Hurricanes Helene & Milton and the Boeing Strike Make Mess of Jobs Report. And Wages Surge by Wolf Richter • Nov 1, 2024 • 30 Comments Upon the data’s implications for inflation, the bond market puckered its lips: 10-year Treasury yield jumped to 4.35%, highest since early July.
Hiring Jumps for 3rd Month, Workers Cling to Jobs, Layoffs & Discharges Jump but Remain Low, Job Openings Fall by Wolf Richter • Oct 29, 2024 • 57 Comments Hurricanes in September & October and the Boeing strike will mess with labor market data for a few months; the Fed won’t get clear answers.
OK, Forget it, False Alarm, Labor Market Is Fine, Bad Stuff Last Month Was Revised Away, Wages Jumped. No More Rate Cuts Needed? by Wolf Richter • Oct 4, 2024 • 232 Comments Pandemic distortions and millions of migrants suddenly entering the labor market, who are hard to track, have wreaked havoc on data accuracy.
Balance of Power Changed, Employers Re-exert Control, but also Cling to their Workers by Wolf Richter • Oct 1, 2024 • 88 Comments Fewer workers quit (rattled by layoff headlines?), so fewer vacant slots to fill and less hiring. But actual layoffs are at historic lows.
Job Losses Pile Up at Tech & Social Media Companies in San Francisco & Silicon Valley after Reckless Hiring Frenzy by Wolf Richter • Sep 24, 2024 • 123 Comments A reckoning with budding parallels to the Dotcom Bubble & Bust, while other sectors continue to grow. Unemployment rate rose to 3.9%.
The Fed Has Room to Cut, Rates Are High Relative to Inflation, and Job Growth Could Use some Juicing Up by Wolf Richter • Sep 6, 2024 • 194 Comments Job growth bounces back some, hourly earnings jump, unemployment dips, but job growth is too slow to absorb the massive influx of immigrants.
Is the Labor Market “Normalizing?” What Even Is “Normal?” by Wolf Richter • Sep 4, 2024 • 60 Comments Fewer quits and historically low layoffs & discharges mean fewer job openings, and less hiring to fill them. But that’s only part of it.
Nonfarm Job Creation for 12 Months through March Revised Down by 818,000, to 2.08 Million Jobs Created, from 2.90 Million by Wolf Richter • Aug 21, 2024 • 90 Comments 173,500 payroll jobs added on average per month in 12 months, instead of 242,000, but above 2018-2019 average of 171,900: preliminary annual benchmark revisions.
Despite the Recession-Emergency-Rate-Cut Buffoonery, the Services Sector Expands Strongly on Growth in New Orders & Employment. Inflation Pressures Still On by Wolf Richter • Aug 5, 2024 • 95 Comments What a bummer. Services are two-thirds of the economy; as long as they’re firm, the economy will plug along just fine, even as manufacturing stalled.
Growth in Jobs Slows to 2017-2019 Pace, Unemployment Rate Rises as Massive Wave of Immigrants Is Absorbed More Slowly by Wolf Richter • Aug 2, 2024 • 131 Comments Wage growth slows to normal-ish rate.
