Category: Employers

4.6% Unemployment Predicted by the End of 2023

Associated Press (12/14/22) Rugaber, Christopher The U.S. Federal Reserve announced a substantial increase in its benchmark rate, now ranging from 4.25% to 4.5%, the highest in 15 years, aiming to combat the highest inflation levels in four decades. Chair Jerome Powell emphasized the necessity of significantly higher rates to address inflation concerns. Projections indicate a further increase to 5% to 5.25% by the end of

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Employers

No Labor Cavalry Coming to the Rescue

Reuters (12/08/22) Schneider, Howard The movement of people into and out of the U.S. labor force has shifted against the U.S. Federal Reserve’s wish that an increasing supply of workers will help tame inflation. The coronavirus pandemic resulted in a huge dislocation in the job market, with tens of millions at least temporarily unemployed. Fed policymakers initially expected those distortions would wane over time and

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Employers

Employers Try to Hold Line on Wages, With Mixed Success

Wall Street Journal (12/04/22) Rubin, Gabriel T. There is a tug of war between companies and workers over wage increases, and the outcome is critical for the inflation outlook. Friday’s November jobs report showed annual growth in hourly earnings accelerating to 5.1% from 4.9% in October. Workers continue to be awarded pay hikes, partly due to help remaining so hard to find. Many companies across

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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 of Labor. Job postings have declined from a record 11.9

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Employers

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 and pay gains,” said Nela Richardson, chief economist, ADP. “In

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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 the Federal Reserve’s efforts to cool demand by aggressively raising

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