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The Latest Employment News of This Week: What You Need to Know

 

The Latest Employment News of This Week: What You Need to Know


The job market is constantly changing, which means the employment news from one week to the next might be vastly different. At some points, it can feel like everything is going in the wrong direction, while at other times it feels like we’re seeing positive changes. The best way to stay informed about these changes is to read as much employment news as possible. This article covers some of the top stories from this past week that you should know about if you want to keep up with the latest developments in the world of work. These are some of the most important news items on this topic that you won’t want to miss. Even though there was no shortage of interesting articles related to employment this past week, these are some of the most noteworthy:



Microsoft to Lay Off 18,000 Employees, Mostly from the Nokia Acquisition

If there’s one word that is synonymous with job cuts, it’s Microsoft. This past week, Microsoft announced that it would be laying off an additional 18,000 employees. This is in addition to the 18,000 people the company fired in 2015 in connection with its acquisition of Nokia. Even though many of the people who lost their jobs in 2015 are out of the job market by now, Microsoft still has some more cuts to make before the acquisition is finished. The majority of people affected by the latest round of layoffs will come from the company’s sales, marketing, and administrative divisions. The $7.5 billion acquisition of Nokia’s mobile phone business was one of former Microsoft CEO Steve Ballmer’s last big deals before he retired in 2014. While the deal has made some strategic sense for Microsoft, it’s also been a source of significant controversy.

Amazon is Hiring 1,000 People for Its New Food Business

Amazon is a company that is always growing, and it has been expanding aggressively into new areas this past year, including healthcare and grocery delivery. This past week, the company announced that it would be hiring 1,000 people to work on its new food business. This new arm of the company will be responsible for developing meal kits and other food items. It’s unclear exactly when the new business will go live, but there’s a good chance it will be sometime before the end of the year. Amazon’s food business will be the company’s first foray into the world of prepared meals. While the company has a wide variety of products and services, its food offerings have mostly been limited to things like snack bars, coffee beans, tea, and other non-perishable items. It’s possible Amazon will get into the prepared meal market at some point, but the new food business sounds like it will be limited to meal kits.

U.S. Job Growth Continues Steady March Higher in July


The U.S. economy added 209,000 jobs in July, which is slightly higher than June’s numbers but slightly lower than what economists had predicted. While the numbers were good, they also weren’t quite as strong as they were in May and June. Still, this continues a general trend of steady job growth that has been happening since the beginning of the year. While job growth has been slower in 2017 than it was in 2016, economists expect things to pick up again in the coming months. The drop-off in hiring in June was likely due to the increase in the number of people who had retired from their jobs after the Trump administration cut back on federal hiring. July’s numbers suggest that hiring is back to normal.

The Number of Part-Time Workers Who Want Full-Time Jobs Hit a 14-Year High


The economy has come a long way since the Great Recession, but there are still some areas that need work. One of those areas is the number of part-time workers who want full-time jobs but can’t get them. This number hit 9.3 million in July, which is the highest it has been since August 2003. This is particularly worrisome because it suggests that there’s still some slack in the labor market. We’d expect to see this number come down as the job market gets tighter, which would happen as the economy continues to grow. The steady job growth we’ve been seeing over the past year or so suggests that the economy is continuing to improve.


But There’s Still Slack in the Labor Market: U.S. Unemployment Holds at 5%

One of the most important indicators of the health of the U.S. job market is the unemployment rate. This number is calculated by the percentage of people who are out of work but would like a job if they could find one. That number hit 3.9% in July, which is the lowest it’s been in 16 years. This is a very positive sign for the economy. However, economists have noted that the unemployment rate has been steady for a while now, even though the economy has been growing for the past year or so. This suggests that there’s still some slack in the labor market, which means that there are still people who would like to be working if they could.


Consumer Sentiment Fell Again in August

The Conference Board’s Consumer Confidence index fell again in August, this time to 101.8. This is the lowest it has been since October 2016, and it’s significantly lower than the 107.3 it clocked in June. The index is based on how consumers feel about the economy, and it has been falling since the beginning of the year. The most recent decline is likely due to the growing trade war between the U.S. and China. Chinese tariffs on U.S. goods, goods exported from the U.S. to China, and the U.S. tariffs on Chinese goods have all affected markets, and there’s no end in sight just yet.


In Conclusion

The job market is constantly changing, which means the employment news from one week to the next might be vastly different. At some points, it can feel like everything is going in the wrong direction, while at other times it feels like we’re seeing positive changes. The best way to stay informed about these changes is to read as much employment news as possible. This article covers some of the top stories from this past week that you should know about if you want to keep up with the latest developments in the world of work. These are some of the most important news items on this topic that you won’t want to miss.

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