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    Employees at Clarence House, the former residence of King Charles III, were reportedly informed on Monday they could lose their jobs as the new monarch moves to Buckingham Palace. Up to 100 employees at Charles's former residence received notification despite working long hours to smooth his ascension to the throne. Private secretaries, the finance office, the communications team, and household staff are among those who received notice, including those who have worked for the new monarch for decades. 'OH GOD, I HATE THIS': KING CHARLES GETS FRUSTRATED WITH LEAKY PEN “The change in role for our principals will also mean change for our household," Sir Clive Alderton, the king’s top aide, said in a letter obtained by the Guardian. "The portfolio of work previously undertaken in this household supporting the former Prince of Wales’s personal interests, former activities and household operations will no longer be carried out, and the household … at Clarence House will be closed down. It is therefore expected that the need for the posts principally based at Clarence House, whose work supports...
    Catherine Mcqueen | Moment | Getty Images The unemployment rate ticked up to 3.7% in August, the Labor Department said Friday. While more people becoming unemployed may sound alarming, especially against the backdrop of lingering worries about a recession, the increase was for "good" reasons, according to labor economists. A higher unemployment rate was "the best news in this report," according to Julia Pollak, chief economist at ZipRecruiter. That may seem counterintuitive. How can an increase in the jobless rate be positive? The answer lies in the labor-market dynamics underpinning the jump. More from Personal Finance:White House fires back at Republicans planning to challenge student loan forgivenessThese states may tax federal student loan forgivenessThese bank fees could be taking a bite out of your budgetWhy the unemployment rate increased in AugustThe unemployment rate increased by 0.2 percentage points from 3.5% in July — a level that had tied with early 2020 as the best since 1969. The movement upward in August was largely attributable to hundreds of thousands of people entering the labor force, economists said. The government doesn't count...
    President Joe Biden boasted about the economy, gas prices, and the “great American jobs machine” after an August jobs report that showed 315,000 jobs created and a pandemic-high labor force participation rate. The jobs report released Friday morning also showed unemployment ticked up by 0.2 percentage points, to 3.7 percent. President Biden took a few minutes at the top of an event about the American Rescue Plan to talk up the economy based on that jobs report: I’d like to speak very briefly about today’s jobs report that was just, been issued. We received more good news. In August, the economy created 315,000 new jobs. The great American jobs machine continues to come back. American workers are back to work earning more, manufacturing more, building an economy from the bottom up and the middle out. But with today’s news, we have now created nearly 10 million new jobs since I took office. Nearly 10 million jobs. The fastest growth in all of American history. In August, we also saw that the share of Americans who are working in our economy...
    CNBC’s Rick Santelli literally applauded over the August labor participation rate on Friday, lauding it as a “post-Covid high” and great news. In a segment on the August jobs report Santelli got excitedly worked-up as he discussed the new jobs and the labor participation rate, using words like “juicy” and actually clapping at one point. Non-farm jobs increased by 315,000 in August as the unemployment rate increased by 0.2 percentage points to 3.7 percent, according to a Department of Labor report released on Friday. The labor force participation rate in August was 62.4 percent, a 0.3 percentage point increase from the previous month. Reading the 62.4 percent figure on CNBC’s Squawk Box, Santelli clapped his hands. “If there’s one area that I’m always happy to see the numbers expand on, that would be it. It’s a post-Covid equal high,” he said enthusiastically. “It’s the same as it was in March. It’s 62.4. but for those listeners and viewers out there, pre-Covid in February 2020, it was 63.4.” Santelli noted that “the labor force is smaller even though we have so...
    The yield on the 2-year Treasury note ticked lower on Friday after August's jobs report came in near expectations and eased some fears that a hot labor market would force the Federal Reserve to continue hiking rates at an aggressive pace in order to tame surging prices. Treasury yields have been on a tear in recent days, with the 2-year yield climbing to 3.55% and hitting its highest since 2007. After closing at 3.04% last week, the 10-year yield jumped above 3.29% on Thursday as investors bet on a more aggressive Federal Reserve. Those moves seemed to cool on Friday, with the yield on the 2-year Treasury last down about 6 basis points at 3.463%. The yield on the 10-year Treasury traded flat at 3.271%, while the yield on the 30-year added 3 basis points to 3.404%. Yields move inversely to prices, and a basis point is equal to 0.01%.Treasurys August's jobs report showed the economy add 315,000 payrolls last month and well below the shock 528,000 added in July, while the unemployment rate rose slightly to...
    New York (CNN Business)The US has a jobs problem: There are too many of them. There are currently around two jobs available for every unemployed person, and as a result, employers have had to raise wages to attract suitable candidates.That sounds like a good thing — and it is for Americans who are facing higher prices on everything from groceries to rent. But the Federal Reserve isn't very happy about it. In order to fight inflation, it needs to cool the economy, and larger salaries do the opposite. Higher labor costs can also get passed on by companies to consumers, and that means higher prices. Why it matters: This inflationary cycle — pay more and then charge more — is exactly what the Fed wants to squash. That's why it will be paying particularly close attention to wage growth numbers in today's jobs report. If they continue to accelerate, the central bank will have more reason to aggressively hike interest rates at its meeting later this month. There are a number of factors that add to higher prices —...
    Minneapolis (CNN Business)The August jobs report from the Labor Department is due out Friday morning, and economists estimate that about 300,000 jobs will be added in August, a considerable drop from July and the lowest monthly gain since April 2021. While the US economy shrank in the first half of the year, consumer sentiment plunged amid high inflation and unrest overseas, and some of the biggest names in business have cut thousands of jobs — America's labor market hasn't skipped a beat.US employers announced just 20,485 layoffs in August, the lowest year-to-date total since 1993, according to data released Thursday from outplacement firm Challenger, Gray & Christmas.A separate report from the Labor Department revealed that initial jobless claims for the week ended August 27 fell to 232,000, a drop of 5,000 from the previous week's level, which was revised downward by 6,000 claims. Initial claims are now at their lowest level in two months. The US economy had more job openings than expected in JulyRecent employment data, including the July jobs report and labor turnover survey have also defied analysts'...
    People walk into a store along a busy shopping street in Manhattan on December 10, 2021 in New York City.Spencer Platt | Getty Images Job growth in August likely slowed from July's frenzied pace, but it is still expected to have been quite strong, with broad-based hiring across many sectors. Monthly jobs data is always important, but the August report, released at 8:30 a.m. ET Friday, is particularly key since the state of the labor market will be an important consideration in the Federal Reserve's next interest rate decision later this month. The economy is expected to have added 318,000 jobs in August, less than the surprisingly strong 528,000 jobs added in July, according to Dow Jones. The unemployment rate is expected to hold steady at 3.5%, while average hourly wages are expected to rise 0.4%, or 5.3% on an annualized basis. "The view from market participants is the employment report is more important than the CPI inflation report in determining whether a 75 basis point or larger hike in September is more appropriate than a 50 basis point hike,...
    (CNN)The private sector added 132,000 jobs in August, an indication that the white-hot pace of hiring could be slowing after months of strong job growth.The August number is far below economists' expectations of 225,000 positions added. "We could be at an inflection point, from super-charged job gains to something more normal," ADP chief economist Nela Richardson said in a statement.ADP also said annual pay rose by 7.6% — the first time its report has tracked pay, which it said will encompass gross earnings inclusive of tips, commissions and bonuses. The number indicates a higher rate of wage inflation than has been previously tracked — an implication that would suggest inflation is becoming embedded into employee compensation.This is the first monthly employment report from ADP after announcing a pause in May. The payroll processing giant adopted new methodology that aims to give economists and policymakers better visibility into labor market movement. Read MoreThe ADP Research Institute partnered with the Stanford Digital Economy Lab on the new employment reports, which the company said will use "fine-grained, high-frequency data" that will provide a...
    A hiring sign is seen in a cafe as the U.S. Labor Department released its July employment report, in Manhattan, New York City, August 5, 2022.Andrew Kelly | Reuters Companies sharply slowed the pace of hiring in August amid growing fears of an economic slowdown, according to payroll processing company ADP. Private payrolls grew by just 132,000 for the month, a deceleration from the 270,000 gain in July, the firm said in its monthly payroll report. The Dow Jones estimate for the ADP count was 300,000. The report had been on public hiatus through the latter part of the summer as the firm adjusted methodology and entered into a partnership with the Stanford Digital Economy Lab. "Our data suggests a shift toward a more conservative pace of hiring, possibly as companies try to decipher the economy's conflicting signals," said ADP chief economist Nela Richardson. "We could be at an inflection point, from super-charged job gains to something more normal." August payroll numbers are notoriously volatile. ADP's release also comes at an uncertain time for a U.S. economy which saw negative...
    A pandemic relief program designed to help retrain unemployed veterans led to only 400 participants getting jobs, according to a new report. Out of the nearly 6,800 veterans enrolled in the $386 million Veteran Rapid Retraining Assistance Program, only 397 of them got new employment, the Washington Post reported Thursday. CANADIAN VETERAN WITH PTSD 'INAPPROPRIATELY' OFFERED EUTHANASIA BY VA EMPLOYEE: REPORT Some of the institutions used by the VRRAP were "disorganized" and would be inconsistent with syllabuses, according to participants who spoke to the news outlet. Some veterans were not able to finish their programs when the VA ended tuition payments to one of the institutions, Future Tech Career Institute, in February, per the report. The program was implemented as part of the $1.9 trillion American Rescue Plan signed into law by President Joe Biden in March 2021. The VRRAP was designed to cover "education and training programs approved under the GI Bill and Veteran Employment Through Technology Education Courses (VET TEC) that lead to high-demand jobs," according to the Department of Veterans Affairs. ...
    Demand for plastic surgery procedures like breast augmentation, face lifts and tummy tucks have surged coming out of the COVID-19 pandemic, with experts citing an increase in disposable income and more people suffering self-esteem issues as the cause. Researchers at the American Society of Plastic Surgeons (ASPS) found that 76 percent of the nation's plastic surgeons are seeing increased demand for their services now when compared to pre-pandemic levels. Nearly a fourth report their business doubling. Procedures like liposuctions, facelifts, breast augmentation, tummy tucks and breast lifts were named the most common. There are multiple reasons for this increase. More than 75 percent of patients are willing to spend more on cosmetic surgery now than before, doctors report, even despite growing economic uncertainty in the U.S.  This is because many saved money from not going on vacations and partaking in other activities for a year as a result of the pandemic led to many having more disposable income than before. Work from home culture also allowed many more time to stay at home and recover from procedures. Some experts have...
    A report released Monday by Pennsylvania’s Independent Fiscal Office (IFO) shows that new Keystone State employment opportunities fell in June, marking a three-month overall decline. Examining numbers from the federal Department of Labor, the IFO found that around 393,000 new jobs opened in June. Although that number exceeds the 281,000-per-month average for job openings that preceded COVID-19 in 2020, it continues a downward slope that began after new employment offerings reached 514,000 in March. The IFO’s monthly economic update furthermore observed a stagnant state workforce participation rate; the percentage of Pennsylvanians age 16 or older who are employed or looking for work has stayed at 61.7 percent since May, significantly under the pre-COVID average of 62.8 percent. Some positive news came in regarding the monthly change in payroll employment: Thirty-one thousand more commonwealth residents held payroll jobs in July. That dwarfs the 5,000 average change in payroll jobs that preceded the pandemic, though pre-COVID America had experienced several years of robust economic growth uninterrupted by mass business closures from which it needed to rebound.  “The latest monthly data continue to...
    U.S. businesses are on pace to bring back a record number of jobs from overseas this year. Nearly 350,000 jobs are expected to return to U.S. soil, according to reported estimates from the Reshoring Initiative, which would add to the more than 1.3 million total jobs brought back since 2010. The Reshoring Initiative’s 2021 Data Report discusses reshoring and how the trend will continue to be key to U.S. manufacturing and economic recovery. Bringing the total jobs announced to over 1.3 million since 2010! https://t.co/a1fvz1CYHK pic.twitter.com/6IZVHn3i33— Reshoring Initiative (@ReshoreNow) July 20, 2022 Global supply chain concerns following the COVID-19 pandemic highlighted the need for U.S. companies to change their approach and their manufacturing locations. SEE IT: BIDEN’S PINOCCHIO NOSE GROWS IN NYC BILLBOARD “We think it’ll be a long-term trend,” Jill Carey Hall, U.S. equity strategist at Bank of America Corp, told the Wall Street Journal, noting that before the pandemic, there was a small uptick. “But obviously COVID was one big trend and you’ve seen a continued big jump up this...
    In this article BBYBlack Friday shoppers leave a Best Buy store in Washington, DC, on November 26, 20221.Nicholas Kamm | AFP | Getty ImagesBest Buy is eliminating hundreds of jobs at stores across the country about two weeks after the company said it was seeing weaker sales than expected, according to a Wall Street Journal report. The consumer electronics retailer has made the cuts over the past week, the report said, citing people familiar with the matter. Best Buy did not immediately respond to CNBC's request for comment. A company spokeswoman told the Wall Street Journal that "with an ever-changing macroeconomic environment, including customers shopping more digitally than ever, we have made adjustments to our teams that include eliminating a small number of roles." This story is developing. Please check back for updates.TVWATCH LIVEWATCH IN THE APPUP NEXT | ETListen
    by T.A. DeFeo   While many pundits lauded Friday’s job numbers from the U.S. Bureau of Labor Statistics, a Georgia nonprofit is raising a red flag. On Friday, the feds announced higher than expected job numbers, showing that total non-farm payroll employment increased by 528,000 in July. “Friday’s jobs report is being billed as great news, but peeling back a few layers reveals a worse reality,” Erik Randolph, the Georgia Center for Opportunity’s director of research, said in a statement. “It’s true the number of jobs in the United States is now at pre-pandemic levels. “The difference is that the number of people who are actually working hasn’t caught back up,” Randolph added. “That implies more people are working two or even three jobs to make ends meet in this highly inflationary environment. Meanwhile, wage growth isn’t keeping pace with inflation, putting poor and working class Americans even further behind.” Interestingly, a recent analysis from WalletHub found Georgia ranked among the states with the most workers quitting their jobs, even as state officials trumpet low unemployment. Last month, after reporting Georgia’s June seasonally...
    by Micaela Burrow   Women’s employment increased markedly from June to July, but the total number of employed working-aged men actually dropped in that same time span according to a July jobs report released Friday. There were 170,000 fewer employed men in July than June, whereas 349,000 more women were employed in July, according to Yahoo Finance. Women’s unemployment dipped to 3.1% in July from 3.3% in June while the same figure for men remained steady at 3.2% from June, the Bureau of Labor Statistics’ July 2022 Employment Situation report found. “If you look at just the employment numbers… you can see women driving a lot of that June to July trend there — 349,000 more people employed on the womens side of things,” @bcheungz says on nonfarm payroll growth. “Men, however, actually contracting by about 170,000.” pic.twitter.com/xC2oebIdwm — Yahoo Finance (@YahooFinance) August 5, 2022 The labor force participation rate for women ticked up from 57.1% in June 2022 to 57.3% in July, according to the Employment Situation report. However, men’s labor force participation decreased from 70.1% to 69.9% in...
    Citing Household Survey Data from the Bureau of Labor Statistics, Payne noted that full-time jobs dropped by 71,000, while part-time jobs increased by 384,000, and people who held multiple jobs rose by 92,000. \u201cHousehold Survey\nFull Time -71,000\nPart Time +384,000\nMultiple Jobs +92,000\u201d — Charles V Payne (@Charles V Payne) 1659708224 The report also found that there were 279,000 fewer people who were self-employed. \u201cSelf Employed dropping like a stone the past year.\u201d — Frog Capital (@Frog Capital) 1659721317 Federal Reserve Economic Data revealed that 433,000 Americans are working two full-time jobs – which is an all-time high. \u201c433,000 Americans now working 2 full time jobs.\nThat is an all time high.\u201d — Frog Capital (@Frog Capital) 1659720907 Just The News reported, "This trend of the economy dropping full-time jobs while adding second and part-time jobs has been accelerating since March." Many people suggest that the surge in part-time jobs and people getting multiple jobs is because they are facing soaring inflation month after month. In July, inflation hit 9.1% – the highest in more than 40 years. Despite the Biden...
    White House press secretary Karine Jean-Pierre pointed to Friday's July jobs report as evidence that the United States is experiencing an economic "transition" and is not headed for a recession. Jean-Pierre received a number of questions at Friday's briefing about the report, which showed nearly 600,000 new jobs being added to the economy over the past month, far outpacing projections. BIDEN TAKES CAUTIOUS VICTORY LAP ON RED HOT JOBS REPORT "The strong labor market is what we're looking at," she told reporters when asked if Friday's report proves "that there won't be a recession on the horizon." "Because of the strong labor market, and that being one of the many economic indicators, shows us that we are not in a recession, that we are in a transition," she said. "Look, we have to understand that we are in a different place in this world right now than we have ever been. We are coming — we're in a pandemic, right, dealing with a pandemic. It's more manageable now, but there's COVID. There's a war in Ukraine. All of that all...
    President Joe Biden celebrated the July jobs report — which surpassed even White House expectations — in a briefing where he highlighted the decreased federal deficit, calling it a welcome departure from the economic policies of former President Donald Trump. On Friday, the Bureau of Labor Statistics released data from July’s job market showing a gain of 528,000 jobs during the month. Many were stunned by the report, as economists had predicted that the U.S. economy would only gain 250,000 jobs in the July survey. In the speech, Biden addressed the public from isolation, as he continues to test positive for Covid-19, while wearing his signature aviators. “Almost 10 million jobs since I took office,” remarked Biden, “That is the fastest job growth in history.” The president added that the U.S. “matched the lowest unemployment rate in America in the last 50 years,” at only 3.5%. Biden continued to celebrate his administration’s economic victory: Today there are more people working in America than before the pandemic began. In fact, there are more people working in America than at any point in American history. You know, what...
    CNBC’s Jim Cramer was elated on Friday by what he called an “extraordinary” July jobs report, saying the United States is “a growth country.” Friday’s jobs report showed that 528,000 jobs were added in July, exceeding expectations that 250,000 jobs would be added. Unemployment decreased to 3.5 percent. Appearing on Squawk Box, Cramer pointed out to Andrew Sorkin that he’d previously said, “if these numbers come in way too hot, we’re in trouble even though I don’t want that to be the case.” “And so we are,” he continued. “We can get back a lot of the gains we just had because it means that obviously when they come back if it stays hot.” Regarding the jobs report, Cramer said, “This number is extraordinary! We’re a growth country! The rest of the world is not.” “I agree with you Andrew, that, isn’t, shouldn’t we just take our hats off that we have the growth country of the world right now, he continued. “But obviously the stock market likes bad news not good news.” “But that’s the question, is there a...
    Photo by Spencer Platt/Getty Images Who among us? A trigger-happy ABC News editor apparently jumped the gun on Friday, publishing a pre-written story assuming that July’s jobs report would reveal a hiring slowdown — despite the fact that the report would soon reveal the U.S. added a shocking 528,000 jobs. The error came just weeks after the news outlet accidentally published a pre-write on the death of former President Donald Trump’s first wife Ivana Trump. On Friday, the July jobs report was released, surpassing expectations by adding 528,000 jobs last month. According to the Bureau of Labor Statistics, the unemployment rate also fell to 3.5%. In a screenshot posted to Twitter, comedian and political commentator Hal Sparks noted ABC accidentally published a draft story on the jobs report that was “amazingly wrong.” The story published to ABC included “XYZ” to fill in for the numbers that had not yet been released, as well as an angle that assumed the jobs report would have bad news for President Joe Biden’s White House along with the general public. According to the...
    Commuters arrive at Grand Central station during morning rush hour in New York, Nov. 18, 2021.Jeenah Moon | Bloomberg | Getty Images The U.S. job market posted strong growth and a decline in unemployment in July, but unemployment ticked higher among Black workers, further underscoring the ongoing discrepancies within the job market. Friday's data report showed nonfarm payrolls rose 528,000 in July, blasting past Dow Jones' estimates of 258,000, while the unemployment rate fell to 3.5%, the Bureau of Labor Statistics said. While the findings signal that the economy is headed in the right direction, Black workers marked the only demographic group that saw the unemployment rate rise. Across the board, unemployment rose to 6% for the group. When broken down by gender, Black men saw unemployment rise to 5.7%, while the rate declined to 5.3% among women. "We can have really, really strong job growth this month, but it doesn't feel like a robust and broadly shared recovery," said Kathryn Zickuhr, a labor market policy analyst at the Washington Center for Equitable Growth. At the same time, the labor...
    NEW YORK (AP) — July’s jobs report was a stunner, in more ways than one. Despite raging inflation and anxiety about a possible recession, employers created 528,000 jobs last month, more than double market expectations. That’s the fastest pace of hiring since February. While the monthly jobs report is always highly anticipated, the July report was even more closely watched by investors, policymakers and the public. There have been increasing signs that the U.S. economy is heading into a recession. The strong job market may diminish those fears for now. But with inflation stubbornly high, the Federal Reserve may need to take additional measures to slow down the economy. Here are five takeaways from the July jobs report: HIRING: ZERO SIGNS OF SLOWING Economists and policymakers had expected hiring to slow in July due to recession worries, rising interest rates and high inflation, with forecasts of 250,000 jobs created versus 372,000 in June. Not only did job creation blow past those expectations, but the pace of hiring was back to levels not seen since the beginning of the...
    SAUL LOEB/AFP via Getty Images White House Chief of Staff Ron Klain praised a New York Times headline suggesting July’s blockbuster jobs report shows President Joe Biden “is right: that the U.S. is not in a recession. Economists predicted that the economy would gain 250,00 jobs in the July survey, but at 8:30 on Friday morning, the actual report blew past that figure by more than twice that number — 528,000 jobs added, and an unemployment rate that ticked down to 3.5 percent, the lowest in 50 years. President Biden released a statement that reads like a muted victory lap, relative to a jobs report that even Fox called “Pretty incredible”: Today, the unemployment rate matches the lowest it’s been in more than 50 years: 3.5%. More people are working than at any point in American history. That’s millions of families with the dignity and peace of mind that a paycheck provides. And, it’s the result of my economic plan to build the economy from the bottom up and middle out. I ran for president to rebuild the middle class –...
    The propagandists at Fox News are trying to find ways to spin Friday’s excellent jobs report and economic news into an attack on President Joe Biden and Democrats. It’s not going well for them. The Bureau of Labor Statistics released the July jobs numbers Friday morning as scheduled. CNN called it a “massive jobs surprise.” Even CNBC’s conservative editor Rick Santelli, who sparked the Tea Party movement with an on-air rant, heralded the jobs report as “a whopper.” Analysts overall expected the report to find about 258,000 new jobs created, but it was more than double that, with 528,000 new jobs. Unemployment dropped slightly to 3.5%, which is far below the 5% mark economists used to use as a marker of “full employment.” READ MORE: ‘Ain’t No Recession’: Economists Praise ‘Huge’ Employment Numbers – ‘We’re Back, Baby’ Economists cheered the results, with even those often more pessimistic finding the jobs report excellent news. Overall, many made clear there is no recession, and predicted inflation will come under control as the Federal Reserve raises interest rates, and as the price of...
    Employers in July hired more than double the number of people experts had predicted, 528,000, after many predicted the number to be just 258,000. Unemployment is now at the lowest level in half a century, at 3.5%. CNBC calls today’s report from the federal government’s Bureau of Labor Statistics “far better than expected, defying signs that the economic recovery is losing steam.” That was far from the only good news in Friday’s release. “Wage growth also surged higher, as average hourly earnings jumped 0.5% for the month and 5.2% from the same time a year ago,” CNBC notes. “Despite downbeat expectations, the July gains were the best since February and well ahead of the 388,000 average job gain over the past four months. “The bureau noted that private sector payrolls are now higher than the February 2020 level, just before the pandemic declaration,” a massive accomplishment, as economists are noting. Economist Justin Wolfers, a professor at University of Michigan, New York Times contributor and a Senior Fellow at Brookings sums up today’s news. “Put that recession talk away, and change...
    Fox Business anchor Maria Bartiromo praised the July jobs report released on Friday as “pretty incredible.” White House correspondent Edward Lawrence broke down the numbers: Employment rose 528,000 in July, a big beat, the unemployment rate down to 3.5 percent. 3.5 percent, that is a decrease in unemployment rate. When you look inside some of these numbers, you see employment professional business services, that increased 89,000 in July employment and healthcare rose by 70,000 in July. In the government rose by 57,000. Employment and construction increased by 32,000, it’s interesting that construction employment of 82,000 now 82,000 higher than … February of 2020 levels, so construction has come back and then some. Manufacturing increased by 30,000 jobs in July. Social assistance added 27,000 jobs retail trade was up by 22,000 in July. That was big one. Retail trade is now 208,000 jobs, above its pre-pandemic levels, transportation and warehousing added 21,000 jobs. Lawrence continued with the figures surrounding hourly wages and there being more jobs added in the private sector than the public sector. The average hourly wages, those went...
    President Joe Biden released a short statement Friday acknowledging the positive jobs report published by the Bureau of Labor Statistics, which showed the unemployment rate at a half-century low. The July report showed unemployment falling to 3.5% in July, matching a pre-pandemic low set back in 1969. Hispanic unemployment also hit an all-time low of 3.9%. BIDEN IS SELLING A COMEBACK STORY, BUT IS AMERICA BUYING? "Today, the unemployment rate matches the lowest it’s been in more than 50 years: 3.5%. More people are working than at any point in American history," Biden wrote. "That’s millions of families with the dignity and peace of mind that a paycheck provides. And, it’s the result of my economic plan to build the economy from the bottom up and middle out." Biden, reiterating claims that he "ran for president to rebuild the middle class," cautioned that "there’s more work to do" but cited Friday's report as evidence his economic policies "are making significant progress for working families." Friday's report comes as a potential recession remains at the front of the public conversation. Biden...
    CNBC anchor Rick Santelli gushed over a July jobs report that more than doubled expectations, exclaiming “It is a WHOPPER!” Economists predicted that the economy would gain 250,00 jobs in the July survey, but at 8:30 on Friday morning, the actual report blew past that figure by more than twice that number, stunning Santelli. “And here we are waiting for the big July jobs numbers. And it is a whopper!” Santelli exclaimed. “528,000! 528,000, basically double the expectations! And 528,000 is the best number since February when we were over 700,000, revisions to the last two months are 28,000.” Santelli went on to run down more detailed numbers, including an unemployment rate that ticked down to 3.5 percent. From BLS: Total nonfarm payroll employment rose by 528,000 in July, and the unemployment rate edged down to 3.5 percent, the U.S. Bureau of Labor Statistics reported today. Job growth was widespread, led by gains in leisure and hospitality, professional and business services, and health care. Both total nonfarm employment and the unemployment rate have returned to their February 2020 pre-pandemic levels....
    Minneapolis (CNN Business)When the latest jobs report comes out on Friday, it very well could show the smallest number of positions added in the past 18 months. The US economy is expected to have gained around 250,000 jobs last month, according to Refinitiv. While that's far from the 456,000 average monthly gains so far this year, it's not a sign that the sky is falling, economists say. In fact, it's exactly what the Federal Reserve wants to see.A more sustainable pace of employment growth is part of the Fed's game plan as the central bank looks to extinguish high inflation without completely upending the labor market or triggering a recession. Last month, payroll gains came in hot, surpassing expectations with 372,000 jobs added during June -- giving the Fed a green light to act aggressively with little fear of damaging the labor market. "If we got a number that was anything like the June number, the Fed would be rightfully worried, and I think we all would," said Dean Baker, senior economist and co-founder of the Center for Economic and...
    In this article LLY CVS JBLU SBUX AMD UBER VIDEO1:5901:59Cramer's week ahead: Jobs report on Friday will make or break July's rallyMad Money with Jim CramerCNBC's Jim Cramer on Monday said the most important data this week is the Bureau of Labor Statistics release of the July nonfarm payrolls report on Friday morning. "If it shows some job growth with no wage inflation, then the fabulous July rally can stand. But if it shows booming hiring with exceptionally large wage increases, then some of this rally, if not much of it, is going to be repealed," the "Mad Money" host said.  Job growth has been strong this year, leading economists to say the U.S. is not in a recession even with two back-to-back quarters of negative GDP.  Another strong jobs report could mean the Federal Reserve, which added a three-quarters a percentage point interest rate hike last week, will have to take stronger action to slow down the economy and inflation. Cramer also previewed this week's slate of earnings. All earnings and revenue estimates are courtesy of FactSet. Tuesday:...
    A look at some of the key business events and economic indicators upcoming this week: DIG THIS Wall Street expects another solid quarterly snapshot from Caterpillar. Analysts predict the maker of iconic yellow backhoes and bulldozers will report higher second-quarter profit and revenue than a year earlier. That would echo its results in the first quarter, when Caterpillar’s sales climbed on strong demand for construction equipment despite persistent supply chain challenges. Caterpillar serves up its latest results Tuesday. ECONOMIC BELLWETHER The Commerce Department delivers its June tally of durable goods orders Wednesday. Business orders for durable goods rose 0.8% in May, the third straight monthly increase. Economists predict orders for long-lasting, manufactured goods rose 1.9% in June from a month earlier. That would be the biggest increase since a gain of 3.1% in January. Durable goods orders, monthly percent change, seasonally adjusted: Jan. 3.1 Feb. -0.7 March 0.7 April 0.4 May 0.8 June. (est.) 1.9 Source: FactSet ALL ABOUT JOBS The Labor Department issues its monthly snapshot of hiring by nonfarm employers Friday. Economists predict employers added 240,000...
    A defiant President Joe Biden pushed back after the quarterly GDP estimate showed .9 percent negative growth, ticking off positive indicators and concluding “That doesn’t sound like a recession to me!” On Thursday afternoon, the president spoke from the State Dining Room about the Inflation Reduction Act of 2022 — the reconciliation bill negotiated between Senate Majority Leader Chuck Schumer and Sen. Joe Manchin. Amid wrangling over the definition of a recession, President Biden also made a point of addressing Thursday’s GDP report, which showed -0.9% growth in the second quarter. Biden again made the argument that positive economic indicators alongside the two negative quarters mean that the United States is not in a recession, and cited a litany of such indicators: Let me speak to one other issue. Let me speak to one other issue, the GDP and whether or not we are in a recession. Both Chairman Powell and many of the significant banking personnel and economists say we’re not in recession. But let me just give you what the facts are in terms of the state of...
    by T.A. DeFeo   Georgia ranked among the states with the highest number of workers quitting their jobs, even as state officials tout the lowest unemployment rate on record. A new analysis from WalletHub found that The Peach State ranked fifth as the state with the highest resignation rate, with nearly 3.9% leaving their jobs over the past 12 months. Nationally, Alaska topped the list, ahead of Montana, Wyoming and Florida. “There are different reasons why people are leaving their jobs,” WalletHub analyst Jill Gonzalez told The Center Square. “It could be because they are offered better jobs elsewhere, or they are simply not satisfied with their current position or work environment and are confident they’ll find other employment opportunities fast. “The fact that Georgia has the fifth highest resignation rate means that employers are struggling to attract workers,” Gonzalez said. “They might be raising wages, offering additional bonuses to new employees or providing them with more flexible working conditions. This makes people leave their jobs at a higher rate, to take advantage of better opportunities.” The report does...
    by Benjamin Yount   A new report says some sectors of Wisconsin’s economy are still lagging. The Wisconsin Policy Forum released its new report Wednesday. It says Wisconsin’s job numbers and unemployment rate are almost back to where they were before the coronavirus hit. “Despite a fairly swift recovery from the early months of the pandemic, total employment in Wisconsin was still down by 69,428 jobs (2.4%) in December 2021 relative to December 2019,” the report stated. “That said, the pace of recovery is noteworthy – especially when considering that in April 2020, Wisconsin’s total employment fell to its lowest level (2.49 million jobs) in more than 20 years.” Wisconsin’s unemployment rate topped 14% in April of 2020, last month it was back down to 2.9%. But the report says retail jobs and restaurant jobs are still struggling to catch up, particularly in Milwaukee and Madison. “Among the 58 subsectors within the North American Industry Classification System (NAICS) with at least 10,000 workers in Wisconsin in December 2021, several sectors within the highlighted group are among those with the...
    (CBS DETROIT) — Ford Motor Company is planning to cut thousands of jobs, a news report says. According to Bloomberg on Wednesday, Ford plans to eliminate up to 8,000 jobs. The report, which cited unnamed sources, did not mention how many of those jobs are in Michigan. READ MORE: Michigan Matters: Roundtable Sizes Up The August 2nd PrimaryThe cuts, expected to begin sometime this summer, will reportedly come among salaried ranks and will largely affect the newly created Ford Blue unit that makes gas-powered vehicles. Ford would not comment on the report but called it speculation. But CEO Jim Farley warned in February that Ford has too many people and too much complexity, and said it didn’t have the expertise to transition to battery-electric vehicles. READ MORE: Michigan Mother Charged After SUV Pond Crash Kills Her 3 BoysMeanwhile, Ford says it will produce 600,000 electric vehicles a year, starting next year. The company hopes to make 2 million electric vehicles per year by 2026. By 2030, it expects electric vehicles to make up to half its global production. The batteries...
    by Jack McEvoy   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. “There have been a lot of warning signs of a recession, we’ve seen a lot of different data points and once you adjust them for inflation, a lot of what we thought was robust growth in the economy is either anemic or it’s not even growth at all,” Antoni told the Daily Caller News Foundation. Antoni pointed to negative GDP growth in the first quarter of 2022 and the likelihood of a second negative quarter. “The overall...
    Although inflation continues to be a major source of frustration in the United States and other countries, the U.S. Bureau of Labor Statistics (BLS) had some good news when, on July 8, they delivered their employment report for June 2022. The U.S., according to the BLS, added 372,000 new jobs in June, and the United States’ unemployment rate remained at 3.6% — which is also what it was in May. The U.S. it not in a recession — at least not yet. Liberal economist and New York Times columnist Paul Krugman has been stressing that while inflation is a concern, President Joe Biden’s economic policies have been a raging success from an employment standpoint. And similarly, journalist Steve Benen, in an op-ed published by MSNBC’s website for Rachel Maddow’s MaddowBlog on July 11, points out that U.S. unemployment is still lower than it has been in a long time. “Much of the public probably doesn’t realize that the job market has soared with unexpected and unpredicted strength under Biden, and the unemployment rate is lower now than at any point...
    Win McNamee/Getty Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System testifies before the House Committee on Financial Services June 23, 2022 in Washington, DC. The U.S. economy added more jobs than expected in June, signaling the labor market remains strong even as the Federal Reserve tries to weaken it to tame inflation. The July 8, 2022, jobs report also showed the unemployment rate remained at a 70-year low of 3.6%. Does this mean the U.S. will avoid a Fed-induced recession? We asked Christopher Decker, an economist at the University of Nebraska Omaha, to explain the numbers and what they mean for the Fed and the economy. What Did We Learn in the June Jobs Report? The report showed that the economy added 372,000 jobs in June. While this figure is down from a revised increase of 384,000 in May and is much lower than other recent gains, it’s still very good by historical standards. Gains were across the board with all key sectors adding to the total increase in nonfarm payrolls. ...
    The strong jobs numbers for June will only give the Federal Reserve resolve in its plans to send interest rates ever higher. The economy added another 372,000 jobs in June — more than 100,000 more jobs than most economists had expected. The better-than-anticipated news gives the Fed a bit more leeway in pursuing big rate hikes because the labor market remains strong enough to act as a bit of a cushion. “Certainly this data could suggest the Fed’s going to, more likely than not, continue along its path, especially given there was continued wage growth here,” Brian Marks, the executive director of the University of New Haven's entrepreneurship and innovation program, told the Washington Examiner on Friday. The central bank hiked its interest rate target by a whopping three-fourths of a percentage point last month for the first time since 1994. The Fed typically raises rates by a quarter of a percentage point, or 25 basis points, so the June hike was comparable to three simultaneous rate increases. WORLD BANK CHIEF ECONOMIST ‘SKEPTICAL’ ABOUT US ABILITY...
    MSNBC host Stephanie Ruhle said the media is missing the “good news” in the economy, namely declining gas prices and the fact that “Businesses are hiring, hiring, and hiring!” Ruhle was a guest on Friday’s edition of MSNBC’s Hallie Jackson Reports to discuss the June jobs report that showed 372,000 jobs created in June — tens of thousands more than expected — while unemployment rate remained at 3.6%, meeting expectations. STEPHANIE RUHLE: The real positive to take away is when you start to raise rates, the fear is businesses are going to lay people off. They can’t grow. Well, that’s not the case. Businesses are hiring, hiring, and hiring! HALLIE JACKSON: What’s a piece of this, Steph, as this story and these jobs numbers been covered throughout the day today, that you think is missing from the broader conversation? Like what’s the angle that we’re not talking about that we should be? STEPHANIE RUHLE: Well, the fact that this is good news, right? It’s easy to say, look at gas prices, they’re so high. But guess what? Look closer at gas...
    WASHINGTON (AP) — Inflation is raging. The stock market is tumbling and interest rates rising. American consumers are depressed and angry. Economists warn of potentially dark times ahead. But employers? They just keep hiring. The Labor Department reported Friday that America’s dinged and dented economy managed to add a vigorous 372,000 jobs in June, well above the 275,000 that economists had expected. And the unemployment rate remained at 3.6%, just a tick above the 50-year low that was recorded just before the coronavirus pandemic flattened the economy in early 2020. “The labor market’s continued strength is simply astonishing, despite all the headwinds new hiring faces,” said Christopher Rupkey, chief economist at the research firm FWDBONDS LLC, dismissing concerns that the economy might headed for a downturn sometime soon. “This isn’t what a recession looks like.” The American job market has staged a remarkable comeback from the depths of the COVID-19 recession in the spring of 2020: In March and April that year, the United States lost a staggering 22 million jobs. But the government’s vast infusions of spending, including...
    The United States economy continues to defy growing recession fears that have been sparked by record-high inflation and surging gas prices, adding a better-than-expected 372,000 jobs in June while the unemployment rate held steady at 3.6 percent. Following the release of Friday’s strong jobs report, though, Fox News appeared taken aback by the growth before eventually spinning the plentiful number of job opportunities as “America’s employment crisis.” Just ahead of Friday morning’s release of the monthly employment numbers, for example, the network prepped its viewers to expect more bad news for President Joe Biden. “The White House is bracing for what’s expected to be an underwhelming jobs report in a little over two hours,” host Carley Shimkus stated on morning flagship show Fox & Friends. “The data is expected to show the weakest jobs growth since April 2021. But press secretary Karine Jean-Pierre trying to shift the narrative. She insists the Biden economy is the strongest in our nation’s history but confesses that gas prices are out of control despite putting the blame on Vladimir Putin.” Two hours later,...
    The economy added 372,000 jobs in June, returning the private sector to pre-pandemic levels. A strong June jobs report released on Friday showed that the private sector has now recovered every job that was lost during the COVID-19 pandemic when millions of people were laid off during former President Donald Trump's tenure. The news came after the Bureau of Labor Statistics announced that the economy added 372,000 jobs in June, exceeding economists' expectations and keeping the unemployment rate at 3.6%. The milestone came a little more than two years after the COVID-19 pandemic began, which caused the stock market to plummet and employers to slash 22 million jobs. The private sector has bounced back faster than many had previously thought it would. Some economists had predicted it could take as many as four years for the millions of jobs that were lost to return. The White House celebrated the jobs number, touting the speed of the recovery from the pandemic slump. "This has been the fastest and strongest jobs recovery in American history, and it would not have been possible without the...
    L:Tasos Katopodis/Getty Images, R: Michael B. Thomas/Getty Images President Joe Biden took a victory lap over a jobs report that beat expectations, and singled out former President Donald Trump by name for an unfavorable comparison. On Friday morning, the Bureau of Labor Statistics released its report showing 372,000 in June — tens of thousands more than expected — while unemployment rate remains at 3.6%, meeting expectations. The president reacted by noting that “record job growth” has led to “the fastest and strongest jobs recovery in American history.” “Today, we learned that our private sector has recovered all of the jobs lost during the pandemic, and added jobs on top of that,” Biden wrote in a statement sent to Mediaite. He also singled out his predecessor in a rare name-check for the man he normally refers to with some variation of “The former guy.” “We have more Americans working in the private sector today than any day during Donald Trump’s Presidency – more people than any time in our history,” Biden wrote. Biden also warned that job growth could cool going...
    Minneapolis (CNN Business)Economic uncertainty and recession fears have yet to take the shine off a robust labor market, but investors and Federal Reserve officials will be carefully parsing the details of Friday's jobs report for any sign of softening.The monthly government employment snapshot from the Bureau of Labor Statistics is expected to show continued strength -- smaller, but still significant, job gains of around 272,700 and an unemployment rate holding at 3.6%, according to estimates from Refinitiv.The report is coming on the heels of a mixed bag of recent employment data: The latest Job Openings and Labor Turnover Survey, released on Wednesday, showed there were 11.3 million job openings in May, or 1.9 positions for every job seeker, and historically low levels of layoffs.While that's good news for job seekers, there are also signs that employers are starting to cut back. New job cuts data released Thursday by Challenger, Gray & Christmas revealed that US employers announced 32,517 layoffs in June, a 58.8% increase from the same month last year, and the highest monthly total since February 2021. Total job...
    A trader walks on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Monday, June 27, 2022.Michael Nagle | Bloomberg | Getty Images Stock futures slipped in overnight trading following a rally on Wall Street as investors await a key jobs report Friday. Futures tied to the Dow Jones Industrial Average fell 31 points or 0.10% to 31,336.00. S&P 500 futures were down 0.10%, and Nasdaq 100 futures slumped 0.14%. Shares of Levi Strauss gained more than 3% after the bell when the retailer reported quarterly earnings that exceeded expectations and boosted its dividend. GameStop fell about 5% in after-hours trading when the company fired its chief financial officer and said it would lay off employees as part of a turnaround plan. The stock notched a 15% gain in the regular session, a day after the video game retailer announced that its board approved a 4-for-1 stock split. The action in futures followed a winning session Thursday in which the S&P 500 posted a four-day positive streak, matching its longest of the year thus far,...
    Part Owner and Executive Chef Steve Kemper, prepares food in the kitchen at the Go Fish! Seafood Restaurant and Sushi Bar in Sinking Spring, Pennsylvania, April 8, 2021.Ben Hasty | MediaNews Group | Reading Eagle via Getty Images June's employment report is expected to show strong hiring continues across a broad range of industries, and that the labor market may so far be untouched by concerns about a recession on the horizon. According to Dow Jones, economists expect 250,000 jobs were added last month, down from 390,000 in May. Economists also expect the unemployment rate to remain flat at 3.6%, and wages are expected to rise 0.3%, about the same as May. The report is released at 8:30 a.m. ET Friday. "Overall, we're looking for a very solid jobs report. I think there's been some concerns about a slowdown in consumer spending and the housing sector, but that's not showing up yet in the labor market," said Aditya Bhave, senior U.S. and global economist at Bank of America. Bhave expects stronger job growth at 325,000, but he expects the pace...