> BLS DAILY REPORT, THURSDAY, MAY 24, 2001: > > RELEASED TODAY: From February 1999 to February 2001, the proportion of > U.S. workers holding contingent jobs edged down, the Bureau of Labor > Statistics reports. Contingent workers are persons who do not expect > their jobs to last or who report that their jobs are temporary. Using > three alternative measures, contingent workers accounted for 1.7 percent > to 4.0 percent of total employment in February 2001, compared with 1.9 > percent to 4.3 percent in February 1999. The broadest measure of > contingency is well below that recorded in February 1995 (4.9 percent), > when the survey was first conducted. The drop in the contingency rate > over the period coincided with declining unemployment and increasing > employment. > > New claims for state unemployment insurance rose sharply last week, fresh > evidence the weakening economy is making it harder for workers to hold > onto their jobs. The number of workers fling new claims for jobless > benefits jumped by a bigger-than-expected 15,000 to a seasonally adjusted > 407,000 for the work week ending May 19, the Labor Department said. That > was the highest level since April 28. The more stable 4-week moving > average of claims, which smoothes out week-to-week fluctuations, however, > slipped to 403,000 last week, the lowest level since April 21. The > economic slowdown that has gripped the country since the second half of > last year has forced companies to cut production and jobs because of > slumping demand. Manufacturing has been hardest hit by the slowdown, > while housing and construction have generally held up well. Even with > last month's decline in new-home sales, the housing market remains > healthy, helped out by low mortgage rates (Associated Press, > http://www.chicagotribune.com/business/businessnews/article/0,2669,ART-520 > 02,FF.html; http://www.nandotimes.com/buisness/story/14167p-280950c.html). > > AARP has released a report "Beyond 50: A Report to the Nation on Economic > Security," that examines the economic status of the 76 million Americans > over age 50 and recommends that families and policymakers rethink their > strategies for improving economic security. AARP recommends that > retirement security be a structure supported by the four pillars of Social > Security, pensions and savings, earnings, and health insurance. The > report says "Those who are now entering or just on the cusp of joining the > ranks of those age 50 and over -- baby boomers -- have indicated that they > don't plan to make a bee-line for the rocking chair or the golf course > when they retire, but rather expect to continue working in retirement." > According to the report, there is modest, yet persuasive evidence that the > trend toward earlier retirement has stopped. A recent Census Bureau > report heightened attention to longer work lives, the report says (Daily > Report, page A-4). > > Sales of new homes in April posted the largest decline in 4 years as > rising layoffs and job uncertainties made Americans feel less inclined to > make a big-ticket purchase. New home sales declined by 9.5 percent to a > seasonally adjusted annual rate of 894,000, the biggest drop since April > 1997, the Commerce Department reported (Associated Press, > http://www.nypost.com/apstories/V4663.htm). > > > New technology, changing American demographics, and the emergence of a > global economy have all had an effect on the job market. But you'd be > missing the boat if you let the trend of the month turn your head in > choosing a career, writes Dan Rafter, > (http://www.chicagotribune.com/business/businessnews/article/0m2669,ART-51 > 960,FF.html 5/23/01). He mentions a paralegal who left nursing to > specialize in medical research for attorneys which "statisticians at the > Bureau of Labor Statistics considered...one of the hottest careers > around". He goes on to say that "When looking for a hot career, job > seekers should study the population around them. According to the latest > version of the BLS' Occupational Outlook Handbook, today's growing and > aging population has increased the demand for health services, explaining > why everyone from dental assistants to occupational therapists are in such > demand." Says Rafter, "The BLS thinks that service industries -- including > finance, insurance and real estate -- as well as government services, > transportation, public utilities and wholesale and retail trade should see > big growth." > > No more multiple job offers. No huge signing bonuses. No stock options. > No zany job titles. And not a lot of cool. That's the downside of the > job market facing this year's college graduates -- the first class in > several years to leave the halls of academia for a marketplace that isn't > sizzling with growth, opportunity, and a host of hip workplaces. But > there is a definite upside to today's job market. Despite the tanking of > dotcoms...and the nosedive of the nation's high-tech sector, experts say > the employment outlook for college graduates is strong. In fact, > according to an April survey by the National Association of Colleges and > Employers, which tracks job-market information, nearly 1 in 5 employers > are planning to hire more employees this year than last. That survey shows > the percentage of reported offers to new college graduates accounted for > by various industries as being: Consulting services, 9.5 percent; > accounting services, 7.2 percent; engineering services, 6.0 percent; > electrical equipment manufacturing, 5.8 percent; computer systems (design > consulting, programming), 5.5 percent > (http://www.csmonitor.com/durable/221/05/21/p20sI.htm 5/23/001). >
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