February 2020 Economic Report

The February 2020 Economic Report below was created for you with information from the U.S. Bureau of Labor and Statistics, U.S. Census Bureau, Yahoo Finance, and FedPrimeRate.com so that you can make better hiring decisions. Below the report, check out the Amtec Tip of the Month about why employees leave organizations.

February 2020 Economic Report

Amtec Tip of the Month

What is it that makes a team member decide to leave one organization in favor of another? Payscale’s survey revealed that there are several reasons:

  • 1. They want higher pay. 25% of respondents said the primary reason they left was for a bigger paycheck. Interestingly, women were 8% less prone than men to leave for more pay, and 6% less likely than men to choose another organization for higher compensation. Of those respondents who had joined a new organization, 16% were mostly attracted to the increased pay for the position and 6% mainly chose the organization for better benefits/perks.
  • 2. They are unhappy at their current organization. 16% said they left due to unhappiness with the organization. Of those surveyed who had changed organizations, 11% were attracted to the workplace culture, 5% wanted to work for a larger organization, and 2% wanted to work for a smaller one!
  • 3. They want to work at an organization more aligned with their values. 14% of those surveyed left because their values were different than their company’s values. Of those respondents who had found a new job, 27% said that the main attraction to their new organization was the opportunity to do more meaningful work.
  • 4. They have other unmet needs or desires. Why do employees leave? Other reasons are the need to relocate, leaving a part-time job for a full-time one, desire for a promotion, or opportunity for a more flexible schedule. Of those surveyed who were now with a different organization, 17% were attracted to their new employer because of increased responsibilities for their role. Not surprisingly, the survey found that women are 11% more likely than men to quit an organization for more flexibility. Previous research shows that women are more likely than men to take time off from their job to take care of a family member.

Employees come in all ages, shapes, and sizes with various needs. They quit one organization and choose another for numerous reasons. Because one size cannot fit all and people experience different seasons, you can’t possibly address all their needs. A reasonable approach, then, is to ask, Who are our target employees? Understanding your company’s values and needs will help you define who you want to attract and retain.

Read more about why employees leave organizations here.

Additional Information

If you’re unable to view our February 2020 Economic Report or would like additional information, read below:

  • The unemployment rate dropped from 3.6% in January to 3.5% in February, matching its lowest level since December 1969. The number of unemployed persons was little changed at 5.8 million.
  • Total employment increased by 273,000 in February compared to an average monthly gain of 178,000 jobs in 2019.
  • Health care and social assistance added 57,000 jobs.
    • 368,000 jobs added in health care over the past 12 months
    • 191,000 jobs added in social assistance over the past 12 months
  • Food services and drinking places added 53,000 jobs.
    • 252,000 jobs added in the last 7 months
  • The government added 45,000 jobs.
    • 16,000 jobs added by state government education
  • Construction added 42,000 jobs.
    • Job gains averaged 13,000 per month in 2019
  • Professional and technical services added 32,000 jobs.
    • 285,000 jobs added in the last 12 months
  • Financial activities added 26,000 jobs.
    • 160,000 jobs added in the last 12 months
  • Average hourly earnings for all employees rose by 9 cents to $28.52. Over the last 12 months, average hourly earnings have increased by 3%.
  • Job openings dropped 5.4% in December to 6,423,000 openings.
  • Dow Jones dropped by a massive 10.3% during the month of February.
  • Housing starts dropped by 3.6% to 1.57 million in January.
  • Consumer price index rose 0.1% in January.
  • Federal prime rate dropped to 4.25% in March.
  • Retail inventories changed little in December at $661 billion.
  • Manufacturing hours worked per week rose 0.5% to an average of 40.7 hours.
  • Manufacturing new orders dropped by 0.46% from $500 billion in December to $498 billion in January.

Amtec Bitz Newsletters

Essential industry highlights & expert insights every month.

Latest Posts

View all posts