All articles tagged with #private sector jobs
In June, the private sector unexpectedly lost 33,000 jobs, the first decline since March 2023, signaling potential economic softness despite a strong stock market; this contrasts with government forecasts of a 110,000 job increase and highlights regional and sectoral disparities in employment changes.
In May, the US private sector created only 37,000 jobs, the lowest in over two years, due to ongoing global trade wars causing hiring hesitancy among businesses, especially in manufacturing, though the service sector remained resilient. The report suggests a slowdown in employment growth, with the government expected to report a modest 125,000 new jobs, and market reactions were mixed as investors reacted to the uncertain economic outlook.
House Speaker Mike Johnson's narrow Republican majority is threatened by members leaving for private-sector jobs, as the GOP's majority could become the smallest since the Great Depression. With a starting majority of 221-213, Johnson's power is tied to President-elect Trump, and maintaining it depends on convincing members to delay lucrative private-sector opportunities. The departure of lawmakers for better-paying jobs could further reduce the majority, complicating Johnson's efforts to push Trump's agenda.
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 ADP jobs report reveals that only 113,000 new jobs were created in October, falling short of economists' forecast and indicating a potential softening in the U.S. labor market.
New York City has regained 99.4% of the total number of private sector jobs lost during the COVID-19 pandemic, but the recovery has been uneven across economic sectors. While the securities, transportation, warehousing, and office sectors have shown strength, retail, restaurants, construction, and tourism continue to lag behind the national recovery. State Comptroller Thomas DiNapoli warned that embattled industries like the arts, hospitality, and retail will need to regain more jobs to ensure the long-term survival of the positions they have already recovered.