent
Thousands
|
2015
VOLUME 9
| ISSUE 9
Employment Summary for
August 2015
The healthcare and social assistance industry created the
most new jobs, adding 56,000 positions to its payroll in
August.
450
8.0
400
350
7.0
300
250
6.0
200
150
100
5.0
50
0
4.0
-50
Aug-13
Nov-13
Feb-13
May-14
Aug-14
Nov-14
Feb -14
May-15
Aug-15
Aug-13
Nov-13
Feb-13
May-14
Aug-14
Nov-14
Feb -14
May-15
Aug-15
FIRST FRIDAY REPORT
Does Your Company Have the
Cool Factor?
Every organization wants to be considered a "Best Place to
Work" in order to attract and retain top talent, yet there is no
cookie cutter formula for achieving this. Many factors go into
making your company a great place to work such as company
culture, employee benefits, and other perks. One thing that
remains constant among the most desirable employers is the
"cool" technology factor. As companies increasingly focus on
providing more enjoyable work environments and improving
employee engagement, technology is playing a key role in
championing those efforts. This is becoming especially important
for attracting top millennial talent, as technology and the flexibility,
creativity, and efficiency it can bring is extremely valuable to
them.
Deciding when and how much to invest in the latest technology
can be an arduous task for many organizations, and will depend
greatly on the industry in which the company operates, as
technologies can provide a different impact in manufacturing
environments, for example, vs. an office setting. Typically the
focus is on improving productivity and efficiency, and transitioning
people away for doing things the way they always have for years.
The process is often not fun and is met with resistance. However,
when you consider the ability of technology to provide the "cool"
factor of being a great place to work, it provides added incentive
for employers to introduce new equipment and software.
So why is the technology push more important now than ever
before? It really is a reflection of the highly digitized, mobile world
in which we live, especially as more Millennials are entering the
workforce and eventually maturing into greater leadership
positions. "As the job outlook continues to improve, candidates
are attracted to companies that incorporate the latest gadgets
and technologies into daily work functions," says Reagan
Johnson, director of technology operations for MRINetwork. "The
best talent know their skills are in high demand, so an employer's
ability to sell prospective hires on the flexibility, more efficient
communications, and the fun these technologies will provide, is
invaluable."
Johnson provides the following tips for companies looking to
enhance their "cool" factor through technology:
Make it mobile. Today's professionals value the flexibility to do
their job wherever and whenever, and mobile technology makes
that possible like never before. Consider laptops or 2-in-1
laptop/tablets over desktops, so your talent doesn’t feel shackled
to their desks. These will provide the flexibility to take work into
the conference room, the coffee shop, or home for those late
night meeting preparations before an early day. Cloud
technologies such as Office 365's OneDrive and Google's Drive
make any document available on demand, for quick reference
and use by backing it up online and making it available to
smartphones and tablets. Voice communication tools are
additionally available to make phone numbers mobile. A number,
and the voicemail accompanying it, can be set up to ring through
to more than just one employee’s desk. This further allows
employees to have the flexibility to take and make calls from
anywhere.
Make it slick. Technology should look modern and cool. For
example, while a small light laptop looks very impressive, it can
also be made easier to use in the office environment by pairing it
with a docking station and a multiple-monitor setup. This enables
the laptop to operate as a desktop, in a more ergonomic manner
for the office. Done right, a multi-monitor laptop set up can be
impressive to see, leaving a good impression on potential talent,
and also provide great efficiencies while working in the office.
Make it about communicating. Today's top talent are very
connected, social and are used to getting instant feedback on
their performance and in their communications. Consider
implementing an instant communication platform such as Skype.
This technology allows instant communication in a controlled
environment that speeds up results. In fact, younger
professionals use email less and less and will prefer more
modern options to communicate.
Embrace social media for your company's communications
both internally and externally. Top performers looks for
companies to be communicating via social media. Consider apps
such as Yammer to build an internal social environment for your
employees to share ideas and garner feedback. Millennials, in
particular, value frequent feedback and evaluation and respond
best to visual data. Business intelligence tools that provide visual
graphic dashboards are a great way to communicate constant,
instant feedback to your teams so they can strive to out-perform
themselves.
Ultimately, what makes an organization cool or fun is a
combination of many factors. "Technology is becoming a critical
piece of the pie in terms of building an enjoyable, engaging
company culture, while also sending a message to current and
prospective clients that the company is a forward-thinking,
modern business," adds Johnson. "Marketing efforts, as well as
recruitment and talent management strategies, now require an
emphasis on the "cool" technology factor to attract and retain top
performers, and maintain brand equity with clients and investors."