US Job Openings Rise to Most in 5 Months in December to 11.0 million

Job Openings (JOLTS) in December of 2022 were reported as rising to 11.0 million, the most in 5 months and above market expectations of 10.25 million. The report follows the prior reported 10.33 million being revised higher to 10.512M. For perspective note this report lags the BLS jobs report by one month, which is released Friday. The ratio of openings to unemployed people rose to a near record-high 1.9 from 1.7 a month earlier and compared to 1.2 before the pandemic. … Continue reading “US Job Openings Rise to Most in 5 Months in December to 11.0 million”

ADP Reported US Private Businesses Created 2 Year Low 106K Jobs in January

Private payroll company ADP reported that US jobs grew the least since January of 2021 with 106,000 private payrolls in January 2023. The addition of jobs was much lower than the consensus 170,000 and lower than December’s 235,000 new jobs. The tight labor market, rising interest rates and elevated inflation are the main catalysts for weakness. The slowdown in jobs was led trade/transportations and utilities losing 41K jobs. The goods-producing industry lost 3K jobs due to construction (-24K) and mining … Continue reading “ADP Reported US Private Businesses Created 2 Year Low 106K Jobs in January”

Employment Costs Moderate in Q4 as Fed Meets on Rates

Employment costs moderated at the end of 2022 back to levels that are still historically strong, according to the employment-cost index (ECI). Private and total workers saw compensation rise 1% in Q4 (seasonally adjusted), and 5.1% on the year. This followed a 1.2% increase for September quarter. Benefit costs increased 0.8% (versus 1.0% prior). Fed officials have said they pay close attention to the employment-cost index, seeing it as a comprehensive measure of wage growth. Wages and salaries account for … Continue reading “Employment Costs Moderate in Q4 as Fed Meets on Rates”

US Added 223k Jobs in December as Wage Growth Softens

US Nonfarm Payrolls in December rose 223,000 rose higher than the expected 210,000 after the prior increase revised 256,000 increase in November (from 263,000). A key gauge for the Fed, average hourly earnings growth moderated to 4.6% year-over-year from 4.8% in November. Last month’s hot number was revised lower also. Average hourly earnings rose 0.3% (consensus 0.4%) after a revised 0.4% increase in November (from 0.6%). The average workweek fell to 34.3 hours in December from 34.4 hours in November. Nonfarm … Continue reading “US Added 223k Jobs in December as Wage Growth Softens”

US Job Openings in November 10.458M Much Higher Than 10.000M Estimate

Job Openings (JOLTS) in November of 2022 were reported as 10.458 million much higher than the 10.00 million consensus estimate. The report follows the prior reported 10.33 million being revised higher to 10.512M. For perspective note this report lags the BLS jobs report by one month, which is released Friday. The rate was unchanged at 6.4 percent but was 0.9 percentage points lower than its peak in March 2022. In November, job openings increased in professional and business services (+212,000) and … Continue reading “US Job Openings in November 10.458M Much Higher Than 10.000M Estimate”

US Added 263k Jobs in November with a Robust Rise in Hourly Earnings

US Nonfarm Payrolls in October rose 263,000 rose higher than the expected 200,000 after the prior increase of 284,000. Average Hourly Earnings rose a robust 0.6% month-over-month, (consensus 0.3%) after October’s 0.4% increase, leaving them up 5.1% year-over-year. The Average Workweek was 34.4 (consensus 34.5) after the prior 34.5. Wage gains were higher, but companies are cutting hours. Job gains were led by Leisure and hospitality adding +88k and Education and health adding +82k jobs. Private payroll company ADP reported that … Continue reading “US Added 263k Jobs in November with a Robust Rise in Hourly Earnings”

US Job Openings Fell in October, now 1% Lower Than March 2022 Peak

Job Openings dropped by 353,000 to 10.334 million in October of 2022, following a revised 10.687 million total in September (from 10.717 million). The rate changed little at 6.3 percent but was 1.0 percentage points lower than its peak in March 2022. Job openings decreased in state and local government, excluding education (-101,000); nondurable goods manufacturing (-95,000); and federal government (-61,000).  The number of job openings increased in other services (+76,000) and in finance and insurance (+70,000).  JOLTS is the … Continue reading “US Job Openings Fell in October, now 1% Lower Than March 2022 Peak”

ADP Reported US Private Businesses Created 20 Month Low 127K Jobs in November

Private payroll company ADP reported that US jobs grew the least since January of 2021 with 127,000 private payrolls in November. The addition of jobs was much lower than the consensus 200,000 and lower than October’s 239,000 new jobs. The tight labor market, rising interest rates and elevated inflation are the main catalysts for weakness. The slowdown in jobs was led by the manufacturing sector losing -100K jobs and interest rate-sensitive sectors including professional/business services (-77K); financial activities (-34K); information … Continue reading “ADP Reported US Private Businesses Created 20 Month Low 127K Jobs in November”

Australian Unemployment Falls to Lowest Rate in Almost 50 Years

Australia saw stronger than expected employment in October driving unemployment to 3.4 per cent, the equal lowest rate in almost 50 years, according to the latest jobs data from the Australian Bureau of Statistics. Employment grew by 32,200 well ahead of consensus for 15,000 to a new record high of 13.62 million. Australia has very tight labor market conditions, demand is being met by adjusting hours. The latest jobs report followed yesterday’s September quarter wages figures showed a marked uptick … Continue reading “Australian Unemployment Falls to Lowest Rate in Almost 50 Years”

US Added 261k Jobs in October with Jobless Rate Rising to 3.7%

US Nonfarm Payrolls in October rose 261,000 rose higher than the expected 200,000 after the prior increase of 315,000. Job gains were led by education and health, which added 79,000 jobs. Private payroll company ADP reported that US jobs grew 239,000 private payrolls in October (consensus 195,000). The Unemployment Rate in October was 3.7% (consensus 3.6%) versus the prior 3.7% reading as the labor force participation rate fell to 62.2% from 62.3%. Real wages continue to fall as workers struggle … Continue reading “US Added 261k Jobs in October with Jobless Rate Rising to 3.7%”