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The US labor market cooled notably in April, new data from the Bureau of Labor Statistics showed Friday. In April, the US economy added 175,000 new jobs and the unemployment rate rose to 3.9%, missing expectations for nonfarm payrolls to rise by 240,000 and the unemployment rate to remain at 3.8%. Wages also rose less than forecast, with average hourly earnings rising 0.2% over last month and 3.9% over the last year. https://lnkd.in/gUH-eee7

Here's a breakdown of today's labor news, based on the latest data: Unemployment Rate The unemployment rate in August was **4.2%**, slightly down from **4.3%** in July, showing a modest improvement in the labor market. While this drop indicates positive momentum, the rate is still higher than pre-pandemic levels. Payroll Growth 140,000 jobs were added** in August, which is lower than the forecasted **160,000**. This marks a weaker-than-expected performance, particularly in the private sector, and reflects a cooling in hiring activity. Private Payrolls Private payrolls saw their **weakest growth in over three years**, signaling a possible slowdown in labor demand, especially in sectors more sensitive to interest rates or consumer spending patterns. Wage Growth Average **hourly wages rose by 0.4%** in August, continuing a trend of wage growth, which could be a result of tighter labor supply in certain sectors. Year-over-year wage growth remains a key point as higher wages can feed into inflationary pressures, something the Federal Reserve watches closely. This mixed data, with slowing job growth but steady wage gains, suggests the labor market is showing signs of cooling while maintaining pressure on wage inflation. What are your thoughts? Searchtec Recuritment Services www.Searchtec1.com

Job creation in March easily topped expectations in a sign of continued acceleration for what has been a bustling and resilient labor market. Nonfarm payrolls increased 303,000 for the month, well above the Dow Jones estimate for an increase of 200,000 and higher than the downwardly revised 270,000 gain in February, the Labor Department’s Bureau of Labor Statistics reported Friday. More on the report here: cnb.cx/3VKaCGM

The job market continues to exhibit solid strength, with 303,000 net payroll job additions in March. That brings total job creation to 5.8 million from the pre-COVID peak four years ago. The construction industry added 39,000 net new jobs, up by 600,000 from four years ago. Therefore, more housing supply is on the way in future months. More jobs mean more potential housing demand in the future. But more jobs also mean the interest rate decline could stall as the Federal Reserve re-evaluates inflation risk. Wage growth was 4.1% in March after two straight years of above 5% gains. This decelerating wage growth can lessen consumer price inflation. Overall, mortgage rates are likely to remain unchanged, with no further measurable declines in upcoming months. High budget deficits will also hinder interest rates from falling as government borrowing crowds out mortgage funding availability. Even so, multiple offers on properties are still happening. Homeowners with record-high housing wealth should understand the current favorable environment for putting homes on the market. https://lnkd.in/eita3gyP

In its establishment survey, the Bureau of Labor Statistics (BLS) reported that US non-farm payrolls rose by 272,000 in May, a pace higher than expected and the revised 165,000 rise in April. Although slower pace than earlier in the year and 2023, this is still a solid gain, one above long-term trends in population. This gain contrasts with the decline in employment as measured by the household survey. Employment continued to trend up in many industries, led by health care, government, leisure and hospitality, and professional and business services. A solid gain occurred in construction and manufacturing employment edged up. The report contains some metrics that serve as leading indicators of the economy. Average weekly hours in manufacturing rose to 40.8 hours; trucking employment fell again; and employment in temporary help services was essentially stable. This is a mixed picture. My preferred measure of labor costs is average private sector hourly earnings for non-supervisory production workers and that moved up to $29.99 per hour, an all-time high and a level up 4.2% y/y. This is at a pace above that of inflation and suggests that wage pressures continue. This likely closes any window for a rate cut this summer.

Job growth zoomed in March as payrolls jumped by 303,000 and unemployment dropped to 3.8%. Job creation in March easily topped expectations in a sign of continued acceleration for what has been a bustling and resilient labor market. Nonfarm payrolls increased 303,000 for the month, well above the Dow Jones estimate for a rise of 200,000 and higher than the downwardly revised 270,000 gain in February, the Labor Department’s Bureau of Labor Statistics reported Friday. The unemployment rate edged lower to 3.8%, as expected, even though the labor force participation rate moved... https://lnkd.in/d7NbtW7r

Job creation in March easily topped expectations in a sign of continued acceleration for what has been a bustling and resilient labor market. Nonfarm payrolls increased 303,000 for the month, well above the Dow Jones estimate for a rise of 200,000 and higher than the downwardly revised 270,000 gain in February, the Labor Department’s Bureau of Labor Statistics reported Friday. Click below to read more.

The Bureau of Labor Statistics (BLS) reported that in its establishment survey, reported that non-farm payrolls increased by 206,000 in June. Moreover, the May and April gains were revised lower. The average monthly gain over the last 12 months is 220,000 so this gain is rather close to the trends of the last year, which represents a slowing from the post-COVID recovery of jobs. This slowing was expected, and the gain was largely in line with expectations. In June, job gains occurred in government, health care, social assistance, and construction. Mining employment was flat and manufacturing jobs eased as did retail trade and professional and business services. During June, the average hourly wage for private-sector non-supervisory production workers exceeded $30 per for the first time, and was up 4.0% y/y. The latter is a pace above inflation and is contributing to real wage gains, which will support consumer incomes and spending. Aggregated hours worked eased but one month does not make a trend. Within the establishment report are data that serve as leading indicators of the economy. Employment in temporary help services fell, trucking employment was essentially stable, and the average workweek in manufacturing ticked up. In other words, another mixed take. The labor market is slowing. We’ve been saying would for well over a year.

April jobs report shows hiring, wage growth slow as unemployment unexpectedly jumps The US labor market cooled notably last month as both hiring and wage growth slowed more than economists had expected in April. The US economy added 175,000 new jobs and the unemployment rate rose to 3.9% last month, new data from the Bureau of Labor Statistics showed Friday. Wall Street economists had expected nonfarm payrolls to rise by 240,000 and the unemployment rate to remain at 3.8%, according to Bloomberg data. #unemployment #jobsreport #bureauoflabor #economy #jobs #wagegrowth #hiring https://lnkd.in/gXU4kUuE

Labor Market Shakeup: Nonfarm Payrolls Revised Down 📉 Breaking News: US Labor Dept's preliminary estimate suggests a significant downward revision to nonfarm payrolls: March 2024 employment level could be cut by 818,000 or 0.5% Yields are making new cycle highs in response Key Implications: Labor Market Softening: This revision points to a weaker job market than previously thought. Fed Policy Shift: Strengthens the case for a September rate cut. Market Sensitivity: As predicted, these revisions are having a significant impact on market sentiment. Economic Outlook: May lead to reassessment of growth projections for 2024. Context: Wall Street had been bracing for a markdown in employment gains, with estimates ranging from 600,000 to 1 million jobs. This 818,000 figure falls within that range but is still substantial. The market's hyperfocus on labor data makes this revision particularly impactful. We've seen how sensitive stocks can be to employment numbers, as evidenced by recent reactions to jobs reports and weekly claims. How do you think this revision will affect the Fed's decision-making process? Are we headed for a more aggressive easing cycle than previously anticipated? #LaborMarket #Economy #FederalReserve #MarketOutlook #JobsReport #Fed #Markets