The U.S. Bureau of Labor Statistics released new employment data which showed there are nearly two open jobs for every unemployed worker in the United States. The federal data showed the number of job openings rose to 10.7 million in September, up about 437,000 from the previous month after a significant decrease in August. “Based…
Jobs Report Shows Hiring Slowdown, Inflation Pressures Elevated
August 31, 2022
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A newly released jobs report showed that the pace of hiring in the private sector slowed down in August, amid growing fears of an economic slowdown and historically high inflation. The much awaited monthly report on private sector employment was released by payroll processing firm ADP on Aug. 31. Company payrolls grew by only 132,000 this…
How Bad of a Recession? It Depends on the Consumer
August 29, 2022
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Commentary Consumer spending drives two-thirds of the U.S. economy. But the resolve of American consumers will be put to the test. The stock market, tugged by fears of high interest rates, has gyrated most of the year. Year-over-year inflation has risen to heights not seen in more than 40 years. The bottom is threatening to…
Upskill Not at Migration Expense: Australian Treasurer
Increasing the migration cap to help ease Australia’s skills shortages cannot come at the expense of training up the workforce, Australian Treasurer Jim Chalmers says. The Business Council of Australia is urging the government to boost the permanent migration cap to 220,000 temporarily to make up for the shortfall in migration during the pandemic. Chalmers…
What Was Your First Job?
Commentary A few years ago, I was tasked with giving a 45-minute introduction on business and economics to several hundred high-school students. From my experience, there is no better teacher than experience itself. Otherwise for these kids trapped in desks for 12-16 years, my words would be just another lecture. So, I decided to draw…
Eurozone Second Quarter Growth Revised Down Slightly, Employment Rises
BRUSSELS—Eurozone economic growth was slightly less robust in the second quarter than forecast but still strong, and employment rose again, revised data from the European statistics office showed on Wednesday. Eurostat said gross domestic product in the 19 countries using the euro rose 0.6 percent quarter-on-quarter in April-June for a 3.9 percent year-on-year rise. The…
German Economy to Lose $265 Billion in Added Value Due to War, High Energy Prices: Study
BERLIN—Germany’s economy will lose more than 260 billion euros ($265 billion) in added value by 2030 due to the Ukraine war and high energy prices, spelling negative effects for the labor market, according to a study by the Institute for Employment Research (IAB). In comparison with expectations for a peaceful Europe, Germany’s price-adjusted gross domestic…
Left Will Exploit Economic Crisis to Further Progressive Agenda, Observer Says
News Analysis As former President Donald Trump warned about an economy that’s on the verge of not just a recession, but a full-blown depression, the country should prepare for a rapid slowdown in employment, say experts. Falling labor force participation, along with inflation, could provide the double whammy that creates an economic crisis this fall,…
US Economy Adds 528,000 Jobs in July, Surpassing Estimates
The U.S. economy added 528,000 new jobs in July, topping the market estimate of 250,000, according to the Bureau of Labor Statistics (BLS). The unemployment rate dipped to 3.5 percent, down from 3.6 percent in June. The labor force participation rate slipped to 62.1 percent Average hourly earnings rose 0.5 percent month-over-month and 5.2 percent…
US Job Switchers More Likely to See Pay Raise Compared with Those Who Stay Put: Analysis
The majority of Americans who switch employers are seeing it pay off with higher wage growth, according to a new analysis of government data from Pew Research Center. According to the analysis, published on July 28, the majority of workers (60 percent) who switched their jobs between April 2021 to March 2022 saw an increase in their real earnings over the…
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