Tag: Jobs
U.S. Adds Double Expected Number of Jobs in September
336,000
The US economy added 336,000 nonfarm jobs in September, nearly double the 170,000 jobs economists had predicted and surpassing the upwardly revised 227,000 jobs in August, according to government data released yesterday. The latest figure is the largest monthly increase since January. Most of the jobs in September were added in leisure and hospitality (96,000), government (73,000), and healthcare (41,000). Average hourly earnings in September were up 0.2% month-over-month and 4.2% year-over-year, slightly down from estimates of 0.3% and 4.3%. The unemployment rate held steady at 3.8% from the previous month. See all data here.
U.S. Economy Adds 209k Jobs in June
209,000
The U.S. labor market added 209,000 jobs in June, while the unemployment rate ticked down to 3.6%, the government said Friday, reports Axios.
Job Vacancies Drop
9.59 million
US job openings dropped to 9.59 million in March, roughly 1.6 million fewer than in December, according to government data released yesterday. Analysts claim the figure—the lowest level in nearly two years—indicates the tight labor market is normalizing, which the Federal Reserve sees as a necessary step in reducing inflation (see explanation).
McCarthy’s Debt-Limit Plan Would Lead to Recession, Jobs Loss
780,000
New analysis from Moody’s Analytics finds that Speaker Kevin McCarthy’s plan to cut spending and lift the debt ceiling “would meaningfully increase the likelihood” of a recession and result in 780,000 fewer jobs by the end of 2024 compared with a clean bill to lift the debt limit.
U.S. Economy Added 311,000 Jobs in February
311,000
“U.S. hiring grew solidly but cooled some in February as employers added 311,000 jobs, while unemployment rose to 3.6%,” the Wall Street Journal reports.
It’s the Economy’s Great, Stupid!
An estimated 166,000 Americans filed initial unemployment claims last week, down nearly 5,000 claims from the previous week and better than analyst projections of 200,000. It is the lowest figure since November 1968 (and the second-lowest since weekly reporting began in January 1967). Continuing claims rose slightly by 17,000 to 1.52 million, coming two years after the number of claims reached an all-time high of 6.1 million in April 2020.
The decline shows employers are limiting layoffs in a tight labor market. Roughly 1.8 job openings are available for every unemployed worker; the unemployment rate stood at 3.6% in March, just above the prepandemic level of 3.5%. Nearly 4.4 million workers left their jobs in February, a number that has held steady as employers try to fill job openings.
The figure represents the third consecutive week that new claims fell below 200,000.
