Labor Department Clarifies Expanded FMLA Rules
Regulations for the Family and Medical Leave Act (FMLA) have been finalized by the Labor Department offering two new changes for military families. Under the first expansion, spouses, children, parents or nearest blood relatives are allowed to take up to 26 weeks of leave to care for a service member who is injured or becomes sick while on active duty. The illness or injury must be severe enough to keep the service member from performing his or her duties. The second expansion gives employees up to 12 weeks of leave when a spouse, child or parent is on active duty or is called up for active duty. WorkforceManagement.com – Nov. 18, 2008
Reducing the Fear Factor
A recent report suggests that the productivity and morale of U.S. employees are being threatened by the weakening economy. A recent survey conducted by EquaTerra, an advisory firm for Workforce Management, reported that 26% of 300 HR professionals who responded said current economic conditions were causing “serious employee morale problems and associated performance and conduct issues.” A separate survey of 711 adults found that nearly half reported experiencing stress because of financial concern, and 48% said that stress was making it hard to perform well at work. Experts report that opening the communication between employers and employees and addressing employee concerns could reduce employee stress and increase productivity and morale. WorkforceManagement.com – Nov. 21, 2008
Consumer Confidence Index Rebounds
After falling to its lowest reading ever recorded in October, the consumer confidence index increased from 38 to 44.9 in November, according to the Conference Board. The monthly consumer survey, based on 5,000 U.S. households, is a measure of consumers’ assessment of the nation’s economy. Although the consumer confidence index improved over November, the present situation index, a measure of consumers’ opinions on current economic conditions, fell to 42.2 in November, down from 43.5 in October. The Conference Board – Nov. 25, 2008
Productivity Grew But Only Modestly
According to the U.S. Department of Labor, worker productivity for the third quarter increased more than the 0.9% expected by economists. It reached an annual rate of 1.3% in the third quarter of 2008, which was lower than the 3.6% growth rate from the second quarter of 2008. Wage pressures, measured by unit labor costs, rose by 2.8% in the third quarter of 2008 after declining by an annual rate of 2.6% in the second quarter. CNNMoney.com – Dec. 3, 2008
Retailers See Sales Drop in November
Retailers, with the exception of Wal-Mart, saw the biggest decline in sales in November. According to the Goldman Sachs-International Council of Shopping Centers in a report of 37 stores, sales dropped by 2.7%, the worst decrease seen since 1969 when the index first began. The index is based on same-store sales, or sales at stores opened at least a year. Some stores maintain that November sales are weak due to a late Thanksgiving holiday, causing sales over Thanksgiving weekend to report in December’s results. The Associated Press – Dec. 4, 2008
Factory Orders Fall
Factory orders fell by 5.1% in October, down from a 3.1% drop in September, according to the Commerce Department. This is the biggest drop since July 2000. New orders for consumer goods fell by 5.0% in October due to consumers spending less cash in the weakening economy. Numbers reported by the Commerce Department are weaker than economists had anticipated and show the U.S. economy is slowing down. Reuters.com – Dec. 4, 2008
November 2008
The unemployment rate increased to 6.7% in November, up from 6.5% in October. Employment fell by 533,000 jobs in November, an increase in the number of jobs that were lost in September. Job loss was seen across most sectors of the economy, with only government, education and health services seeing an increase in job gains. Click here for the most recent employment report from the Bureau of Labor Statistics.
Major Industry Employment:
• Construction: - 82,000
• Manufacturing: - 85,000
• Retail Trade: - 91,000
• Professional & Business Services: - 136,000
• Educational & Health Services: + 52,000
• Leisure & Hospitality: - 76,000
• Government: + 7,000
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Economic Trends is a publication of Express Services, Inc., Oklahoma City, Oklahoma. © 2008.