US Job Growth Slowed as Unemployment Rising

The market had expected the April report released Friday to show nonfarm payrolls rise 243k new jobs which it missed with 175k new jobs. Job growth slowed and unemployment turned higher, a break from a stretch of data showing surprising strength in the labor market. The slowing in job gains is consistent with private sector job growth slowing steadily as we have seen in the sustained rollover in NFIB hiring intentions. With eyes on wage inflation earnings also rose less … Continue reading “US Job Growth Slowed as Unemployment Rising”

US Sees Strong Wage and Job Gains in March with Unemployment Lower

The market had expected the March report released Friday to show nonfarm payrolls rise 200k new jobs which it beat with 303k new jobs.  This follows a revised increase of 270,000 in February (from 275,000). Nonfarm private payrolls rose by 232,000 in March (consensus 160,000) following a revised increase of 207,000 in February (from 223,000). Job growth in March was led by faster hiring in health care, and construction. Leisure and hospitality jobs have now bounced back above its pre-pandemic … Continue reading “US Sees Strong Wage and Job Gains in March with Unemployment Lower”

U.S. Job Market in January Delivered Much Stronger Key Metrics with Huge NFP Upside Revisions

The January employment reports delivered much stronger key metrics than expected, nonfarm payrolls, private sector payrolls, the unemployment rate, and average hourly earnings were all stronger than expected. In particular payroll data where January non-farm payrolls came in 353K vs +180K expected and December was revised to +333K from+216K, November was revised to +173K from +164K, a combined 126,000 higher than previously reported. Updated population estimates decreased the estimated size of the civilian non-institutional population by 625,000 and the civilian … Continue reading “U.S. Job Market in January Delivered Much Stronger Key Metrics with Huge NFP Upside Revisions”

U.S. Job Market has Largest Drop in Household Employment Since April 2020 in December

U.S. Nonfarm payrolls rose 216,000 in December following downward revisions to the prior two months the Bureau of Labor Statistics showed Friday. The unemployment rate held at 3.7% while the workforce shrank. Average hourly earnings rose 0.4% from a month earlier. The surprisingly high headline NFP number however leaves us skeptical given revisions and the fact the latest revisions show the U.S. economy added just 44,000 private-sector jobs in October, showing the effects of multiple hits causing the economy to … Continue reading “U.S. Job Market has Largest Drop in Household Employment Since April 2020 in December”

U.S. Labor Market Continues to Cool Down in November, Striking Auto Workers Return to Work

The U.S. labor market for the second straight is showing the effects of multiple hits causing the economy to lose steam. U.S. employers added 199,000 workers in November, higher than the expected 183,000 consensus following a downwardly revised by 35,000 the advance for September and October. The UAW strikers returned, which was estimated at about 33,000 from payrolls last month. Government and health care were the source of gains. We have the unaffordability of higher borrowing costs following the Federal … Continue reading “U.S. Labor Market Continues to Cool Down in November, Striking Auto Workers Return to Work”

U.S. Labor Market Slowing Down in October as Economy Loses Steam

The U.S. labor market is showing the effects of multiple hits causing the economy to lose steam. We have the unaffordability of higher borrowing costs following the Federal Reserve’s rate hiking spree, persistent inflation and war theatres in the Middle East and Ukraine. The report could lead Fed officials to extend their hiking pause. U.S. employers added 150,000 workers in October, lower than the expected 175,000 consensus following a downwardly revised 297,000 advance in September. The UAW strikes removed about … Continue reading “U.S. Labor Market Slowing Down in October as Economy Loses Steam”

Federal Reserve Beige Book Highlights Labor Market Tightness Continued to Ease

The Federal Reserve released its Biege Book Wednesday prepared at the Federal Reserve Bank of St. Louis based on information collected on or before October 6, 2023. The report said most Districts indicated little to no change in economic activity since the September report. Consumer spending was mixed, especially among general retailers and auto dealers, due to differences in prices and product offerings. Labor market tightness continued to ease across the nation. Most Districts reported slight to moderate increases in … Continue reading “Federal Reserve Beige Book Highlights Labor Market Tightness Continued to Ease”

U.S. Labor Market Resilience as Hiring Surged in September, Pressuring Bonds Further

The U.S. labor market appear to continue its resilience with U.S. employers adding 336,000 workers in August, higher than the expected 170,000 consensus. It was the biggest hiring month since January with wage growth cooling down pleasing the Fed. There was higher unemployment, but from greater participation. The report was incongruent with the ADP Employment Report for September which grew +89K vs +153K expected the lowest in five months was released a day ahead of the BLS employment report. The … Continue reading “U.S. Labor Market Resilience as Hiring Surged in September, Pressuring Bonds Further”

Federal Reserve Beige Book Highlights Consumers Exhausted Savings, Job Growth Subdued

The Federal Reserve released its Biege Book Wednesday prepared at the Federal Reserve Bank of Kansas City based on information collected on or before August 28, 2023. The report was consistent with economic growth being modest during July and August. Consumer spending on tourism was stronger than expected, surging during what most contacts considered the last stage of pent-up demand for leisure travel from the pandemic era. But other retail spending continued to slow, especially on non-essential items. Some Districts … Continue reading “Federal Reserve Beige Book Highlights Consumers Exhausted Savings, Job Growth Subdued”

U.S. Unemployment Rate Rises to 3.8%, Highest in 18 Months in August, NFP Revisions Concern

The U.S. labor market appear to continue its resilience with U.S. employers adding 187,000 workers in August, higher than the expected 170,000 consensus. The ADP Employment Report for August grew 177,000 in August 2023, the lowest in five months was released a day ahead of the BLS employment report. July’s employment gain was revised down by 30,000, from +187,000 to +157,000. The jobless rate was 3.8% in August the Labor Department reported Friday. The job market is still tight, with … Continue reading “U.S. Unemployment Rate Rises to 3.8%, Highest in 18 Months in August, NFP Revisions Concern”