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”

American Consumer Confidence Falls with Concerns About the Economy

The Conference Board said Consumer Confidence fell in January, falling to 107.1 (below consensus 109.0) from an upwardly revised 109 in December. The Expectations Index retreated in January reflecting their concerns about the economy over the next six months. Consumers expect business conditions to worsen in the near term. Purchasing plans for autos and appliances held steady, but fewer consumers are planning to buy a home—new or existing. For perspective in the same period a year ago, the Consumer Confidence Index … Continue reading “American Consumer Confidence Falls with Concerns About the Economy”

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”

American Consumer Confidence Rises Heading into Christmas

The Conference Board said Consumer Confidence rose surprisingly in December, jumping to 108.3 (well above consensus 101.0) from an upwardly revised 101.4 (from 100.2) in November. Hope rose as prices though at extreme levels had levelled off.  Present Situation and Expectations Indexes improved driven by improved views of the economy and jobs, led by declining gas prices contributing to the lowest level for year-ahead inflation expectations since September 2021. For perspective in the same period a year ago, the Consumer … Continue reading “American Consumer Confidence Rises Heading into Christmas”

American Factory Orders Rise in October with Rebounding Business Spending

US factory orders for manufactured goods rose 1.0% month-over-month in October higher than the consensus 0.7% and following an unrevised 0.3% increase in September. Shipments of manufactured goods jumped 0.7% after increasing 0.3% in September. The US has seen a quick rebound in business spending, highlighted by the 0.6% increase in nondefense capital goods orders excluding aircraft, and the sizable jump in shipments of nondefense capital goods excluding aircraft (+1.5%) that will add favorably to Q4 GDP forecasts. US Factory … Continue reading “American Factory Orders Rise in October with Rebounding Business Spending”

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”