Friday’s jobs numbers show the labor market is softening due to Bidenomics and Bidenflation. Only 187,000 jobs were created last month. That’s below expectations, 40% less than the 12-month average, and the lowest level since the pandemic. Previous months’ employment growth was also revised down significantly, taking the sheen off recent jobs reports.
Average wages grew slower than core inflation, meaning Americans’ real wages and living standards remain stagnant. Friday’s numbers come on the heels of this week’s JOLTS report showing the fewest number of job openings and the fewest number of Americans quitting their jobs since the pandemic.
The U.S. economy added 209,000 jobs in June, according to the latest establishment survey by the Bureau of Labor Statistics, less than expected as 306,000 were added in May, as hiring slowed down nationwide. Meanwhile, the unemployment rate remained about the same at 3.6 percent.
Historically, when hiring slows down by establishments, that usually coincides with economic slowdowns and recessions. In the recent cycle, the 2020 and 2021 recovery from COVID notwithstanding, hiring peaked at about 5.2 percent annualized increase in Feb. 2022. Now, it’s down to 2.5 percent.
The U.S. economy added 209,000 jobs in June, according to the latest establishment survey by the Bureau of Labor Statistics, less than expected as 306,000 were added in May, as hiring slowed down nationwide. Meanwhile, the unemployment rate remained about the same at 3.6 percent.
Historically, when hiring slows down by establishments, that usually coincides with economic slowdowns and recessions. In the recent cycle, the 2020 and 2021 recovery from Covid notwithstanding, hiring peaked at about 5.2 percent annualized increase in Feb. 2022. Now, it’s down to 2.5 percent.
Southwestern Virginia is set to benefit from a $7.5 million expansion of Musser Biomass and Wood Products, bringing new, high-paying jobs to the area and more than doubling its production of dried hardwood chips and sawdust.
Musser’s parent company, Musser Lumber Company, has contributed to the Wythe County economy since 1968 when it was founded, and today has customers across the country and worldwide. The company specializes in preparing hardwood lumber for flooring and paneling, and sources lumber from dozens of regional sawmills.
U.S. employers have added roughly 339,000 jobs in May, and the monthly unemployment rate rose to 3.7%, from a five-decade low of 3.4% in April, according to a Labor Department report released Friday.
Average hourly earnings rose 0.3% for the month while on an annual basis, wages increased 4.3%, which was a 0.1 percentage point under the estimate.
Friday’s jobs report shows 339,000 jobs were created in May, beating expectations again. While Democrats and the media celebrate, the labor market condition is not as strong as this topline number suggests.
The report shows that real wages continue to decline. For the 26th consecutive month, average wages grew slower than inflation. The Biden presidency will forever be marked as one where Americans got poorer and saw their living standards decline.
While billion-dollar economic development incentives are heavily expanding across the country, the agencies in charge of handing out those incentives claim to create or retain 625,000 jobs in their most recent fiscal years, according to a new report.
The Center for Economic Accountability tallied up the jobs claimed as part of incentive packages in the 50 states and Washington, D.C. and found job total would be less than 5% of the 15 million to 17 million jobs naturally created in the United States economy each year.
Department of Interior Secretary Deb Haaland said the quiet part out loud last week. As the executive of our public lands agency, she does not believe that Americans need jobs because there are already so many jobs available. It’s better to lock up land, and lock down mining because who wants those jobs, when there are so many others?
Before the U.S. Senate Energy and Natural Resources Committee, Haaland told Sen. Josh Hawley, “Senator, I know that there’s like 1.9 jobs for every American in the country right now. So, I know there’s a lot of jobs,” which was her explanation for canceling cobalt mining permits for Twin Metals Minnesota, an underground mine proposed for the northeastern part of the state. America won’t need those jobs, she was saying.
Amazon applied for economic development incentives from Virginia for its new HQ2 campus in Arlington, requesting the state pay $152 million to the company by 2026.
Arlington was chosen as the site for Amazon’s second quarters four years ago – a move the company said would bring 25,000 jobs to the area by 2030. The tech giant has roughly 8,400 employees assigned to HQ2, and the average wage of these jobs must meet or exceed $156,800, according to Amazon spokesperson Rachael Lightly.
The Biden administration has drawn fire for admitting that killing the Keystone Pipeline cost the U.S. economy thousands of jobs and billions of dollars.
A report from the Department of Energy showed the pipeline would have supported tens of thousands of jobs, though the number is hard to nail down.
A cost engineering and data analytics company is investing $1.7 million to expand by adding 150 new jobs in Arlington, Virginia and will receive state-funded assistance for job training and recruitment.
Technomics, Inc, which is based in the Crystal City neighborhood in Arlington, will lease another 10,000 square feet of office space to expand. The company is employee-owned and has more than 220 employees. According to the governor’s office, the company began with cost estimating and analysis, but has grown to provide additional analytic services.
Private companies added 127,000 jobs in November, missing investor expectations by more than 70,000 to post the worst result since January 2021, according to private payroll firm ADP and CNBC Monday.
The addition represented a sharp decline from the 239,000 new jobs reported by the firm in October. Industries that were most directly impacted by higher interest rates, such as construction, were hit the hardest by job cuts, while consumer-facing industries, such as hospitality, largely weathered the storm, according to ADP.
Meta, the parent company of Facebook and Instagram, on Wednesday laid off 11,000 employees, or 13% of its workforce, amid lowered revenue.
The company, which had more than 87,000 employees in September, grew dramatically at the start of the COVID-19 pandemic.
Newly released federal data show the economy created more jobs than expected but unemployment rose in October.
The U.S. Bureau of Labor Statistics released the data, which showed the economy added 261,000 jobs in October, higher than the Dow Jones estimate of 205,000 new jobs.
A Goldman Sachs economist says there is a 30% probability of the U.S. entering a recession within one year and 48% within two years.
Goldman Sachs Chief U.S. economist David Mericle outlined the probability of a recession at an event Tuesday and said that the likelihood of a recession would decrease if the U.S. had not entered one within two years.
Although Friday’s jobs report seemed like good news for a beleaguered economy and President Joe Biden, the report’s potential methodological issue as well as the economy’s negative growth indicate a recession is still on the horizon, according to an economist at The Heritage Foundation.
The U.S. Bureau of Labour Statistics’ job report for June, released on Friday, soothed some fears that the U.S. economy might be approaching a recession. However, negative GDP growth, rampant inflation and methodological issues within the report indicate that a recession is looming, according to E.J. Antoni, a research fellow for regional economics at The Heritage Foundation.
The U.S. economy added 390,000 jobs in May while the unemployment rate was largely unchanged at 3.6%, according to Department of Labor data released Friday.
The number of unemployed people ticked up slightly to about 6 million, according to the Bureau of Labor Statistics (BLS) report. Economists projected 328,000 Americans would be added to payrolls prior to Friday’s report, The Wall Street Journal reported.
The majority of Americans feel they cannot keep up with the cost of living as inflation and the price of goods continue to rise, according to new polling data.
A poll from NBC News asked Americans, “Do you think that your family’s income is … going up faster than the cost of living, staying about even with the cost of living, or falling behind the cost of living?”
The Bureau of Labor Statistics on Friday said the U.S. economy added 431,000 nonfarm jobs in March.
That figure came in below the projected number of 490,000 jobs.
The spread between 10-year treasuries and 2-year treasuries, a leading recession indicator whose inversions have predicted almost all of the U.S. economic recessions in modern history, on March 31 inverted for the first time since Sept. 2019.
When the 10-year, 2-year spread inverts, a recession tends to result on average 14 months afterward, sometimes sooner, sometimes later. The one time there was a head fake on the 10-year, 2-year was in the mid-1990s at a time when inflation was much lower Visit Site than it is now.
As an aside, potentially the Sept. 2019 inversion might have ended up being a premature indicator, too, but then Covid and global economic lockdowns in early 2020 went ahead and ensured a recession even if one was not due. On the other hand, at that point it had been 11 years since the prior recession and so the business cycle was going to end sooner or later.
Job openings remained nearly unchanged in February while Americans continue to leave their jobs in high numbers, the Bureau of Labor Statistics (BLS) announced Tuesday.
The U.S. saw 11.3 million job openings in February, a slight dip from December’s high of 11.4 million, BLS reported Tuesday. Economists surveyed by The Wall Street Journal estimated job openings would slightly decrease from January’s 11.3 million figure.
The number of Americans who filed new unemployment claims decreased to 187,000 in the week ending March 19, the lowest level in over 50 years, the Department of Labor announced Thursday.
The Labor Department’s figure showed a decrease of 28,000 compared to the week ending March 12, when new claims numbered 215,000, according to data from the U.S. Bureau of Labor Statistics (BLS). This week’s claims were well below the predictions of economists surveyed by Bloomberg, who estimated that new claims would total 210,000.
As the peak of the coronavirus pandemic appears to have passed, ten Republican-led states have all recorded the lowest unemployment rate on record.
According to The Hill, the latest report from the Bureau of Labor Statistics (BLS) shows ten different states with unemployment rates as low as just over 2 percent. Nebraska and Utah are tied for the lowest percentages in the country, at 2.2 percent each. They are followed by Indiana with 2.4 percent, and Kansas with 2.6 percent. The remaining six states are: Arkansas, Georgia, Mississippi, Montana, Oklahoma and West Virginia.
All ten states’ unemployment rates are currently the lowest on record since BLS first began tracking state-by-state percentages in 1976. Of these ten states, only one has a Democratic governor, with Laura Kelly in Kansas. All ten states have Republican majorities in their respective state legislatures.
The U.S. economy added 678,000 jobs in February, according to a Friday report from the U.S. Bureau of Labor and Statistics (BLS), beating economists’ expectations.
Total nonfarm payroll employment increased by 678,000 in February, according to the BLS report, while the unemployment rate dropped to 3.8%, a pandemic low. Job gains were most pronounced in the leisure and hospitality sectors, which added a total 179,000 jobs.
“The labor market continues to be quite hot,” Nick Bunker, an economist at Indeed, told The Wall Street Journal. “It looks like the labor market is still primed for lots of strong employment growth.”
One-third of Americans say they haven’t gotten the COVID-19 shots, majority of Democrats say they should be confined at all times, and or fined.
A majority of Democrats say they’d support the unvaxxed being confined to their homes at all times, with 45% saying they should be confined to designated facilities and 55% support for fines.
Roughly one-third of Americans surveyed in a recent poll say they haven’t received the COVID-19 shots and the majority of them said they don’t plan on getting them. The unvaccinated would be targeted by a majority of Democrats in another poll who say they favor a government policy that would require them to “remain confined to their homes at all times, except for emergencies.”
The U.S. economy recorded an increase of 199,000 jobs in December and the unemployment dipped to 3.9%, the U.S. Bureau of Labor Statistics (BLS) announced Friday.
Total non-farm payroll employment increased by 199,000 in December, according to the BLS, and the number of unemployed Americans dipped to 6.3 million. Economists surveyed by The Wall Street Journal projected the economy to add 422,000 jobs in December and for unemployment to fall to 4.1%.
December’s jobs report leaves the U.S. economy with roughly 6.5 million more jobs than at the end of 2020 but still 3.5 million short of pre-pandemic levels.
Until recently, I was a California teacher working in two charter schools, one as a full-time classroom teacher of Government/Economics and sometimes U.S. History, and the other as a part-time independent study teacher who assists families with a program primarily based around homeschooling. I have taught for about five years and love teaching.
Last week, I was fired from one school and put on unpaid administrative leave at the other because of my refusal either to take and demonstrate proof of the COVID-19 vaccine or test weekly. I even filed a religious exemption stating the following that was rejected:
“As a committed follower of Christ, I religiously and philosophically cannot submit to either a government vaccine mandate or weekly testing.
The U..S. economy recorded an increase of 531,000 jobs in October, and unemployment fell by 0.2% as the labor market recovers from the summer lows, according to the U.S. Bureau of Labor Statistics (BLS).
The number of unemployed people fell to 7.4 million, down from 7.7 million in September, according to the BLS report released Friday. Economists surveyed by Dow Jones projected 450,000 jobs would be added in October.
While unemployment claims continue to fall, the country still struggles with labor shortages, supply chain issues and growing inflation. Job growth was widespread throughout the economy in October, with leisure and hospitality adding 164,000 jobs, professional and business adding 100,000 and manufacturing adding 60,000 jobs, according to the BLS report.
Private firms’ payrolls increased by 571,000 in October, far exceeding experts’ expectations as hiring throughout the country heats up, according to a major employment report.
The 571,000 jobs added is a slight increase from the 523,000 jobs added in September, the ADP National Employment Report showed. The Dow Jones estimate predicted companies would add 395,000 jobs in October, CNBC reported.
West Virginia Democratic Sen. Joe Manchin came out against his party’s plan to tax billionaires in order to finance their social-spending package just hours after it was first released.
“I don’t like it. I don’t like the connotation that we’re targeting different people,” Manchin told reporters Tuesday morning, describing billionaires as people who “contributed to society and create a lot of jobs and a lot of money and give a lot to philanthropic pursuits.”
The Labor Department’s official unemployment rate—the most well-known gauge of the labor market’s health—counts as unemployed only those who aren’t working but are actively seeking a job.
Yet there is very little that we can infer from the jobless rate about the health of the economy. The unavoidable conclusion is that the only reason investors follow the calculation is because both Washington’s politicians and the Federal Reserve are expected to react to it.
Over 40% of U.S. households said they experienced severe financial hardship during the COVID-19 pandemic, citing difficulties paying bills, credit cards and draining their savings, according to a Harvard University report.
The survey conducted by the Harvard T.H.Chan School of Health, the Robert Wood Johnson Foundation, and the National Public Radio asked roughly 3,600 participants between July and August about problems they faced during the pandemic and how it affected their lives in recent months. Respondents were asked about financial, healthcare, education and personal safety concerns.
Roughly 30% of adults interviewed said they used up all or most of their savings during the pandemic, while 10% reported they had no savings before the pandemic began, according to the report. About one in five households had difficulties paying credit cards, loans, and other debts as well as utilities.
The U.S. economy reported an increase of 194,000 jobs in September, and the unemployment rate fell to 4.8%, according to Department of Labor statistics.
The number of unemployed people fell by 710,000 to 7.7 million, according to the Department of Labor statistics released Friday. Economists projected that employers created 500,000f jobs in September, more than double the figure in August, according to the Wall Street Journal.
Despite the spike in employment, the labor market remains thin due to the pandemic, and job growth earlier in the year was considerably stronger, according to the WSJ.
While the unemployment rate for Americans dropped in August, there is a political time bomb buried in the statistics for President Joe Biden and a Democratic Party increasingly focused on equity: black joblessness shot up significantly.
In other words, the president who fondly boasts of a domestic policy promising to leave nobody behind has an economic recovery that is leaving a key Democratic constituency in worse shape.
“The rise in black unemployment in August is certainly troubling, considering their unemployment rates were already much higher than any other group,” Elise Gould, a senior economist at the Economic Policy Institute, said on Twitter.
With Labor Day upon us, it’s time to take a look at which are the hardest-working states in America, and why. It has been a year that daily and weekly work routines have dramatically changed for tens of millions of Americans.
Researchers for WalletHub, a personal finance website, have once again set out to determine which states are home to the hardest working Americans in their annual report. They compare the 50 states based on both direct and indirect work factors, and then apply 10 different metrics to reach an overall score to rank each state.
The direct work factors, according to WalletHub, include “average workweek hours, employment rate, the share of households where no adults work, the share of workers leaving vacation time unused, share of engaged workers, and idle youth.”
The U.S. economy added 235,000 jobs in August and the unemployment rate fell to 5.2%, according to Department of Labor data released Friday.
The number of unemployed people decreased to 8.4 million, according to the Bureau of Labor Statistics report. Economists projected 720,000 Americans — roughly three times the actual number — would be added to payrolls prior to Friday’s report, The Wall Street Journal reported.
“Despite the delta variant, there is still an opening up of the service sector of the U.S. economy,” Nationwide Mutual Insurance Chief Economist David Berson told the WSJ. “While that started some months ago, it’s not nearly complete.”
President Joe Biden repeatedly mischaracterized the job growth that has occurred since he took office, saying it is a product of his administration’s economic agenda, multiple media fact checkers have reported.
While the Biden administration has overseen the economic recovery during a period of large gains in the labor market, the White House hasn’t acknowledged that states reopening and ending pandemic-related business restrictions is likely the main catalyst for such growth. The president has also credited without evidence the $1.9 trillion American Rescue Plan, which he signed into law in March, for driving job growth.
United Airlines announced Friday that it will require all employees to be vaccinated against COVID-19 starting this fall, making it the first major airline to do so.
“We know some of you will disagree with this decision to require the vaccine for all United employees,” United CEO Scott Kirby and President Brett Hart announced in a memo. “But, we have no greater responsibility to you and your colleagues than to ensure your safety when you’re at work, and the facts are crystal clear: everyone is safer when everyone is vaccinated.”
The order requiring proof of vaccination will go into effect five weeks after the Federal Drug Administration officially gives full approval of the COVID-19 vaccines, or by Oct. 25, whichever comes first, The Hill newspaper reports. The FDA is expects to start giving full approval as early as next month.
Private companies added 330,000 jobs in July, far fewer than expected and the lowest amount since February, according to a major payroll report.
The 330,000 jobs added to private payroll last month represented a significant decline from the 680,000 jobs added in June, the ADP National Employment Report showed. Economists predicted that private companies would add 653,000 jobs in July, nearly double the number reported Wednesday, according to CNBC.
Small business owners are continuing to have problems attracting new workers in the wake of the coronavirus pandemic and are trying to entice them with new incentives, a new report from the U.S. Chamber of Commerce shows.
“Small businesses are bearing the brunt of the current worker shortage,” said Tom Sullivan, vice president of small business policy at the Chamber. “Many have given up on actively recruiting new workers as it is too hard to find skilled and experienced workers for their open positions.”
Republicans have argued for months that federal unemployment benefits are keeping Americans from going back to work, and a new survey seems to support that claim.
The survey from Morning Consult released Wednesday found that 1.8 million Americans have turned down jobs even though they were unemployed saying, “I receive enough unemployment benefits without having to work.”
The U.S. economy reported an increase of 850,000 jobs in June and the unemployment rate ticked up to 5.9%, according to Department of Labor data released Friday.
Total non-farm payroll employment increased by 850,000 in June, according to the Bureau of Labor Statistics report, and the number of unemployed persons increased to 9.5 million. Economists projected 700,000 Americans would be added to payrolls prior to Friday’s report, according to The Wall Street Journal.
“This is a trickier phase of the recovery,” Wells Fargo senior economist Sarah House told The New York Times.
The dictatorial, repugnant, and repressive Chinese government has ended freedom in Hong Kong. Now it threatens Taiwan, the most important producer of semiconductors for American products — jeopardizing America and her prosperity.
Most American producers are suffering shortages of semiconductors, and if China prevails in its quest to take Taiwan, China will be positioned to shut down American industry by refusing to ship semiconductors to the United States. A Sino-American embargo would precipitate the shuttering of automobile, appliance, and military equipment production, the internet, and processors in virtually every product and industry.
With laser focus, China’s government strengthens its military and economy, as our federal government officials — the most mendacious and incompetent since the FDR depression — weaken American manufacturing and commerce, subvert truth, and squander time and resources on the vacuous follies of gender politics and climate change.
Four states will be cutting pandemic unemployment increases three months early, ending the supplemental $300 in federal aid.
Alaska, Iowa, Missouri, and Mississippi will end pandemic-related unemployment relief on June 12. An additional 21 Republican-led states will slash federal aid before it expires on Sept. 6, according to Business Insider.
Conservatives continue to advocate an end to the increased benefits, saying they are no longer needed now that the pandemic is contained and speculating that the high payouts are discouraging would-be workers from returning.
After the cancellation of the Keystone XL Pipeline struck a blow to the oil industry, energy jobs activists are pushing back by warning of increased costs and touting the benefits of transporting oil via pipeline.
TC Energy Corporation announced on Wednesday that it was cancelling the Keystone XL Pipeline less than five months after President Joe Biden rescinded a vital permit for the pipeline. The cancellation ends an over 12-year battle by activists from both sides over the oil pipeline. The pipeline would have started in the Canadian province of Alberta ultimately ending in Nebraska.
In a statement François Poirier, President and CEO of TC Energy Corporation, expressed disappointment.
It’s no secret that US businesses are struggling to find workers. Recent surveys have shown that small businesses are reporting record job openings.
Many have described the phenomenon as a labor shortage.
“Walk outside: labor shortage is the pervasive phenomenon,” economist Lawrence Summers recently observed at a conference hosted by the Federal Reserve Bank of Atlanta.
The U.S. economy reported an increase of 266,000 jobs in April and the unemployment rate rose slightly to 6.1%, according to Department of Labor data released Friday.
Total non-farm payroll employment increased by 266,000 in April, according to the Bureau of Labor Statistics (BLS) report, and the number of unemployed persons ticked up to 9.8 million. Economists projected a million Americans would be added to payrolls prior to Friday’s report, according to The Wall Street Journal.
“The pieces are really coming together for a burst in activity,” Sarah House, senior economist for Wells Fargo’s Corporate and Investment Bank, told the WSJ. “We’re expecting to see the labor market recovery shift into an even faster gear with the April jobs report.”
At 2:00 AM on Saturday, February 27, Democrats in the U.S. House of Representatives voted to pass a “COVID relief and economic support“ bill at a cost to taxpayers of $1.9 trillion. The next Saturday, Senate Democrats passed a very similar bill, and President Biden stated he will sign it. This will be the sixth “COVID relief” law and swell the tab for such legislation to a total of $5.3 trillion. The combined cost of these laws to every household in the United States will be an average of $41,036.
The U.S. economy reported an increase of 49,000 jobs in January while the unemployment rate fell to 6.3%, according to Department of Labor data released Friday.
Total non-farm payroll employment increased by 49,000 in January, according to the Bureau of Labor Statistics report, and the number of unemployed persons fell to 10.1 million. Economists projected 50,000 Americans to be added to payrolls and the unemployment rate to increase to come in at 6.7% prior to Friday’s report, according to the WSJ.
The U.S. economy reported a decrease of 140,000 jobs in December while unemployment stayed unchanged at 6.7%, according to Department of Labor data released Friday.
Total non-farm payroll employment declined by 140,000 in November, according to the Bureau of Labor Statistics report, and the number of unemployed persons stayed stagnant at 10.7 million. The number marked the first time since April, the U.S. reported negative job growth.