Consumers loosened up their purse strings in September and did some shopping.
The Commerce Department reports retail sales surged 1.6 percent last month, totaling $483.9 billion. That put sales 4.4 percent higher than they were in September 2016.
Sales at gas stations soared 5.8 percent from August and were up 11.4 percent from September 2016. Also showing strong month-over-month gains were motor vehicle and parts dealers (+3.6 percent), as well as building materials, gar...
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.
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.
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...
Following a slight (-0.2%) decline in May, The Conference Board's Leading Economic Index (LEI) rose 0.3% in June. The index was up 0.5% in April.
“Improvements in initial claims for unemployment insurance, building permits, and financial indicators were the primary drivers,” said Ataman Ozyildirim, Director of Business Cycles and Growth Research at The Conference Board. “While the LEI continues to point to moderating economic growth in the U.S. through the end of 2016, t...
There 's been a slight uptick in the percentage of job seekers moving for new employment in the first half of the year.
Outplacement consultancy Challenger, Gray & Christmas reports that in the first two quarters of 2016, an average of 11.3% of job seekers have relocated for new positions. The relocation rate reached 12% in the second quarter -- the highest percentage since the final three months of 2014, when 15% of job seekers found work in new towns.
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.
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...
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...
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...
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, ...
There were fewer new jobs in October than in September, with the overall pace of job creation continuing to decline.
The Department of Labor (DOL) reports total nonfarm payroll employment rose by 161,000 last month, with the unemployment rate holding at 4.9%.
As it released its October report, the government said the September job total was revised to show a gain of 191,000, rather than the 156,000 initially reported.
Even with that change, though, employment growth has av...
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...
Planned job cuts announced by employers based in the U.S. plunged 24% in September to a 14-year low of 30,477.
Figures released by outplacement consultancy Challenger, Gray & Christmas suggest 2014 is on pace to be the lowest job-cut year since 1997.
Last month’s job cuts were the fewest since June, 2000, when just 17,241 workers were let go. The September decline brings the 2014 monthly average down to 40,379. If this pace holds, the year could end with fewer than 500,000 job cuts for the first time since 1997 (434,350).
So far this year, employers have announced 363,408 planned terminations -- 6.2% fewer than the 387,384 cuts announced through September, 2013.
“There have been a couple of bumps in the road for the economy lately, which caused consumer confidence to drop in its latest reading,” said John A. Challenger, chief executive officer of Challenger, Gray & Christmas. “However,” he added, “as this report shows, the recent hiccups have not resulted in widespread layoffs. Job security is being helped by the fact that corporate profits remain near record highs. So, we may see some ebb and flow in the rate of hiring, but employers, at this point, are reluctant to make any over-correction in workforce levels.”
Casinos take a hit
Job cuts in September were led by the entertainment industry, where the closing of casino resorts in Atlantic City resulted in more than 7,000 firings. Overall, employers in the entertainment and leisure industry announced 8,119 job cuts during the month -- the most since December, 2005.
The computer sector continues to lead all industries in terms of year-to-date job cuts, despite the fact that just 74 were reported by these firms in September. Employers in the computer industry have announced 49,002 job cuts, so far this year -- nearly double the 27,892 computer-sector job cuts tallied in the first nine months of 2013.
“The Atlantic City cuts are not as much an indication of the overall economy as they are an indication of trends re-shaping the casino industry,” Challenger pointed out. As states allow more cities to open gambling establishments, destinations like Atlantic City, start to lose their draw. Atlantic City has not been able to mimic Las Vegas, where a diversity of entertainment options beyond gambling attract tourists.”
By the quarter
Over the last few years -- since the end of the recession -- the fourth quarter has been among the lowest job-cut quarters.
In four of the previous five years, the fourth quarter saw the fewest or second fewest job cuts of the year, according to Challenger data. In fact, from 2009 through 2013, the fourth quarter averaged 131,174 job cuts, making it the smallest job-cut quarter during that period.
The fourth-quarter average was 18% lower than the next highest quarterly average during the five-year period: the second quarter, which averaged 160,721.
“The first quarter is the most active period for job cutting. So, looking ahead to 2015, we are likely to see a first-quarter surge. However, unless there is a major shock to the economy between now and the end of the year, the first three months of the new year should remain relatively low by historical standards,” said Challenger.
Separately, first-time claims for state unemployment benefits fell by 8,000 during the week ending September 27 to a seasonally 287,000. At the same time, the government said the previous week’s total was revised upward by 2,000.
Sterne Agee Chief Economist Lindsey M. Piegza said that despite week-to-week volatility, jobless claims have hovered around the 300,000 mark for most of the third quarter suggesting, “stabilization but also little improvement in terms of firing rates.”
The definitive word on jobs is due tomorrow, when the September employment report is released.
The 4-week moving average, which is less volatile and considered a more accurate barometer of the labor market, was 294,750 -- a drop of 4,250 from the previous week'.
The full report is available on the Labor Department website.
Planned job cuts announced by employers based in the U.S. plunged 24% in September to a 14-year low of 30,477.
Figures released by outplacement consultancy Challenger, Gray & Christmas suggest 2014 is on pace to be the lowest job-cut year since 1997.
Last month’s job cuts were the fewest since June, 2000, when just 17,241 workers were let go. The September decline brings the 2014 monthly average down to 40,379. If this pace holds, the year could end with fewer th...
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.
Who's working and who's not
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 (4.5%), teenagers (16.0%), Blacks (8.6%), Asians (3.5%), and Hispanics (5.8%) showed little or no change.
Both the labor force participation rate, at 62.7%, and the employment-population ratio, at 59.6%, showed little change during the month.
The number of people out of work less than five weeks increased by 211,000 in June, following a decrease during the previous month. The number of long-term unemployed (those jobless for 27 weeks or more) changed little in June at 2 million and accounted for 25.8% of the unemployed.
Job gains and losses
The biggest contributor to the increase in employment was leisure and hospitality (+59,000 jobs), followed by health care and social assistance (+58,000) and financial activities (+16,000).
Employment in mining continued to trend down in June (-6,000), with other major industries, including construction, manufacturing, wholesale trade, transportation and warehousing, and government showing little or no change in June.
Average hourly earnings for all employees on private nonfarm payrolls edged up two cents in June to $25.61, following a six-cent increase in May. Over the year, average hourly earnings have risen by 2.6%.
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 non-manufacturing, or services, sector of the U.S. economy grew for an 89th consecutive month in May.
However, the Institute for Supply Management (ISM) reports the Non-Manufacturing Index expanded at a slower rate last month -- 56.9%, down 0.6% from the April reading.
Fifty is the line that separates expansion from contraction.
The report from the nation’s purchasing and supply executives also shows the Non-Manufacturing Business Activity Index was down 1.7% to 60.7%,...
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).