Jobs remain strong, but the future of women in the workplace is bleak
 | FRI, JUL 08, 2022 | | | |
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| | | TECH, TRANSFORMATION AND THE FUTURE OF WORK | | | |
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Welcome to the CNBC @Work newsletter, brought to you by CNBC Events. Think a friend, colleague or business partner should receive this newsletter? Subscribe here. June was another strong month for jobs with 372,000 payrolls added, well above the 250,000 Dow Jones estimate. Meanwhile, the unemployment rate remained steady at 3.6%. Although jobs remain robust, there are still fears of a possible recession. Historically, the combination of high inflation and high unemployment are indicators of a recession. If unemployment remains low, can the country avoid a full economic recession?
Industries that saw the biggest gains were health care and social assistance with nearly 78,000 jobs being added, professional and business services with a gain of 74,000 jobs, followed by leisure and hospitality with 67,000 positions added. Although the labor market is strong now, the Supreme Court's recent decision to overturn Roe v. Wade could have devastating effects for women in the workplace if history is any indication. Before abortion was legalized in 1973, the women's labor force participation rate was at 40% - currently it is near 60%. Priscilla Sims Brown, Amalgamated Bank CEO, said on CNBC that the labor force participation rate was already an issue and this decision will only make it worse, echoing the sentiment shared by Treasury Secretary Janet Yellen when the Supreme Court decision was leaked back in May. Sims Brown will be speaking about banking industry's role in social justice as well as her view of the economy at CNBC's Evolve Global Summit on July 13th.
For more on the world of work, check out our Key Stories roundup below. Until next time, stay safe, stay healthy and stay in touch. |
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| Hiring freezes and layoffs are fairly common responses to high inflation and looming recession fears. Rescinded job offers aren't. Yet, over the past few weeks, some companies including Coinbase, Twitter and Redfin have begun to rescind offers en masse. This kind of activity is "highly unusual," says Sid Upadhyay, co-founder and CEO of the hiring platform WizeHire. However usual, it's happening, and "these financial decisions are having a real impact on people," he says. |
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| We spend an enormous amount of our lives working. Unfortunately, some employers can be greedy with our time and energy, and can ask us to set aside our values to abide by their culture. Before taking a job, remember that some employers will try to paint a rosy — and inaccurate — picture of their work environment. Below are some red flags to help you assess what's really happening behind the scenes. If all signs point to "toxic," you don't want to work there. |
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| | Recent headlines are filled with news of tech sector layoffs, hiring freezes and job offers being pulled in the midst of economic uncertainty. But according to members of the CNBC Technology Executive Council, hiring won't slow down and it's not getting easier to find the talent these companies need. Approximately 32% of tech leaders who responded to a recent survey said that it's gotten "harder" to find qualified people for their open positions; an equal percentage reported that it's gotten "significantly harder" to find the talent they need. |
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Evolve Global Summit | Lessons in Agile Leadership: Reimagining Outcomes | July 13 As inflationary, labor and supply pressures converge, what capabilities will companies need to increase economic resilience and stay relevant with consumers? The challenges facing today's leaders seem daunting, but those who embrace change and bank on innovation will continue to transform their organizations for the future. The CNBC Evolve Global Summit looks at legacy companies who are recalibrating skills, demonstrating a growth mindset and taking active steps to succeed in this new era of business. Learn more and register here. |
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