The private sector hemorrhaged jobs in October while the federal government expanded its workforce to even bigger levels, according to data from the Bureau of Labor Statistics (BLS) released Friday.
The U.S. economy lost 28,000 private sector jobs while the federal government added 40,000, BLS data shows. The private sector job losses come amid a disappointing jobs report overall, with the country adding just 12,000 nonfarm payroll jobs — well below the 110,o00 economists expected.
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The U.S. economy grew at a rate of 2.8% in the third quarter of 2024, according to Bureau of Economic Analysis (BEA) statistics released Wednesday.
The growth in the third quarter comes after a better-than-expected 3.0% growth rate in the second quarter of 2024, according to the BEA. Economists forecast that GDP would increase by about 3.0% in the third quarter, according to Forecast.com.
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Republican lawmakers wrote to Department of Labor (DOL) Acting Secretary Julie Su on Friday, slamming the agency for ignoring an oversight request regarding its “botched release” of data that showed the Biden-Harris administration had wildly overestimated job creation.
The August Bureau of Labor Statistics (BLS) release — which revealed the U.S. economy had created more than 800,000 fewer jobs in the twelve months through March than the administration had claimed — was posted roughly a half hour late, with a slew of Wall Street investment firms obtaining details about the report at least 15 minutes before the public. Republican Reps. Virginia Foxx of North Carolina and Bob Good of Virginia issued an oversight request following the incident, which the DOL then failed to respond to, prompting the lawmakers to re-up their inquiry into whether or not the BLS favored Wall Street insiders over the American public, according to the letter obtained exclusively by the Daily Caller News Foundation.
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Inflation fell slightly in September amid fears of a hotter-than-expected economy following strong job gains in the month prior, according to the latest Bureau of Labor Statistics (BLS) release Thursday.
The consumer price index (CPI), a broad measure of the price of everyday goods, increased 2.4% on an annual basis in September and rose 0.2% month-over-month, compared to 2.5% in August, less than the 2.3% rate that was expected, according to the BLS. Core CPI, which excludes the volatile categories of energy and food, rose 3.3% year-over-year in September, compared to 3.2% in August.
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More than 800,000 fewer native-born Americans are employed than last year as job gains among Americans continue to lag behind those of foreign-born workers, according to data from the Bureau of Labor Statistics (BLS).
The number of foreign-born workers employed increased by approximately 1.2 million year-over-year in September, while 825,000 fewer native workers were employed, BLS data shows. The large annual difference is in spite of the roughly 920,000 upward employment fluctuation for native-born workers in September compared to August, after a 1,325,000 drop from July to August.
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The U.S. added 254,000 nonfarm payroll jobs in September as the unemployment rate ticked down to 4.1%, according to Bureau of Labor Statistics (BLS) data released Friday.
Economists expected 150,000 jobs to be added in September, slightly higher than the initially reported 142,000 job gain in August, and the unemployment rate to remain at 4.2%, according to MarketWatch. Meanwhile, previously reported job gains for July and August were revised up by 55,000 and 17,000, respectively, breaking a trend under the Biden-Harris administration of overestimating employment growth in initial estimates, with the cumulative number of new jobs reported in 2023 roughly 1.3 million less than previously thought.
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Federal Reserve Chairman Jerome Powell suggested migrants are helping drive rising unemployment during a press conference on Wednesday.
Powell spoke to reporters after the Fed announced it would lower its federal funds rate by 0.50% following disappointing job growth in both July and August. Unemployment currently sits at 4.2% — up from 3.4% in April 2023 — in what Powell suggested was largely a product of migrants crossing into the United States.
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Inflation fell in August amid fears of an economic slowdown following two straight months of disappointing job gains, according to the latest Bureau of Labor Statistics (BLS) release on Wednesday.
The consumer price index (CPI), a broad measure of the price of everyday goods, increased 2.5% on an annual basis in August and rose 0.2% month-over-month, compared to a 2.9% year-over-year rate in July, according to the BLS. Core CPI, which excludes the volatile categories of energy and food, rose 3.2% year-over-year in August, compared with 3.2% in July.
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Economists anticipated that the country would add 161,000 nonfarm payroll jobs in August compared to the 114,000 added in initial estimates for July, and that the unemployment rate would fall to 4.2%, according to MarketWatch. The job gains follow a disappointing July report and a downward revision of over 800,000 jobs that the Biden administration had claimed to create between April 2023 and March 2024.
Meanwhile, previously reported job gains for July were revised down from 114,000 to 89,000 while gains for June were lowered from 179,000 too 118,000.
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Walmart has announced layoffs impacting several hundred jobs at its campus offices and is requiring remote employees to come to the office.
The retail giant said in a staff memo Tuesday most of the remote workers and personnel in its Dallas, Atlanta and Toronto offices will relocate to its primary offices in Bentonville, Arkansas; Hoboken, New Jersey; and the San Francisco Bay Area.
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The U.S. added 303,000 nonfarm payroll jobs in March as the unemployment rate ticked down to 3.8%, according to Bureau of Labor Statistics (BLS) data released Friday.
Economists anticipated that the country would add 200,000 jobs in March compared to the 275,000 jobs that were added in initial estimates for February, and that the unemployment rate would remain unchanged at 3.9%, according to Reuters. The job gains are in spite of persistent layoffs that reached a 14-month peak in March at 90,309.
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The U.S. added 275,000 nonfarm payroll jobs in February as the unemployment rate ticked up to 3.9%, according to Bureau of Labor Statistics (BLS) data released Friday.
Economists anticipated that the country would add 200,000 jobs in February compared to the 353,000 that were added in January, and that the unemployment rate would remain at 3.7%, according to Reuters. The job gains were announced two days after Jerome Powell, chair of the Federal Reserve, told the House Financial Services Committee in its semi-annual monetary policy report that he does not believe that there is evidence for a recession, meaning rate cuts could be on the horizon.
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The United States Army is reducing its size by about 5%, cutting roughly 24,000 jobs, as part of a restructuring plan that is ostensibly meant to better prepare for a possible war in the future.
As ABC News reports, the cuts will mostly affect posts that are already empty, such as counterinsurgency jobs that were previously needed in countries like Iraq and Afghanistan but no longer needed today, as well as about 3,000 jobs in the Army special operations forces.
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More Americans are having to take part-time jobs as consumers struggle with economic factors like high inflation, while full-time employment has sunk in tandem, according to data from the Bureau of Labor Statistics (BLS).
Around 133,196,000 workers were employed with full-time jobs in the U.S. in December, which was down from 134,727,000 in November — a drop of more than 1.5 million, according to the BLS. During that same time frame, the number of Americans employed in part-time positions rose by 762,000, while the number of people with multiple jobs increased by 222,000.
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The U.S. added 199,000 nonfarm payroll jobs in November as the unemployment rate ticked down to 3.7%, according to Bureau of Labor Statistics (BLS) data released Friday.
Economists had anticipated that the country would add 180,000 jobs in November compared to the 150,000 jobs that were added in October and that the unemployment rate would remain at 3.9%, according to Reuters. The number of jobs added in the month was boosted due to the resumption of work by autoworkers and actors who participated in the recent strikes.
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The labor market continues to soften, with 199,000 jobs created last month, well below the recent average. Real job creation is far lower than this topline number suggests. Nearly 50,000 jobs were unproductive government jobs, continuing the trend of disproportionately high government job growth. The return of striking auto workers accounted for about 30,000 jobs. And 77,000 jobs were created in healthcare, which is a quasi-government industry. That leaves only about 40,000 jobs created in the real economy.
Real wages continue to stagnate, growing at the same rate as core inflation following significant declines in the first two years of Biden’s presidency. As usual, job creation in previous months was revised down in today’s report. Nearly one million more Americans are unemployed since April.
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Cracks in the labor market and the broader economy continue to emerge. The October jobs report released Friday morning reveals that only 150,000 jobs were created last month, below expectations and well below the recent average. August and September job creation was revised down by more than 100,000, taking the sheen off the September jobs report.
The unemployment rate rose to 3.9%. While this figure is still low, there are now nearly one million more unemployed Americans than in April of this year.
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The U.S. added 336,000 nonfarm payroll jobs in September as the unemployment rate remained at 3.8%, according to Bureau of Labor Statistics (BLS) data released Friday.
Economists had anticipated that the country would add 170,000 jobs in September compared to 187,000 in August and that the unemployment rate would slide down to 3.7% from 3.8%, according to Reuters. Private employment data for September showed that only 89,000 jobs were added for the month, as the professional and business services, trade, transportations and utilities and manufacturing services sectors all had substantial losses, according to ADP.
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Friday’s jobs numbers show the labor market is softening due to Bidenomics and Bidenflation. Only 187,000 jobs were created last month. That’s below expectations, 40% less than the 12-month average, and the lowest level since the pandemic. Previous months’ employment growth was also revised down significantly, taking the sheen off recent jobs reports.
Average wages grew slower than core inflation, meaning Americans’ real wages and living standards remain stagnant. Friday’s numbers come on the heels of this week’s JOLTS report showing the fewest number of job openings and the fewest number of Americans quitting their jobs since the pandemic.
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The U.S. economy added 209,000 jobs in June, according to the latest establishment survey by the Bureau of Labor Statistics, less than expected as 306,000 were added in May, as hiring slowed down nationwide. Meanwhile, the unemployment rate remained about the same at 3.6 percent.
Historically, when hiring slows down by establishments, that usually coincides with economic slowdowns and recessions. In the recent cycle, the 2020 and 2021 recovery from COVID notwithstanding, hiring peaked at about 5.2 percent annualized increase in Feb. 2022. Now, it’s down to 2.5 percent.
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The U.S. economy added 209,000 jobs in June, according to the latest establishment survey by the Bureau of Labor Statistics, less than expected as 306,000 were added in May, as hiring slowed down nationwide. Meanwhile, the unemployment rate remained about the same at 3.6 percent.
Historically, when hiring slows down by establishments, that usually coincides with economic slowdowns and recessions. In the recent cycle, the 2020 and 2021 recovery from Covid notwithstanding, hiring peaked at about 5.2 percent annualized increase in Feb. 2022. Now, it’s down to 2.5 percent.
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U.S. employers have added roughly 339,000 jobs in May, and the monthly unemployment rate rose to 3.7%, from a five-decade low of 3.4% in April, according to a Labor Department report released Friday.
Average hourly earnings rose 0.3% for the month while on an annual basis, wages increased 4.3%, which was a 0.1 percentage point under the estimate.
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Friday’s jobs report shows 339,000 jobs were created in May, beating expectations again. While Democrats and the media celebrate, the labor market condition is not as strong as this topline number suggests.
The report shows that real wages continue to decline. For the 26th consecutive month, average wages grew slower than inflation. The Biden presidency will forever be marked as one where Americans got poorer and saw their living standards decline.
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While billion-dollar economic development incentives are heavily expanding across the country, the agencies in charge of handing out those incentives claim to create or retain 625,000 jobs in their most recent fiscal years, according to a new report.
The Center for Economic Accountability tallied up the jobs claimed as part of incentive packages in the 50 states and Washington, D.C. and found job total would be less than 5% of the 15 million to 17 million jobs naturally created in the United States economy each year.
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Department of Interior Secretary Deb Haaland said the quiet part out loud last week. As the executive of our public lands agency, she does not believe that Americans need jobs because there are already so many jobs available. It’s better to lock up land, and lock down mining because who wants those jobs, when there are so many others?
Before the U.S. Senate Energy and Natural Resources Committee, Haaland told Sen. Josh Hawley, “Senator, I know that there’s like 1.9 jobs for every American in the country right now. So, I know there’s a lot of jobs,” which was her explanation for canceling cobalt mining permits for Twin Metals Minnesota, an underground mine proposed for the northeastern part of the state. America won’t need those jobs, she was saying.
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The Biden administration has drawn fire for admitting that killing the Keystone Pipeline cost the U.S. economy thousands of jobs and billions of dollars.
A report from the Department of Energy showed the pipeline would have supported tens of thousands of jobs, though the number is hard to nail down.
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Private companies added 127,000 jobs in November, missing investor expectations by more than 70,000 to post the worst result since January 2021, according to private payroll firm ADP and CNBC Monday.
The addition represented a sharp decline from the 239,000 new jobs reported by the firm in October. Industries that were most directly impacted by higher interest rates, such as construction, were hit the hardest by job cuts, while consumer-facing industries, such as hospitality, largely weathered the storm, according to ADP.
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Meta, the parent company of Facebook and Instagram, on Wednesday laid off 11,000 employees, or 13% of its workforce, amid lowered revenue.
The company, which had more than 87,000 employees in September, grew dramatically at the start of the COVID-19 pandemic.
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Newly released federal data show the economy created more jobs than expected but unemployment rose in October.
The U.S. Bureau of Labor Statistics released the data, which showed the economy added 261,000 jobs in October, higher than the Dow Jones estimate of 205,000 new jobs.
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New numbers from the Florida Department of Economic Opportunity (DEO) detailed the state’s unemployment rate in June continued to decline, remaining below the national average.
Furthermore, the state’s labor force grew by 40,000, which is roughly .4 percent. Again, the state outperformed the national average, which witnessed a decrease.
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A Goldman Sachs economist says there is a 30% probability of the U.S. entering a recession within one year and 48% within two years.
Goldman Sachs Chief U.S. economist David Mericle outlined the probability of a recession at an event Tuesday and said that the likelihood of a recession would decrease if the U.S. had not entered one within two years.
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Although Friday’s jobs report seemed like good news for a beleaguered economy and President Joe Biden, the report’s potential methodological issue as well as the economy’s negative growth indicate a recession is still on the horizon, according to an economist at The Heritage Foundation.
The U.S. Bureau of Labour Statistics’ job report for June, released on Friday, soothed some fears that the U.S. economy might be approaching a recession. However, negative GDP growth, rampant inflation and methodological issues within the report indicate that a recession is looming, according to E.J. Antoni, a research fellow for regional economics at The Heritage Foundation.
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The U.S. economy added 390,000 jobs in May while the unemployment rate was largely unchanged at 3.6%, according to Department of Labor data released Friday.
The number of unemployed people ticked up slightly to about 6 million, according to the Bureau of Labor Statistics (BLS) report. Economists projected 328,000 Americans would be added to payrolls prior to Friday’s report, The Wall Street Journal reported.
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The majority of Americans feel they cannot keep up with the cost of living as inflation and the price of goods continue to rise, according to new polling data.
A poll from NBC News asked Americans, “Do you think that your family’s income is … going up faster than the cost of living, staying about even with the cost of living, or falling behind the cost of living?”
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The Bureau of Labor Statistics on Friday said the U.S. economy added 431,000 nonfarm jobs in March.
That figure came in below the projected number of 490,000 jobs.
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The spread between 10-year treasuries and 2-year treasuries, a leading recession indicator whose inversions have predicted almost all of the U.S. economic recessions in modern history, on March 31 inverted for the first time since Sept. 2019.
When the 10-year, 2-year spread inverts, a recession tends to result on average 14 months afterward, sometimes sooner, sometimes later. The one time there was a head fake on the 10-year, 2-year was in the mid-1990s at a time when inflation was much lower Visit Site than it is now.
As an aside, potentially the Sept. 2019 inversion might have ended up being a premature indicator, too, but then Covid and global economic lockdowns in early 2020 went ahead and ensured a recession even if one was not due. On the other hand, at that point it had been 11 years since the prior recession and so the business cycle was going to end sooner or later.
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Job openings remained nearly unchanged in February while Americans continue to leave their jobs in high numbers, the Bureau of Labor Statistics (BLS) announced Tuesday.
The U.S. saw 11.3 million job openings in February, a slight dip from December’s high of 11.4 million, BLS reported Tuesday. Economists surveyed by The Wall Street Journal estimated job openings would slightly decrease from January’s 11.3 million figure.
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The number of Americans who filed new unemployment claims decreased to 187,000 in the week ending March 19, the lowest level in over 50 years, the Department of Labor announced Thursday.
The Labor Department’s figure showed a decrease of 28,000 compared to the week ending March 12, when new claims numbered 215,000, according to data from the U.S. Bureau of Labor Statistics (BLS). This week’s claims were well below the predictions of economists surveyed by Bloomberg, who estimated that new claims would total 210,000.
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As the peak of the coronavirus pandemic appears to have passed, ten Republican-led states have all recorded the lowest unemployment rate on record.
According to The Hill, the latest report from the Bureau of Labor Statistics (BLS) shows ten different states with unemployment rates as low as just over 2 percent. Nebraska and Utah are tied for the lowest percentages in the country, at 2.2 percent each. They are followed by Indiana with 2.4 percent, and Kansas with 2.6 percent. The remaining six states are: Arkansas, Georgia, Mississippi, Montana, Oklahoma and West Virginia.
All ten states’ unemployment rates are currently the lowest on record since BLS first began tracking state-by-state percentages in 1976. Of these ten states, only one has a Democratic governor, with Laura Kelly in Kansas. All ten states have Republican majorities in their respective state legislatures.
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The U.S. economy added 678,000 jobs in February, according to a Friday report from the U.S. Bureau of Labor and Statistics (BLS), beating economists’ expectations.
Total nonfarm payroll employment increased by 678,000 in February, according to the BLS report, while the unemployment rate dropped to 3.8%, a pandemic low. Job gains were most pronounced in the leisure and hospitality sectors, which added a total 179,000 jobs.
“The labor market continues to be quite hot,” Nick Bunker, an economist at Indeed, told The Wall Street Journal. “It looks like the labor market is still primed for lots of strong employment growth.”
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One-third of Americans say they haven’t gotten the COVID-19 shots, majority of Democrats say they should be confined at all times, and or fined.
A majority of Democrats say they’d support the unvaxxed being confined to their homes at all times, with 45% saying they should be confined to designated facilities and 55% support for fines.
Roughly one-third of Americans surveyed in a recent poll say they haven’t received the COVID-19 shots and the majority of them said they don’t plan on getting them. The unvaccinated would be targeted by a majority of Democrats in another poll who say they favor a government policy that would require them to “remain confined to their homes at all times, except for emergencies.”
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The U.S. economy recorded an increase of 199,000 jobs in December and the unemployment dipped to 3.9%, the U.S. Bureau of Labor Statistics (BLS) announced Friday.
Total non-farm payroll employment increased by 199,000 in December, according to the BLS, and the number of unemployed Americans dipped to 6.3 million. Economists surveyed by The Wall Street Journal projected the economy to add 422,000 jobs in December and for unemployment to fall to 4.1%.
December’s jobs report leaves the U.S. economy with roughly 6.5 million more jobs than at the end of 2020 but still 3.5 million short of pre-pandemic levels.
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Until recently, I was a California teacher working in two charter schools, one as a full-time classroom teacher of Government/Economics and sometimes U.S. History, and the other as a part-time independent study teacher who assists families with a program primarily based around homeschooling. I have taught for about five years and love teaching.
Last week, I was fired from one school and put on unpaid administrative leave at the other because of my refusal either to take and demonstrate proof of the COVID-19 vaccine or test weekly. I even filed a religious exemption stating the following that was rejected:
“As a committed follower of Christ, I religiously and philosophically cannot submit to either a government vaccine mandate or weekly testing.
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The U..S. economy recorded an increase of 531,000 jobs in October, and unemployment fell by 0.2% as the labor market recovers from the summer lows, according to the U.S. Bureau of Labor Statistics (BLS).
The number of unemployed people fell to 7.4 million, down from 7.7 million in September, according to the BLS report released Friday. Economists surveyed by Dow Jones projected 450,000 jobs would be added in October.
While unemployment claims continue to fall, the country still struggles with labor shortages, supply chain issues and growing inflation. Job growth was widespread throughout the economy in October, with leisure and hospitality adding 164,000 jobs, professional and business adding 100,000 and manufacturing adding 60,000 jobs, according to the BLS report.
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Private firms’ payrolls increased by 571,000 in October, far exceeding experts’ expectations as hiring throughout the country heats up, according to a major employment report.
The 571,000 jobs added is a slight increase from the 523,000 jobs added in September, the ADP National Employment Report showed. The Dow Jones estimate predicted companies would add 395,000 jobs in October, CNBC reported.
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West Virginia Democratic Sen. Joe Manchin came out against his party’s plan to tax billionaires in order to finance their social-spending package just hours after it was first released.
“I don’t like it. I don’t like the connotation that we’re targeting different people,” Manchin told reporters Tuesday morning, describing billionaires as people who “contributed to society and create a lot of jobs and a lot of money and give a lot to philanthropic pursuits.”
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The Labor Department’s official unemployment rate—the most well-known gauge of the labor market’s health—counts as unemployed only those who aren’t working but are actively seeking a job.
Yet there is very little that we can infer from the jobless rate about the health of the economy. The unavoidable conclusion is that the only reason investors follow the calculation is because both Washington’s politicians and the Federal Reserve are expected to react to it.
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Over 40% of U.S. households said they experienced severe financial hardship during the COVID-19 pandemic, citing difficulties paying bills, credit cards and draining their savings, according to a Harvard University report.
The survey conducted by the Harvard T.H.Chan School of Health, the Robert Wood Johnson Foundation, and the National Public Radio asked roughly 3,600 participants between July and August about problems they faced during the pandemic and how it affected their lives in recent months. Respondents were asked about financial, healthcare, education and personal safety concerns.
Roughly 30% of adults interviewed said they used up all or most of their savings during the pandemic, while 10% reported they had no savings before the pandemic began, according to the report. About one in five households had difficulties paying credit cards, loans, and other debts as well as utilities.
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The U.S. economy reported an increase of 194,000 jobs in September, and the unemployment rate fell to 4.8%, according to Department of Labor statistics.
The number of unemployed people fell by 710,000 to 7.7 million, according to the Department of Labor statistics released Friday. Economists projected that employers created 500,000f jobs in September, more than double the figure in August, according to the Wall Street Journal.
Despite the spike in employment, the labor market remains thin due to the pandemic, and job growth earlier in the year was considerably stronger, according to the WSJ.
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While the unemployment rate for Americans dropped in August, there is a political time bomb buried in the statistics for President Joe Biden and a Democratic Party increasingly focused on equity: black joblessness shot up significantly.
In other words, the president who fondly boasts of a domestic policy promising to leave nobody behind has an economic recovery that is leaving a key Democratic constituency in worse shape.
“The rise in black unemployment in August is certainly troubling, considering their unemployment rates were already much higher than any other group,” Elise Gould, a senior economist at the Economic Policy Institute, said on Twitter.
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