US Adds Jobs in July, but Pay Growth Slows

Staffing Industry Analysts (08/02/23) Employment in the US private sector rose by 324,000 jobs in July with the leisure/hospitality sector leading the way, according to the ADP National Employment Report released August 2nd. However, the report also found that annual pay growth slowed to 6.2% year over year, its slowest pace since November 2021. “The […]

Job Openings Still Remain at Levels Consistent With Tight Labor Market Conditions

Staffing Industry Analysts (08/01/23) Job openings in June were at their lowest level since April 2021, according to seasonally adjusted data released Aug. 1 by the US Bureau of Labor Statistics. US job openings edged down by 34,000 in June from May to approximately 9.58 million. However, Reuters noted job openings still remain at levels consistent with tight […]

Mounting Job Vacancies Push State and Local Governments Into a Wage War for Workers

Associated Press (07/28/23) Lieb, David A. Public employers across the country have struggled to fill jobs, resulting in one of the biggest surges in state government pay in 15 years. Many cities, counties, and school districts are boosting wages to retain and attract workers amid aggressive competition from private sector companies. Uncompetitive wages are the […]

GDP Increases at 2.4% Annual Pace in the Second Quarter

MarketWatch (07/27/23) Bartash, Jeffry The U.S. economy grew at a 2.4% annual pace in the second quarter, fueled by robust consumer spending and a rebound in business investment. Wall Street analysts had anticipated a 2.0% increase in gross domestic product. GDP grew 2.0% in the first quarter. Consumer spending, the main driver of U.S. growth, […]

Economists Are Cutting Back Their Recession Expectations

Wall Street Journal (07/15/23) Torry, Harriet; DeBarros, Anthony Economists are dialing back recession risk expectations due to easing inflation, a strong labor market, and economic resilience, according to a survey of 69 economists by the Wall Street Journal. Economists lowered the probability of a recession in the next 12 months to 54% from 61% in […]

Understanding America’s Labor Shortage

U.S. Chamber of Commerce (07/12/23) Ferguson, Stephanie The latest data shows the U.S. has 9.8 million job openings but only 5.9 million unemployed workers, according to an analysis by the U.S. Chamber of Commerce. Employers added an unprecedented 4.5 million jobs in 2022. However, millions of Americans have been leaving the labor force since before […]