Global CEO confidence fell again in the fourth quarter following a decline in the third quarter, according to The Conference Board. Its measure of CEO confidence decreased to a level of 42 from 55 in the third quarter. This is the lowest reading since the third quarter of 2012, when the measure also hit a level of 42.
Global research by international recruitment firm Robert Half found that business leaders aim to achieve a 66:34 split between permanent and temporary workers by 2023. According to Robert Half, this split highlights how the professional gig economy is transforming traditional staffing and recruitment strategies.
The economy – Canada
Canada added 9,300 jobs in December to bring total employment to more than 18.8 million, according to seasonally adjusted numbers from Statistics Canada. December’s unemployment rate was 5.6%, unchanged from November. For the year, employment rose by 163,000 jobs, an increase of 9.9% compared to the increase of 2.3% in 2017.
The Canadian staffing index, which measures staffing activity in Canada, fell 12% in December on a year-over-year basis to a reading of 90.
The economy – USA
Employment increased in most of the country in late November and December, according to the Federal Reserve’s Beige Book. Labour markets remained tight and firms struggled to find workers at any skill level. The Beige Book, a collection of observations from the 12 federal regional banks, provides a snapshot of current economic conditions.
Nearly three-quarters of companies plan to add to their workforce in 2018, according to the "2019 Hiring Challenges" report released by LaSalle Network, a Chicago-based staffing provider.
IT employment in 2018 increased at the slowest annual rate in nine years, the TechServe Alliance announced. IT employment grew by 0.30% since December 2017, adding 16,200 IT workers, according to the group, which serves as the national trade association of the IT and engineering staffing and solution industry.
The TechServe Alliance said that engineering employment edged up by 0.21% in December from November. Engineering employment rose 2.52% since December 2017, an increase of 64,700 engineering workers.
The Conference Board’s US Employment Trends Index in December — which includes annual revisions — increased following a minor decline in November; the year-over-year change also remains positive. It rose to a reading of 111.61 in December from 110.23 in November and marks a 5.4% gain over the past 12 months, according to the revised data.
Economic activity in the US nonmanufacturing sector decelerated in December, according to the Institute for Supply Management’s nonmanufacturing index, released today. ISM’s nonmanufacturing index fell to a reading of 57.6 in December, down from a reading of 60.7 in November. Readings above 50 generally indicate improving conditions.
ADP National Employment Report says that private-sector employment rose by 213,000 during January in the US. This follows the December gains of 271,000 jobs in December which was the largest gain since February 2017.
Economic activity in the manufacturing sector expanded in December at a slower pace than in November, according to the Institute for Supply Management’s purchasing manager’s index for US manufacturing. December’s index reading registered 54.1, down from November’s reading of 59.3. Any reading above 50% generally indicates improving conditions.
The Conference Board’s consumer confidence index decreased in December, following a modest decline in November. The index fell to a reading of 128.1 (1985=100), down from 136.4 in November.
The Leading Economic Index declined slightly in December and the recent moderation in the LEI suggests that the US economic growth rate may slow down this year. The suggestion is that the economy could decelerate towards 2% growth by the end of 2019. December’s index reading edged down 0.1% to 111.7 (2016 = 100). That follows a 0.2% increase in November, and a 0.3% decline in October.
US private sector output continued to increase at a solid pace in January, with output growth maintained at a broadly similar pace to that seen through the final quarter of 2018, according to the IHS Markit Flash US Purchasing Managers Index.
No recession is foreseen within the next 12 months, but economic growth may not be as robust, according to a Business Conditions Survey released by the National Association for Business Economics. When it comes to hiring, more firms are reporting shortages of skilled labour.
Consumers were more pessimistic about business conditions over the next six months as well as in the labour market, according to The Conference Board’s Consumer Confidence Index. In addition, the recent government shutdown may have influenced the index. Overall, the Consumer Confidence Index fell in January to a reading of 120.2 (1985=100), down from a reading of 126.6 in December. The index had also declined in December.
The economy – Outside North America
Almost half, or 48%, of oil and gas professionals across the world are concerned about an impending talent emergency, according to the third annual Global Energy Talent Index (GETI) report from Airswift, the global workforce solutions provider for the energy, process and infrastructure sectors, and Energy Jobline, a jobsite for the energy and engineering industries. The report recommends that oil and gas businesses must continue evolving their approach to attracting and recruiting talent. The index found that 40% of survey respondents believe the oil and gas sector is already in the grip of a crisis, with a further 28% expecting one to hit within the next five years.
The OECD unemployment rate remained stable at 5.2% in November 2018, and 3% below the January 2013 peak.
The number of jobs available in London decreased by 39% in December when compared to a year ago, according to the London Employment Monitor report by recruitment firm Morgan McKinley. At the same time there was a 29% decrease in professionals seeking jobs. On a month-over-month basis, the number of available jobs also decreased by 52% in December from November and the number of professionals seeking jobs fell by 29%.
Professional recruitment firms in the UK reported that demand for permanent talent fell by 3% year-on-year in November 2018, while vacancies for contingent workers decreased by 6% over the same period, according to new survey data from the Association of Professional Staffing Companies (APSCo).
Unsurprisingly, given Brexit issues, employers’ confidence in the UK economy remained negative for the sixth consecutive month, according to the latest Recruitment and Employment Confederation’s JobsOutlook report.
UK employers are increasing their apprentice and graduate vacancies by 27% this year, according to a survey from the Institute of Student Employers. The survey, which polled nearly 300 of the Institute’s employer members, found that more than 17,000 entry jobs will be offered in 2019 and 70% of employers don’t anticipate that Brexit will have any impact on their recruitment needs.
The availability of professional jobs in Ireland increased by 7% in November when compared to the same time last year according to data from the latest Morgan McKinley Irish Employment Monitor.
Professional hiring activity in Scotland increased by 7% in 2018, according to a report from the Association of Professional Staffing Companies (APSCo). Key sectors influencing this growth included financial services and technology with vacancies in banking up 23% and demand for IT analysts up 46% in December 2018 compared to the previous year.
The state of employment for immigrants in Germany has shown improvement in the past ten years, with the employment rate for foreign-born workers increasing from 59% in 2006 to 67% in 2017, according to a study from the OECD.
The Germany economy may be in a recession, according to Business Insider. German industrial production fell by 1.9% in November, and year-over-year production hit a low of -4.6%, the biggest drop since 2008, according to Business Insider. German exports fell 0.4% in November. Data from Eurostat published earlier this week showed that the German unemployment rate stood at 3.3% in November, among the three lowest in the EU28.
On an annual average in 2018, approximately 44.8 million people were employed in Germany, up by 562,000 persons, or 1.3%, compared to last year, according to data by the Federal Statistical Office (Destatis).
The annual average unemployment rate in Switzerland for 2018 stood at 2.6%, a decrease of 0.6% compared to 2017 and the lowest rate in ten years, according to the State Secretariat for Economic Affairs (SECO).
The EU28 unemployment rate stood at 6.7% in November 2018, down from 7.3% in November 2017. This remains the lowest rate recorded in the EU28 since the start of the EU monthly unemployment series in January 2000, according to figures published by Eurostat, the statistical office of the European Union. The euro area’s unemployment rate stood at 7.9% in November 2018, down from 8.7% in November 2017. This is the lowest rate recorded in the euro area since October 2008.
The jobless rate in Malaysia remained stable at 3.3% in November 2018 when compared to the same period in 2017, according to data from Statistics Malaysia.
Japan‘s seasonally adjusted unemployment rate fell by 0.2% to 2.5% in November 2018 when compared to the same period last year, according to Statistics Japan.
The number of job vacancies in Australia increased by 13.9% in the November 2018 quarter when compared to the same period in 2017, according to new trend figures from the Australian Bureau of Statistics.
The seasonally-adjusted unemployment rate in Australia fell to 5.0% in December 2018, down 0.6% when compared to the same period the previous year, according to data from the Australian Bureau of Statistics.
The talent mismatch has worsened in Mainland China over the last five years, according to a study from Hays and Oxford Economics. The study’s index examines the ability of companies to access skilled workers. In Mainland China, the overall index score has decreased to 3.8 from 5.0 in 2013, suggesting that the labour market has been less pressured than historical norms over the last five years.
Up to 53.6% of IT companies in Vietnam said they hope to increase their workforce by 10-30% this year, reports VietnamNews, citing survey data from IT job portal ITviec.com.
The seasonally-adjusted unemployment rate in Taiwan saw a slight decline to 3.70% in November 2018, down from 3.71% in November 2017, according to the latest manpower survey results from the Directorate-General Budget, Accounting and Statistics.
The unemployment rate in Taiwan remained steady in December 2018 at 3.66%, according to the latest manpower survey results from the Directorate-General Budget, Accounting and Statistics.