U.S. Adds Over 500,000 Jobs in January
This article is from RISQ Consulting’s Zywave client portal, a resource available to all RISQ Consulting clients. Please contact your Benefits Consultant or Account Executive for more information or for help setting up your own login.
The U.S. Bureau of Labor Statistics (BLS) found in its January jobs report that the United States added an astonishing 517,000 nonfarm jobs in January, indicating that the labor market is not cooling down. January’s added jobs were above December’s gain of 260,000 and the Dow Jones estimate of 187,000 jobs to be added this month. They were also higher than 2022’s average monthly gain of 401,000—a year that had strong job growth—and the largest increase since July 2022. The largest gains were in leisure and hospitality, professional and business services, and health care.
The unemployment rate fell from 3.5% in December to 3.4% in January. This is the lowest rate since May 1969. Experts expected the unemployment rate to increase to 3.6% in January. The labor force participation rate edged up from 62.3% in December to 62.4% in January, the highest rate since March 2022. However, the current labor force participation rate is still well below pre-pandemic levels of 63.4%. A larger labor supply helps ease a tight labor market and puts downward pressure on wages since there’s less competition among employers for candidates.
Despite January’s stronger-than-expected jobs report, wage growth came in as expected at 0.3%. January’s report also revealed that wage growth moderated on an annual basis. Wage growth has now slowed to 4.4% after reaching its peak of 5.9% in March 2022.
In January, individuals worked, on average, 34.7 hours a week, up from 34.4 in December. This is the most since March 2022, signaling that the demand for workers will likely persist for the foreseeable future.
Employer Takeaways
January’s surprising jobs report comes as the Federal Reserve (Fed) continues to increase interest rates in an attempt to fight inflation, cool the labor market and ease pressure on wages. The Fed has raised its benchmark interest rate eight times since March 2022. This month’s report indicates that the job market is currently stronger and more resilient than expected; however, economists think that January’s job gains may be influenced by seasonal factors and the early year job and wage environment.
January’s numbers cast doubt on concerns that the U.S. economy is in a recession or approaching one. While this month’s jobs report indicates that the labor market is stronger than previously believed, wage growth is slowing, potentially easing pressure on employers to increase wages to attract talent. However, since the labor market is still not cooling down, employers’ struggles to attract and retain workers will likely continue for the foreseeable future. As such, employers should continue to monitor employment trends to stay competitive in today’s evolving market.
Contact RISQ Consulting for more resources.
- Published in Blog
Thanksgiving FAILS – A Day You’ll Be Most Thankful For Insurance!
By Jennifer Outcelt, Creative Content Architect
We like to think of Thanksgiving as a wholesome day with family and friends enjoying each other’s company and extolling the many blessings we have had throughout the year. But in reality, it is often a day of great stress. Aren’t you thankful for having to clean your entire home, cook a ginormous meal that needs to all be done at the same time, do a ton of dishes, and make happy conversation with all your family (even though great Aunt Gladys is a bit of a wrench)? All while trying not to let on that you are one “So, when are you having more kids?” question away from a complete breakdown. Yeah, there may be a ton to be thankful for at Thanksgiving, but some things… not so much.
But if you are trying to out-do your brother-in-law’s brined and herbed turkey spectacular from last year by trying your hand at that whole fried turkey thing (how hard could it be?), then there’s one thing that you will definitely be thankful for; Insurance. Apparently, “firefighters responded to 1,630 home cooking fires on Thanksgiving in 2018 (the latest data available)—250% above the year’s daily average of 470.” That’s a ton of not-so-well-done birds!
Check out these interesting stats about holiday cooking fires and the home owner’s insurance that could save your rump!
https://www.forbes.com/advisor/homeowners-insurance/thanksgiving-fires/
- Published in Blog
Fire Safety in the Office
This article is from RISQ Consulting’s Zywave client portal, a resource available to all RISQ Consulting clients. Please contact your Benefits Consultant or Account Executive for more information or for help setting up your own login.
Fires are a serious risk for businesses of all types. It’s up to you to take the proper precautions to keep yourself, your co-workers and our company safe from fire hazards.
Lower the Risks of Fire
There are some simple things you can do to prevent fires at our company:
- Always comply with regulations.
- Obey “No Smoking” signs.
- Dispose of cigarettes and matches in the proper receptacles after ensuring they are completely extinguished.
- Watch for frayed electrical cords and overloaded circuits.
- Dispose of flammable wastes and scraps by placing them in metal containers.
Combustible Storage
Always store combustible materials in a safe area. Fumes can travel a considerable distance and become ignited by a furnace, stove, electrical equipment or even a lit cigarette. If you need to dispose of flammable liquids, do not pour them down the drain. Educate yourself on the proper method of disposal.
If you have to burn wastepaper, make sure it doesn’t contain explosive materials, such as aerosol or paint.
Inspect Equipment Regularly
Proper maintenance procedures are important to fire safety. If you use electrical equipment or tools, inspect them regularly to make sure they are working correctly. Keep mechanical equipment properly lubricated to avoid excessive friction. Keep spark arrestors on exhaust systems.
Preparing for a Fire
- Become familiar with the location and operation of firefighting equipment.
- Learn where fire extinguishers are located and what types of fires they are to be used on.
- Participate in periodic fire drills to practice fire response procedures.
- Become familiar with the different types of alarms used in your workplace.
- Establish an employee meeting place.
When a Fire Breaks Out
- If the fire alarm rings, always treat it as a true emergency unless you are told ahead of time it is a drill. Just because you do not see smoke or flames does not mean a fire is not present.
- Always use the stairs instead of the elevator.
- If the room fills with smoke, stay low to the ground and get out as fast—but as safely—as you can.
Every day you’re on the job, take note of potential fire hazards and report them immediately to your supervisor. Always put safety first!
- Published in Blog
