Labor Market Still Too Strong for the Fed

MarketWatch (11/30/22) Bartash, Jeffry Job openings declined to 10.3 million in October in another sign the U.S. labor market is cooling as the economy softens. Still, it doesn’t seem to be cooling as quickly as the U.S. Federal Reserve would like. Job listings are down from 10.7 million in September, according to the U.S. Department […]

Private Sector Employment Increased by 127,000 Jobs in November

ADP News Release (11/30/22) Private sector employment increased by 127,000 jobs in November and annual pay was up 7.6% year-to-year, according to the November ADP National Employment Report. “Turning points can be hard to capture in the labor market, but our data suggest that [U.S.] Federal Reserve tightening is having an impact on job creation […]

Job Openings at 10.3 Million in October

Staffing Industry Analysts (11/30/22) The number of US job openings fell 3.3% in October to 10.3 million, according to seasonally adjusted data released by the US Bureau of Labor Statistics. Year over year, job openings are down 6.9%. However, Reuters noted that job openings remained significantly high in October, which points to continued labor market resilience despite […]

Economy Slowing, but Far Better Than Feared

Wall Street Journal (11/23/22) Hannon, Paul; Cambon, Sarah Chaney Although the global economy is slowing near the end of a turbulent year, economists indicate that the deterioration in activity may not be as severe as feared in recent months and could reach a bottom in the coming year. Some economists believe the U.S. economy will […]

Record High Increases Expected in 2023

Jeanne Sahadi, CNN Business (11/18/22) Employers are planning to increase their salary budgets by 4.6% next year, the highest expected annual jump in 15 years. That’s according to the latest international survey from consulting firm Willis Towers Watson, which included responses from 1,550 US employers. The survey was conducted from October 3 to November 4. A […]

US Pay Increases to Hit 4.6% in 2023

Staffing Industry Analysts (11/17/2022) The overall salary increases in the US are forecast to rise 4.6% in 2023, up from an actual increase of 4.2% this year, according to the new “Salary Budget Planning” report by global advisory firm WTW. Labor market and inflationary pressure are fueling the higher-than-projected increases. According to the report, the […]