The number of American workers filing weekly jobless claims—a proxy for layoffs—rose by 23,000 from the prior week in what could be a sign of an impact from the Omicron surge, though the number of people continuing to claim benefits hit a multi-decade low, suggesting further labor market tightening. First-time filings for unemployment insurance came…
Weekly Unemployment Claims Jump In Possible Sign of Omicron Hit to Jobs Recovery
January 13, 2022
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Weekly Jobless Claims Drop Below Pre-Pandemic Levels in Sign of Continued Labor Market Tightness
The number of weekly jobless filings—a proxy for layoffs—dropped by 8,000 from the prior week to below pre-pandemic levels, delivering a fresh sign of continued tightening in the U.S. jobs market. First-time filings for unemployment insurance fell to 198,000 for the week ending Dec. 25, the Labor Department said in a report (pdf). The four-week…
Prices Expected to Rise Two Times Higher Than Wages: Fed Survey
U.S. consumers expect short-term inflation to go up along with a drop in future earnings in November, implying a worsening economic outlook with higher prices surpassing any growth in wages, according to a New York Federal Reserve survey released on Monday. The Survey of Consumer Expectations, taken from a pool of 1,300 household heads, show…
Job Openings Rebound to Near-Record High in Fresh Sign of Tightening Labor Market
Job openings in the United States rebounded to a near-record high in October while the total number of people leaving their jobs edged down, delivering a fresh sign of continued labor market tightness and suggesting that the recent moderation in employment growth was due to a shortage of workers rather than falling demand. The Labor…
Macy’s to Lift Minimum Wage to $15 an Hour as Labor Market Tightens
Macy’s Inc will raise the minimum wage of its more than 100,000 U.S. employees to $15 an hour by May, the department store chain said on Monday, as retailers fight to hire and retain workers in an increasingly competitive labor market. A nationwide labor shortage driven by the pandemic has spurred retailers to raise wages…
American Employers Hired 571,000 Workers in October, Beating Estimates: ADP
Private sector employment in the United States rose by 571,000 positions in October, well above consensus forecasts of 395,000, according to Nov. 3 payroll data from the Automatic Data Processing (ADP) Research Institute. “The labor market showed renewed momentum last month, with a jump from the third quarter average of 385,000 monthly jobs added, marking nearly…
US Employers Hired 571,000 Workers in October, Beating Estimates: ADP
Private sector employment in the United States rose by 571,000 jobs in October, well above consensus forecasts of 395,000, according to Nov. 3 payroll data from the Automatic Data Processing (ADP) Research Institute. “The labor market showed renewed momentum last month, with a jump from the third quarter average of 385,000 monthly jobs added, marking nearly…
Consumer Confidence Jumps as Labor Market Optimism Outweighs Inflation Concerns
U.S. consumer confidence rose in October after three consecutive months of declines, as a spike in concerns about inflation was outweighed by upbeat sentiment in financial and jobs prospects. The Conference Board said in an Oct. 26 report that its headline consumer confidence index rose to a reading of 113.8 in October, up from 109.8 in…
3 Fed Policymakers Throw Support Behind November Taper Timeline
October 14, 2021
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Three Federal Reserve policymakers on Tuesday hinted that the central bank has made enough progress to start cutting back on its monthly bond purchases as early as next month and will start withdrawing the extraordinary support it unleashed after the pandemic lockdowns paralyzed the economy. “Since our December 2020 meeting, the Committee has indicated that it will continue to maintain…
Rigidly Configured Recruitment Software Contributing to ‘Broken’ Hiring System: HBR Report
September 6, 2021
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automated hiring softwareBusiness & EconomyCompaniesEconomieseconomyhidden workerlabor marketTechUSUS News
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Automated resume-scanning software that is inflexibly configured and overlooks potentially suitable workers is a major factor contributing to a “broken” hiring system in the United States, according to a new report from Harvard Business School (HBR). The HBR report (pdf), released Sept. 4, provides insight into America’s labor market dynamics, including the widely reported mismatch between…
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