IT JOB HIKES
US job growth moderates in June; unemployment rate rises to 4.1%
In June, job growth slowed with the unemployment rate at 4.1%, reported the Bureau of Labor Statistics. Nonfarm payrolls rose by 206,000, while average hourly earnings increased 0.3%. Revised May data showed fewer jobs added. Wage growth moderation and disinflationary trends bolster the Federal Reserve's rate cut prospects. Monitoring these changes is crucial for economic assessment.
US weekly jobless claims rise labor market slows
The labor market shows signs of easing as unemployment benefits claims increase. Layoffs rise due to interest rates impacting demand, and challenges in seasonal data adjustments persist. Market anticipates Fed's potential rate cuts. Job cuts decrease in June, but higher than last year. Nonfarm payrolls data may reveal job increase. Job openings ratio remains steady, while Fed deliberates policy changes post-hikes. Continuing claims rise due to policy effects.
Yen slides to fresh lows as Japan authorities stick to sidelines
The Australian dollar rose on retail sales data, suggesting a Reserve Bank rate hike, while China's yuan hit an eight-month low due to local authorities' currency tolerance.
US job openings rise to 8.1 million despite higher interest rates
U.S. job openings increased slightly to 8.1 million in May, despite higher interest rates aimed at cooling the labor market, as reported by the Labor Department. Layoffs rose slightly, while the number of Americans quitting their jobs remained stable. The economy and job market have shown resilience despite the Federal Reserve's efforts to raise rates. Job openings have decreased since a peak in March 2022, signaling a possible slowdown in the economy.
US weekly jobless claims drift lower
Initial claims for state unemployment benefits dropped 6,000 to a seasonally adjusted 233,000 for the week ended June 22, the Labor Department said on Thursday. The claims data included last Wednesday's Juneteenth National Independence Day, a new holiday. Claims tend to be volatile around public holidays.
Kenya protests: Police fire rubber bullets, tear gas at protesters after President Ruto urges talks
Kenyan police used rubber bullets and tear gas on protesters in Nairobi. This comes despite President William Ruto scrapping tax hikes after deadly clashes. Young Kenyans led the protests, catching authorities off-guard. Dozens rallied in Nairobi. Ruto made a U-turn on the tax hikes but protesters criticised it as too late. The unrest has led to a state-backed rights group investigating 22 deaths and 300 injuries nationwide. International community calls for accountability and respect for peaceful protests.
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Sweden raises salary threshold for foreign workers by almost 120%; mulls further hikes
The government plans to further raise the threshold to 35,600 kronor, with exemptions for certain workers and a one-year grace period for current permit holders. The updated threshold applies to new applications and renewals from June 18, 2024, with annual adjustments based on median salary figures. Temporary seasonal workers must meet a lower threshold of 13,000 kronor but also ensure their salaries align with industry standards.
Will Bihar govt go for immediate appeal in SC: Congress after Patna HC strikes down quota hike
The Patna High Court overturned Bihar's decision to increase reservations for Dalits, backward classes, and tribals from 50% to 65%. This move, made in November 2023, was struck down on grounds that it exceeded the 50% cap set by the Supreme Court. Congress leader Jairam Ramesh questioned whether the Bihar government would appeal to the Supreme Court and urged the NDA-led Centre to support the appeal.
Oil prices slip as rate hike worries come into focus
Crude oil futures slid on Friday due to higher interest rates in Asia and the U.S., with Brent futures at $85.60 and U.S. crude at $81.20. Japan's core consumer prices rose by 2.5% from last year.
Ixigo IPO pops; AI jobs command premium pay
Ixigo lists at about 50% premium, ends day at 20% upper circuit. This and more in today’s ETtech Top 5.
AI jobs command premium pay as companies fill specialised roles
Experts and staffing firms told ET that qualified AI professionals in India are raking in serious cash. Compared to traditional IT roles, AI specialists can command a salary premium of up to 40-80%. The demand for AI talent is exploding as companies race to fill these new and specialised positions.
Ignored Bengaluru woman leaves job, rejoins same startup after getting Ivy League degree at double pay
A woman's bold career move in Bengaluru has gone viral. Feeling undervalued at her startup job, she pursued an Ivy League education, enhancing her career prospects. Returning to her previous company, she secured a position with a salary more than double her previous earnings. Her story, shared by Adithya Venkatesan, has inspired many online, emphasizing the value of education and strategic career choices.
Andhra Pradesh govt issues order to begin teachers recruitment drive for over 16,000 vacancies
The Andhra Pradesh government has initiated the recruitment of 16,347 government teachers by issuing an order and aims to complete the process by the end of 2024. Chief Secretary Neerabh Kumar Prasad directed the school education commissioner to conduct the Mega DSC (District Selection Committee) - 2024 and fill the teacher posts by December 31, 2024.
Pakistan hikes defence budget by nearly 15 per cent in 2024-25
Pakistan announced a 15% increase in defence spending, reaching Rs 2,122 billion in the 2024-25 budget. Finance Minister Aurangzeb presented the budget in the National Assembly, the first under the PML-N and PPP coalition government.
Rural jobs, roads, housing next on government radar
The government plans to construct 30 million houses under PMAY and is focusing on addressing rural distress to boost growth in private consumption expenditure and household savings.
JPMorgan, Citi scrap Fed rate-cut bets for July after jobs data
JPMorgan's chief US economist, Michael Feroli, stated in a report on Friday that "the recent momentum in job growth" indicates that the "broader" labor-market weakening, which the Fed mentioned could justify a rate cut, might take more than three months to materialize.
What are the costs behind Trump's economic proposals?
Former President Donald Trump is considering imposing tariffs on all US imports, potentially costing consumers $500 billion annually. His proposals include a 10% tariff on all trading partners and higher levies on Chinese goods, aiming to offset tax cut extensions. These policies could disproportionately impact lower-income groups.
Senior-level IT services hiring in 2024 focuses on new-age skills
IT services and global market conditions impact senior-level hiring with pay hikes expected. Roles in finance, consulting, and program management are in demand. Companies hiring for roles like chief AI officer, delivery head-AI, and CFOs. Skills in cloud computing, machine learning, and data engineering are sought after. Gartner forecasts $5 trillion IT spending in 2024, with India's IT spending growing.
Biden sharply hikes US tariffs on Chinese chips, cars & other items worth billions
President Joe Biden announced a significant increase in tariffs on various Chinese imports, including electric vehicles and medical products, to address what the White House deems unfair trade practices. The move aims to bolster U.S. economic security but risks straining relations with Beijing ahead of the upcoming election.
Fed's Powell: PPI mixed, next move unlikely to be a rate hike
Though he said "my confidence in that is not as high as it was," given faster than expected inflation through the first three months of the year, the U.S. central bank chief said it remained unlikely in his view that the Fed would have to raise rates any further, even if the prospect for rate cuts has become less certain.
US weekly jobless claims increase more than expected
Labor market shows signs of easing as new unemployment benefit claims by Americans exceed expectations, reaching 231,000. The rise, partly due to seasonal factors, reflects adjustments post-interest rate hikes, with expectations of Federal Reserve rate cuts.
'Appraisal, promotion system in Indian cos is a joke': Dehradun techie shares ideas to get big pay hikes
A post by an engineer in Dehradun for higher salaries has sparked a discussion on social media. The engineer emphasized the need for individuals, especially software engineers, to consider switching jobs for better pay. The post has led to conversations about job mobility and fair compensation in the Indian job market.
Engineer shares key tips on how to get salary hike amid appraisal season in India
Akshay Saini, an engineer from Dehradun, has gained attention for his frank views on achieving higher salaries during the busy appraisal season in Indian companies. He emphasizes that job switching is often the best way to increase income significantly, citing dissatisfaction with internal appraisals and promotions. Saini's straightforward advice to those feeling underpaid is to switch jobs without hesitation.
₹10,000 is all it takes for a pay hike letter & to cheat a company
Employee fraud risks rise, impacting industries like BFSI, e-commerce. AI, ML crucial in fraud detection. Companies urged to adapt to evolving fraud trends, prioritize integrity in recruitment processes.
Expect 15-25% pay hike while shifting jobs at senior level, shows Michael Page report
The Michael Page's Salary Guide 2024 for India indicates significant demand for various roles across sectors, with senior-level job shifts offering substantial salary increases of 15-25%. Manufacturing, data, generative AI, and sustainability skills are particularly sought after.
65% of India Inc employees expect favourable appraisal despite slowdown fears: Survey
The survey, conducted among 2,500 employees to gather insights on their salary increment expectations and outlook for 2024, found that despite the slightly lower projected increase and concerns about an economic slowdown, employees remain optimistic about their salary prospects.
60% students choose job security over pay hikes: Unstop 2024 Talent Report
The Unstop 2024 Talent Report surveyed over 11,000 students, university partners, and HR professionals, revealing key insights about the job market in India. Among the findings, 60% of students prioritize job security over pay raises, with 53% expressing fear of not finding a job in their preferred field.
Premium for AI jobs cools as talent supply increases
According to staffing firms, Average pay hike for a new job in AI — including AI/ML engineer, robotics engineers, natural language processing engineer, ethics engineer and data architect — has reduced to 15-25% from 50-60% a year ago.
Seven in 10 Indian employees believe they are underpaid: Report
Seven in 10 employees in India believe they are underpaid. Salary is considered the most important aspect of a job. Organizations plan to improve payroll accuracy, timeliness, data security, and privacy. Employee wellbeing, including financial health and wealth creation, is a top priority. Employers are embracing AI in payroll management and exploring alternative compensation methods.
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