Employers have been forced to rethink their approach to finding new hires amid the federal government’s latest cut in unemployment benefits.
Employers are struggling to find qualified workers because of the sharp cut in benefits, and the administration says they will now be able to hire fewer people, a move that could increase the cost of hiring and cause the unemployment rate to rise.
But while some employers have begun hiring people in droves, others have cut back on staffing or have stopped hiring altogether.
Here’s a guide to how you can handle the changes.___For the first time since the recession, the Federal Reserve will start cutting interest rates next week, and that could mean more jobs in the short term, but more job losses in the long run.
The Fed said Thursday it expects to reduce its benchmark overnight rate to near-zero by the end of next month.
That would mark the first rate cut since late 2008.
That means many of the jobs created last year could soon become redundant, as more people leave the workforce or as the economy slows down.
The Fed says the unemployment benefits cuts will affect some 2.2 million workers.
It expects the unemployment rates of those who lost their benefits to rise slightly in the first quarter of next year, and to drop slightly in subsequent quarters.
In the first six months of next calendar year, the Fed expects to add just over 1 million jobs, or 2.7 percent of the economy, as a result of the cuts, the central bank said.
Inflation will also be lower than it has been in the past few years.
The central bank’s goal is to hit 2 percent growth over the next few years, and it expects inflation to remain below the Fed’s 2 percent goal until at least 2021.
The unemployment rate for most workers will remain unchanged, according to the Federal Labor Department.
But for some groups of people, the rate could go down, or stay flat.
The number of people working part-time will drop, as fewer people choose to work part-timers, the unemployment report showed.
The number of those working full-time, or who are in a job that is more than 35 hours a week, will rise slightly.
The unemployment rate among people with a college degree is also expected to rise, while those without it will drop slightly.
The increase in the unemployment benefit eligibility age is also likely to affect hiring.
People over the age of 25 will no longer be eligible for unemployment benefits if they are still in school, which means that the unemployment insurance benefits they receive will start to expire in 2021.
That could hurt companies that hire part- time workers, such as restaurants, bars and bars that don’t offer benefits.
The payroll for full- time and part-timer employees will also decline.
The changes also could impact how companies decide which workers to keep, as companies may decide to hire less of a certain type of worker because of changes in the economy.
For the full year, a total of 9.2 percent of jobs in all occupations were filled with part- or full-timing workers, according the report.
That compares with 9.5 percent in 2016.___While the unemployment jobless rate fell slightly to 8.1 percent in the latest report, it was still lower than the peak level in September 2009, which peaked at 9.6 percent.
This report shows that the recession and the Great Recession have affected job creation in ways that are not likely to be reversed, but the outlook is more challenging than at any time since 2008.
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