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[ad_1] Hiring surged in May, indicating the job market remains resilient despite high interest rates and still-elevated inflation. Employers added 339,000 jobs last month, accelerating the pace of hiring in April, the Labor Department reported Friday. That's far above economists' expectations for about 190,000 new jobs. Hiring was broad, with jobs added in construction, transportation, leisure and hospitality, professional and business services, health care and social assistance and government. "The labor market continues to move full speed ahead, with the biggest gains in the services sector," noted  Bright MLS chief economist Lisa Sturtevant in an email after the numbers were released. The unemployment rate also rose, to 3.7% from 3.4%, as more people entered the job market and some people lost jobs. The jobless rate only counts people who do not have a job and are actively looking for on

[ad_1] Nearly half of American workers today have a side hustle to earn extra cash, showing the toll inflation has taken on working people, according to a new report. In a study released this week from LendingTree and PYMNTS, one-third of respondents said they had a second job, while 1 in 6 said they got supplemental income in another way, including commissions, selling goods online or gambling profits.  "Inflation has made life more and more expensive, and consumers have already made moves to cope, such as pulling back on discretionary expenses. But one can only pull back so far on spending, and PYMNTS' data reveals that consumers are finding another way to navigate their lower purchasing power," the report said. The report suggests that the multiple-hustle set is much larger than the government's official figures, which put multiple-job holders at around 5% of the workforce. And the figures are likely growing: Mor

[ad_1] Amid last year's U.S. economic upheaval, the ultra-tight job market was a rare high point, with low unemployment, strong hiring and rapidly rising wages.  The government's employment report for December, set to be released on Friday, will indicate just how good that year was. Wall Street, the Federal Reserve and businesses nationwide will be closely scrutinizing the figures to see how hot the job market has been — or whether it's showing signs of a slowdown. Here's what they'll be looking at.  How many jobs did the U.S. create? Economists expect employers to have added 200,000 jobs in December, according to a survey on FactSet. That would mark a decline from the robust pace of hiring in the second half of the year, but would still indicate far stronger job creation than what is needed to keep up with population growth and unemployment from rising.  "Announced hiring freezes began to spread in late autumn,

[ad_1] Layoffs around the U.S. surged in the first three months of the year, a sign the labor market is softening amid efforts by the Federal Reserve to hit the economic brakes in a bid to quash inflation.  In the first quarter of 2023, companies announced 270,000 job cuts, according to outplacement firm Challenger, Gray & Christmas —more than four times the number of cuts in the year-ago period. "We know companies are approaching 2023 with caution, though the economy is still creating jobs. With rate hikes continuing and companies' reining in costs, the large-scale layoffs we are seeing will likely continue," Andrew Challenger, senior vice president of Challenger, Gray & Christmas, said in a statement.  The technology sector led the cuts, Challenger said. Announced layoffs in tech this year have already exceeded the total for all of last year. If that continues, tech could have its worst year on record, surpassing

[ad_1] The red-hot job market capped off 2022 on a high note, with employers adding 223,000 jobs in December, the Labor Department reported Friday. The payroll numbers reflect a slowdown from the pace of job creation earlier in the year, but they are slightly above economists' predictions  that businesses had added about 200,000 jobs last month. The unemployment rate fell to 3.5% as more workers found jobs, matching a 50-decade low. The Federal Reserve is seeking to tamp inflation by putting the brakes on the economy — including hiring — through its series of recent interest rate hikes. While employers added more jobs than expected in December, investors were cheered by last month's cooler wage growth. "It's hard to imagine a jobs report in better balance," said Robert Frick, corporate economist with Navy Federal Credit Union, in an email. "Wage growth is slowing, which will take some pressure off inflation,

[ad_1] Los Angeles — Once a coveted summer job, lifeguards are hard to come by this year, forcing some pools in Los Angeles to shut down. "We're short about 200 lifeguards, I've never seen anything like it," Hugo Maldonado, regional operations manager for the Los Angeles County Parks and Recreation Department, told CBS News.  Maldonado said they are struggling to attract lifeguards at $20 per hour. "We're now competing with supermarkets, we're now competing with fast food restaurants," Maldonado said. "All of those sectors have increased their wages." On average, hourly wages for workers ages 16 to 24 were up nearly 12% from last summer, according to the Atlanta Fed's Wage Growth Tracker. "Now if you're a prospective job seeker, you're looking around and you realize, wait, that job makes how much now?" said Nick Bunker, research director at Indeed Hiring Lab. &