While national unemployment rates are set by FUTA, or the Federal Unemployment Tax Act, each state has its own interpretations. SUTA, or the State Unemployment Tax Act, mandates certain requirements with each state setting distinct parameters. Keeping track can be challenging, so check your local state site for the latest updates. You can find your taxable wage bases and the calculation for your tax rates at this link to the DOL site for the 2019 unemployment law updates. Read more
What You Should Be Looking For In An Unemployment Software
The headlining numbers from the April Jobs report were very strong. The economy added 211,000 jobs and the unemployment rate fell to 4.4%, the lowest number in more than a decade. Average hourly earning rose by 0.3%. Job creation has bounced back from the disappointing March numbers which were revised down to 79,000.
The largest private sector job growth was seen in leisure and hospitality at 55,000. Professional and business services were up 39,000. Healthcare added 37,000.
The number of unemployed declined by 146,000, with the number of new workers up to 156,000. The Labor Force Participation rate is 62.9%.
The U6 rate, that includes those not actively looking for jobs as well as those working part-time, dropped to 8.6% (down from 8.9% in March). This represents the lowest number since November 2007.
“This just adds to the perception that it’s going to be easier and easier to find a job if you want one these days. It’s job security that causes people to as for wage rises. If it’s easier for them to get a job outside their company, they’re more likely to push for higher wages.” — Brian Coulton, chief economist at Fitch Ratings.
Employers should be taking this opportunity to make sure that they are staying on top their unemployment costs. While the climate is good, the time is right for companies to shop around to find the best software and most efficient processes to protect themelves from those inevitable changes in the employment landscape. Contact Unemployment Tracker for more information on effective UI cost management.
Properly Documented disciplinary actions can save you From more headaches
Employee disciplinary actions are often the most scrutinized part of your duties as a Human Resources professional. If you don’t have the proper evidence and documentation to back up your decision, you could end up in court. At the very least, your documentation might not stand up if you need to protest an unemployment insurance claim. The following are a few do’s and don’ts of employee discipline:
The US Department of Labor reports that 235,000 jobs were added in February as the growth of last year continues into 2017. This new jobs report shows increases in manufacturing, construction, healthcare, mining, and education. The unemployment rate is 4.7% and has now been at or under 5% for 18 months. It looks like job seekers are feeling good about their prospects as the workforce also continues to grow. This was the indicator that many have been expected will precede action by the Fed to raise interest rates. It will also be interesting to see how President Trump views these numbers. His stance on the economy seems to have shifted as he is now touting this growth on social media. This is in contrast to the dismal economic outlook he had on the campaign trail though this job growth is nearly identical to last February’s 233,000 jobs added.
The US Economy created 227,000 jobs in January, the best monthly gain since September last year. Unemployment is now 4.8%, a slight tick up due to more Americans returning to the work force. The survey period these job growth numbers reference are from the final days of the Obama administration. Economists can debate various sentiment factors that indicate possible influence on these numbers by Trump, but it is unlikely that any action by the new administration affected these numbers. The reality is that this is the economy President Trump inherits and will be a benchmark for how he stewards the country.
December’s job data numbers are in and for the 75th month in a row, the U.S. economy has added jobs with December’s growth of 156,000 jobs. The December 2016 Unemployment Rate, which came in at 4.7% is a sharp drop from October’s rate of 4.9%. Unemployment has hovered at or below 5% for nearly a year as hiring has continued to hum along and allow more people to rejoin the job market.
U.S. Secretary of Labor Thomas E. Perez issued the following statement about the December 2016 Employment Situation report released today:
Despite a surprise at the polls, this wild election season came to a close with no immediate adverse impact on hiring. For the 7th month in a row, the U.S. economy has added jobs with November’s growth of 178,000 jobs. The November 2016 Unemployment Rate, which came in at 4.6%, is the lowest since August 2007 and is a sharp drop from October’s rate of 4.9%. Unemployment has hovered at or below 5% for nearly a year as hiring has continued to hum along and allow more people to rejoin the job market. Read more
It is extremely important to plan for an economic downturn, as many unexpected costs can arise. Without a set plan, it can be difficult for businesses to survive. In the last economic downturn, there were many companies unsuccessful at keeping costs down and, unfortunately, they went out of business. Your business might decrease and unexpected costs will certainly come up, but if you have a plan, you can get safely through. One cost to consider is the rise in unemployment costs. Read more
It is important to control employee turnover in your business. High turnover rates can lead to increased training costs, inconsistent productivity, and poor morale. Because turnover usually increases Unemployment Insurance costs due to an increased number of claims from past employees, it also leads to reduced or limited profit overall. Are you wondering how to reduce employee turnover in your business? There are many things you can do, but most of all, you want to ensure that you are hiring the right people. There are a few ways to implement hiring practices that reduce employee turnover.