MarketWatch (10/26/23) Bartash, Jeffry The U.S. economy galloped at a 4.9% annual pace in the third quarter—driven by accelerated consumer spending—and defied forecasts of slowdown in growth. The sharp rise in gross domestic product was more than double the rate of growth in the first six months of the year. It also was the biggest increase since 2014 excluding the pandemic years of 2020-2021. Wall
MarketWatch (10/19/23) Bartash, Jeffry The number of people who applied for unemployment benefits last week dropped to a nine-month low of 198,000, defying expectations that layoffs would increase as higher interest rates squeezed the economy. Economists had anticipated new claims in the week ended Oct. 14 would total 210,000. New jobless claims dropped from a revised 211,000 in the prior week, according to the government.
Staffing Industry Analysts (10/03/23) Job openings rose by 690,000 in August compared to July, reaching their highest level since May, though they remained down year over year, according to data released by the US Bureau of Labor Statistics. The number of job openings stood at more than 9.6 million in August, which CNN reported was greater than the 8.8 million consensus estimate of economists released by Refinitiv.
Wall Street Journal (09/25/23) Weber, Lauren; Pipe, Alana The U.S. economy has been running, improbably, with an unemployment rate under 4% for nearly two years. Work experts have warned for years that the combination of baby boomer retirements, low birthrates, shifting immigration policies, and changing worker preferences is leaving U.S. employers with too few workers to fill job openings. This article originally appeared on wsj.com.
Staffing Hub (09/06/23) The U.S. economy is projected to add almost 4.7 million jobs from 2022 to 2032, according to new BLS projections. Total employment is projected to grow by 0.3% annually, which is slower than the 1.2% annual growth rate between 2012 and 2022. Meanwhile, real gross domestic product (GDP) is expected to grow 1.9%, which is in line with the previous two decades. The
ADP News Release (08/30/23) Private sector employment increased by 177,000 jobs in August and annual pay was up 5.9% year-to-year, according to the August ADP National Employment Report. “This month’s numbers are consistent with the pace of job creation before the pandemic,” said Nela Richardson, chief economist, ADP. “After two years of exceptional gains tied to the recovery, we’re moving toward more sustainable growth in
