More workplaces are commemorating Juneteenth — and other happenings in the world of work

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Catch up on headlines from the last 7 days.

• 28 states gave government workers a paid day off for Juneteenth this year. Read more about this below.
• Consumer price inflation fell to an annual rate of 4% in May, its slowest pace since March 2021. Read more about this below.
• The Federal Reserve hit pause on its longest streak of interest rate increases in recent history, leaving rates unchanged at the central bank’s most recent meeting . It signaled that it could raise rates twice more this year to cool inflation, with the first hike coming as soon as next month.
• U.S. retail sales rose for a second straight month in May, as consumers kept up spending despite sticky inflation and rising borrowing costs, according to new Commerce Department data . Sales increased at grocery stores, car dealerships and furniture stores — but eased at gas stations, potentially reflecting a dip in prices at the pump.
• Rents are tilting in tenants’ favor, with nearly half of the 100 largest U.S. cities seeing dropping rent prices for new leases, according to new Apartment List data . Those in the South and Southwest are particularly benefiting as apartment construction booms.?
• Work stress reached a high in 2022, according to new research from Gallup . More than half of workers in the U.S. reported they are not engaged on the job, ultimately undercutting productivity and performance.
• Generative AI is set to disrupt knowledge jobs, according to a new study from McKinsey & Co . It could produce up to $4.4 trillion in value annually, particularly in customer operations, software engineering, marketing and sales. Higher-wage knowledge jobs in tech and banking are also likely to be impacted.

Take a closer look at recent trending topics — and engage with meaningful conversations happening on LinkedIn.

Juneteenth in the workplace

• In the two years since gaining federal recognition, Juneteenth has been designated an official public holiday by a steadily growing number of states. This Monday, 28 states and the District of Columbia will close state government offices and give state workers a paid day off in commemoration.
• The holiday marks the effective end of slavery on June 19, 1865, when those in Galveston, Texas were told of the Emancipation Proclamation two years after it was signed. “This day symbolizes liberation from slavery and reminds us to embrace unity beyond race,” consulting executive Sandeep Sharma commented .
• “While we all are striving to improve ourselves and the world around us, it’s essential to understand how historical moments have impacted marginalized communities and how we all can do our part in taking intentional action,” Danyelle Homes-Lewis, a talent and diversity professional, commented . DeMario Bell, a Culture Amp community manager, recommended “fostering genuine dialogue and amplifying Black voices in the workplace” as a small but intentional action to make Juneteenth more than just a day off. “Only by challenging ourselves, continuously learning and being honest about our own complicity can we make real progress in the fight for racial justice,” he said.

Inflation cools but still stings

• Inflation is easing up, according to the latest data from the Labor Department. Consumer price inflation fell to an annual rate of 4% in May — still double the level targeted by the Federal Reserve — but trending in the right direction. The central bank left interest rates unchanged last week, hitting pause on its longest streak of increases in recent history.
• The cost of living, however, is still feeling high for many. Some people are racking up credit card debt and adjusting summer vacation plans , while others are picking up side jobs to make ends meet. It’s particularly popular among younger workers. Almost half of Gen Zers (46%) have picked up an additional job, according to a recent survey from Deloitte. Those side gigs range from food delivery to social media influencing.?
• “There have been times when I held down two full-time jobs and one part-time simultaneously,” Alexis Young, a marketing professional, commented . “I was in my 20s with the energy and stamina associated with that age. Who has the energy to do this while approaching middle age? Is there an end in sight for millennials and Gen Zers, or will we always have to side hustle?,” she questioned.

Workforce confidence fluctuates

• How workers feel about their prospects of finding or keeping a job has fluctuated in several key industries since January — but generally remains positive. According to LinkedIn’s Workforce Confidence Index survey , workers’ confidence dropped by four points to +51 since the beginning of 2023 on a scale from -100 to +100.
• Job-related optimism is increasing in two fields. Workers in health care (+61) and manufacturing (+56) maintain high confidence in getting or holding a job right now. Rashmi Rao, a healthtech executive, said that falls in line with what she’s seeing in her field. “Not only is there a growing sense of confidence, but we are witnessing a surge in venture capital investments in the healthcare sector,” she said, even as the mood in the tech sector darkens.?
• Workers in tech saw an 8-point confidence drop since January, following high-profile layoffs. “Despite an apparent decline in jobs and worker sentiment in the tech sector, what we are observing is more of a transformative migration of tech professionals into adjacent industries like healthtech and robotics,” Rao continued. Beyond tech, the finance and professional services industries are also entering more anxious times. Those workers are also less confident than they were in January.

Get ready for the week by seeing what's coming up.

• Tuesday, June 20: The U.S. Census Bureau will release the number of new building permits issued by the government in May, which is a key housing market indicator.
• Wednesday, June 21: LinkedIn Senior Editor at Large George Anders will release his latest edition of Workforce Insights , digging into the top metro areas for remote and hybrid work.
• Thursday, June 22: The U.S. Department of Labor will release initial jobless claims for the previous week. The report, a proxy for layoffs, tracks the number of people filing for unemployment benefits.
• Thursday, June 22: The National Association of REALTORS? will release its home sales report, which measures the number of existing homes that were sold in May.