Automated resume-scanning software that is inflexibly configured and overlooks potentially suitable workers is a major factor contributing to a “broken” hiring system in the United States, according to a new report from Harvard Business School (HBS). The HBS report (pdf), released Sept. 4, provides insight into America’s labor market dynamics, including the widely reported mismatch between…
Rigidly Configured Recruitment Software Contributing to ‘Broken’ Hiring System: HBS Report
September 6, 2021
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American Employers Hired Far Fewer Workers Than Expected In August: ADP
Private sector employment in the United States rose by 374,000 in August, sharply undershooting consensus expectations of 613,000, according to Wednesday payrolls data from the Automatic Data Processing (ADP) Research Institute. While differences in methodology mean there’s weak correlation between ADP employment data and the Labor Department’s closely watched nonfarm payrolls report, due Friday, the…
High Inflation Could Be Stickier Than Anticipated
U.S. inflation showed some cooling off in July after posting large gains in prior months. Consumer prices rose at their slowest monthly pace since February, providing some relief to those in the “transitory” camp, who hold that this bout of inflation isn’t a long-term phenomenon. But, inflation fears still linger. The year-on-year increase in consumer prices…
Weekly Jobless Claims Fall to Pandemic-Era Low
The number of American workers filing for unemployment fell to a pandemic-era low last week, adding to evidence of continued labor market recovery. First-time filings for unemployment insurance, a proxy for layoffs, came in at 348,000 for the week ending Aug. 14, a drop of 29,000 from the previous week’s revised level of 377,000, the…
Record Number of Small Businesses Can’t Find Workers: Report
A record number of small businesses couldn’t find enough workers to hire in April, according to a new report from the largest small-business lobby group in the United States, reinforcing concerns that the pandemic-related federal unemployment boost may be sidelining workers and hurting economic growth. The National Federation of Independent Business (NFIB) said in its…
US Economy Adds 49,000 Jobs, Unemployment Falls to 6.3 Percent
The U.S. economy added 49,000 more jobs than it lost in January after shedding a net 227,000 positions in December, suggesting tepid labor market recovery as many pandemic-related restrictions remain in place. The Labor Department made the announcement in its Friday jobs report, which also showed that the unemployment rate fell from 6.7 percent in December…
Fragile Recovery Seen in Global Labor Market After Huge 2020 Losses: ILO
GENEVA—Some 8.8 percent of global working hours were lost last year due to the pandemic, roughly four times the number lost in the 2009 financial crisis, but there are “tentative signs” of recovery, the International Labour Organization (ILO) said on Monday. The losses compared with the previous year were equivalent to 255 million full-time jobs…
US Consumer Confidence Edges Higher; House Prices Accelerate
WASHINGTON—U.S. consumer confidence rose moderately in January while lingering concerns about the COVID-19 pandemic led to a further deterioration in households’ perceptions of the labor market, raising the risk of a second straight month of job losses. But the survey from the Conference Board on Tuesday showed consumers more than willing to buy homes and…
US Unemployment Claims Decrease Modestly; Housing, Factories Underpin Economy
WASHINGTON—The number of Americans filing new applications for unemployment benefits decreased modestly last week as the COVID-19 pandemic affects the nation, raising the risk that the economy shed jobs for a second straight month in January. Despite the labor market woes, the economy remains anchored by strong manufacturing and housing sectors. Other data on Thursday…
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