US payroll growth in the year through March may have been weaker than originally reported, with estimates suggesting there were 500,000 fewer jobs than previously stated, potentially impacting the Federal Reserve's decision on further rate hikes.
New hires are experiencing declining wages in various sectors such as technology and transportation, which could impact job hopping and take time to reflect in federal data, posing challenges for the Federal Reserve in managing inflation.
The Bureau of Labor Statistics has revised down US job growth estimates by about 300,000 jobs, indicating weaker job growth than previously projected.
The U.S. Bureau of Labor Statistics has revised down its tally of total employment in March 2023 by 306,000, indicating that there were about 300,000 fewer job gains during April 2022 to March 2023 than initially estimated, which could impact the Federal Reserve's decision on interest rates.
Despite attempts by the Federal Reserve to cool the economy and combat inflation, applications for unemployment benefits in the US declined last week, indicating a resilient labor market.
The Bank of Canada may shift its focus from the output gap to labor market indicators, such as unemployment and wages, in order to make inflation forecasts and guide its interest rate decisions, according to a report by CIBC economists. The report suggests that the labor market has become a more reliable indicator of excess demand or supply, and forecasts that if the job market outlook suggests it's not necessary, there may be no more rate hikes this year and rate cuts in early 2024.
Employment growth in the US likely cooled and wage increases moderated in August, reducing the urgency for another interest-rate hike by the Federal Reserve and tempering inflation risks.
Investors are eagerly awaiting news about the health of the US labor market, with reports on job openings, labor turnover, employment, and job cuts expected this week, as the Federal Reserve aims to cool the economy to fight inflation caused by higher labor costs.
The US labor market shows signs of easing as job openings decline for the third consecutive month, worker quits decrease, and layoffs increase, indicating a more balanced state, according to the Bureau of Labor Statistics.
U.S. job openings reach lowest level in nearly 2.5 years in July, signaling a slowdown in the labor market and potential impact on interest rates.
The number of job vacancies in the US dropped in July, indicating a cooling labor market that could alleviate inflation, while fewer Americans quit their jobs and consumer confidence in the economy decreased, potentially impacting consumer spending; these trends may lead the Federal Reserve to delay a rate hike in September.
The US jobs data for July suggests a cooling employment market, with a drop in labor demand and easing of hiring conditions, which could help lower inflation without a significant rise in unemployment rates.
The U.S. jobs market shows signs of cooling as Labor Day approaches, giving investors relief from concerns about a potential Federal Reserve interest rate hike. However, global market rally and uncertainty around China's market rebound indicate that risks still persist.
U.S. hiring in August fell below expectations, signaling a cooling labor market due to higher interest rates, with companies adding 177,000 jobs compared to the predicted 195,000 gain, marking the worst month for job creation since March.
Job openings and layoffs decreased in July, indicating a return to pre-pandemic labor market patterns, with economists attributing the drop to a decline in turnover rather than contraction.
The August jobs report is highly anticipated as investors assess the health of the labor market amidst rising interest rates and inflation, with projections indicating an increase in hiring and a steady unemployment rate, but potential disruptions from ongoing strikes and bankruptcies could affect the data. The report is closely watched by the Federal Reserve for signs of labor market softening as they grapple with inflation, and while the labor market has remained tight, there are indications of a gradual slowdown. Job openings have decreased, along with resignations, pointing to a labor market that is cooling.
The US added more jobs than expected in August, but the unemployment rate increased, while average hourly earnings and nonfarm payrolls growth were slightly below forecasts.
The US added 187,000 jobs in August, but the unemployment rate rose to 3.8 percent, indicating a plateau in the labor market as the Federal Reserve considers another interest rate hike.
The US job market shows signs of slowing but remains resilient, with 187,000 jobs added in August and a rise in the unemployment rate to 3.8%, as more people actively look for work. Wage gains are easing, signaling a potential slowdown in inflation, and the Federal Reserve may decide against further interest rate hikes.
The week has been driven by macroeconomic data, but the threat of economic contraction is not currently imminent, with the US Ten-Year Note yielding around 4.11% overnight and the US Dollar Index trading around 103.5; the Bureau of Labor Statistics will release its employment-related surveys for August today, with economists expecting non-farm job creation of around 170,000 and wage growth at 4.4% year over year.
The US job market is cooling down, with signs of weakening and a slowdown in momentum, which may allow the Federal Reserve to ease inflation pressure through weaker job creation and reduced demand.
The August jobs report indicates that the labor market is cooling despite a larger-than-expected gain in payrolls.
Summary:
The U.S. workforce on Labor Day 2023 is characterized by low unemployment rates, increasing labor market participation by women, low unemployment rates among all tracked races and ethnicities, the rising influence of artificial intelligence in the workplace, declining union membership, an increase in workers going on strike, and the prevalence of remote work arrangements.
The upcoming U.S. Federal Reserve meeting is generating less attention than usual, indicating that the Fed's job of pursuing maximum employment and price stability is seen as successful, with labor market data and inflation trends supporting this view.
The number of job layoffs in the U.S. remains near a record low despite rising interest rates and high inflation.
