Are you looking for today’s job report? Nonfarm payrolls data? December’s jobs numbers are out, and they’re a surprise.
Nonfarm payrolls rose by 256,000, beating expectations of 155,000. Unemployment fell to 4.1%, defying expectations that it would remain unchanged. The labor market does not seem to care much about the outlook, moving towards cautious optimism. However, the deeper picture is that jobs are harder for Americans than ever before.
More than 2 million jobs were added to the US economy last year, but the door to return appears closed for many unemployed people. By November, more than seven million Americans were unemployed and actively looking for jobs.
Of them, 1.6 million people were on duty for six months or more, a dire 50% rise since late 2022, according to the Labor Department. Recovery does not reach everyone
So what’s going on here?
Today’s Jobs Report – What’s Replacing White Collar Jobs?
Last month, Reid Hoffman, co-founder of LinkedIn, made a bold prediction that the traditional 9-to-5 job will be obsolete by 2034.
For any other entrepreneur, we would be hitting the postpone button on a story like this.
But when he’s the guy who co-founded the largest online job market, yesI notice.
“The gig economy revolution is coming, and it’s bigger than you think,” Hoffman wrote in a blog post. “Within a decade, 50% of the U.S. population will be self-employed.”
A Last scan by PwC revealed that nearly half of employees worldwide feel their workload has increased after the pandemic, while work satisfaction has not.
Meanwhile, 62% say suffering has become more severe, as jobs require faster production, mastery of new technology, and the constant weight of financial pressures. The cruel twist is that fewer people are needed to do more, leaving many craving jobs that may no longer exist.
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The modern worker – doomed or blessed?
Taking pride in our salaries is a relatively new concept.
In fact, 150 years ago, Abraham Lincoln pitted people who worked for a paycheck. Lincoln described wage labor as an unfortunate necessity only for the “penniless novice.”
“If any man continues all his life in the condition of a wage-laborer,” he said, “it is not the fault of the system, but either of a subordinate nature which favors him, or of rashness, folly, or individual misfortune.”
The only thing Lincoln got wrong today is that the system failed to provide modern workers with the skills necessary for employment.
Or perhaps AI replacing us at work is reversible? Whatever the case, the latest job report is as deep as a pond.
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The article NFP Market Rocks Today’s Latest Jobs Report: Why Office Workers Are Struggling to Find New Jobs appeared first on 99Bitcoins.