Job

The Finance 202: New job postings are slowing, another sign the economic recovery is losing momentum

The information on openings from the jobs sites provides an up-to-date look at the state of the labor market. Recent history suggests it accurately previews the federal government’s data, which lags by weeks. Activity on Glassdoor, for example, has closely tracked that in the wider jobs market — and it shows new postings leveling off in August:

Indeed.com is reaching roughly similar conclusions, with postings last week showing a 20 percent decline from 2019 levels, according to data it shared with the Wall Street Journal’s Eric Morath.

“Job postings on the site plummeted this spring when the pandemic hit. By May postings were 33% below February’s prepandemic level,” he writes. “But as states allowed many businesses to reopen, demand for labor improved steadily through July, and in August postings were about 12% below the early February level. Since then, the level of postings has largely plateaued and remained well

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Citi and Citi Foundation Expand Global Job Skills-Building Initiative to Improve Employability and Economic Opportunity for Underserved Communities

The MarketWatch News Department was not involved in the creation of this content.

Citi and the Citi Foundation today announced an expansion of the global Pathways to Progress initiative, led by a Citi Foundation investment of $100 million to improve employability and economic opportunity around the world.

Through Pathways to Progress, young people become equipped with the skills and confidence they need to make a positive impact in their lives and their communities, and also access employment opportunities to succeed in rapidly changing economies.

Since 2014, the Citi Foundation has invested approximately $200 million globally in Pathways to Progress programming. By 2023, the Citi Foundation expects to cumulatively impact over a million young people around the world with a total investment of $300 million. In the U.S., the program has served approximately 100,000 Black and Latinx youth over the past three years, and expanded efforts will focus more intently

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U.S. job growth loses speed as fiscal stimulus ebbs

By Lucia Mutikani

WASHINGTON (Reuters) – U.S. employment growth slowed further in August and permanent job losses increased as money from the government started running out, raising doubts on the sustainability of the economy’s recovery from the deep COVID-19 recession.

Nearly a fifth of the job gains reported by the Labor Department on Friday were from the government’s temporary hiring for the 2020 Census. While the unemployment rate fell below 10%, it was biased down by a continuing misclassification problem.

The slowdown pressures the White House and Congress to restart stalled negotiations for another fiscal package and is likely to become political ammunition for both Democrats and Republicans with just two months to go until the presidential election.

“The labor market has entered a frustratingly slower second phase of the recovery,” said Lydia Boussour, a senior U.S. economist at Oxford Economics in New York. “With one in two laid-off workers

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How to find a job in India when you’re LGBTQI+

While India decriminalised homosexuality two years ago, most Indian companies are still taking the first steps towards gender diversity.

The representation of LGBTQI+ employees at large and small Indian companies is still significantly low. To top this, in India, 79% of the LGBTQI+ employees have indicated that their career growth has slowed down because of their gender identity and expression, and revealing their sexual orientation, according to a recent report by Accenture (pdf).

In this scenario, many employees choose to keep their identities private. According to the Accenture report, only 40% of employees across 26 countries globally are open about their gender expression. Yet, there are some companies in India that are not only vocal about their goals for a gender-diverse workplace but also hire affirmatively.

To tap into this network of inclusion, there’s plenty an LGBTQI+ job seeker could do—including, in some cases, signifying one’s identity on one’s resumé.

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Salesforce CEO calls coming job cuts ‘part of running business in a successful way’

Salesforce (CRM), coming off a massive second quarter and poised to be added to the Dow Jones Industrial Average, is like all other businesses operating in a pandemic — having to make “difficult decisions” like cutting headcount, CEO Mark Benioff told Yahoo Finance.

The billionaire explained that job cuts, especially during a pandemic, is part of running a successful business. According to The Wall Street Journal, Salesforce is eliminating around 1,000 jobs, with the impacted workers given 60 days to find new positions within the company.

The move comes at a time when joblessness is at its highest levels in years. Yet with 54,000 employees, the job cuts account for less than 2% of the total headcount. Typically, Salesforce looks at “rebalancing five to 10%” of its employees each year, Benioff explained on Wednesday. 

“It’s part of running our business in a successful way. And that does impact employees at

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Almost half of finance workers consider new job in wake of COVID

People stand on the upper section of Greenwich Park overlooking the Canary Wharf skyline. Photo: AP Photo/Tony Hicks
People stand on the upper section of Greenwich Park overlooking the Canary Wharf skyline. Photo: AP Photo/Tony Hicks

Almost half of all financial services workers are considering changing jobs, according to a new survey, as the COVID-19 pandemic provokes many people to rethink their lives.

A survey of over 600 financial services professionals carried out by Savanta on behalf of KPMG and the Financial Services Skills Commission found 44% were considering a career change.

Of those, 13% said they were looking to leave the finance industry altogether. 31% of those surveyed said they were planning to job hunt within the next 12 months, despite the dire state of the UK labour market.

“As we spend more time at home away from our colleagues and offices, it makes sense that many will be questioning their current roles and choices — and what the future might hold,” Karim Haji, head of financial

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UK financial job vacancies shrink by 60% in second quarter- data

* Number of financial job-seekers falls by 32% in Q2

* Vacancies rebound in June after sharp fall in April

* Average salary change in Q2 rises to 13% after May rally

LONDON, July 15 (Reuters) – The volume of UK financial sector job vacancies dropped by 60% in the quarter to end-June, data on Wednesday showed, as the COVID-19 pandemic inflicted fresh injury to a labour market already reeling from restructuring and Brexit.

The latest Morgan McKinley Spring London Employment Monitor, which details hiring trends across Britain’s financial industry, showed the number of job-seekers fell by almost a third in the three month period from April, with available jobs plunging by 72% year-on-year in that month alone.

The latest figures follow a rapid slowdown in hiring seen in March, when the number of available jobs dropped by 38% compared with February.

The early part of the April-June quarter was

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Uptick in London job seekers at end of 2019

City professionals are increasingly optimistic about the UK economy and expect the jobs market to start to pick up, despite data pointing to a protracted slowdown.

Recruiter Morgan McKinley said Monday financial and professional services vacancies in London slumped by a third in the final three months of 2019. Its London Employment Monitor found vacancies were down 42% when compared to the same quarter in 2018.

However, the data pointed to an uptick in both vacancies and job seekers in December. Vacancies rose 6% between November and December, while job seekers increased by 38%.

“Job seekers are on the front lines of the job market, which is why it is so encouraging to see them aggressively looking for the next opportunity,” Enver

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UK financial job vacancies shrink by 60% in second quarter: data

LONDON (Reuters) – The volume of UK financial sector job vacancies dropped by 60% in the quarter to end-June, data on Wednesday showed, as the COVID-19 pandemic inflicted fresh injury to a labour market already reeling from restructuring and Brexit.

FILE PHOTO: Workers wearing face-masks travel through the Waterloo Station during the morning rush hour following the coronavirus disease (COVID-19) outbreak, in London, Britain, July 6, 2020. REUTERS/Toby Melville

The latest Morgan McKinley Spring London Employment Monitor, which details hiring trends across Britain’s financial industry, showed the number of job-seekers fell by almost a third in the three month period from April, with available jobs plunging by 72% year-on-year in that month alone.

The latest figures follow a rapid slowdown in hiring seen in March, when the number of available jobs dropped by 38% compared with February.

The early part of the April-June quarter was dominated by government-imposed lockdowns to

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Chrystia Freeland to take Canada’s top finance job



Chrystia Freeland wearing glasses: Chrystia Freeland is one of PM Justin Trudeau's most trusted ministers


© Getty Images
Chrystia Freeland is one of PM Justin Trudeau’s most trusted ministers

Canada’s deputy prime minister Chrystia Freeland will be taking over the role of finance minister, Canadian media report.

Bill Morneau stepped down on Monday from the top finance job amid pressure from opposition parties, after five years in the role.

Ms Freeland, 52, will become the first woman to hold the powerful portfolio in Canada.

She is one of Prime Minister Justin Trudeau’s most trusted ministers.

Canada is going through its worst economic crisis since the Second World War due to the economic impact of the coronavirus pandemic.

She has previously held several high-level cabinet positions, including the international trade portfolio.

As foreign minister she helped renegotiate the North American Free Trade Agreement – or Nafta – with the US and Mexico.

The former journalist was first elected as a member of parliament (MP) in 2013.

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