Global Banks Scramble to Hire Top Talent in Booming Japan
The Big Take
In one of the world's tightest labor markets, recruiters are cornering applicants in rooms for hours and wooing them with parties.
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Forbes
an hour ago
- Forbes
What Job And Labor Market Numbers Say About The Economy
FILE - Katy Frank, a former computer scientist at the NOAA Great Lakes Environmental Research Lab, ... More who lost her job Thursday, protests outside the John D. Dingell Veterans Affairs Medical Center in Detroit, Friday, Feb. 28, 2025. (AP Photo/Paul Sancya, File) On one hand, there were some unexpectedly good labor market numbers in June. However, there were other mixed results, raising questions of where the economy might be going overall. The Overall View The 147,000 net new jobs in June reported on Thursday were 33.6% higher than the Dow Jones median prediction of 110,000. The unemployment rate dropped to 4.1% — the expectation was 4.3%. Job openings were 7.8 million, 6.8% higher than the projected 7.3 million. Also, the initial jobless claims report came in at 233,000, about 3% lower than the projected 240,000. Then again, the ADP employment report showed a net cut of 33,000 jobs rather than the projected gain of 100,000. That left multiple economic and investment professionals wondering whether it was a sign of a coming bad report. Also wage growth slowed from 3.8% year-over-year in May and an expected 3.9% in June to 3.7%. According to ADP, private payrolls growth averaged 19,000 in the second quarter of 2025, down from 139,000 in the first quarter and 144,000 in all of 2024. 'June's job losses were concentrated in white collar industries,' Bill Adams, chief economist for Comerica Bank, wrote in an emailed note. 'Tariffs, other policy uncertainty, and the Israel-Iran war weighed on private hiring and pay growth last month. Details Are Telling The specifics of job changes add nuance to the overall numbers. Unemployment rates for adult women and whites, both at 3.6%, decreased. The rates for adult men (3.9%), teenagers (14.4%), Asians (3.5%), and Hispanics (4.8%) changed little or not at all from May to June. And yet, unemployment for blacks increased to 6.8%. The number of long-term unemployed, who have been jobless for at least 27 weeks), grew by 190,000 to 1.6 million. They were 23.3% of all unemployed people. Government employment was up by 73,000 in June, with state government employment up by 47,000 (40,000 of that being in education). Federal job losses were another 7,000, the total loss of jobs being 69,000 after a January peak. That seems likely to be a result of Trump administration strategies. Healthcare employment was up by 39,000 in June, even as other major industries, including mining, quarrying, and oil and gas extraction; construction; manufacturing; wholesale trade; retail trade; transportation and warehousing; information; financial activities; professional and business services; leisure and hospitality; and other services were relatively flat. 'While signs of deceleration persist, today's report highlights a labor market that is proving more resilient than anticipated,' wrote ManpowerGroup President and Chief Strategy Officer Becky Frankiewicz in an emailed note. 'The top-line numbers look positive, but our real-time data reveals underlying shifts. June marked the weakest hiring month of the year, with new postings down 7% month-over-month and 2% year-over-year. Open postings fell 8% from May.' More Information The Federal Reserve Bank of New York published a table called 'Labor Market Outcomes of College Graduates by Major,' as I've previously written. It shows majors, unemployment rates, underemployment rates, median wages for both early career and mid-career, and share of college graduates who went on for a graduate degree. Some of the majors with the highest unemployment were in science, technology, engineering, and mathematics (STEM) fields, with 2023 data paired with a roughly 3.8% overall unemployment rate. Physics (7.8%), computer engineering (7.5%), computer science (6.1%), chemistry (6.1%), and information systems and management (5.6%) all saw higher unemployment rates. In May, Reuters reported that Microsoft was laying off thousands, and the cuts were not performance-related. The results of Q1 were $25.8 billion in net income, up 18% year-over-year, and strong demand for AI services. CEO Satya Nadella said that AI systems are writing 20% to 30% of Microsoft code, according to TechCrunch. In April, Microsoft chief technology officer Kevin Scott reportedly said in an earnings call that 95% of its code will be AI-generated by 2030, or five years from now. This isn't a prediction of disaster, and yet there is unsettling data, like portents of a coming storm. The next few months should start to make things clearer.
Yahoo
2 hours ago
- Yahoo
Helpful AI prompts for your next job search
Looking for a new job is a full-time job in itself, and one that can test your nerves. But this is where AI has become a valuable companion, helping you save time on your job hunt. Indeed, AI tools like ChatGPT, Gemini, Copilot and Perplexity can be cleverly used to simplify the job search process, says Guido Sieber, managing director at a Germany-based recruitment agency. 1. Finding the right job vacancies One way to use AI is for job searching. There are plenty of job platforms, but going through each one individually to find suitable vacancies takes time. This is where AI chatbots can help. Sieber advises starting with precise job queries, such as: "Find current job offers for financial accountants in X city with a remote working option." The more specific the query, the better the results are likely to be. For those wanting to learn more about employers in their desired industry, Sieber suggests trying prompts like: "List the top five employers for IT security in X country." According to the recruitment expert, it is important to refine all queries during a chat session with the AI. "The first answer is rarely perfect," Sieber says. AI can also be used to improve application documents. In the next step, AI tools can help optimize CVs and tailor them to the desired job. Suitable prompts include: "What skills are currently most frequently sought in job advertisements for UX designers?" This can help identify trends in the targeted field and align applications with the requirements. "Draft a cover letter for a junior controller position based on this job advert. Highlight my experience with SAP and Excel." 2. Adapt your cover letter to the job By providing the job advert to the AI chatbot, applicants can improve their cover letters with the response. "Analyse my CV for potential red flags that HR managers might view negatively." This allows the AI to check the application for possible weaknesses. However, Sieber notes that overly general queries, such as "Improve my CV," provide too little context to be helpful. 3. Use AI to prepare for your interview AI can also assist in preparing for job interviews, and chatbots can serve as effective training partners for interviews. Sieber suggests prompts such as: "What questions are frequently asked in interviews for data analysts?" "Simulate an interview for a position in human resources with questions about my recruiting experience." "How can I convincingly answer a question about my salary expectations?" The AI can also provide feedback on the applicant's responses upon request. Sieber says that AI should only be used as a tool in the application process. All suggestions must be critically reviewed and adapted to your personal style, as HR managers are quick to discard generic documents. Additionally, you may want to check the data protection policies and options for limiting data usage of the AI tool you've chosen. Sensitive data, as well as complete application documents, should not be entered into the chat. It is better to work with snippets and anonymised versions.
Bloomberg
3 hours ago
- Bloomberg
Gold Set for Weekly Gain as Investors Weigh Rates, Trade Impact
Gold remained on track for a weekly gain despite falling on Thursday, as investors weighed lower odds for Federal Reserve interest-rate cuts as well as lingering concerns about the outlook for global trade. Bullion traded near $3,330 an ounce to be up around 1.7% this week. It ended the previous session 0.9% lower when US payroll figures surprised on the upside, while the unemployment rate came in lower than expectations. The dollar rose along with Treasury yields — pressuring gold — as traders exited already slim bets on a rate reduction at the Fed's July meeting. Higher rates typically weigh on gold, which doesn't bear interest.
