The unemployment rate dipped slightly02/05/2016 | ConsumerAffairs
Another 151,000 people found work in January, well below the pace of December in which 262,000 jobs were created. That December figure, by the way, was revised down by 30,000 from the initial estimate. Economists at Briefing.com had projected the creation of 188,000 jobs.
In its report, the Department of Labor (DOL) also said the unemployment rate inched down 0.1% to 4.9%.
Job gains occurred in several industries, including retail trade (+58,000), food services and drinki...
Energy and retail absorbed the brunt02/04/2016 | ConsumerAffairs
The new year started with a bang as U.S employers announced a January increase in job cuts that's 218% above the 15-year low recorded a month earlier.
Outplacement consultancy Challenger, Gray & Christmas reports employers reported 75,114 planned job cuts to kick off 2016 -- 42% higher than the same month a year ago.
Last month represents the highest monthly tally since July 2015, when cuts reached 105,696, and the largest January total since the first month of 2009.
Goods-producing employment had its best month since January11/04/2015 | ConsumerAffairs
Employment in the private sector rose in October, but the pace of job creation was down a bit from September.
According to the ADP National Employment Report, produced by the payroll firm in collaboration with Moody's Analytics, the economy cranked out 182,000 jobs. There were 200,000 new jobs the month before.
Despite the decline in job creation from September, Moody's Analytics Chief Economist Mark Zandi says job growth is not slowing meaningfully in contrast with the r...
But consumers weren't tucking away as much for emergencies09/28/2015 | ConsumerAffairs
Personal incomes rose in August, building on July's increase, as did personal consumption expenditures (PCE) or consumer spending.
According to the Bureau of Economic Analysis, income was up 0.3%, or $52.5 billion, and disposable personal income (DPI) -- also known as after-tax income -- increased $47.1 billion, or 0.4%. PCE was up $54.9 billion, or 0.4%.
The increase in wages and salaries weakened in August, rising just $35.6 billion, compared with an advance of $43.8 bi...
Fourteen industries reported improvement11/05/2015 | ConsumerAffairs
There was a pickup in the pace of growth in the non-manufacturing -- or services -- sector of the economy last month.
The Manufacturing Institute for Supply Management (ISM) Report On Business, produced by the nation’s purchasing and supply executives, says that the non-manufacturing index (NMI) was up 2.2% in October to 59.1%. That represents expansion for the 69th consecutive month. The NMI was down 2.1% in September.
The report also shows that the Non-Manufacturing Bus...
How much is enough?09/21/2015 | ConsumerAffairs
A strong majority of employers support an increase in the minimum wage, according to a new survey by CareerBuilder.
Sixty-four percent of employers responding to the survey say they think the minimum wage should be increased in their state -- up 2% who said so last year.
“Americans’ wages have been stuck in a slow-growth pattern since the recession,” said Rosemary Haefner, chief human resources officer at CareerBuilder. “As big name brands take measures to increase pay fo...
Consumers also tucked more away for a rainy day10/30/2015 | ConsumerAffairs
Not a lot of movement in September in personal income or spending.
The Commerce Department's Bureau of Economic Analysis (BEA) reports personal income increased $18.6 billion -- or 0.1% -- in September. Disposable personal income (DPI), which is after-tax income was also up 0.1% or $19.2 billion.
On the spending side, personal consumption expenditures (PCE) edged up just 0.1% or $15.6 billion.
Wages and salaries fell by $3.7 billion in September, after shooting up $36.0 bi...
A drop in housing permits was among the culprits08/20/2015 | ConsumerAffairs
After posting 4 months of strong gains, The Conference Board's Leading Economic Index (LEI) moved lower in July.
The decline of 0.2% followed advances of 0.6% in June, May, and April.
“Despite a sharp drop in housing permits, the U.S. LEI is still pointing to moderate economic growth through the remainder of the year,” said Ataman Ozyildirim, director of business cycles and growth research at The Conference Board. “Current conditions, measured by the coincident economic in...
The savings rate posted a gain as well08/28/2015 | ConsumerAffairs
American consumers were earning, spending, and saving more money in July.
Figures released by the Bureau of Economic Analysis show personal income rose $67.1 billion, or 0.4% for a fourth straight month, disposable personal income (DPI) -- personal income less personal current taxes -- increased by 0.5%, or $61.5 billion, and personal consumption expenditures (PCE) advanced $37.4 billion, or 0.3 % for the second month in a row.
Wages and salaries increased $35.8 billion i...
Jobless claims on the decline08/27/2015 | ConsumerAffairs
The government has taken a second look at how the economy was doing in the April – June period, and it appears we're in better shape than we thought.
According to the Bureau of Economic Analysis, real gross domestic product -- the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes – rose at an annual rate of 3.7% in the second quarter.
The “advance estimate” of a 2.3% g...
Export growth is a concern09/02/2015 | ConsumerAffairs
Economic activity in the manufacturing sector expanded in August for the 32nd consecutive month -- but at a slower rate than in July.
The latest Institute For Supply Management (ISM) manufacturing report on business shows the August Purchasing Management Index (PMI) registered 51.1% last month -- a drop of 1.6% from July
The New Orders Index registered 51.7%, down 4.8% from July, while the Production Index was down 2.4% to 53.6%. In addition, the Employment Index was down...
Small businesses supplied the power09/02/2015 | ConsumerAffairs
The nation's economy failed to create more than 200,000 jobs for the second straight month in August.
According to the ADP National Employment Report, private sector employment rose by 190,000 jobs from July to August.
"The job growth numbers for August improved slightly from July," said Carlos Rodriguez, president and chief executive officer of ADP. "The employment gains for the month are in line with the year to date average."
The report, produced by ADP in collaboration...
Moderate growth is expected to continue09/18/2015 | ConsumerAffairs
After showing no movement in July and an 0.6% gain in June, the Conference Board's Leading Economic Index (LEI) posted a tiny increase in August,
According to Ataman Ozyildirim, director of Business Cycles and Growth Research at The Conference Board, the 0.1% advance “suggests economic growth will remain moderate into the New Year, with little reason to expect growth to pick up substantially.
“Average working hours and new orders in manufacturing have been weak,”, he no...
More consumer spending was a big factor09/25/2015 | ConsumerAffairs
The final numbers for economic growth during the second quarter are in -- and things were looking pretty good.
The Commerce Department reports real gross domestic product (GDP) -- the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes -- increased at an annual rate of 3.9%.
By way of comparison, real GDP increased a paltry 0.6% in the first three months of the year.
More than half were at Hewlett-Packard10/01/2015 | ConsumerAffairs
September was another big month for job-cutting.
Outplacement consultancy Challenger, Gray & Christmas reports that U.S.-based employers eliminated 58,877 last month -- up 43% from August. That makes September the third-largest month of the year for terminations behind July (105,696) and April (61,582) -- and 93% above the 30,477 planned firings a year earlier.
In the just-completed third quarter, 205,759 job cuts were announced, making it the largest job-cut quarter sinc...
Health care was a big gainer10/02/2015 | ConsumerAffairs
The economy created fewer than 200,000 jobs in September for a second consecutive month as the unemployment rate held steady at a 7-year low of 5.1%
The Bureau of Labor Statistics reports total non-farm payroll employment rose by 142,000 last month, with job gains occurring in health care and professional & business services, while mining employment fell.
In addition to health care, which added 34,000 jobs, employment grew in professional and business (+31,000), retail tr...
The oil patch continues to take the brunt of the terminations11/05/2015 | ConsumerAffairs
The nation's employers announced that they were cutting fewer jobs in October than they did during the previous month.
According to outplacement consultancy Challenger, Gray & Christmas, 50,504 workers were let go during last month, with more than a quarter of them in oil-related jobs, which were at a six-month high.
The October job cut total was down 14% from the 58,877 cuts announced a month earlier and down 1.3% from this time a year ago, when 51,183 terminations were r...