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May Jobs Report Surges, But Unemployment Rate Ticks Higher The latest U.S. jobs report from the Bureau of Labor Statistics showed continued strong employment growth, but also some mixed signals. The headline number was extremely robust, with 272,000 new nonfarm payroll jobs added in May - well above economist forecasts of around 180,000. However, March and April's job gains were revised down by a combined 15,000. More notably, the unemployment rate rose from 3.8% to 4.0%, which is the highest level since January 2022. This uptick in the jobless rate could indicate that labor market conditions are starting to loosen slightly. The Federal Reserve will scrutinize these contradictory signals closely as it weighs its next moves on interest rates. The resilient job growth may caution against cutting rates too soon, but the rising unemployment could allow more flexibility if it continues trending higher. Overall, while May's payroll gains hugely overperformed expectations, the increase in the unemployment rate muddies the economic picture somewhat. The Fed's path forward will depend on whether the solid hiring or rising joblessness proves more durable in the months ahead. As always, efficiently navigating this changing landscape for your mortgage and housing needs will be key. I'd be happy to discuss your specific situation - just let me know. Jason Kallen

New Post: US extends hiring cooldown while unemployment highest since 2021 - https://lnkd.in/gC-q5QyP: The US jobs market cooled much more than expected in July with the unemployment rate reaching the highest since late 2021, government data showed Friday, paving the way towards post-pandemic interest rate cuts.The world's biggest economy added 114,000 jobs last month, down from June's revised 179,000 figure, said the Department of Labor.The jobless rate rose to 4.3 percent, the highest level since October 2021, according to government data.The report brings the Federal Reserve a step closer to its first rate cut after the Covid-19 pandemic -- with the economy cooling and inflation moving towards officials' two percent target."Employment continued to trend up in health care, in construction, and in transportation and warehousing, while information lost jobs," said the Labor Department.It added that government employment, which slowed in recent months, was little changed in July.While analysts have raised concern of the US economy triggering an early recession indicator, Oxford Economics chief US economist Ryan Sweet believes that "this cycle is unique."In recent times, unemployment has edged up as more people entered the labor force. This marks less of a risk that a vicious cycle of rising joblessness leads to income loss -- and further employment losses, he earlier told AFP. var mfq = window.mfq

HARTFORD, CT – Connecticut added 3,300 new jobs in the month of June, leading to the largest decline in the state’s unemployment rate in nearly four years, according to the latest jobs report from the US Bureau of Labor Statistics and the state Department of Labor. #ctnewsjunkie #ctpolitics

Strong September jobs report stokes inflation concerns https://ift.tt/5O6ygal A stronger than expected September jobs report is not great news for the Federal Reserve or the housing industry, which was hoping for a swift decline in interest rates. Data from the U.S. Bureau of Labor Statistics released on Friday shows that 254,000 non-farm payroll jobs were added in September. This is higher than the average monthly gain of 203,000 jobs over the past 12 months. Additionally, jobs data for the prior two months were revised upwards by 72,000 jobs. Also causing economists to pause was wage growth, which reaccelerated to 4.0% in September. “All of these signs point toward a successful ‘soft landing,’ but also stoke worries that inflation may not move in a straight line to the Fed’s 2% target,” Mike Fratantoni, the MBA’s senior vice president and chief economist, said in a statement. “This report could certainly slow the expected pace of rate cuts.” Despite strong job growth, unemployment remained steady, dropping just 0.1 percentage point month over month to 4.1%, with 6.8 million people unemployed. A year ago, the jobless rate was 3.8% and 6.3 million people were unemployed. Most of the job gains in September occurred in food services and drinking places (+69,000 jobs), health care (+45,000 jobs), government (+31,000 jobs), social assistance (+27,000 jobs), and construction (+25,000 jobs). Over the past 12 months the construction sector has averaged a gain of 19,000 jobs per month. Residential construction added 2,000 jobs from a month prior and an additional 5,800 residential specialty trade contractors entered the work force. The sector’s largest source of monthly gains, however, was in nonresidential specialty trade contractors, which gained 17,000 jobs in September. Real estate also recorded a month-over-month increase in jobs, gaining 2,100 jobs in September. While September’s jobs report may cause the Fed to reevaluate just how quickly they want to cut interest rates, economists believe the economy and inflation are still cooling off. “There are mixed signals in the economy. Job seekers are having a harder time finding work, as the hiring rate has ticked down. The number of long-term unemployed—that is, people unemployed for six months or more—has been on the rise,” Lisa Sturtevant, Bright MLS’ chief economist, said in a statement. “And consumer confidence fell sharply in September, with more people saying they are worried about the job market.” Sturtevant thinks this confidence will drive the housing market forward in this fourth quarter of the year. “Mortgage rates will likely remain around 6% for the rest of the year, which should bring both more buyers and more sellers into the market,” Sturtevant said. “But if there are growing concerns about the economy, that could provide headwinds to the housing market.”  via HousingWire https://ift.tt/KkqOiZ2 October 04, 2024 at 07:12AM

The national unemployment rate for August dropped to 4.2% from 4.3% in July, according to data released Friday by the U.S. Bureau of Labor Statistics. Job gains in August were higher than in the previous two months, but it fell short of the 165,000 median projection of economists surveyed by Bloomberg.

According to the Bureau of Labor Statistics' most recent jobs report, the unemployment rate remained stable in January at 3.7% for the third month in a row. A total of 353,000 new jobs were created, exceeding projections. Notable growth were observed in the business and professional services, healthcare, retail trade, and social assistance sectors. Even while there were decreases in some businesses, the job economy as a whole is still clearly resilient. The weekly jobless claims also experienced a minor increase, but overall, the labor market is still strong and stable, as seen by metrics like the quit rate that are still in line with pre-pandemic norms. The outlook is still positive despite a slowdown in wage growth and compensation costs, as the Federal Reserve has hinted that interest rates would likely drop in 2024. https://lnkd.in/eRd8p3-f

New Jersey added an estimated 19,200 jobs in September to reach a seasonally adjusted level of 4,393,600, according to a recent announcement from the U.S. Bureau of Labor Statistics. The unemployment rate decreased a percentage point from August and now sits at 4.7%. In September, seven out of nine private industries recorded employment gains compared to August. Sectors that recorded employment gains include education and health services (+10,100), trade, transportation, and utilities (+3,800), construction (+1,700), leisure and hospitality (+1,500), manufacturing (+1,300), professional and business services (+1,300), and other services (+200). Sectors that recorded job losses include financial activities (-600), and information (-300). Public sector jobs increased by 200 for September.

U.S. Added 818,000 Fewer Jobs Than Reported Earlier The Labor Department issued revised figures for the 12 months through March that point to greater economic fragility. The U.S. economy added far fewer jobs in 2023 and early 2024 than previously reported, a sign that cracks in the labor market are more severe — and began forming earlier — than initially believed. On Wednesday, the Labor Department said that monthly payroll figures overstated job growth by roughly 818,000 in the 12 months that ended in March. That suggests employers added about 174,000 jobs per month during that period, down from the previously reported pace of about 242,000 jobs — a downward revision of about 28 percent. The revisions, which are preliminary, are part of an annual process in which monthly estimates, based on surveys, are reconciled with more accurate but less timely records from state unemployment offices. The new figures, once finalized, will be incorporated into official government employment statistics early next year. The updated numbers are the latest sign of vulnerability in the job market, which until recently had appeared rock solid despite months of high interest rates and economists’ warnings of an impending recession. More recent data, which wasn’t affected by the revisions, suggest job growth slowed further in the spring and summer, and the unemployment rate, though still relatively low at 4.3 percent, has been gradually rising. #mortgagereports #economy #Jobs #employment #mortgages #Fed #rates #homebuyers #renovationloans

This here explains the reality of the jobs market. 206,000 jobs created.. 153,000 of which were Government, Healthcare and Social Assistance. In other words...no appreciable number of private sector jobs at all. Meanwhile our top companies sit on Trillions in cash. Time to start hiring. Put that cash to work!