ADP, Challenger data: Signs of strength in January - Feb. 2, 2011:
"Job market looks stronger ahead of Friday report
NEW YORK (CNNMoney) -- The job market started 2011 on solid footing, according to two separate reports released Wednesday.
Payrolls among private employers rose by 187,000 in January, payroll processor ADP said. Analysts polled by Briefing.com were predicting 145,000 jobs added for the month."
A whisper of good news after a year in the economic doldrums and a hideous winter season for the northern States.
On the other side of the coin (which, in this economy, can best be described as haypenny), the article goes on to drop the disclaimer:
"Economists are also cautious about completely trusting the ADP and Challenger reports. For the last six months, the ADP figure has missed the government's reading on private payrolls by an average of 96,000 jobs, said Jennifer Lee, an economist with BMO Capital Markets.
Ahead of the Friday jobs report, economists surveyed by CNNMoney are predicting the economy added 149,000 jobs and the unemployment rate ticked up to 9.5% in January."
So we wait for the "report" (drum-roll) due out on Friday. That is, if we don't get hit by an iceberg till then.
Showing posts with label employers. Show all posts
Showing posts with label employers. Show all posts
Wednesday, February 2, 2011
Tuesday, May 25, 2010
Why a $14/hour employee costs $20
Why a $14/hour employee costs $20 - Mar. 26, 2010:
"NEW YORK (CNNMoney.com) -- You probably cost your boss a lot more than you think you do.
For Jim Garland, who owns a corporate aircraft cleaning and support services company, a $14 per hour worker has a true cost of $19.63 per hour, or about 40% more than base pay. This so-called 'loaded rate' includes fixed expenses -- federal and state taxes, health insurance, workman's compensation, uniforms, and paid time off -- along with soft costs like the time spent training a new hire.
Washington's lawmakers are throwing a lot of ammo at reducing the jobless rate, including a new tax break for hiring the unemployed. But no matter what incentives the government offers, it's hard to convince business owners to hire until they're absolutely certain they need to. Employees are often the most expensive investment a business makes."
The article only partially exposes the hidden employer costs per employee. Depending on the number of employees and the State, the "overhead" can almost equal the salary amount taken home. Taxes are only part of the cost. Ridiculous unemployment and disability insurance premiums (such as in New York City/State) can often force small employers to NOT hire more workers, since these cost would exceed any increase in revenue due to up-sizing their workforce. And now with the mandatory health insurance requirements, many small firms are probably looking to get below the cap of 50 full-time workers which may further increase unemployment in the US and hamper economic recovery.
"NEW YORK (CNNMoney.com) -- You probably cost your boss a lot more than you think you do.
For Jim Garland, who owns a corporate aircraft cleaning and support services company, a $14 per hour worker has a true cost of $19.63 per hour, or about 40% more than base pay. This so-called 'loaded rate' includes fixed expenses -- federal and state taxes, health insurance, workman's compensation, uniforms, and paid time off -- along with soft costs like the time spent training a new hire.
Washington's lawmakers are throwing a lot of ammo at reducing the jobless rate, including a new tax break for hiring the unemployed. But no matter what incentives the government offers, it's hard to convince business owners to hire until they're absolutely certain they need to. Employees are often the most expensive investment a business makes."
The article only partially exposes the hidden employer costs per employee. Depending on the number of employees and the State, the "overhead" can almost equal the salary amount taken home. Taxes are only part of the cost. Ridiculous unemployment and disability insurance premiums (such as in New York City/State) can often force small employers to NOT hire more workers, since these cost would exceed any increase in revenue due to up-sizing their workforce. And now with the mandatory health insurance requirements, many small firms are probably looking to get below the cap of 50 full-time workers which may further increase unemployment in the US and hamper economic recovery.
Friday, May 21, 2010
Job hunting and the economy
Jobs. A simple four letter word, easy to pronounce. But a NOT so simple matter to obtain one.
Today's economy can best be described as ... a shambles. As employers fold up, employees get laid off. As employees turn into the un-employed, they spend less money. As the unemployed spend less money, more employers fold up. And more employees become unemployees. And the cycle goes on.
Here is what is going on with jobs in the US these days. Read 'em and weep.
Today's economy can best be described as ... a shambles. As employers fold up, employees get laid off. As employees turn into the un-employed, they spend less money. As the unemployed spend less money, more employers fold up. And more employees become unemployees. And the cycle goes on.
Here is what is going on with jobs in the US these days. Read 'em and weep.
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