All articles tagged with #us bureau of labor statistics
Donald Trump has selected a Heritage Foundation economist to lead the US Bureau of Labor Statistics, signaling a potential shift in the agency's approach under his administration.
The U.S. Bureau of Labor Statistics reported that the percentage of U.S. workers holding labor union memberships dropped to a record low of 10% in 2023, despite unions achieving significant victories and receiving their highest approval rating in decades. The overall number of union members increased, but not enough to keep up with the rise in non-union workers, leading to the decline in the union membership rate for the second consecutive year. This trend comes despite high-profile wins and a surge in public approval of organized labor, with union membership now less than a third of its peak rate in the 1950s.
Job growth in the US slowed in October, with employment rising by 150,000, compared to the strong September surge and the 258,000 monthly average of the previous 12 months. The unemployment rate remained unchanged at 3.9%, and hourly wage growth cooled slightly. The National Association of Federally-Insured Credit Unions (NAFCU) believes that the labor market is cooling and that the Federal Reserve may consider a rate cut in early 2023. The October jobs report will be a key factor in the Fed's decision on interest rates in December. Construction hiring increased, reflecting the demand for new homes, but high mortgage rates are pushing the cost of purchasing a home higher, leaving many potential buyers on the sidelines.