States reported that 218,000 workers filed for new unemployment benefits during the week ending Feb. 3, a decrease of 9,000 from the previous week’s revised level.
While the labor market overall is characterized by historically low layoffs and low unemployment, first-time jobless claims had, until last week, been wafting higher. The unemployment rate has remained under 4 percent over the past two years, but layoff announcements have ticked up since January.
About 1.87 million workers continue to claim unemployment benefits. A gradual rise in these continuing claims over the past year is a sign it’s taking longer for people to find new jobs. But the unemployment claims data supports the contention that employers are generally cutting back on hiring but not laying off workers.
In its 2023-24 SHRM State of the Workplace Report released today, SHRM found that labor shortages and an economic slowdown were among top concerns for HR professionals this year. According to two-thirds of HR respondents, finding ways to reduce costs and increase efficiencies tops their to-do list.
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