BUSINESS AND MONEY
WalletHub report reveals New York's hiring struggles amid evolving workforce demands
With the labor force participation rate at 62.7% and slightly above pre-pandemic levels, WalletHub released its report on 2024’s States Where Employers Are Struggling the Most in Hiring, as well as expert commentary.
In order to see where employers are having the most trouble hiring new workers, WalletHub compared the 50 states and the District of Columbia based on the rate of job openings for both the latest month and the last 12 months.
New York Hiring Struggle Stats
- Job openings rate during the latest month: 4.30%
- Job openings rate in the past 12 months: 4.58%
- Overall rank: 4th smallest hiring struggle in the country
To view the full report and your state’s rank, please click here.
Expert Commentary
- Why do employers have difficulties in filling employment positions?
“One reason for the challenge in filling open positions is that some employers have failed to understand and adequately respond to the post-pandemic needs of employees. Job candidates want flexibility, a high-trust workplace, and transparent, caring leadership, and they are typically very good at spotting red flags that indicate otherwise during the application and interview process.” – Linda Thornton, Ph.D. – Adjunct Professor, University of Richmond.
“There has been a new shift in the labor market, where the number of individuals who want to work is in deficit compared to the positions available. This shift has created the ability for individuals to determine their career fate. Employees can negotiate and maneuver through positions creatively. They can apply for positions with the hope of obtaining higher salaries or better benefits. The connection to their current employer is not strong enough to keep them in their positions, leading them to utilize opportunities to…
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New Jersey tops the list with the highest rate of unemployment benefit claims at 2,504 claims per 100,000 eligible workers
A new study has revealed the states with the most unemployment benefits claims, with New Jersey taking the top spot.
AI productivity platform Plus, analyzed 2024 data from the United States Department of Labor on unemployment insurance claims in each state between 04/13/2024 and 04/20/2024. The total number of claims was measured against the total number of eligible workers per state to calculate the rate per 100,000 residents. The states with the highest rate of claims determined the ranking.
New Jersey ranks at the top, with 2,504 unemployment benefits claims per 100,000 eligible workers. From a total of 4,147,212 workers, New Jersey had 103,861 unemployment claims which equates to 2.5% of the working population.
Coming in second place is California, with 2,312 claims for unemployment benefits per 100,000. The state had 410,557 claims from a total of 17,756,991 eligible workers which equates to 2.31%.
Third in the ranking is Rhode Island, with 1,906 benefits claims for every 100,000 workers. Rhode Island had a total of 475,226 eligible workers and 9,059 unemployment insurance claims; equating to 1.91% of the working population.
Illinois places fourth, with 1,852 unemployment benefits claims per 100,000 eligible workers. From 5,918,407 workers, the state experienced 109,632 unemployment claims which equates to…
Commentary from Mitchell Barnes, Economist, Labor Markets, The Conference Board
The US labor market proved resilient in September, adding 254,000 to payrolls for the highest gain since March. Leading into today’s release, June–August showed an average of 116,000 monthly payroll gains; revisions to July and August data now bring average gains over that period to 140,000, before September’s outsized growth. The unemployment rate ticked back down to 4.1%, with the number of unemployed workers falling by 281,000.
This report underscores that the Fed’s decision to cut rates last month was preemptive against risks that had yet to materialize. The report alleviated concerns of an abrupt hiring slowdown with upward revisions to recent months.
This is the first of five core datapoints that Fed policymakers will receive ahead of their November 7 meeting, along with Q3 GDP, PPI, PCE, and CPI. We see September’s jobs report as helping solidify policymakers’ consensus around two 25bps hikes to end 2024; however, additional data could still shift this narrative.
Trusted Insights for What’s Ahead:
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- The unemployment rate declined to 4.1%, despite growth in the labor force, showing…
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Ericsson and INFORM collaborate to enhance financial security with advanced Anti-Money Laundering and Fraud Management solutions
By Helen Roscha / Enterprise EditorEricsson and INFORM collaborate to integrate RiskShield, an advanced Anti-Money-Laundering and Fraud Management solution, with Ericsson’s Mobile Financial Services Platform. The collaboration strengthens Ericsson’s suite of tools to tackle sophisticated financial threats for banks, fintech, and communication service providers. This collaboration highlights Ericsson’s dedication to expanding its financial services ecosystem with a unified solution that addresses all evolving needs and challenges.
Ericsson and INFORM, a leading provider of Anti-Money Laundering (AML) and Fraud Management Solutions (FMS), are collaborating to explore ways of enhancing financial services security.
By combining Ericsson expertise with INFORM’s advanced AML and FMS capabilities, the companies aim to support Ericsson’s global customer base – including Communication Service Providers (CSPs) and enterprises such as banks and fintech (financial technology) companies – to mitigate financial risks, detect and prevent fraud, and secure ecosystems.
The collaboration represents a significant evolution of Ericsson’s Mobile Financial Services business, providing cutting-edge tools for combating financial crime in the current complex financial landscape.
Michael Wallis-Brown, Head of Ericsson Mobile Financial Services, says: “Our collaboration with INFORM aims to elevate the value we provide to our customers in the face of increasingly sophisticated threats. As financial crime and malicious activities become more advanced, utilizing INFORM’s cutting-edge AML and fraud management capabilities alongside Ericsson solutions will help CSPs and enterprises to better detect, prevent, and combat these threats. This potential enhancement would not only safeguard their operations but also support their growth in a secure and resilient environment.”
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