📊 KEY INDICATORS 📊
📊 KEY INDICATORS 📊
🍁 Canada
Unemployment Rate: 7.00% in May 2025 (increased from the previous month of 6.90%, hitting its highest level in nearly four years since September 2021).
Inflation Rate: 1.70% in May (unchanged from the previous month).
Interest Rate: The Bank of Canada held its key interest rate steady at 2.75% on June 4, 2025.
🍎 United States
Unemployment Rate: 4.20% in May 2025 (unchanged).
Inflation Rate: 2.40% (up from 2.30% in April).
Interest Rate: The Fed held the federal funds rate steady in 4.25-4.50% range during its June 2025 meeting.
📰 GLOBAL WORKFORCE UPDATES 📰
📰 GLOBAL WORKFORCE UPDATES 📰
Singapore | Standard Chartered Moves Jobs to India
Standard Chartered is cutting more than 100 jobs across its Singapore, London, and Hong Kong hubs and is relocating the roles to India. The layoffs affect middle-office functions, including human resources and digital transformation roles.
------------------------------------
Canada | Federal Government Expands Summer Jobs Program Amid Rising Youth Unemployment
In response to a significant increase in youth unemployment, with approximately 20% of returning students aged 15 to 24 unemployed in May - the highest rate since 2009 - the Canadian federal government is working on expanding the Canada Summer Jobs program.
------------------------------------
United States | Citi offers hybrid employees 2 weeks of remote work in August
Citi is allowing its hybrid employees to work remotely for two weeks in August. This perk is part of the bank's commitment to flexibility and its hybrid work model.
------------------------------------
United States | Google is Offering Buyouts and Tightening Its RTO Policy
Google is introducing a voluntary exit program for select U.S. teams and tightening its return-to-office policy for remote employees living near offices, aiming to streamline operations without losing top talent.
🔢 BY THE NUMBERS 🔢
The timeframe Amazon has given certain employees to relocate near their assigned team hubs, with failure to comply potentially resulting in voluntary resignation.
The average annual cost of employee turnover for Canadian employers, including expenses such as rehiring and lost productivity. Notably, 17% of employers report that turnover costs their organization more than $100,000 annually.
75%
The percentage by which Chipotle reduced its employee hiring time after introducing the “Ava Cado” artificial intelligence tool, streamlining the recruitment process across its U.S. locations.
64%
The percentage of U.S. workers who plan to get a second job or start a side hustle in the next year to supplement their income, according to a survey by the American Staffing Association and The Harris Poll.
46%
The percentage of employees who think their true value remains hidden or overlooked by their managers, leading to feelings of underappreciation and potential career stagnation.
📑 INDUSTRY BRIEFS 📑
Jun18: Microsoft plans to cut thousands of sales roles globally, aligning with increased AI investments.
Jun16: Intel to lay off 10,000 employees worldwide to save $10 billion amid restructuring efforts.
Jun10: Paramount Global announced plans to lay off 3.5% of its U.S. workforce, approximately 650 employees as part of ongoing cost-cutting measures.
Jun 10: PwC is overhauling its advisory arm and hiring for thousands of roles to meet increased demand for advisory and consulting services.
Jun 5: Citigroup announced plans to reduce approximately 3,500 technology positions in its Shanghai and Dalian centers by early Q4 2025, as part of a global restructuring to enhance risk and data management.
Jun 5: Procter & Gamble (P&G) announced plans to cut 7,000 jobs - approximately 6% of its global workforce - over the next two years.
Jun 5: BlackRock is planning its second round of layoffs this year, targeting 300 employees.
Jun 3: Volkswagen has reached agreements with nearly 20,000 employees to voluntarily leave the company by 2030, as part of its plan to cut 35,000 jobs in Germany.
May 28: McKinsey & Company has reduced its global headcount by more than 10%, which amounts to over 5,000 jobs, representing one of the largest downsizing in the firm's history.
May 27: Volvo Cars is cutting 3,000 jobs globally, representing roughly 15% of its office staff, as part of a cost-cutting program.
