By the Numbers: Unemployment Predictions and Increasing Salaries

The new year is in full swing, and the unemployment rate dropped to 3.5% last month. This is the lowest unemployment rate on record for the past 50 years. Read on for what experts predict to be the unemployment rate for 2023.  

At Mployer Advisor, we always keep tabs on the latest studies and data in the workplace. Here are some top numbers that caught our attention over the past month.  

1.7  

This is the number of job openings per person actively looking for a job, according to data from the U.S. Bureau of Labor Statistics. With headlines citing mass layoffs across the country, it’s easy to worry about the coming employment situation, but the good news is that the number of job openings remains higher than the number of job seekers.  

4.4%

This is what unemployment is forecasted to be in 2023, according to an article by BenefitsPRO. For comparison, the unemployment rate during the pandemic peaked at 14.7% in April 2020 and 24.9% in 1933 during the Great Depression.  

59%  

This is the number of American workers who are currently feeling at least moderate levels of burnout, according to a recent EBN article. With budget cuts and layoffs in the forecast for many businesses, it will be important not to overload your workforce with more than they can handle.  Listen to our podcast, “Strategies to Identify and Mitigate Burnout in the Workplace,” for more information on burnout.  

1 in 3  

This is the number of Americans who have admitted to lying during the hiring process, according to a survey by ResumeBuilder. When it comes to the types of lies told on resumes, education was the top item lied about. Although this survey is not indicative of the entire U.S. population, it does provide some interesting insight into the candidate side of the hiring process.  

35%

This is the percentage of the population that lives with a chronic illness, according to an article by EBN. Many in this situation delay or forgo medical care until they feel like their health is in critical condition, and by then, it is often too late to receive adequate treatment.  

>6x

Data from a poll of people ages 18 to 29 revealed that this group was over six times more likely to rank “personal happiness/fulfillment” as more important than “societal impact” at work, according to Axios + Generation Lab Youth Poll.  

“Societal impact” was selected the least, behind “personal fulfillment/happiness,” “wealth & influence,” and “time for family.” This number shows that the youngest generation in the workforce may have workplace priorities more aligned with older generations than previously thought.  

46.9%

This is the average office occupancy this week across the 10 largest U.S. cities, according to the Kastle Back to Work Barometer. This is the highest this number has been since before the pandemic.  

38%  

According to a Gallup poll, this is the number of Americans who said they delayed medical care in 2022 due to cost. This is the highest this number has been since Gallup began recording this data in 2001. This data point will likely rise throughout the next year and is worth considering when communicating with employees about health insurance.  

>1/2  

Over half of HR executives surveyed by Salary.com plan to increase their budget for salary raises this year compared to prior years’ increases. Because many employees recognize that they can make more money when they change companies, salary increases will be a key part of retention in 2023.  

Looking for more exclusive content? Check out the latest over on the Mployer Advisor blog, or see what you missed last month in “By the Numbers: Rising Healthcare Costs in 2023 and Bracing for a Recession.”