Labor Costs Surge in the Third Quarter; Productivity Falls Sharply
Reuters (11/04/21) Mutikani, Lucia Unit labor costs spiked in the third quarter, while productivity decreased at its sharpest pace since 1981, adding to signs that high inflation could last for a while. Unit labor costs rose at an 8.3% annualized rate last quarter after increasing at a 1.1% pace in the April-June quarter, according to […]
Private Sector Employment Increased in October
ADP News Release (11/03/21) Private sector employment increased by 571,000 jobs from September to October, according to the October ADP National Employment Report. “The labor market showed renewed momentum last month, with a jump from the third quarter average of 385,000 monthly jobs added, marking nearly five million job gains this year,” said Nela Richardson, […]
US Manufacturing Sector Continues To Expand in October, but Hiring Difficulties Persist
The US manufacturing sector continued to expand in October, although hiring difficulties show no signs of easing, according to the Institute of Supply Management’s October 2021 “Manufacturing ISM Report on Business.” The report is based on a survey of manufacturing supply executives. “Meeting demand remains a challenge, due to hiring difficulties and a clear cycle […]
Wages Jump by the Most on Records Dating Back 20 Years
AP News (10/29/2021) Rugaber, Christopher “Wages and salaries jumped in the three months ending in September by the most on records that date back 20 years as companies are forced to offer higher pay to fill a near-record number of available jobs.” Use this link to see the full article: Wages Jump by the Most […]
Labor Costs Rise Faster Than Expected in Third Quarter
MarketWatch (10/29/21) Buchwald, Elisabeth The cost of employing the average employee increased 1.3% in the third quarter, according to the federal government. Economists surveyed by the Wall Street Journal had anticipated a 0.9% advance. Compensation rose 3.7% over the past 12 months, based on unadjusted data. Wages—comprising about 70% of employment costs—climbed 1.5% after increasing […]
Delta Variant, Shortages Severely Restrict U.S. Economic Growth in Third Quarter
Reuters (10/28/21) Mutikani, Lucia The U.S. economy experienced its slowest growth in over a year in the third quarter, with Gross Domestic Product (GDP) rising at a 2.0% annualized rate, attributed to rising Covid-19 infections impacting global supply chains and causing shortages of goods, which dampened consumer spending. This marks a significant deceleration from the […]