All articles tagged with #job gains
ADP reported that American businesses added 140,000 new jobs in February, slightly below economists' forecast of 150,000, indicating a potential softening in labor market demand after last year's hiring surge. Despite this, job gains are still solid and pay gains, while trending lower, remain above inflation.
The Dow Jones Industrial Average and other major indexes saw a slight increase on Friday but experienced overall losses for the week, ending their nine-week winning streak. Treasury Secretary Janet Yellen expressed optimism about the economy achieving a soft landing, citing low inflation and rising wages. Job gains for December exceeded expectations, and factory orders also surpassed estimates. Warren Buffett's Berkshire Hathaway purchased 2.8 million shares of Liberty Media SiriusXM. Meanwhile, outside the Dow, Constellation Brands reported earnings growth, and Mettler-Toledo anticipated lower sales and earnings than previously forecasted.
The US labor market showed signs of loosening as job gains slowed in October, partly due to strikes by the United Auto Workers (UAW) union against major car manufacturers. Nonfarm payrolls increased by 150,000 jobs, while the unemployment rate rose to 3.9%. Average hourly earnings saw the smallest increase in nearly 2-1/2 years. The report suggests a softening in labor market conditions and strengthens expectations that the Federal Reserve will not raise interest rates further. Despite the slowdown, hiring remains above the level needed to keep up with population growth.
The 10-year Treasury yield reached its highest level since November 2022 as Treasury yields rose following stronger-than-expected private sector job gains reported by ADP. Despite the Federal Reserve's efforts to combat high inflation by raising interest rates, the job market has remained resilient. Traders are awaiting Friday's U.S. employment report to gauge the strength of the job market and determine if the Fed will further increase interest rates. Stock markets declined, with the Dow Jones Industrial Average dropping 0.5%, the S&P 500 declining 1%, and the Nasdaq Composite falling 1.7%.
The 10-year Treasury yield reached its highest level since November 2022 as Treasury yields rose following stronger-than-expected private sector job gains reported by ADP. Despite the Federal Reserve's efforts to combat high inflation by raising interest rates, the job market has remained resilient. Traders are awaiting Friday's U.S. employment report to gauge the strength of the job market and determine if the Fed will further increase interest rates. Stock markets declined, with the Dow Jones Industrial Average dropping 0.5%, the S&P 500 declining 1%, and the Nasdaq Composite falling 1.7%.
The 10-year Treasury yield reached its highest level since November 2022 as Treasury yields rose following stronger-than-expected private sector job gains reported by ADP. Despite the Federal Reserve's efforts to combat high inflation by raising interest rates, the job market has remained resilient. Traders are awaiting Friday's U.S. employment report to gauge the strength of the job market and determine if the Fed will further increase interest rates. Stock markets declined, with the Dow Jones Industrial Average dropping 0.5%, the S&P 500 declining 1%, and the Nasdaq Composite falling 1.7%.
The Bay Area economy added 9,200 jobs in June, with Santa Clara County leading the way, according to a report from the state Employment Development Department. The region's tech industry has seen a turnaround, adding jobs in April, May, and June after significant losses earlier in the year. The Bay Area has now added jobs for three consecutive months, signaling a potential economic recovery. However, the statewide unemployment rate increased slightly to 4.6% in June. The hotel, restaurant, and drinking establishment sector accounted for a significant portion of the job gains, while strikes in the entertainment industry impacted job growth in Southern California. Despite potential challenges from rising interest rates and inflation, the long-term trend for the Bay Area job market is positive.
The Bay Area added over 10,000 jobs in May, bringing the region's economy back to pre-pandemic levels. The tech sector has rebounded the strongest from COVID-19 lockdowns, while retail and hotel-restaurant industries have yet to fully recover. Despite the recent job gains, the Bay Area still faces challenges such as high living costs and the need for affordable housing. The region's resilience has allowed it to withstand the shift to remote work caused by the pandemic.
Asia-Pacific markets rise after U.S. President Joe Biden signed a debt ceiling bill, allowing the U.S. to avert defaulting on its financial obligations. Oil prices surge after OPEC kingpin Saudi Arabia decided to cut production by another million barrels per day. The U.S. payrolls report for May shows strong job gains in the professional and business services sector, as well as a jump in government employment. Fitch says the U.S. is not out of the fiscal doghouse despite the debt ceiling deal, citing a "steady deterioration in governance over the last 15 years" as reasons for its pessimistic outlook.
Private payrolls in the US rose by 278,000 in May, surpassing expectations and taking payroll growth so far in 2023 to 1.09 million, according to a report by payroll processing firm ADP. The report noted that job gains were concentrated in leisure and hospitality, which added 208,000 positions, and natural resources and mining, which saw a gain of 94,000. However, wage growth slowed, with annual pay up 6.5% in May, down from the 6.7% increase in April.
The Bay Area added 11,200 jobs in April, despite the tech industry shedding 1,600 jobs, bringing the region's total employment to over 4.12 million. The gains were led by an increase of 6,400 jobs in the East Bay, along with a gain of 300 jobs in the Santa Clara County region and 1,600 jobs in the San Francisco-San Mateo metro area. Other industries, such as healthcare, hotels, and construction, performed well. However, economists warn that the Bay Area could face tougher times as 2023 progresses, with selective layoffs and slower hiring.
The US economy added just 236,000 jobs in March, below expectations, indicating a cooling labor market amid the Federal Reserve's rate-hiking campaign. The unemployment rate dropped to 3.5%, but economists were expecting a jobless rate of 3.6%. Industries such as leisure and hospitality, health care, and government continued to lead the way in job gains, while industries reporting monthly losses included retail trade, temporary help, manufacturing, construction, and information services. The job market remains above pre-pandemic norms, but the average workweek inched down, indicating employers could be starting to cut hours.