The U.S. economy entered the new year with a strong gain in payroll employment and an unchanged unemployment rate. Job gains in November and December were much stronger than initially estimated, according to revisions of the establishment survey data. January’s jobs report shows that the job market remains unexpectedly strong despite the impact of the…
December’s jobs report concludes another solid year of job hiring in 2023. In December, total nonfarm payroll employment increased by 216,000, and the unemployment rate held steady at 3.7% for the second month. Job gains moderated in 2023 with an average 225,000 monthly employment growth but remained strong. In December, wage growth accelerated to a…
Due to tightened monetary policy, the count of total job openings for the economy continues to move lower. This is consistent with a cooling economy that is a positive sign for future inflation readings. In November, the number of open jobs for the economy declined to 8.8 million. This is notably lower than the 10.8…
In November, total nonfarm payroll employment increased by 199,000 and the unemployment rate declined to 3.7%, from 3.9% in October. The labor market continues to moderate. The Fed held interest rates steady for the second meeting in a row at the conclusion of its November meeting. This month’s employment data will be one of the…
Job growth decelerated in October. Total nonfarm payroll employment increased by 150,000 and the unemployment rate edged up to 3.9% in October from 3.8%. The labor market is cooling. The Fed held interest rates steady for the second meeting in a row at the conclusion of its November meeting. This month’s employment data will be…
Financial conditions continue to be tight, as the 10-year Treasury rate stands near 4.8% this morning. Among the factors leading to higher rates (more debt issuance, higher-for-longer monetary policy expectations, long-term fiscal deficit conditions, and strong current GDP growth data for the third quarter) is an ongoing, elevated count of open jobs for the overall…
Job growth remained solid in September as the Fed fights against inflation. In fact, the recent jobs data has been stronger than most economists expected and is a reminder that GDP growth for the third quarter will be very strong and inflation risks persist. Total nonfarm payroll employment increased by 336,000 and the unemployment rate…
