The Briefing Room
General Category => Economy/Business => Topic started by: mystery-ak on December 02, 2022, 02:15:06 pm
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America Created 263,000 Jobs in November
John Carney 2 Dec 2022
The U.S. economy added 263,000 jobs in November and the unemployment rate held steady at 3.7 percent, the Labor Department said Friday.
Economists had expected the economy to add 200,000 jobs and the unemployment rate to remain unchanged at 3.7 percent. The range of forecasts by economists surveyed by Econoday was between a gain on payrolls of 150,000 to 275,000. On unemployment, the range of forecasts was 3.6 percent to 3.8 percent.
The Labor Department’s Job Opening and Labor Turnover Survey showed that there were 10.3 million job openings at the end of October, around 1.7 vacancies for every unemployed person. Federal Reserve officials frequently cite the vacancy ratio as evidence that the labor market is so tight that it risks fueling inflation.
The demand for labor from employers has proven highly resilient, adding to payrolls and vacancies even as the Federal Reserve has hiked interest rates up at the fastest pace in decades. The bottom of the Fed’s range for its benchmark rate has gone from zero at the start of the year to 3.75 percent today. The Fed is expected to announce a 50 basis point hike at its December meeting.
“In the labor market, demand for workers far exceeds the supply of available workers, and nominal wages have been growing at a pace well above what would be consistent with 2 percent inflation over time. Thus, another condition we are looking for is the restoration of balance between supply and demand in the labor market,” Fed chairman Jerome Powell said this week.
The supply of labor has been persistently below prepandemic levels, with a larger share of Americans preferring to remain outside the workforce. The Labor Department said on Friday that both the labor force participation rate, at 62.1 percent, and the employment-population ratio, at 59.9 percent, were little changed in November and have shown little net change since early this year.
more
https://www.breitbart.com/economy/2022/12/02/america-created-263000-jobs-in-november/
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December 2, 2022 2:00am EST
Layoffs mount as job market gets murky
November jobs report likely to show hiring cooled again last month
By Megan Henney FOXBusiness
A growing number of businesses are laying off workers en masse as they brace for a potential recession triggered by high inflation and rising interest rates.
Despite still-solid job growth and record-high wages in many industries, dozens of businesses are battening down the hatches as they warn of an increasingly grim economic outlook.
Amazon, Apple, Meta, Lyft and Twitter are among the companies either implementing hiring freezes or letting workers go as the Federal Reserve moves to raise interest rates at the fastest pace in decades in order to combat inflation. Economists widely expect the Fed to trigger a recession with higher interest rates, which could force consumers and ultimately businesses to pull back on spending.
Still, despite the plethora of job cuts at notable companies, this has not yet translated into a demonstrably weaker labor picture, according to Brendan Murphy, the head of global fixed income at North America Insight Investment. That could change in coming months as companies continue to pull back amid higher interest rates.
more
https://www.foxbusiness.com/economy/layoffs-mount-job-market-gets-murky
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Hey look seasonal jobs (https://i.imgur.com/599FzWg.gif)
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WOW! That's a LOT of new unemployment agency agents!
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Just saw a report today of several announcements of layoffs from some pretty big companies.
The positive single one talking point Pedo Joe had left is about to evaporate.
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Just saw a report today of several announcements of layoffs from some pretty big companies.
The positive single one talking point Pedo Joe had left is about to evaporate.
@catfish1957
That's an awful lot of school guards and hallway monitors to hire in one year.
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@catfish1957
That's an awful lot of school guards and hallway monitors to hire in one year.
Last I looked there are still over 200K union rail workers...
Looking forward to how Pedo Joe spins these numbers, if they start making Unemployment claims.