The Goldman Sachs technology M&A team, led by Sam Britton, has cashed in on its software focus and decades of experience to dominate 2019's biggest deals.Technologyread more
American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The summit comes amid fears over a global economic slowdown, and U.S. tensions over trade allies, Iran and Russia.Politicsread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
Trump does have some powerful tools that would not require approval from U.S. Congress.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
As demand for lab monkeys continues to rise, U.S. scientists are reporting delays in research projects because they can't obtain enough animals, according to the National...Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Job openings edged lower in June as the labor market continues to tighten, the Labor Department reported Tuesday.
Employment vacancies fell to 7.35 million from 7.38 million in May, according to the Job Openings and Labor Turnover Survey. The JOLTS report is closely watched by Federal Reserve policymakers as a measure for slack in the labor market.
The change in job openings left the gap between vacancies and those considered unemployed at 1.37 million, a decrease of 123,000 from May. Unemployed workers are defined as those out of work who have looked for a job and are available for hire. Trade, transportation and utilities vacancies stood at 1.4 million, while education and health services and professional and business services were close behind with about 1.3 million each.
The amount of quits, considered an indicator of labor market mobility since it measures employees who voluntarily left their jobs, declined by 55,000 to 3.43 million. That left the quits rate among total workers unchanged at 2.3%, where it has remained through the year.
With the jobless rate at 3.7% in July, questions have persisted how close the U.S. is to full employment. The huge gap between jobs and the unemployed suggests more room for movement, given a skills gap between what employers want and what the labor market is offering.
For 22-year-old Andre Pezo, the offer of a job training program that put him on the IT staff at Stanford University was enough to get him to set aside community college for a while since he received a hands-on opportunity to further his career.
Pezo, of San Mateo, California, was working at fast-food restaurant when a former manager told him about the program, known as Year Up Bay Area, that serves low-income youth without college degrees. He's now working in a Level 1 position at Stanford's Service Desk.
"The sudden transition has been motivating and reignited my passion to better myself," he said.
At a time when college students are swimming in $1.5 trillion of debt, the chance to learn an advanced skill and get paid for it appealed to Pezo, who lives at home and is helping support his family.
"The perspective today is really shifting, because everyone is wondering whether college is necessary to be that jumping off platform for your professional career," he said. "The jobs market is there, there are positions available. There are people looking for new, young talent that might be able to motivate themselves."
It's not only job seekers who are changing. Employers also are adapting to the labor market's shifting dynamics.
Job training has become a priority as companies have taken to hiring workers who may not have the skills at hand but are capable of adapting and learning.
The skills gap also is helping to keep wage growth down. Average hourly earnings rose 3.2% year over year in July, around the best levels of the recovery but still a fairly tepid case.
Another dynamic in the conundrum over stubborn wage gains at play is that new hires are not focusing as much on pay.
"Salary is becoming less and less of a priority for candidates," said Irina Novoselsky, CEO of the CareerBuilder online employment site. "As a result, they're not pushing that as much. They're asking more about benefits, what the brand stands for, who their boss is. Over 60% are changing jobs because of their boss, and they're willing to take a pay cut."
There are wage gains, Novoselsky said, but they're primarily happening on the extremes of the scale — either on the lower or higher end, but not much in the middle.
"We're continuing to see really high turnover," she said. "Candidates are continuing to shop around. It only increases the pressure on the tight labor market."