"Employers are adding a strong average of 248,000 jobs a month this year." Are you adding any jobs in the rest of 2024? https://lnkd.in/ermuB_-F
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"Being Comfortable in Your Home, Begins with Being Comfortable in Your Loan" Sr Loan Officer @ Union Home Mortgage
This was a busy week for employment info. Wednesday brought the JOLTs report - showing a slowdown of open job offers. Thursday brought the ADP report that showed us less new jobs than anticipated. Today was the big BLS Jobs report, which again underwhelmed. Remember that bad new on main street, (less people working than expected), means good news for rates, (rates come down). Next week brings the consumer price index. We looking at a Fed rate cut of .25% later this month. #bls #jobs #unemploymentrate #mbshighway #mbssocialshare #mortgagemarketnews #mortgageintheknow #ADP #JOLTS
BLS Jobs Report (August 2024)
mbshighway.com
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Manufacturing Industry Executive Recruiter for Staff to C-Level positions - E: Steve@SteveRecruiter.com | O: 586-992-6112
Have you heard? US employers added 114,000 jobs last month, below economist estimates of 185,000 and down from the downwardly revised 179,000 jobs in June. Average hourly earnings in July rose 0.2% month-over-month and 3.6% year-over-year, both below economist estimates. Is your company up in hiring or down for the year?
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US WEEKLY JOBLESS CLAIMS HIT HIGHEST LEVEL SINCE AUGUST OF 2023, THOUGH JOB MARKET IS STILL HOT The number of Americans applying for unemployment benefits jumped to its highest level in more than eight months, another indication that the red hot U.S. labor market may be softening. Unemployment claims for the week ending May 4 rose by 22,000 to 231,000, up from 209,000 the week before, the Labor Department reported. Though last week’s claims were the most since the final week of August 2023, it’s still a relatively low number of layoffs and not cause for concern. The four-week average of claims, which softens some of the weekly volatility, rose by 4,750 to 215,000. Weekly unemployment claims are considered a proxy for the number of U.S. layoffs in a given week and a sign of where the job market is headed. They have remained at historically low levels since the pandemic purge of millions of jobs in the spring of 2020. Last month, U.S. employers added just 175,000 jobs, the fewest in six months and another sign that the labor market may be loosening. The unemployment rate inched back up to 3.9% from 3.8% and has now remained below 4% for 27 straight months, the longest such streak since the 1960s. Moderation in the pace of hiring, along with a slowdown in wage growth could give the Fed the data its been seeking in order to finally issue a cut to interest rates. Source: Associated Press
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What does BI mean by “just”? Any person who has paid marginal attention to the job market knows it’s been bad for well over a year. To cite some familiar statistics: The June and May jobs reports were just revised lower by an additional 29,000 jobs. 5 out of the last 6 jobs reports have now been revised LOWER, per ZeroHedge. In fact, 10 out of the last 14 jobs reports have now been revised lower. Not only is the unemployment now at a 3-year high, but revisions are the new normal.Hundreds of thousands of jobs have been revised lower just in 2024 so far. Full time positions have actually been declining, not increasing, particularly white collar jobs. The hiring rate for employees earning more than $96k has slowed to 0.5% (probably lower now), which is less than half the peak it reached in mid-2022. Meanwhile, part time unemployment is up over 336,000 jobs over the same period.
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June's BLS job growth was just above estimates reporting 206K new jobs were created. Earlier this week, ADP's jobs report came in lower than expected. Remember ADP does not include government jobs and according to the BLS, 70,000 government jobs were added in June. That is a big gain with the average being only 50,000. Additionally, there were big revisions to previous months, as the data for April and May shaved 111K jobs from those months combined. The unemployment rate rose to 4.1%, the highest since November 2021, triggering the reliable Sahm Rule and suggesting we're already in a recession. #BLS #Jobs#UnemploymentRate #PhillyMB
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We work with forward-thinking companies that want to improve hiring outcomes and reduce friction in the process, resulting in happier hires.
Did we really have record-setting job creation? No. And here is why. In April 2020, employment plummeted by about 20.7 million. We needed 20.7 million people to return to work before we could count the new jobs. The onset of the COVID-19 pandemic and the subsequent public health measures to contain its spread led to unprecedented job losses in the United States. In March and April 2020 alone, the nation experienced a sharp decline in employment, marking the end of the most extended period of employment recovery and expansion in U.S. history. Expressly, nonfarm payroll employment in the U.S. declined by approximately 9.4 million in 2020, representing the largest calendar-year decline in the history of the Current Employment Statistics (CES) series from the U.S. Bureau of Labor Statistics (BLS). The most significant drop occurred in April 2020, with employment plummeting by about 20.7 million—the most significant decline since the CES began in 1939. These losses were widespread across industries but notably severe in sectors requiring close human contact, such as leisure and hospitality, which was the most brutal hit. The Brookings Institution elaborates further on the pandemic's multifaceted impacts, noting that COVID–19–related job losses wiped out 113 consecutive months of job growth, with total nonfarm employment falling by 20.5 million jobs in April. #labormarket #jobcreation #NextLevelPerformers
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Check out the article below! We make a positive #impact on your organization. #knowledgeispower #investinyourpeople
This article explains the effects of the current interest rates and employment numbers and how those could change over the course of 2024. What does that mean for you? Well, there are a couple of points that were made in the article that could take until Q3 to come to fruition. Employees are quitting slightly less as they may start to believe that the other jobs out there are not better than where they are currently. This could help companies because the “ratio of job openings to the number of unemployed job seekers has also been approaching its pre-pandemic norm.” So, as companies try to leverage this trend the ones that invested in the company through improvements and hiring incentives may have the upper hand in trying to hire and most importantly retain their employees. If you have not re-invested in your company now may be the time. If you need help to identify the areas that will help retain your employees we are here for you. We take a holistic and data driven approach to help organizations identify areas of improvement in their businesses and in turn increases retention rates. https://lnkd.in/gnmDRxm9
Job Market May Hold Some Surprises in ‘24
impomag.com
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Mortgage Lending| Finance |Real Estate |Residential | Commercial | Business & Data Analysis| Forecasting | Management | Financial Analysis
The job growth was well above estimates in September, 😀 as the BLS reported that 254K new jobs were created versus the 140K that were forecasted. Revisions to previous data for July and August also added 72K jobs from those months combined, while the unemployment rate fell slightly to 4.1%. #bls #jobs #unemploymentrate #mbshighway #mbssocialshare #mortgagemarketnews #mortgageintheknow
ADP Employment Report (September 2024)
mbshighway.com
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JOBLESS CLAIMS FALL BY 10,000, STILL AT HISTORICALLY LOW LEVELS May 16, 2024 US initial jobless claims fell by 10,000 in the week ended May 11 to 222,000, the US Department of Labor reported today. The previous week’s level was revised upward by 1,000. The Associated Press noted that fewer Americans applied for unemployment benefits as layoffs remain historically low despite other signs of a cooling labor market. Economists polled by Reuters had forecast 220,000 claims in the latest week. Meanwhile, the four-week moving average of claims rose by 2,500 to a level of 217,750. The previous week’s level was revised upward by 250. #jobs #working #employment #unemployment #laborforce #career
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