Unemployment ticked down slightly to 3.5 percent, returning to a half-century low, the Labor Department said Friday. Average hourly earnings rose by 9 cents over the past year to $28.52.

The numbers mark the 113th month of straight gains.

Employment gains for December and January were revised upward, bringing the average monthly job creation for the past three months to 243,000.

Gains took place across the board. Health care and social assistance led the way, and food services and drinking places boosted their payrolls, too. Construction added 42,000 jobs, following a similar gain in January.

As the U.S. continues the longest economic expansion on record, investors are looking at the DOL’s monthly payroll and unemployment data for signs that the growth over the past two years is softening.

Although consumer confidence remains near historic highs and the labor market is chugging along, concerns are mounting about how the coronavirus outbreak could affect global growth.

Companies were surveyed before the virus began to impact growth.

Source: Fox Business

• Raises the total annual compensation requirement for “highly
compensated employees” from $100,000 to $107,432.
• Allows employers to use annual or more frequent non-discretionary
bonuses and incentive payments (including commissions) to satisfy up to 10 percent of the standard salary level.
• Revises special salary levels for workers in U.S. territories and the motion picture industry.

Here’s how to prepare:

1. Review overtime, scheduling, and employee exemption policies. Some employees will need to be reclassified as nonexempt from overtime pay. But remember that employees making more than $35,568 per year aren’t automatically considered “exempt.” An employee’s job duties must also primarily involve executive, administrative, or professional duties, as defined by the DOL. See a more expanded explanation in the current issue of Ag Innovator at .
2. Start tracking employee time. According to labor experts, tracking time is the best way to prepare for regulatory changes and avoid future wage-and-hour lawsuits. With accurate employee time data, you can make sound decisions about employee classifications.
3. Make any necessary changes to employee classifications before Jan. 1. Don’t get hit with a costly wage-and-hour lawsuit. Overtime violations are among the most expensive and most common wage-and-hour violations, accounting for 83 percent of the money recovered from wage-and-hour lawsuits.

Questions? Use the Association’s attorney-consultation member service.
Members are entitled to 60-minute, no-cost, confidential consultations with
HR attorneys at Nilan Johnson Lewis. Call (612) 305-7500.

Source: MSN