U.S. Employers Set a Record with Average Annual Wages at $79,160 to New Workers in November up from $69,475 in July
$79,160
U.S. employers are offering record-high average annual wages to new workers, with the figure reaching $79,160 in November, up from $69,475 in July, according to the New York Federal Reserve. The rise reflects the tight labor market, prompting companies to offer higher wages. Additionally, the report also reveals a surge in job market activity, with more individuals searching for new jobs. The likelihood of job changes rose from 10.6% in July to 12.3% in November, indicating potential shifts in the employment landscape.
3.7%
The Congressional Budget Office predicts a slowdown in U.S. economic growth, forecasting a 1.5% rate for 2024, with unemployment expected to rise to 4.4%. While the agency revised its 2023 GDP growth to 2.5%, up from 0.9% in July, it attributes the 2024 slowdown to weaker consumer spending, investment, and exports. However, the CBO acknowledges the inherent uncertainty in economic predictions, emphasizing the dynamic nature of factors influencing outcomes.
24.6M
In 2023, the workplace resembled a roller coaster ride, marked by employees resisting Return to Office (RTO) mandates. Despite some resistance, 24.6 million employees at 914 companies returned to the office, with notable mandates from Disney and Zoom. HR leaders are advised to adopt flexible RTO approaches, recognizing the importance of employee input in shaping the future of work.
20%
Due to slow toy sales during the holiday season, Hasbro is cutting nearly 20% of its workforce, around 1,100 jobs. CEO Chris Cocks mentioned ongoing weak sales and market challenges, projecting the layoffs to conclude within the next 18 to 24 months. Hasbro faces tough competition, reporting a 10% decline in November toy sales compared to the previous year, while rival Mattel thrives with the success of the Barbie movie.
11%
Etsy is cutting 11% of its workforce, approximately 225 employees, during the holiday season to restructure and reduce costs amid a challenging business environment. CEO Josh Silverman cites stagnant gross merchandise sales since 2021 and increased employee expenses, emphasizing the need for change. The layoffs will cost $25-30 million, with a restructuring completion target by Q1 2024, and key roles like the Chief Marketing Officer and Chief Human Resources Officer being affected.