RGP’s Post

U.S. employers added 206,000 jobs in June – a mark that came in slightly above expectations but lower than May’s downwardly revised total of 218,000. Meanwhile, this week’s JOLTS report showed that the quits rate remained flat at 2.2 for a seventh consecutive month and the hires rate inched up from 3.5 to 3.6. These measures reflect the slowing hiring pace that many are hoping to see as the Fed weighs potential interest rate cuts. At the same time, this stagnation in hiring is amplifying skill acquisition challenges for many businesses already contending with widening skills gaps and talent shortages. #JobsReport #LaborMarket #SkillsGaps

Hiring by America’s employers picked up a bit in August from July’s sluggish pace, and the unemployment rate dipped for the first time since March in a sign that the job market may be cooling but remains sturdy. Employers added 142,000 jobs last month, up from a scant 89,000 in July, the Labor Department said Friday. The unemployment rate ticked down to 4.2% from 4.3% in July, which had been the highest level in nearly three years. Collectively, Friday’s figures depict a job market slowing under the pressure of high interest rates but still growing. Read more: https://lnkd.in/eTRnMZ2n

Latest News Hiring by America's employers picked up a bit in August from July's sluggish pace, and the unemployment rate dipped for the first time since March in a sign that the job market may be cooling but remains sturdy. Employers added 142,000 jobs last month, up from a scant 89,000 in July, the Labour Department said on Friday. The unemployment rate ticked down to 4.2 per cent from 4.3 per cent in July, which had been the highest level in nearly three years. Collectively, Friday's figures depict a job market slowing under the pressure of high interest rates but still growing. Many employers are responding to the resilience of consumers, who stepped up their spending in July, even after adjusting for inflation. With inflation falling steadily back to the Federal Reserve's 2 per cent target, the Fed is preparing to cut its key interest rate from a 23-year high. Friday's mixed report on the job market raises the question of how large a cut the Fed will announce after it meets September 17-18.

The labor market cooldown continued in July as the US added 114,000 jobs, falling short of the Dow Jones estimate of 185,000 and reaching its lowest total since December 2020. Apart from the early pandemic hiring plunge, we’re currently seeing the slowest hiring rate in a decade, while the quits rate remains at its lowest level since June 2020.   Our research shows that talent acquisition and retention is second only to the integration of AI and automation in terms of the biggest concerns businesses have for the remainder of the year. While a September interest rate cut would help spur investment and hiring, a reversal of the stagnancy we’re currently experiencing will take some time, meaning skill acquisition will continue to be a top challenge for employers.   #JobsReport #LaborMarket #SkillsGap #HiringSlowdown

The February 2024 JOLTS report paints a picture of a strong, albeit stabilizing labor market. Job openings edged up slightly to 8.756 million, remaining elevated compared to pre-pandemic levels but significantly lower than the early 2022 highs. The ratio of openings-to-unemployed people fell slightly, nearly back to where it was pre-pandemic. Hires increased to 5.818 million, the highest since September 2023, while the quits rate (quits as a % of employment) remained steady at 2.2%, just below pre-pandemic levels. Although the quits rate has been slowly trending down, it still suggests a level of worker confidence in finding new opportunities. Additionally, the layoff rate (layoffs as a % of employment) remains historically low despite a jump in layoffs to 1.724 million, the highest since January 2023. Since their respective peaks in 2022, openings have declined by 28%, and the quits rate has fallen by 0.8 percentage points. However, unemployment and layoff rates have only marginally increased, highlighting the labor market's resilience in the face of a cooldown. Looking ahead, the ADP employment report is out tomorrow morning, with consensus currently at 150,000 jobs added. The more closely watched nonfarm payrolls report, due Friday, is expected to show a solid increase of 203,000 jobs.   #jobs #employment #economy #markets #equities #economics

US businesses added 254,000 jobs in September, far surpassing expectations and exceeding the average monthly gain from the past 12 months. These figures demonstrate the underlying strength of the labor market, which also saw an upward revision of 55,000 jobs to the August total. While the surprising gains won’t help the case for another 50-basis-point rate cut in November, the September rate cut appears to be having an immediate impact on corporate investment. Our research shows that more than half of the 204 financial leaders we surveyed after the Fed’s decision said they anticipate increasing some investments before the end of 2024. Hiring remains stagnant as illustrated by this week’s JOLTs report. Except for the pandemic, the hires rate is the lowest that it’s been in over a decade and the separations rate is the lowest it’s been since 2020. This is making it more difficult for employers to find in-demand talent at a time when skills gaps are widening due to growing investment in digital transformation and AI. #JobsReport #SeptemberJobs #HiringTrends #InterestRates

Jobs. Unemployment a bit of a mixed bag. Revised numbers show a bit of weakness, today's numbers show continued strength. This continues my thoughts that a rate cut in March seem unlikely to me but the market wants a cut in March. Who will be right? I still think its more of a June cut but directionally in 2024 we see rates going down. The question is how fast. In the graph below. Upper left was pre jobs announcement and bottom left is post announcement. Rates ticked up. Will it hold? "Hiring picked up as employers added 216,000 jobs last month, the Labor Department said Friday. The unemployment rate held at 3.7%" "There are signs the tight labor market conditions that prompted employers to offer robust pay raises in early 2023 continue to wane. Employers had far fewer open positions at the end of 2023 compared with the start, and workers are quitting their jobs at a lower rate than before the pandemic began. Yet, unemployment and layoffs remain low and vacancies are higher than 2019 levels, suggesting demand for workers is still solid" "For most of 2023, employers added more than 200,000 jobs each month. That was a much slower pace of job creation than comparable periods in 2021 and 2022, as the economy initially rebounded from the Covid-19 pandemic, but better than in the years leading up to 2020." #markets #rates #fed #economy https://lnkd.in/gC6UfBNH

📢 Exciting Start to 2024 Job Market! 🌟 In a surprising twist, US employers added 353,000 jobs in January—double economists' predictions. Wages saw an unexpected rise, and the unemployment rate held steady at 3.7%. This burst of hiring challenges expectations amidst the highest interest rates in two decades. Let's dive into the details and discuss the implications! 📈💼 #JobMarket #EconomicOutlook #BusinessNews

The jobs report was released this morning and here is how the New York Times summarized it: U.S. employers added 303,000 jobs in March, marking the 39th consecutive month of growth and lowering the unemployment rate to 3.8 percent. The continuing strength, labor market analysts say, may increase confidence that the U.S. economy has reached a healthy equilibrium in which a steady roll of commercial activity, growing employment and rising wages coexist. Despite concerns about inflation surpassing wage gains in recent years, the trend has shifted, with wages now showing moderate growth while inflation has declined. The Fed remains cautiously optimistic that they are approaching their goals of low unemployment and more stable prices. #jobsreport #realestatenews #realestate #nycrealestate #realestatemarket https://lnkd.in/ejZVU9-P

After a turbulent few years, the U.S. #jobmarket is rebounding in big ways. Case in point: The Bureau of Statistics (BLS) reported that the U.S. economy added 353,000 jobs in January, outpacing 2023’s average monthly gains of 255,000. Following the release of the January 2024 jobs report, J.P. Morgan Wealth Management said, “The upswing in hiring in January suggests that the labor market remains remarkably resilient despite the impact of higher interest rates.” We couldn’t agree more. With Feburary’s jobs report due to be released soon, it’ll be interesting to chart the market’s continued recovering and how different environmental factors—like interest rates—will impact the #employment of millions.