The personal savings rate held steady09/30/2016 | ConsumerAffairs
Consumers saw their incomes rise in August and held on to most of it.
The Commerce Department reports personal incomes edged up $39.3 billion, or 0.2%, last month, with disposable income (DPI) -- what's left after taxes -- also up 0.2%, or $31.9 billion.
Personal consumption expenditures (PCE), on the other hand, rose just $6.2 billion -- less than 0.1%.
The increase in personal income in August primarily reflected pay raises, personal income receipts on assets, and govern...
Initial jobless claims inched higher last week09/29/2016 | ConsumerAffairs
The third and final look at how the nation's economy was doing in the second quarter is a bit brighter than the earlier estimates.
According to the Commerce Department, real gross domestic product (GDP) -- the value of the goods and services produced by the nation’s economy -- grew at an annual rate of 1.4%.
An earlier look at how the economy was performing put expansion at an annual rate of 1.1%. This latest estimate is based on more complete source data than was availabl...
Corporate profits took a hit too12/22/2015 | ConsumerAffairs
The final look at the economy for the third quarter was generally dissatisfying.
The Bureau of Economic Analysis (BEA) reports the "third"estimate of 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 2.0% after growing 2.1% in the “second” estimate and 3.9% in the second quarter.
All told, that...
It's the lowest total ever for that month01/07/2016 | ConsumerAffairs
What seems to be a growing reluctance to announce firings during the holidays, along with a stronger economy, helped December experience the lowest number of monthly job cuts in more than 15 years.
Outplacement consultancy Challenger, Gray & Christmas reports U.S.-based employers announced planned workforce reductions totaling just 23,622 last month, down 24% from November and 28% below the 32,640 terminations announced in December 2014.
Not only was December the lowest j...
The move to online shopping appears to be one reason for the shift01/14/2016 | ConsumerAffairs
It looked good at the start, but then it fizzled.
According to an analysis of non-seasonally adjusted government employment data by outplacement consultancy Challenger, Gray & Christmas, holiday hiring by retailers fell short in November and December after getting off to a strong start in October.
The final tally shows seasonal employment gains last year were down 1.2% from 2014, making it the second consecutive year in which holiday hires declined.
Retail employment grew ...
The forecast also reveals five employment trends to watch01/26/2016 | ConsumerAffairs
Looking for a job this year?
According to CareerBuilder’s annual job forecast, 36% of employers plan to add full-time, permanent employees in 2016 -- the same as 2015. Additionally, nearly half of employers (47%) plan to hire temporary or contract workers.
The forecast says workers can also expect to see higher starting salaries, more teens in internships, more women and minorities in leadership, and more opportunities to move from low-skill to high-skill jobs, among oth...
Still, there has been expansion for the last six years02/04/2016 | ConsumerAffairs
We've seen growth for six years in a row for the non-manufacturing sector of the economy.
The latest Institute for Supply Management (ISM) Non-Manufacturing Report On Business put out the nation's supply executive and purchasing managers say the Non-manufacturing Index (NMI) registered 53.5% in January, down 2.3% from December. That's the lowest level in two years, but the 72nd consecutive month of growth.
The New Orders Index was down 2.4% to 56.5%, the Employment Index ...
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...
It's the second gain in a row06/14/2016 | ConsumerAffairs
Consumers continued to spend in May, sending retail sales up for a second consecutive month.
The Census Bureau reports sales were up 0.5% last month totaling $455.6 billion. That's a gain of 2.4% from the same month a year ago.
May's month-over-month advance was led by sales at gas stations (+2.1%), nonstore retailers and sporting goods (+1.3%), hobby, book, & music stores (+1.3%), and food services and drinking places (+0.8%). On a year-over-year basis, sales soared at n...
Weakness was spread across most sectors05/04/2016 | ConsumerAffairs
While the nation's job-producing machinery is still running well, there's been something of a slowdown that continued into April.
The ADP National Employment Report finds private-sector employment increased by 156,000 jobs last month, following increases of 194,000 and 214,000 in March and February, respectively.
The report, produced by ADP in collaboration with Moody's Analytics is derived from ADP's actual payroll data, measures the change in total nonfarm private emplo...
Expansion comes amid continued economic growth06/02/2016 | ConsumerAffairs
For the third time in as many months, the manufacturing sector of the economy was expanding in May.
The Institute for Supply Management (ISM) reports the Purchasing Managers Index (PMI), which tracks the manufacturing sector, registered 53.1% last month -- up 0.5% from April. A reading above 50% indicates the manufacturing economy is generally expanding; below 50% suggests contraction.
The overall economy, meanwhile, grew for the 84th consecutive month.
Within the PMI, The ...
The economy created the lowest number of jobs in five years06/03/2016 | ConsumerAffairs
On the surface, the report looks good when you consider that the unemployment rate dropped 0.3% last month to 4.7%.
However, the economy created just 38,000 jobs in May, and the Department of Labor (DOL) revised the April and March job creation level down by a combined 56,000 positions.
In addition, the civilian labor force participation rate fell by 0.2% in May and has declined by 0.4% over the past 2 months, offsetting gains in the first quarter. The employment-populati...
Fourteen non-manufacturing reported expansion in May06/07/2016 | ConsumerAffairs
The non-manufacturing, or services sector of the economy continued to grow in May, although pace of expansion was slower.
The Institute for Supply Management's (ISM) reports sector registered 52.9% last month -- down 2.8% from April. However, it was the 76th consecutive month of expansion.
A reading above 50 indicates an expansion, while below that suggests contraction.
The Non-Manufacturing Index (NMI) dropped 3.7% to 55.1%, the New Orders Index registered 54.2% -- 5.7% l...
May saw a slow start to the traditional hiring season06/17/2016 | ConsumerAffairs
Teenagers are finding jobs this summer, but not as many as they used to.
According to an analysis of the latest government data by outplacement firm Challenger, Gray & Christmas, employment among 16- to 19-year-olds increased by 156,000 in May -- a drop of 14% from last year.
Over the previous five years an average of 1,259,200 teens were added to the workforce between May 1 and July 31. While May typically experiences the smallest hiring gains of the three-month period, ...
However, it was the strongest month for hiring since last October07/08/2016 | ConsumerAffairs
The nation's jobless rate rose 0.2% in June to 4.9%, as another 347,000 people found themselves out of work, according to figures released by the Department of Labor (DOL).
At the same time, the economy created another 287,000 jobs last month, mostly in leisure and hospitality, health care and social assistance, and financial activities.
Among the major worker groups, the unemployment rates for adult women (4.5%) and Whites (4.4%) rose in June. The rates for adult men (4....
The advance follows the first decline in 8 months11/14/2014 | ConsumerAffairs
Retail sales bounced back in October from September's decline -- the first in 8 months.
The Census Bureau reports sales were up a seasonally adjusted $444.5 billion or 0.3% from the
previous month, and were 4.1% above October the same period a year ago.
Contributing to the advance were sales at Sporting goods, hobby, book & music stores (+1.2), food services and drinking places (+0.9%) and health and personal care stores (+0.7%). Auto sales rose 0.5% after falling 1.1% ...
Manufacturing rebounded from a two-month slump12/02/2015 | ConsumerAffairs
After slipping below 200,000 in October, the pace of private sector job creation got back on track last month.
According to the ADP National Employment Report, employment increased by 217,000 jobs last month, with small businesses leading the way.
The report, produced by ADP in collaboration with Moody's Analytics, shows payrolls for businesses with 49 or fewer employees increased by 81,000 jobs in November, down 10,000 from October. Employment among companies with 50-499...