Tag: job growth

September Job Growth Exceeds Expectations as Unemployment Falls

Daily Caller News Foundation
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The U.S. added 254,000 nonfarm payroll jobs in September as the unemployment rate ticked down to 4.1%, according to Bureau of Labor Statistics (BLS) data released Friday.

Economists expected 150,000 jobs to be added in September, slightly higher than the initially reported 142,000 job gain in August, and the unemployment rate to remain at 4.2%, according to MarketWatch. Meanwhile, previously reported job gains for July and August were revised up by 55,000 and 17,000, respectively, breaking a trend under the Biden-Harris administration of overestimating employment growth in initial estimates, with the cumulative number of new jobs reported in 2023 roughly 1.3 million less than previously thought.

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Fed Chairman Suggests ‘Influx’ of Migrants Are Contributing to Rising Unemployment

Daily Caller News Foundation
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Federal Reserve Chairman Jerome Powell suggested migrants are helping drive rising unemployment during a press conference on Wednesday.

Powell spoke to reporters after the Fed announced it would lower its federal funds rate by 0.50% following disappointing job growth in both July and August. Unemployment currently sits at 4.2% — up from 3.4% in April 2023 — in what Powell suggested was largely a product of migrants crossing into the United States.

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Unemployment Ticks Up as Job Growth Beats Expectations

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The U.S. added 272,000 nonfarm payroll jobs in May as the unemployment rate ticked up to 4.0%, according to the Bureau of Labor Statistics (BLS) data released Friday.

Economists anticipated that the country would add 190,000 jobs in May compared to the 175,000 jobs that were added in initial estimates for April and that the unemployment rate would remain unchanged at 3.9%, according to U.S. News and World Report. The job gains follow predictions that the economy is slowing down, with an early estimate for second-quarter gross domestic product (GDP) being revised down to 1.8% from 4.2% over the last month by the Federal Reserve Bank of Atlanta.

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Job Growth Exceeds Expectations Despite Mass Layoffs

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The U.S. added 353,000 nonfarm payroll jobs in January as the unemployment rate remained at 3.7%, according to Bureau of Labor Statistics (BLS) data released Friday.

Economists anticipated that the country would add 180,000 jobs in January compared to the 216,000 that were added in December and that the unemployment rate would tick up to 3.8% from 3.7%, according to Reuters. Despite the job gains, American employers cut 82,307 positions in January, a 136% jump from the previous month, amid a wider trend of layoffs as factors like high inflation continue to hurt business conditions.

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Almost a Quarter of All Jobs Added in 2023 Didn’t Actually Exist

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The original number of jobs reported by the federal government in 2023 was revised down by a total of 749,000 jobs, meaning nearly one-fourth of jobs thought to be created in the year were not actually there, according to data from the Bureau of Labor Statistics (BLS) analyzed by the Daily Caller News Foundation.

The sum of the initial estimate from each of the government’s monthly job growth reports in 2023 totaled 3,140,000 new jobs, with later reports revising down the number of jobs added by a collective 443,000, according to the BLS. The BLS also announced in August a revision in total employment for March, subtracting another 306,000 jobs.

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Job Growth Remains Cool Despite Boost from Returning Strikers

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The U.S. added 199,000 nonfarm payroll jobs in November as the unemployment rate ticked down to 3.7%, according to Bureau of Labor Statistics (BLS) data released Friday.

Economists had anticipated that the country would add 180,000 jobs in November compared to the 150,000 jobs that were added in October and that the unemployment rate would remain at 3.9%, according to Reuters. The number of jobs added in the month was boosted due to the resumption of work by autoworkers and actors who participated in the recent strikes.

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Florida Unemployment Rate Lowest in 10 Largest States

The Center Square

Florida’s unemployment rate dropped to 2.6% in November, the lowest of the 10 largest states in the U.S. and 1.1 percentage points lower than the national rate. It was also the 24th consecutive month that Florida’s unemployment rate remained below the national rate.

In November, Florida continued to exceed the national job growth rate for the 20th consecutive month; its employers have added jobs for 31 consecutive months.

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The Biden Admin Overestimated Recent Job Growth by over 10,000 Percent: Report

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The Bureau of Labor Statistics overestimated the number of jobs added nationwide from March through June by roughly 10,600%, the Federal Reserve Bank of Philadelphia reported Tuesday.

The U.S. added just 10,500 net new jobs in the second quarter of 2022, a far cry from the 1,121,500 estimated by the Bureau of Labor Statistics’ (BLS) monthly report on state-level data known as the Current Employment Situation (CES), according to the Philadelphia Fed. By using more comprehensive data from the BLS Quarterly Census of Employment and Wages (QCEW), which samples roughly 11 million businesses compared to the 670,000 measured by the monthly CES, the Philadelphia Fed is able to make revisions to initial employment estimates, the regional bank reported.

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Arizona Saw Continued Job Growth in October

The Center Square

Arizona had a rise in both employment and unemployment last month.

Arizona added 7,300 nonfarm jobs in October, a 0.24% increase in the state’s labor force participation. However, the state’s unemployment rate rose by 0.2% to 3.9%. It marked the fourth consecutive month where the state’s unemployment rate rose. Arizona’s rise in unemployment is due to a rising labor force participation rate. Since May, the state’s unemployment rate has increased from 3.2% to 3.9%, according to Common Sense Institute Arizona. 

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Commentary: Even Corporate Media Is Calling Out Biden’s Absurd Economic Fairytales

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With only days left until the midterm elections, the advertising blitz from the political spin doctors has reached a fever pitch and the sound bites we’re hearing aren’t very sound, especially the ones from the White House on the economy. But heated rhetoric is hardly a replacement for facts and figures so, to borrow a phrase from the show Dragnet, let’s discuss “just the facts, ma’am.”

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Pennsylvania Business Leaders Alert Lawmakers to Prosperity Hindrances

Bradley Vasoli

Pennsylvania’s House Republican Policy Committee on Thursday heard testimony from several small-business executives Thursday suggesting that unemployment compensation (UC) taxes among other issues pose major impediments to economic growth in the Keystone State. 

As The Pennsylvania Daily Star reported this week, Pennsylvania has lagged behind other states in terms of making up economic ground lost during the COVID-19 pandemic. In July 2022, about 6.17 million Pennsylvanians held jobs, a 2.8-percent rise over the same month one year prior. National employment meanwhile increased 3.7 percent during that time. 

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Truck Manufacturing Company Investing $50 Million in Tennessee Expansion

Peter D'Abrosca

A major truck manufacturing company will spend millions to expand its operations in Murfreesboro, according to the state government. 

“Tennessee Gov. Bill Lee and Department of Economic and Community Development Commissioner Stuart McWhorter announced today that Minnesota-based McNeilus Truck and Manufacturing, Inc., an Oshkosh Corporation [NYSE: OSK] company, will be investing more than $50 million to expand its manufacturing presence in Tennessee,” according to a release from the Tennessee Department of Economic & Community Development. 

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Commentary: Economically Free States Are Recovering from the COVID-19 Pandemic More Rapidly Than High Control States

RealClearWire

The fact that our nation’s unemployment rate is approaching the low rate of 3.5% that was reached just prior to the pandemic should be a cause for celebration. But for a variety of reasons, the official unemployment number is misleading.

The employment situation is not as rosy as it may seem. There is a wide disparity among the states that can be explained by how much economic freedom they allow, including how severely each state shut down its economy due to the COVID-19 pandemic.

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U.S. Added 678K Jobs in February, While Unemployment Decreased Slightly

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The U.S. economy added 678,000 jobs in February, according to a Friday report from the U.S. Bureau of Labor and Statistics (BLS), beating economists’ expectations.

Total nonfarm payroll employment increased by 678,000 in February, according to the BLS report, while the unemployment rate dropped to 3.8%, a pandemic low. Job gains were most pronounced in the leisure and hospitality sectors, which added a total 179,000 jobs.

“The labor market continues to be quite hot,” Nick Bunker, an economist at Indeed, told The Wall Street Journal. “It looks like the labor market is still primed for lots of strong employment growth.”

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Connecticut Slow in Job Growth, Won’t Reach Pre-Pandemic Levels Until 2023

The Center Square

Although Connecticut will add 60,000 jobs this year, the state won’t be back to pre-pandemic levels of employment until 2023, industry groups say.

“The inability to grow jobs at the national average or even at the top of the Northeast means that Connecticut’s economy is going to continue to grow slower than the rest of the country and the Northeast,” Chris DiPentima, president and CEO of the Connecticut Business and Industry Association, told The Center Square. “The slow job growth means that businesses are not meeting the customer demand that they have. Connecticut, in turn, is not realizing the state’s total economic growth potential. Most businesses are hopeful that the state will put some policies in place to fuel growth and the jobs added each month will increase. This will help recover the jobs that we’ve lost before the end of this year.”

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U.S. Economy Added 194,000 Jobs in September, Badly Missing Expectations

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The U.S. economy reported an increase of 194,000 jobs in September, and the unemployment rate fell to 4.8%, according to Department of Labor statistics.

The number of unemployed people fell by 710,000 to 7.7  million, according to the Department of Labor statistics released Friday.   Economists projected that employers created 500,000f jobs in September, more than double the figure in August, according to the Wall Street Journal.

Despite the spike in employment, the labor market remains thin due to the pandemic, and job growth earlier in the year was considerably stronger, according to the WSJ.

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Arizona Fully Recovers Pandemic Job Losses

The Center Square
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More than 100% of private sector jobs in Arizona have been recovered since the beginning of the COVID-19 pandemic, according to the August employment report. 

 The Arizona Office of Economic Opportunity report showed that Arizona has recovered 325,500 private-sector jobs since April 2020, representing 101% of private-sector jobs lost. 

 Between July and August, Arizona’s unemployment fell by about 13,000 people. The unemployment rate dropped from 6.6% to 6.2%, marking the largest rate decline of the year. 

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Arizona Ranks First in Nation for Small Business Growth

Rachel Alexander

A new report from the payroll company PayChex ranked the states in order of small business job growth and Arizona came out No. 1, with nearly 6% growth over the past year. Phoenix ranked third among the country’s 20 most populated cities. The Arizona Legislature released a report shortly before that showing Arizona is in great condition, breaking records. The state passed historic tax cuts this year, preventing a 77% increase on small business taxes, reducing small business property taxes by 10%, and capping the maximum tax rate on businesses at 4.5%.

Frank Fiorelle, vice president of risk, compliance and data analytics at Paychex, explained that a lot of the job growth is due to the pandemic ending. “A lot of those restaurants are coming back online, opening the doors and turning on the lights, he said. He added that states which reopened their economies earlier have higher job creation rates.

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Just 14 States Had Positive Job Growth in May

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Just 14 states saw positive employment growth between April and May while the majority of the growth was concentrated in a handful of states, according to the Department of Labor.

Fourteen states led by California, Florida and Texas experienced significant job growth, 35 states experienced stagnant job growth and Wyoming saw a decline in employment last month, according to a Department of Labor report released Wednesday. Overall, the unemployment rates in 21 states decreased between April and May while every state’s employment improved compared to May 2020.

While the U.S. continues to report increased job growth, the report showed that the vast majority of the growth has come from about a dozen states.

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Red States Top Those with Lowest Unemployment Rates

The Center Square
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Republican-led states and Vermont reported the lowest unemployment rates in April, according to a new report by the U.S. Commerce Department. States led by Democratic governors recorded the highest jobless rates, according to the report.

Unemployment rates were lower in April in 12 states and the District of Columbia and stable in 38 states, according to the U.S. Bureau of Labor Statistics.

States with the highest unemployment rates in April were Hawaii (8.5%), California (8.3%), New Mexico and New York (both at 8.2%), and Connecticut (8.1%). All five states with the highest unemployment are run by Democratic trifectas, meaning Democrats control the governor’s office and both houses of the state legislature.

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At 2.9 Percent, 2018 Was the Strongest Economy Since 2005 on Growth and Jobs

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by Robert Romano   President Donald Trump’s second year in office marked the strongest economic growth since 2005 at 2.9 percent, according to data compiled by the Bureau of Economic Analysis, beating every one of President Barack Obama’s years in office — for now. It was by a nose, and the numbers are still subject to revision. Obama’s strongest year was 2015, also at 2.9 percent. But both figures are subject to rounding. So, technically, 2018’s growth was slightly stronger at 2.8841 percent, compared to 2015’s 2.8811 percent. And to be fair, it will not take that much of a downward revision for the fourth quarter’s 2.58 percent number — only about 0.05 percent down — in order for 2015 to still come out on top as the strongest year in recent memory in terms of growth. Of course, that’s only a problem if one thinks this is as good as the Trump economy will get. Leaving that aside, the economy itself has not grown above 3 percent since 2005, and not above 4 percent 2000. So, to come anywhere close to 3 percent nowadays is still something of an achievement. The White House touted the fourth-quarter-to-fourth-quarter number of 3.1…

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The Most People in Nearly 20 Years Quit Their Jobs for Better Ones in 2018

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by Tim Pearce   Roughly 2.4 percent of the Americans in the workforce quit their jobs in the past year, the fastest rate since 2001, according to the Bureau of Labor Statistics (BLS). The BLS’s most recent version of the Job Openings and Labor Turnover Survey (JOLTS) found that an average of 3.5 million Americans quit their jobs every month in 2018. The data suggest that more people are leaving jobs to search for or take opportunities elsewhere for better pay or more prestigious positions. “For any type of employment search, you won’t find a better time than right now,” Thomas Moran, CEO of the staffing agency Addison Group, told CNBC Make It. Unemployment has remained at historically low levels since September, the sign of a tight labor market that should drive wages and benefits up as employers compete to attract and retain workers. “For many, [quitting] is a smart move, as there’s a clear advantage to increasing your earning potential by switching jobs,” Glassdoor chief economist Andrew Chamberlain told CNBC. So far, wage growth has remained below economists’ expectations, though wages have picked up in the past year. Wages hit 3.1 percent annual growth in November, the first time…

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