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.
US job growth was weaker than previously projected, with a downward revision of 306,000 positions in March 2023, resulting in an average monthly job gain of nearly 312,000 over the past year, according to data from the Bureau of Labor Statistics.
The Organised Private Sector is concerned about potential job losses in Nigeria's economy following a decline in GDP growth in the second quarter of 2023, with manufacturers already cutting jobs and divesting from the country.
The number of job openings in the US fell to 8.8 million at the end of July, indicating a slowing economy, with declines seen in professional and business services, healthcare, and state and local government sectors, while the information industry and transportation saw increases in job openings. Additionally, consumer confidence dipped in August as Americans grew more concerned about rising prices of gas and groceries, and home prices continued to increase in June.
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.
The number of open jobs in the US dropped to its lowest level in over two years in July, signaling a slowdown in the labor market, with economists expecting a further decrease in labor demand and a possible response from the Federal Reserve.
Job creation in the United States slowed more than expected in August, a sign that the resilient economy might be starting to ease under pressure from higher interest rates.
Private sector employment increased by 177,000 jobs in August with an annual pay increase of 5.9 percent, signaling sustainable growth as the effects of the pandemic recede.
Private payrolls rose by 177,000 in August, the smallest increase since March, driven by slower job growth in the leisure and hospitality categories, according to ADP data, suggesting a slight slowdown in the economy.
The US economy added 177,000 jobs in August, slightly below expectations, but indicating sustainable growth in pay and employment as the effects of the pandemic diminish.
U.S. job growth is slowing down but remains steady, with the unemployment rate settling at 3.5% in July and predictions that the August jobs report will show similar results, although concerns remain regarding potential slowdowns and negative growth.
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.
Job creation in the American labor market is expected to slow down in August, with the addition of approximately 170,000 jobs, reflecting a mild cooling of employment growth and wage growth, as well as the impact of higher interest rates on hiring; the recent strikes in the film industry, although not a significant direct employer, are likely to have some impact on the jobs numbers, particularly those related to on-set production and support roles.
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.
Employers added 187,000 jobs in August, resulting in a modest pickup in the job market, with industries such as health care, hospitality, and construction leading in job growth, while the unemployment rate rose to 3.8% due to more people re-joining the workforce, according to the Labor Department.
