Electric lighting didn’t take over overnight. By the early 1900s, urban areas began embracing it. Still, it wasn’t until the mid-20th century that household adoption became nearly universal. This timeline reminds us: even world-changing innovations move at the pace of trust, not just technology.
More workers have accepted a smaller paycheck when changing jobs — and the trend predates the pandemic.
An increasing share of restaurant worker income comes from tips (Square Payroll Index, 2024): The restaurant industry is about 10% of the total U.S. workforce, and the majority of its 12.4M workers rely on tips for significant income. These tips are becoming a larger share of restaurant worker income, but they are also more volatile due to changing consumer behavior and economic downturns.
October’s exceptionally weak U.S. Jobs Report was among the strangest in recent memory, due in part to extreme weather. The number of people saying they had a job but could not work due to bad weather was easily a record high, more than double the previous record.
Researchers assessed the feasibility of a current Large Language Model performing tasks based on specific skills. They examined over 2,800 skills in Indeed’s taxonomy. And guess how many of those skills were rated as “very likely” to be automated by GenAI? Zero.
Insights on worker sentiment, from the Glassdoor Employee Confidence Index (Daniel Zhao) – Sluggish hiring is likely dampening worker sentiment as laid-off workers and new hires find it difficult to get their foot in the door and even employed workers feel stuck in their jobs.
US labor productivity has soared in the last five years, far more than other countries. The U.S.’s comparative advantage in technology likely played a key role. Other factors include a more flexible labor market, stronger investment in innovation, and a robust government stimulus that helped fuel a faster post-pandemic recovery.
Turnover risk is lower when employees can choose where they work (Great Place To Work Institute) – In the words of luminary thinker Daniel Pink: “Companies instituted mandatory return-to-office measures to boost productivity and deepen employee commitment. Turns out those moves had the *opposite* effect.”
In July’s disappointing report, almost the entire month-to-month increase in unemployment came from “unemployment due to temporary layoff,” i.e. people who expect to be recalled to work. A sign of impending recession? Probably not.
Month-to-month increase in unemployment came from a surge in one category (BLS, NBER) – In July’s disappointing report, almost the entire month-to-month increase in unemployment came from “unemployment due to temporary layoff,” i.e. people who expect to be recalled to work. A sign of impending recession? Probably not.