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Wagegrowth

All articles tagged with #wagegrowth

economy2 years ago•3 min saved

"December Surprise: US Economy Outperforms with 216K Job Surge, Exceeding Expectations"

In December, the U.S. saw a significant increase in job growth with 216,000 nonfarm payrolls added, surpassing expectations and contributing to solid wage gains. Despite the unemployment rate remaining at 3.7%, concerns arose due to a large number of people exiting the labor force and downward revisions of job numbers for previous months. The robust job market and wage increases have led to reduced expectations of an imminent Federal Reserve rate cut. The economy added fewer jobs in 2023 compared to 2022, reflecting a cooling demand influenced by the Fed's rate hikes since March 2022. Key sectors such as government, healthcare, and construction saw job gains, while transportation and warehousing experienced a decline. Average hourly earnings rose by 0.4%, indicating a 4.1% increase year-on-year.

via Reuters.com|

##economy #federalreserve

economy2 years ago•1 min saved

"US December Jobs Surge Surprises with 216,000 Additions, Sparks Rate Cut Speculation"

The US economy added 216,000 jobs in December 2023, surpassing expectations and maintaining the unemployment rate at 3.7%. Wages rose by 0.4% monthly and 4.1% annually, slightly above forecasts. Despite the positive job growth, the labor force participation rate decreased to 62.5%, and average weekly hours worked slightly declined. Earlier data indicated a balance between worker supply and demand, with job openings at their lowest since March 2021, and wage growth slowing, reducing the risk of a wage-price spiral.

via Yahoo Finance|

##economy #inflation

economy2 years ago•2 min saved

"December Jobs Report: Market Anticipates Final 2023 Figures Amidst Hiring Shifts and Inflation Trends"

The December jobs report is anticipated to reflect a hiring slowdown and a decrease in wage gains, indicating a cooling labor market. Nonfarm payrolls are expected to have increased by 175,000, with the unemployment rate slightly rising to 3.8%. Average hourly earnings are also predicted to show a modest increase month-on-month and a smaller year-on-year gain compared to previous figures. This data is crucial for assessing the possibility of the Federal Reserve achieving a soft landing for the economy, avoiding a recession while bringing inflation down to the target level. The labor market is showing signs of returning to pre-pandemic conditions, with wage growth slowing down, reducing the risk of a wage-price spiral.

via Yahoo Finance|

##economy #federalreserve

business-and-economy2 years ago•1 min saved

"December Surprises with Higher-than-Expected US Job Growth and Easing Inflation"

In December, U.S. companies exceeded job growth expectations with private payrolls increasing by 164,000, the highest since August, as reported by the ADP Research Institute and Stanford Digital Economy Lab. This surge in hiring comes alongside a slowdown in wage growth, suggesting a potential balance between sustained economic growth and reduced inflationary pressures.

via Bloomberg|

##adpemploymentreport #business-and-economy

economy2 years ago•2 min saved

"December Sees Surprising Surge in Private Sector Employment, ADP Reports"

The ADP National Employment Report indicated that U.S. private sector job growth in December exceeded expectations, with 164,000 jobs added compared to the 115,000 forecasted by economists. This growth occurred despite the Federal Reserve's interest rate hikes, with signs of inflation moderation and economic slowdown. Wage growth is also on a decline, reducing concerns of a wage-price spiral. The leisure and hospitality sector led the gains, while there were losses in manufacturing, natural resources, mining, and information. This precedes the Labor Department's jobs report, which is also expected to show employment growth.

via Fox Business|

##adpreport #economy

business-and-economy2 years ago•2 min saved

"2024's Top Earning Jobs: In-Demand Careers with Double-Digit Pay Growth"

Payscale's End-of-Year Report highlights ten jobs with significant wage growth in 2023, which are expected to remain in high demand in 2024. These include customer service assistant manager, hairdresser, master plumber, and others, with wage increases ranging from 18% to 24%. The report emphasizes a shift towards trade and self-employment positions, with a growing trend of employees seeking jobs that fit their lifestyle. Despite economic uncertainties, the job market continues to be employee-driven, with self-employment on the rise since the pandemic. U.S. employers are planning for a 3.8% average base salary increase in 2024, while the unemployment rate remains around 3.7%, with 8.79 million job openings reported in November.

via Fox Business|

##business-and-economy #employmenttrends

economylabor2 years ago•7 min saved

"2023: The Year Unions Struck Gold and Set the Stage for Labor's Future"

In 2023, blue-collar workers in the U.S. experienced significant wage gains and successful labor strikes, defying early recession predictions. With over 525,000 workers striking, it became one of the largest strike years since 1990. Tight labor markets led employers to offer better wages and benefits rather than risk losing staff. Notable strikes included those by UAW, Hollywood screenwriters, actors, and healthcare workers, resulting in substantial wage increases and improved working conditions. Despite high inflation, the labor market remained strong, with low unemployment and wage growth outpacing inflation, particularly benefiting lower-wage earners. The labor movement's resurgence reflects workers' response to pandemic risks and stagnant wages, despite a long-term decline in union membership.

via The Washington Post|

##economylabor #employment