🎶 The first cut is the deepest

Job seekers buckle up as the Fed cuts rates for the first time in 4 years.

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👋 Welcome back, TAs! Looks like the young generations are looking to the sky when it comes to job hunting. A recent study found that a whopping 41% of Gen Z and millennials research the zodiac signs of potential bosses and colleagues before accepting a job offer.

It might be time to adjust your LinkedIn's birthday privacy settings. While we can't fault anyone for wanting to ensure cosmic compatibility, we're not sure "What's your sign?" should be the first question in an interview. 🔮 

Questions? Comments? A hot take on whether Virgos make the best bosses? Reply to this email, we’d love to hear from you.

— Team RecruitmentMarketing.com ✨ 

Today’s edition is a 3-minute read. Here’s what to expect👇

🗞️ Fed announce rate cut amid labor market shift
🌎️ CareerBuilder and Monster officially join forces
💰️ Finally raises $200M for SMB finance suite
💻 TA roles at OpenAI, Adobe
💼 Layoffs hit Verizon, Boeing
📆 Can't miss upcoming industry events

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NEWS
One Thing You Should Know This Week
Fed Cuts Rates To Protect Weakening Job Market

Yesterday, the Federal Reserve took a long-awaited, decisive step in its economic strategy, cutting interest rates for the first time since 2020. Fed Chair Jerome Powell announced a half-percentage point reduction in the federal funds rate aimed at bolstering a cooling job market.

🖼️ The big picture.
This rate cut signals the Fed's growing concern about the labor market's health, despite its previous success in taming inflation. The Fed's efforts to achieve a "soft landing" have yielded better results than anticipated, with inflation cooling to 2.5% from a peak of 9.1% two years ago. However, the latest jobs data suggest that a soft landing is not yet guaranteed, with unemployment slowly rising to 4.2% in August—up from 3.4% in 2023.

❗Why this matters.
The Fed's decision will have far-reaching implications for businesses, job seekers, and the overall economy. A rate cut could stimulate economic activity, potentially leading to increased hiring and business expansion. On the other hand, the effectiveness and speed of these changes remain uncertain in the unique post-pandemic landscape.

🧮 By the numbers:

  • Unemployment rate: 4.2%, up from 3.4% in 2023

  • Job openings: 8.8 million, down from 9.6 million in June

  • Hiring rate: 3.6%, showing a slowdown in job creation

  • Long-term unemployment (+27 weeks): 1.2 million people


💼 What this means for TAs.
Recruiters should brace for a major shift in hiring as lower interest rates potentially spark job growth across sectors. The talent pool is expected to expand, creating a more competitive market for candidates. TAs may need to adjust strategies, balancing an increase in demand for full-time and gig roles, while considering potentially larger recruitment budgets to craft compelling offers to attract top talent with.

👔 What this means for job seekers.
Job seekers face a mix of opportunities and challenges. While job creation may increase, particularly in interest-sensitive sectors, competition may intensify. Candidates should stay informed about industry trends and look to continuously adapting their skills. Despite potential slower overall wage growth, companies may still offer competitive packages. Thorough market research and effective negotiation skills will be crucial for maximizing opportunities.

🔮 A delicate balance ahead.
Economists remain divided on the outlook. Some, like Jay Bryson at Wells Fargo, see a 1-in-3 chance of recession, while others, such as David Mericle at Goldman Sachs, remain optimistic about continued growth. The true test will be how quickly businesses and consumers respond to the new, lower-rate environment.

🗣️ From the experts. 
When it comes to hiring, Big Tech companies will likely be cautious, said Adam Stafford, CEO of Recruitics, in an interview with Business Insider. “All of the battle wounds [from pandemic hiring] are still fairly fresh … business leaders are going to be cautious to really hit the gas."

NUMBERS

Numbers That’ll Make You Think

  • $594,000 — The amount a Michigan-based construction firm will pay in back wages for misclassifying workers, according to a new Labor Department ruling. (Staffing Industry)

  • 10% — The projected decline in US staffing industry revenue this year, to reach a market size of $189.0 billion. (Staffing Industry)

  • 33,000 — The number of Boeing workers on strike, after negotiations for a four-year contract with the troubled aircraft manufacturer didn’t quite take off. (CNN)

  • 40% — The percentage of US employers now offering fertility benefits, up from 30% in 2020. Finally, a benefit package with some reproductive value. (HR Executive)

  • 39.5% — The percentage of AI headshots recruiters correctly identified. Turns out, even AI can nail that "professional yet approachable" look better than most of us. (Staffing Industry)

  • 5 — The number of days per week Amazon now wants employees in the office. Welcome back to the jungle, folks. (WSJ)

A MESSAGE FROM RECRUITMENTMARKETING.COM

INDUSTRY INTEL

M&A Deals, Industry Moves, & Other Things To Know

  • Recruitment marketing and AI analytics platform Recruitics released its Talent Market Index, designed to help recruitment marketers benchmark their spending against market trends. (RecruitmentMarketing.com)

  • Career giants CareerBuilder and Monster have officially tied the knot, creating the ultimate power couple of a job board. (PR Newswire)

  • Workforce solutions firm TeamBridge secured a $28 million Series B funding round. (Staffing Industry)

  • Investors at freelancer platform Upwork are putting the company on blast, calling for major changes from company leadership, citing poor execution and excessive spending. (HR Tech Feed)

  • Y Combinator alumnus Every raised a $22.5 million Series A round for its all-in-one HR startup. (TechCrunch)

  • HR suite Finally raised a whopping $200 million Series B round to bolster its SMB-focused offering. (PYMNTS)

  • Despite mounting pressure, large firms like JPMorgan Chase are standing by their DE&I policies, its CEO Jamie Dimon reiterated this week at an industry conference. (Staffing Industry)

  • Staffing firm TalentBurst announced it made a strategic investment in talent platform Publicist. (Staffing Industry)

OPEN ROLES

Jobs You Might Want (For Yourself!)


For more of these roles delivered to your inbox every Monday, subscribe to the RecruitmentMarketing.com Jobs Weekly newsletter by clicking here. For a full list of open roles, head over to our job board by clicking here.

LAYOFFS

Places For You To Source Fresh Talent

  • Telecom giant Verizon announced it will cut 4,800 employees by March 2025. (Mashable)

  • Customer data startup Amperity is laying off 13% of its staff. (GeekWire)

  • Aerospace leader Boeing is considering temporary layoffs during the ongoing machinists' strike. (AP)

  • Media company Paramount Global conducted a round of layoffs Tuesday, impacting primarily its advertising group. (Variety)

EVENTS

Join Us For These Upcoming TA Events

  • Thrive Together: A Virtual Wellness Experience

    📆 October 10, 2024 from 1:00 PM ET
    ⚡️ ️Join RecruitmentMarketing.com, Talent Collective, and TechTrust on World Mental Health Day for a virtual wellness event.
    👉️ Register here. 

  • Employer Brand Authenticity in an Election Year: Navigating the Political Landscape and Attracting the Next Generation of Workers

    📆 October 15, 2024 at 4:00 PM ET

    ⚡️ Master the art of employer branding amid election year challenges and attract the next generation of top talent.
    👉️ Register here.

  • Hire Innovations: Fall 2024
    📆 November 19-21, 2024 | 1:00 PM ET Daily

    ⚡️ Hire Innovations Fall 2024 is a dynamic 3-day virtual event designed to inspire and introduce you to cutting-edge technologies revolutionizing the hiring process.
    👉️ Register here.

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