ICYMI: 01.10.23

Payrolls Increased in December

Payrolls increased by 223,000 jobs in December, and the unemployment rate fell to 3.5 percent. Here is the breakdown by industry:

• Leisure & hospitality: 67,000

• Health Care: 55,000

• Construction: 28,000

• Social Assistance: 20,000

Microsoft Recognizes First Union

Microsoft announced that it recognizes the Communications Workers of America as the representative for its employees at ZeniMax, its video game holding.

26 States Are Raising Their Minimum Wage

Nearly half of the states in the U.S. are increasing their minimum wages in 2023. Washington state will see the highest minimum wage at $15.74 per hour. 

Workers for Small Businesses in High Demand

Hiring at small businesses with fewer than 50 employees has slowed for five straight months as a result of a lack of applicants. 

Analysis

Workers are still in high demand despite the Fed's threats of further increasing interest rates. The Fed's efforts are significant in bringing down inflation, but it’s only one tool to address the tight job market. If employers are desperate to fill roles, they have to take active measures to help workers prosper and thrive.