Job creation picked up steam in November12/02/2016 | ConsumerAffairs
The nation's unemployment rate fell to 4.6% in November, it's lowest level in nine years, according to figures released by the Department of Labor (DOL). At the same time, 178,000 jobs were created with major gains in professional and business services and in health care.
The 0.3% decline in the unemployment rate came as the number of unemployed persons declined by 387,000 -- to 7.4 million.
Among the major worker groups, the jobless rate for adult men fell to 4.3% last m...
Eleven of 18 industries reported growth12/01/2016 | ConsumerAffairs
The manufacturing sector grew in November at a faster clip than during the previous month as the overall economy grew for the 90th consecutive month.
According to the latest Manufacturing Institute for Supply Management (ISM) Report On Business, last month's Purchasing Management Index (PMI) stood at 53.2%, up 1.3% from October.
A reading above 50% indicates growth, while anything below that mark suggests contraction.
The nation’s supply executives also report the New Orde...
New orders and production expanded, while employment and inventories contracted08/01/2016 | ConsumerAffairs
Another month of expansion -- the fifth in a row -- for the manufacturing sector of the economy.
At the same time, according to the Institute for Supply Management's (ISM) Report On Business, the overall economy grew for the 86th consecutive month.
The July Purchasing Manager's Index registered 52.6% last month – down 0.6% from June. A reading above 50% indicates growth, while anything below that mark suggests contraction.
The Orders Index dipped 0.1% to 56.9%, while the P...
Nearly a half million young adults found work last month08/09/2016 | ConsumerAffairs
The kids are on the job.
An analysis of government data by outplacement firm Challenger, Gray & Christmas finds the number of teenagers finding summer jobs this year is up 15.4%, or 1.3 million, between May and July -- the highest level since 2013.
The summer total was helped by heavier-than-usual teen employment gains in July.
A total of 492,000 teens found jobs in July, according to the Bureau of Labor Statistics (BLS), up 33% from a year ago and 25% higher than the 392,...
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 ...
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...
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...
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...
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, ...
The expansion was the second in three months07/22/2016 | ConsumerAffairs
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...
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....