Job market improvement means planning with payroll software
July 25, 2013
As more workers enter the job market, companies should consider updating their existing payroll technology to have more advanced features, allowing them to keep up with the increase in new hiring. Payroll software can streamline the payroll process to produce timely payments to employees while helping to protect sensitive data. While jobless claims increased for the week ended July 20, payroll numbers expanded for June, according to Bloomberg.
Unemployment rate remains at almost 4-year low
Jobless claims for the week ended July 20 were higher by 7,000 than the previous month to 343,000, the Department of Labor stated in its Unemployment Insurance Weekly Claims Report. Although jobless claims increased, the number of individuals claiming benefits experienced a slight decrease of 52,257 for the week ending June 22 to more than 4.5 million. While jobless claims rose, the unemployment rate remained the same at 7.6 percent, the lowest seen in almost four years, Bloomberg said. With the unemployment rate not changing, an increase in payrolls could mean some economic momentum.
"The trend in claims is fairly stable," said senior economist Sean Incremona of 4Cast Inc. to Bloomberg. "We're sustaining the improvement we saw from late last year, but not necessarily gaining a great deal of momentum on top of that."
Less layoffs, boost in payrolls for June
The rise in payrolls is attributed to fewer employees experiencing layoffs and more companies positioning themselves for hiring, indicated by the economy seeing a boost in payrolls for June, increasing by 195,000 workers. The positive job growth could stimulate consumer spending for the latter half of 2013. In the Department of Labor report, the state that experienced the biggest drop in unadjusted initial claims for week ended June 29 was California. The golden state said the service industry experienced fewer firings while the second biggest improvement was Florida, which commented that several industries including construction and manufacturing had fewer layoffs.
Calculate changes in employment numbers using payroll software
As the economic climate the job market changes to favor hiring, businesses can more effectively adjust to their growing workforce by establishing reliable payroll software. To help manage their unique payroll, users can customize the software's settings to adjust to their needs and chosen payment channels. By recording and organizing accurate data, payroll software helps companies meet their accounting and federal financial reporting requirements. Supervisors and managers can set up and view direct deposit payments for each employee using the system. Workers can view their individual payroll information at any time with the software.