Tag: wages

The U.S. labor market showed its continued resilience added more jobs than expected in May. There were 339,000 Nonfarm Payroll jobs added, ahead of the consensus estimate for 190K. There were expectations of a positive beat with May ADP employment at 278,000 (consensus 170,000). This is the 15th consecutive report that has beaten the economist consensus. Unemployment rate 3.7% vs 3.5% expected and highest since October 2022. The May report is sparking selling in Treasurys, sending yields higher. The resiliency … Continue reading “Robust U.S. Economy Added 339,000 Jobs in May, Unemployment Rose 3.7% From 3.4%”

Job openings in the U.S. surprised forecasters in April by rising 358,000 to reach 10.1 million in April 2023, surpassing market expectations of 9.375 million. The resilience is putting pressure on the Fed and fueling the higher rates for longer scenario. Job Openings and Labor Turnover survey (JOLTS) represented a rebound from the previous month’s near two-year low of 9.745 million. The most openings were in retail trade (209 thousand); health care and social assistance (185 thousand); transportation, warehousing, and … Continue reading “US Job Openings Unexpectantly Rise First Time in Four Months”

The U.S. labor market showed its resilience added more jobs than expected in April. There were 253,000 Nonfarm Payroll jobs added, ahead of the consensus estimate for 180K. We do approach these numbers with caution given the previous two numbers reported were revised down by 149,000 jobs. There were expectations of a positive beat with April ADP employment at 296,000 (consensus 142,000). Job gains at many services businesses are helping offset cuts at large companies in industries such as technology, … Continue reading “Resilient U.S. Economy Added 253,000 Jobs in April, Caution with Large 235,000 Downward Revisions”

Private payroll company ADP reported that US private sector jobs grew by 296,000 (consensus 142,000) following a downwardly revised 142,000 in March. It is the strongest employment gain since July of 2022, with pay gains slowing rapidly and fewer people switching jobs. The services sector added 229K jobs, led by leisure/hospitality (154K), education/health services (69K), trade/transportation/utilities (32K), and information (2K). The fallout from the financial industry and technology layoffs pressured by rising interest rates and elevated inflation appears to have … Continue reading “ADP Jobs Report 296K Jobs Added in April, Strongest Employment Gain Since July 2022”

Job Openings and Labor Turnover survey for March (JOLTS) were reported as openings falling by more than 384,000 to 9.6 million, the lowest level since April 2021 and below the market’s expectation of 9.775 million. The sharp fall revives questions about the strength of the labor market, and therefore the broader economy. Treasuries bounced sharply off the release and stocks and the US dollar both fell with force. Job openings decreased in transportation, warehousing, and utilities (-144,000) but rose in … Continue reading “US Job Openings Collapse to Two-Year Lows in March as Job Market Cools”

The U.S. labor market cooled along with expectations in March. There were 236,000 Nonfarm Payroll jobs added, in line with the consensus estimate for 239K (range +78K to +325K). There were expectations of a negative flow on from the technology and financial layoffs as evidenced by March ADP employment at +145K vs 216K expected. Job gains at many services businesses are helping offset cuts at large companies in industries such as technology, finance and entertainment. Jobs were strong in the … Continue reading “U.S. March Employment Cools as Expected with Service Jobs Offsetting Technology and Financial Layoffs”

Private payroll company ADP reported that US private sector jobs grew by 145,000 (consensus 205,000) following a revised increase of 261,000 in February (from 242,000). Weak sectors for employment included manufacturing (-30,000), financial activities (-51,000), professional/business services (-46,000), and information (-7,000). The fallout from the financial industry and technology layoffs pressured by rising interest rates and elevated inflation are the main catalysts for weakness. The US Labor Department will report its jobs report on Friday. ADP US National Employment March … Continue reading “ADP Jobs Report Adds Just 145K Jobs in March with Financial Industry and Technology Layoffs”

Job Openings and Labor Turnover survey for February (JOLTS) in February of 2023 were reported as openings falling by more than 600,000. When compared to January’s unrevised total, job openings were down nearly 900,000 in February. The sharp fall revives questions about the strength of the labor market, and therefore the broader economy. Treasuries bounced sharply off the release and stocks and the US dollar both fell with force. For perspective note this report lags the BLS jobs report by … Continue reading “US Job Openings Fall Sharply to Near Two-Year Lows in February Rekindling Recession Concerns”

US Nonfarm Payrolls in January rose 311,000, much higher than the expected 205,000 after the prior increase revised 504,000 increase in January (from 517,000). The February employment also brought a larger-than-expected increase in the unemployment rate, and a smaller-than-expected monthly increase in average hourly earnings, average hourly earnings rose 0.2% (consensus 0.3%) after a revised 0.3% increase in January (from 0.3%). Although the year-over-year rate increased to 4.6% from 4.4%. Key from this report is that it was still a … Continue reading “U.S. Grappling with Tech Layoffs and Bank Crisis’s Adds More Jobs with Unemployment Rising”