All articles tagged with #wage gains
Broadway musicians are prepared to strike immediately if they do not reach a new contract with the Broadway League by Thursday morning, citing issues over healthcare, wages, and job security, amid ongoing negotiations and a recent actors' agreement that could influence the situation.
The latest jobs report revealed a concerning trend as the number of people quitting their jobs hit a four-year low, signaling a potential slowdown in the labor market. Economists believe this reluctance to quit indicates waning confidence in finding new employment and could lead to reduced wage gains. This trend, known as "grumpy staying," has emerged as job openings decrease and the labor market becomes more competitive, giving employees less leverage to negotiate better pay or benefits. Additionally, layoffs in tech and media companies have added to Americans' unease about the job market, and the Congressional Budget Office expects the unemployment rate to climb in the next 12 months as the economy feels the impact of the Fed's rate hikes.
ADP reported that private payroll growth slowed to 107,000 in January, below expectations and signaling a possible labor market slowdown. Only the information services sector reported a decline, while hiring was slow across most sectors. Leisure and hospitality saw the biggest increase in jobs, with midsize establishments leading job creation. Wage gains were reported at a 5.2% annual rise, above the government's measure of average hourly earnings, indicating potential improvement in the economy.
Wage gains for job-hoppers in the US are slowing down, indicating a loss of steam in the labor market. The three-month average of annual wage growth for job switchers dropped to 5.6% in August, down from 8.5% in July 2022, and is now barely higher than the wage growth seen by those who didn't change jobs last month. This decline in wage growth for job switchers suggests a slowdown in job-hopping and labor demand. The drop in the quits rate and the rise in the unemployment rate also indicate a less dynamic labor market. However, total employment remains high, signaling that the labor market is slowing but still strong.
Full-time drivers for UPS have secured a new contract that boosts their salaries from $145,000 to $170,000 per year, including benefits. This represents a symbolic triumph for unions, the middle class, and the labor-friendly White House, as it demonstrates collective efforts to boost middle-class wages. The success of this contract highlights the impact of strong union backing and Biden's plan to invest in the middle and lower class. While this victory does not single-handedly reverse the long-term trend against union membership, it shows that unions can get the job done and provides hope for vulnerable, often-unionized workers in white-collar fields.
UPS drivers have secured a new contract that boosts their salaries from $145,000 to $170,000 per year, including benefits. This represents a symbolic triumph for unions, the middle class, and the labor-friendly White House, as it demonstrates collective efforts to improve middle-class wages. The public has taken notice, with a 50% surge in searches for "UPS" or "United Parcel Service" on job sites. This development aligns with President Biden's focus on building the economy from the middle out and the bottom up, in contrast to trickle-down economics. The success of the UPS contract highlights the impact of strong union backing and the potential for unions to secure better benefits for workers.
The US economy added fewer jobs than expected in July, with nonfarm payrolls increasing by 187,000, but wage gains remained strong and the unemployment rate fell to 3.5%. Job gains in May and June were revised lower, potentially indicating a slowdown in labor demand. However, the moderation in hiring may also be due to companies struggling to find workers. Economists believe the Federal Reserve could achieve a "soft landing" for the economy, but inflation and the direction of the labor market will play a crucial role. Despite the slower job growth, wages continue to rise, outpacing inflation and supporting consumer spending.
US job growth slowed in June, with nonfarm payrolls increasing by 209,000 jobs, below economists' expectations. However, the unemployment rate fell to 3.6% and wage gains remained fairly strong. Despite the slowdown, the labor market remains tight, defying predictions of a recession. The Federal Reserve is expected to resume raising interest rates later this month. Some economists argue that worker hoarding is masking weakness in the economy, and there are concerns that the slowdown in wage growth could impact consumer spending.
Private payrolls in the US surged by 296,000 in April, beating expectations and marking the highest monthly increase since July 2022, according to payroll processing firm ADP. The gain comes despite Federal Reserve efforts to slow economic growth and tame a powerful labor market that has added more than 800,000 jobs this year. The fastest job growth in April came in leisure and hospitality, followed by education and health services and construction. Annual pay rose 6.7% over the past year, a deceleration from gains that had been consistently coming in above 7%.