Work and Employment Updates

If you’ve been looking for a job, your chances of finding one last month were the best since the coronavirus (COVID-19) shut down the economy 12 months ago.

The Labor Department reports that the economy produced 916,000 jobs last month. In March 2020, as the economy went into lockdown mode, the economy lost 701,000 jobs.

“These improvements in the labor market reflect the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic,” said William Beach, commissioner of the Bureau of Labor Statistics. “Job growth was widespread, led by gains in leisure and hospitality, public and private education, and construction.”

The nation’s unemployment rate dropped to 6 percent in March, considerably lower than its recent high in April 2020. However, it is 2.5 percentage points higher than its pre-pandemic level in February 2020. 

Where the jobs are

Your odds of getting hired last month were best if you applied at a hotel or restaurant. Jobs in the leisure and hospitality sector increased by 280,000 as pandemic-related restrictions eased in many parts of the country. 

The report shows most of the increase was at bars and restaurants, which accounted for 176,000 new jobs. Despite the big gain, employment in leisure and hospitality is down by 3.1 million, or 18.5 percent, since February 2020.

Teachers and school administrators also accounted for thousands of jobs in March as schools began to reopen for in-classroom instruction. Employment rose by 76,000 in local government education, by 50,000 in state government education, and by 64,000 in private education. 

Jobs in construction increased by 110,000 last month, helping to make up for the 56,000 construction jobs that were lost in February. Employment growth in construction was widespread in March, with gains of 65,000 in specialty trade contractors, 27,000 in heavy and civil engineering construction, and 18,000 in construction of buildings. Employment in construction is 182,000 below its February 2020 level.

Business and professional services, a sector that has remained relatively stable throughout the pandemic, added 66,000 jobs in March. However, total employment in that sector is down by 685,000 from before the pandemic.

Retailers added only 23,000 jobs in March, with clothing stores seeing the biggest gains. Employment in health care was largely unchanged.

Average hourly earnings for all employees fell by four cents to $29.96. 

The nation’s economy lost jobs last month for the first time since April, when the coronavirus (COVID-19) pandemic threw the economy into lockdown.

The Labor Department reports that nonfarm payrolls shrank by 140,000 in December. To find the main source of the damage, one needs to look no farther than the hospitality industry. These COVID-19-sensitive businesses -- particularly restaurants -- lost nearly a half-million jobs.

December marked the end to what had appeared to be a recovering job market. The economy began adding jobs in May and had restored more than 12 million jobs until last month.

Despite the setback, two numbers remained unchanged last month. The number of people who were out of work remained at 10.7 million, and the unemployment rate was unchanged at 6.7 percent.

In addition to the huge loss of jobs in the hospitality industry, private education shed 63,000 jobs and 45,000 government jobs disappeared.

Some industries added jobs

On the plus side, retailers added 121,000 jobs in December, even as more holiday sales moved to online channels. More than half the gain came at general merchandise stores and warehouses.

Employment in business and professional services grew by 161,000 last month, but a large number of those jobs were temporary in nature. Construction added 51,000 jobs in December, but employment in the industry is 226,000 below its February 2020 level, just before the pandemic.

Economists say the employment report shows there was a need for the coronavirus stimulus/aid bill Congress passed last month. It includes an extra $300 a week in unemployment benefits and a one-time $600 direct payment to every American.

President-elect Biden has served notice that more aid/stimulus will be coming in the weeks ahead now that Democrats control the White House and both chambers of Congress.

A bipartisan group of senators on Tuesday unveiled a $908 billion stimulus proposal with the aim of putting an end to a partisan impasse that has now spanned several months. 

The proposal doesn’t include another direct payment to most Americans. However, it would address issues such as the need to extend major economic aid programs. Programs set to expire at the end of this month include an unemployment insurance extension, a federal student loan payment moratorium, and eviction protections.

The draft bill outlined on Tuesday includes $288 billion in small business aid, $160 billion in state and local government relief, and $180 billion to funnel into a $300 per week supplemental unemployment benefits through March.

Additionally, $16 billion would go towards vaccine distribution, testing, and contact tracing; $82 billion would be put towards education; and $45 billion would be carved out for transportation. It would also designate funds for rental assistance, child care, and broadband.

Second wave straining economy 

The proposal was unveiled at a news conference on Tuesday. It was drafted by Democratic and Republican lawmakers in the Senate, including Sens. Joe Manchin III (D-W.Va.), Mark R. Warner (D-Va.), Bill Cassidy (R-La.), Mitt Romney (R-Utah), and Susan Collins (R-Maine). 

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin, the two main negotiators on a stimulus package, are reportedly set to speak on the phone later on Tuesday. The two will primarily discuss a spending bill that Congress needs to pass before December 11 to keep the government running. Mnuchin told reporters that they may talk “a little bit” about new coronavirus relief. 

The proposal of a new stimulus bill comes amid a second wave of COVID-19 infections in the U.S. The surge in cases threatens to further strain the nation’s economy and hospitals.

“It is absolutely essential that we pass emergency relief,” said Sen. Susan Collins (R-Maine) at the news conference.

Experts continue to highlight the risks associated with heart disease. While staying informed is one key to better heart health, a new study conducted by researchers from the European Society of Cardiology is looking at how the prevention of heart disease could lead to several societal benefits. 

The researchers say that preventing even just 10 percent of coronary heart disease cases could help keep consumers employed and subsequently save billions of dollars in related costs. 

“Economic evaluations of disease typically focus on the cost for healthcare systems,” said researcher Feby Savira, PhD. “Our study examined how much money could be saved by preventing heart disease, thereby enabling people to remain in work.” 

Adopting healthier habits

To better understand how preventing heart disease could be beneficial for both consumers and the economy, the researchers analyzed health records for Australian workers between the ages of 15 and 69. Using a productivity-adjusted life year (PALY) model, they were able to see how heart disease affected the participants’ productivity as they aged. 

Based on their findings, they estimated that roughly 300,000 people would develop heart disease. The researchers explained that these diagnoses greatly affect consumers’ productivity, including how well they’re able to do their jobs, how often they’re able to show up to work, or if they’re able to work at all. According to their findings, more than 65 percent of people with heart disease are forced to retire early. 

However, based on their findings, taking steps to prevent heart disease can be greatly beneficial. They found that preventing just 10 percent of cases would lead to a huge boost in productivity, resulting in more consumers holding onto their jobs and generating billions of dollars worth of savings. 

“Even preventing just 10 percent of future coronary heart disease cases (equivalent to 2,860 new cases per year over 10 years) could result in A$2 billion (USD $1.5 billion) in monetary gains from improved productivity alone,” Dr. Savira said. “Our study demonstrates the strong financial incentive for the prevention of coronary heart disease to improve health and productivity among the working-age population.” 

Benefiting consumers and society

Moving forward, the researchers hope that those in positions of power do their part to help consumers adopt healthy habits that could prevent heart disease. 

“These findings demonstrate the profound impact of coronary heart disease on individuals, employers, and society,” Dr. Savira said. 

“Employers can establish healthy workplaces, for example by providing group exercise classes, and healthy food and beverage options. There is plenty each of us can do to protect our health and livelihood: it is estimated that 80 percent of cardiovascular disease could be stopped by eliminating bad habits such as poor-quality diet, physical inactivity, and smoking.” 

On Thursday night, the House of Representatives approved a $2.2 trillion Democratic COVID-19 stimulus plan. 

The bill, which is opposed by Republicans, would accomplish the following: 

• Reinstate the $600 per week enhanced unemployment benefit through January;

• Send a second $1,200 direct payment to most Americans;

• Give $436 billion in relief over one year to state and local governments;

• Authorize more money for a second round of Paycheck Protection Program loans for the hardest-hit businesses and industries;

• Send $25 billion to airlines to cover payroll costs;

• Inject $75 billion into COVID-19 testing and contact tracing efforts;

• Put $225 billion into education and $57 billion into child care; and

• Set aside billions for rental and mortgage assistance.

Democrat-only plan

Thursday’s plan was approved by a vote of 214-207. Eighteen Democrats voted against the measure and all Republicans opposed it. At the present time, talks between House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin still haven’t resulted in an official deal. 

On Wednesday, Mnuchin put forward a $1.6 trillion proposal that would include $250 billion for state and local government relief, $400 per week in extra unemployment benefits, $150 billion for education, $75 billion for COVID-19 testing and contact tracing, and $60 billion for rental and mortgage assistance, according to NBC. 

Earlier on Thursday, Pelosi said she was optimistic that a bipartisan deal could be agreed upon. However, she said the two sides still have different stances on several big issues.

“We have come to, kind of, in the ballpark of some things,” Pelosi said. “Still way off in terms of state and local government, state and local government, our heroes: health care workers, police and fire, teachers, teachers, sanitation, transportation, food workers – the people who make it possible for us to be here. They make government function, state and local.” 

She added that Democrats "have concerns about a sufficient amount of money to address the unemployment insurance needs of the American people."

Pelosi told reporters that she planned to go home and review documents that Mnuchin had sent her to determine how to proceed.

President Trump signed executive orders over the weekend to provide some COVID-19 financial relief after Congress was unable to agree on a package and left town on a month-long vacation.

To make up for the $600 a week federal unemployment bonus that expired at the end of July, one of Trump’s executive orders extends the payment but reduces it to $300 a week. It also requires states to pay an extra $100 a week -- something many governors say they are unable to do.

Trump’s actions also continue some student loan relief and provide some help for renters, though they stop short of extending the moratorium on evictions, which also expired at the end of last month.

Also included in the executive orders was a payroll tax “holiday,” meaning the FICA portion of paycheck withholding would be reduced through the end of the year, giving people a little more money. Of course, FICA is the tax that funds Social Security and Medicare, and pausing the tax makes those programs’ deficits even deeper.

‘Absurdly unconstitutional’

Democrats denounced the move, with House Speaker Nancy Pelosi (D-Calif.) calling it “absurdly unconstitutional.” She and other Democrats point out that under the U.S. Constitution, only Congress has the power to spend taxpayer dollars.

The president’s executive orders are likely to be challenged in court, something the White House may not mind. After all, it’s an election year.

The question is how quickly a court might act. Judging by the court system’s normal speed, it could be several weeks before a ruling is made. In the meantime, unemployed Americans would receive at least $300 from the U.S. Treasury, along with their state unemployment benefit.

Stimulus payment not included

What is not contained in the executive orders is another direct stimulus payment to every American adult. Ironically, sending every American $1,200 is something that both Republicans and Democrats agree on.

The negotiations over a COVID-19 relief bill broke down largely because the two sides could not agree on the amount of the bonus unemployment payment. Democrats wanted to extend the $600 a week payments through January. Republicans held fast at $200 a week.

In addition, Democrats pushed for more aid to state governments -- something Republicans opposed -- and Republicans wanted reduced legal liability for businesses -- something Democrats opposed. 

The economy continued to add jobs in July, but it was at a much slower rate than in May and June. The Labor Department reports that there were 1.8 million new jobs last month, slightly better than most economists expected.

The unemployment rate fell to 10.2 percent as job growth was reported among all racial demographics and among both men and women.

The number of unemployed workers on temporary layoff fell by 1.3 million in July to 9.2 million, about half its April level. The number of permanent job losers and the number of unemployed reentrants to the labor force were virtually unchanged over the month, at 2.9 million and 2.4 million, respectively. 

“The rate of recovery in the labor market slowed in July, as job growth over the month was less than half that for June,” said William Beach, commissioner of the Bureau of Labor Statistics. “As of July, total nonfarm employment is 12.9 million, or 8.4 percent, lower than in February, before the pandemic crisis unfolded in many parts of the United States.”

Leisure and hospitality lead the way

In July, the leisure and hospitality sector — perhaps the hardest hit by the pandemic and the resulting economic shutdown — continued to bounce back. New jobs in that sector rose by 592,000, accounting for about a third of the month’s overall job gains.

Despite those gains over the last three months, the number of jobs in food services and drinking places is down by 2.6 million since February. There was significant growth, however, in employment in amusements, gambling, and recreation, with more than 100,000 new jobs.

Jobs also continued to return to the business and professional services industry, to government, and to health care. There were smaller gains in manufacturing and construction.

Retail, another sector hard-hit by the pandemic, continued to add jobs last month as more stores reopened. Retail added 258,000 jobs, but employment in the industry is 913,000 lower than in February.

In fact, it’s sometimes hard to remember that the unemployment rate in February was near a record low of 3.5 percent. 

“On balance, we’re still in a hole,” Julia Coronado, an economist at MacroPolicy Perspectives, told The Wall Street Journal. “The pace of recovery has really been set back by the resurgence of the virus. Given how far we have to go to re-employ the people who have become unemployed, that’s very discouraging.”

On the heels of a shocking increase in jobs in May, the Labor Department reports that the U.S. economy added 4.8 million jobs in June as businesses began to reopen. The unemployment rate fell to 11.1 percent.

The number of unemployed people who were on temporary layoffs fell by 4.8 million to 10.6 million. That good news, however, was offset by a rising number of people whose jobs are now considered permanently eliminated. That number rose by 588,000 to 2.9 million in June. 

“This rebound in business activity accelerated in June,” said William Beach, commissioner of the Bureau of Labor Statistics. “Nevertheless, total nonfarm employment is 14.7 million, or 9.6 

percent lower than in February.” Furthermore, although unemployment continued to fall in June, the unemployment rate and the number of unemployed people are up by 7.6 percentage points and 12.0 million, respectively, since February.”

Leisure and hospitality lead the way

As it did in May, the leisure and hospitality sector led June’s job creation as more of these types of businesses reopened. The sector added 2.1 million jobs, accounting for about two-fifths of the gain in total nonfarm employment. 

Employment in food services and drinking places rose by 1.5 million, following a similar gain in May. Even with these gains, however, employment in food services and bars is down by 3.1 million since February -- just before the pandemic.

Analysts say the June numbers need to be taken with a rather large grain of salt because some of those jobs that were created in early June may have disappeared again, or may do so in the near future. With the recent spike in coronavirus (COVID-19) cases some bars have closed again in Texas and California. Other states may be considering a similar move.

In New York, Gov. Andrew Cuomo has rescinded an order that would have allowed indoor dining at restaurants, starting this week. Other states where the virus remains in check are reportedly rethinking their reopening plans as officials watch what’s happening in the South and Southwest.

Retail job gains

The same could be true, to a lesser extent, in the retail sector. Retailers added 740,000 positions last month following a 372,000 job gain in May. However, the sector lost 2.4 million jobs in March and April combined, so the industry is operating with 1.3 million fewer jobs than it did in February.

Meanwhile, some retailers are rethinking their reopening plans as well. Apple has added dozens of stores to its list of Apple Stores that are temporarily closed, and McDonald’s has pushed back its dining room reopening plans by three weeks.

In nearly every category, job creation rose but still has a long way to go before reaching pre-pandemic levels. For example, professional and business services added 306,000 jobs in June, but the government notes that employment is 1.8 million below its February level.

In a report that turned conventional wisdom on its ear, the Labor Department says the economy actually added jobs in May after millions of people were laid off in April.

Total nonfarm payrolls increased by 2.5 million last month as the unemployment rate fell to 13.3 percent. Some Wall Street estimates put the May unemployment rate at 20 percent.

“These improvements in the labor market reflected a limited resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic and efforts to contain it,” the Bureau of Labor Statistics said in a press release.

It was rehiring in leisure and hospitality businesses, devastated by quarantines across the country, that helped lead the unexpected resurgence. But there was also very heavy hiring in construction, education, health services, and retail trade. By contrast, employment in government continued to decline sharply.

Major surprise

Economist Joel Naroff of Naroff Economic Advisers says the May report was a major surprise, showing that the reopening of the economy is going a lot faster than expected.  

“The rise in payrolls and the decline in the unemployment rate indicate that the collapse in the economy brought on by the virus-related shutdowns is coming to an end,” Naroff told ConsumerAffairs. “Hopefully, that means we will be able to start moving forward and recoup the losses we saw during the shutdowns.”

Businesses in the leisure and hospitality sector led the way, increasing their payrolls by 1.2 million after slashing 7.5 million jobs in April and 743,000 in March. Bars and restaurants, which began to reopen in some states as early as late April, accounted for about half of the job gains.

Contractors go back to work

Construction hiring surged by 464,000 in May, gaining back almost half of April’s losses, with growth about equally split between the residential and nonresidential sectors. 

Education and health services added 424,000 jobs in May, after giving up 2.6 million in April. Health care employment increased by 312,000 over the month, with many of the gains in dentist offices and other health care practitioners.

Retail businesses, shut down during the height of the pandemic, also contributed to last month’s wave of hiring. Retail hiring rose by 368,000 after that sector shed 2.3 million jobs in April. Hiring was the greatest among clothing retailers, car dealers, and general merchandise stores.

At the same time, the pain continued for some types of retailers. Electronics and appliance stores and businesses selling auto parts and tires continued to lose employees.

As the COVID-19 pandemic continues to hold the economy hostage, the number of first-time unemployment insurance filers in the U.S. rose another 3.84 million in the last week, moving the total number of claims across the 30 million mark. 

However, there’s a small silver lining in that report -- the latest total is a decrease of 603,000 from the previous week's revised level. 

All 50 states are delivering unemployment checks

There’s another sliver of good in the state-by-state unemployment filings, too. For the week ending April 25, only seven U.S. states showed increases in the number of filings. 

This is a welcome relief for the states. When the pandemic hit, unemployment insurance funding and staffing at the state level was at an all-time low, forcing the states to play catch-up. A new study from the Economic Policy Institute suggests that for every 10 people who were able to file an unemployment claim, there were another three or four who weren’t successful, as well as two more who didn’t apply because they thought it was too difficult.

For those who were able to get through the filing process, U.S. Secretary of Labor Eugene Scalia says they are now getting what they were promised. 

“All 50 states are now delivering the $600 additional weekly unemployment benefit provided by the CARES Act,” Scalia in a statement regarding Unemployment Insurance claims. “The Department has disbursed more than three-quarters of a billion dollars to States to help them deliver this relief as quickly as possible as Americans follow the guidance of public health officials to ‘slow the spread.’”

The impact continues to hit home

Gallup went a little further down the rabbit hole to try and find just how close to home pandemic-related unemployment has hit. In a recent study, its researchers found that:

• Nearly one in every three Americans have experienced either a temporary layoff, permanent job loss, reduction in hours, or reduction in pay as an extent of the coronavirus situation; 

• Eighteen percent have experienced more than one of these disruptions; and

• The hardest-hit population sector are those in the lower income brackets. Among pre-epidemic annual household incomes of less than $36,000 annually, 14 percent report being temporarily laid off, 4 percent have been permanently let go, and 32 percent have seen a loss of income.

The long look ahead

Projections for when America will be back at full speed with workers at desks, travelers on planes, and people hugging and high-five’ing again is anyone’s guess. 

However, as to the workers-at-desks question, the prospect doesn’t bode well. In a separate survey, Gallup found that a record-high 25 percent of employed U.S. adults think it’s possible that they’ll be laid off in the next year -- just a year after a 45-year low of 8 percent was registered for the same question. 

Scalia’s viewpoint isn’t quite as blunt, but he says there’s one key element that is likely to make a significant impact.

“Looking ahead, as workplaces reopen, we must ensure that individuals transition from unemployment back into the workforce,” Scalia said. “Key to this process will be workplace safety. The Occupational Safety and Health Administration has been at the forefront of workplace safety since January, delivering important resources and guidance to businesses to help them keep workers safe, and investigating and responding to worker complaints.”

The U.S. economy, which had added jobs each month for nine and a half years, lost 701,000 jobs in March. The Labor Department reports the unemployment rate shot up to 4.4 percent from 3.5 percent in February.

The massive job loss was led by the leisure and hospitality sector, which shed 459,000 jobs as hotels, theme parks, bars, and restaurants closed their doors. There were losses in almost every other sector but on a lesser scale.

Here are the job loss numbers:

• Leisure and hospitality: -459,000

• Health care and social assistance: -61,000

• Professional and business services: -52,000

• Retail: -46,000

• Accommodations: -29,000

• Construction: -29,000

• Manufacturing: -18,000

• Mining: -6,000

The government increased hiring

Federal government hiring increased -- the only sector to do so -- by 18,000, with most of those positions going to 2020 Census workers. Employment in other major industries, including wholesale trade, transportation and warehousing, information, and financial activities, changed little over the month.

The loss of more than 700,000 jobs was more than most analysts expected. It follows by a day the government’s report that a record 6.6 million Americans filed for unemployment benefits in the previous week, suggesting that job losses might be even worse.

In an odd quirk to the monthly report, average hourly earnings went up last month. However, that may be due to the fact that many of the lost jobs in leisure and hospitality were low-paying jobs, which raised the average for those still working.

Average hourly earnings for all employees on private nonfarm payrolls increased by 11 cents to $28.62. Over the past 12 months, average hourly earnings have increased by 3.1 percent. Average hourly earnings of private-sector production and nonsupervisory employees increased by 10 cents to $24.07 in March.

The economic toll from the coronavirus (COVID-19) continues to accelerate. The Labor Department reports that initial claims for unemployment benefits surged to 6.6 million for the week ending March 28.

That’s double the number who sought unemployment benefits during the previous week, as the virus began to force businesses to close and lay off employees. The previous week’s number had also been a record.

In fact, the government revised last week’s number upward by 24,000 workers. The Labor Department’s four-week moving average was 2,612,000, an increase of 1,607,750 from the previous week's revised average. The previous week's average was revised up by 6,000 from 998,250 to 1,004,250. 

Financial analysts on Wall Street were not surprised at the number, and it seemed to have no effect on stock futures when it was announced. Some analysts expect as many as 20 million Americans could lose their jobs as a direct result of the pandemic.

This week, an analysis from the St. Louis Federal Reserve Bank estimated that the nation’s unemployment rate -- which stood at 3.5 percent in February -- could reach 32 percent before the economy begins to recover.

Better benefits under new law

It may be small consolation to those who have lost jobs, but unemployment benefits have just gotten more generous. President Trump signed the CARES Act on March 27, increasing and extending jobless benefits.

In most states, employees laid off before December 31 can receive unemployment benefits for 39 weeks instead of the previous 26-week limit. The new law also waives the one-week waiting period that most states require.  

Those unemployment checks will also be bigger. The CARES Act adds $600 a week to workers’ benefits during the first four months of unemployment.

Finally, the law allows workers in the gig economy to file for unemployment benefits. Previously, these workers were not covered.

It was easier than expected to get hired last month. The Labor Department reports that the economy added 225,000 jobs in January, significantly more than expected.

Some of the biggest gains came in construction, health care, and transportation and warehousing. The unemployment rate ticked up to 3.6 percent because more people were looking for work.

Construction jobs increased by 17,000 after averaging 12,000 a month throughout 2019. Jobs in health care rose by 36,000, and transportation and warehousing jobs increased by 28,000.

The ADP National Employment Report, issued two days ahead of the government’s non-farm payrolls, showed where the new jobs are being created. Medium-size businesses with 50 to 499 employees created the most jobs in January -- 128,000. Small businesses, which traditionally have been the employment driver in the economy, produced only 94,000 jobs last month.

Gad Levanon, vice president of Labor Markets at The Conference Board, says the robust January jobs report is, in general, good news for people looking for a job.

“Amid stagnant growth in the working-age population, strong employment growth will likely further tighten the labor market in 2020,” Levanon said. “As a result, we can expect increasing challenges around recruitment and retention, higher labor cost growth, and a further squeeze on corporate profits.”

The advantage goes to employees and job seekers

A tight labor market might not be so good for employers, but it gives employees and job seekers additional leverage. The increase in jobs is drawing more people to the workforce, especially women. Levanon says the labor force participation rate for women aged 25-54 reached 77 percent in January. 

“That marks a near-record, just shy of the record rate in April 2000,” he said. “The improvement in labor force participation will partly offset the impact of strong job growth, slow further tightening in the labor market, and help fuel continued employment and economic growth.”

People with jobs earned more last month as well. Average hourly earnings for all employees on private nonfarm payrolls rose by seven cents to $28.44. On an annual basis, that’s a 3.1 percent increase in pay, slightly higher than the increase in December.

The record-long economic recovery has been marked by a strong demand for labor. The U.S. economy has added jobs for 112 straight months, the longest streak of job gains on record.

The initial reaction to December’s employment report from the Labor Department was disappointment. Analysts were expecting a bigger number.

Total non-farm payrolls increased by 165,000 last month, but that was about 20,000 fewer than the consensus estimate. The economy added 266,000 jobs in November, well ahead of the consensus estimate of 187,000. That may have raised expectations for December.

Frank Steemers, associate economist at The Conference Board, says there’s little reason for disappointment because the jobs market ended 2019 and enters 2020 on a solid footing.

“In 2019, the unemployment rate reached its lowest point since the late 1960s and job growth was strong with an average of 176,000 jobs added per month – just over 20 percent slower than the average of 223,000 in 2018,” Steemers said. “The labor market performance in 2019 should therefore be considered a significant achievement after an economic expansion of over ten years.”

Good news for job seekers

That’s good news for people looking for jobs. Even if job growth tapers off in the new year, the labor market is likely to remain tight, with employers eager to hire and retain qualified employees. Demographics have something to do with it.

“The working-age population is barely growing and labor force participation rates are only slowly increasing,” Steemers said. “Employers hiring blue-collar and manual services workers will have a harder time recruiting and retaining current employees.”

Steemers says these workers can also expect to see stronger wage growth in the months ahead. In fact, he says overall wage growth is slowing only because wages are growing much more slowly for highly educated workers.

Factories are having such a difficult time filling jobs that they are offering unheard-of incentives. The Wall Street Journal reports that manufacturers are paying relocation costs and signing bonuses to persuade workers to move to take their jobs. Even then, The Journal reports that a half-million factory jobs remain unfilled.

Unemployment rate at 3.5 percent

In December, the unemployment rate held at 3.5 percent, and the number of unemployed consumers was unchanged at 5.8 million. A year earlier, the jobless rate was 3.9 percent, and the number of unemployed consumers was 6.3 million.

In December, 41,000 people got jobs in retail, the strongest month of the year. But healthcare remained one of the strongest employment sectors, adding 28,000 in December and 399,000 for the year.

Professional and business services, which had been the biggest employer in 2018, continued to slow its pace of hiring. It added only 10,000 jobs in December and 397,000 for the year, down from 561,000 in 2018.

Hiring has exceeded expectations for another month, further diminishing concerns that a recession could be right around the corner.

The Labor Department reports the economy added 266,000 jobs in November, well ahead of the consensus estimate of 187,000. The unemployment rate fell back to 3.5 percent, the lowest level in a half-century.

Employment numbers for September and October were both revised higher. That added 41,000 jobs to the two-month total.

As in most recent months, the biggest job gains occurred in health care and in professional and technical services. Even manufacturing employment showed a nice gain, thanks to the end of the United Auto Workers (UAW) strike.

Wages still rising

Workers’ wages continued to tick higher last month. Average hourly earnings for all employees on private nonfarm payrolls rose by seven cents to $28.29. Wages have increased at a rate of 3.1 percent over the last 12 months.

With one more month to go in 2019, U.S. job growth has averaged 180,000 per month. Hiring has accelerated in the second half of the year at a time when some economists were warning of an economic slowdown caused by the trade war with China.

In November, people seeking jobs in health care had the most success. Health care added 45,000 jobs last month. Over the last 12 months, health care hiring has added 414,000 jobs. Hiring in professional and technical services increased by 31,000 in November. That’s up from the monthly average of 23,000 jobs created over the last 12 months.

Manufacturing plays catch-up

Manufacturing jobs surged by 54,000 jobs last month, but most of that was catch-up. Manufacturing employment plunged by 43,000 in October as many people were idled by strikes. With those strikes over, those workers returned to their jobs last month.

Leisure and hospitality, transportation and warehousing, and financial services all continued their upward trend in employment last month.

Hiring among retailers was essentially flat in November, suggesting some retailers bucked the historical pattern of bringing on temporary help for the holidays.

The job market is a lot stronger than most economists thought. The Labor Department reports the economy added 128,000 jobs in October, far more than most experts expected.

In addition, the government revised the jobs numbers for August and September, showing the economy actually produced 90,000 more jobs than initially reported. Recent reports that the economy was slowing were based in part on slower hiring, which now turns out not to be so slow.

Better than expected

The unemployment rate ticked up to 3.6 percent in October, largely because the labor participation rate increased, meaning more people were actively looking for work. Economist Joel Naroff, of Naroff Economic Advisors, says it was a better than expected jobs report in many ways.

“Not only did the overall number come in stronger than expected, given the GM strike, but the large revisions to August and September change the discussion from a job market that is softening to one that is stable and solid,” Naroff told ConsumerAffairs. 

Most of the new jobs were found in bars and restaurants, along with social assistance agencies and financial services. Automotive manufacturing lost jobs because of the strike against General Motors. Federal government employment was down because of a drop in the hiring of temporary census workers.

Workers’ incomes continued to rise last month. The survey shows average hourly earnings for all employees on private nonfarm payrolls rose by six cents to $28.18. Over the past 12 months, average hourly earnings have increased by 3 percent. 

Where the jobs are

Bars and restaurants added 48,000 jobs last month, a sharp pickup from earlier in the year. Industry job growth has averaged 38,000 over the past three months, compared with an average monthly gain of 16,000 in the first seven months of the year.

Jobs in companies and agencies providing social assistance services increased by 20,000 last month, a higher than normal increase. This sector has averaged 11,500 new jobs each month over the last 12 months.

The professional and business services sector has been a job creation leader in 2019, and October was no exception. The sector added 22,000 jobs last month, a little below its average of 33,000 per month for the rest of 2019.

Health care continued to add jobs, but at a much slower rate. The sector’s payrolls increased by 15,000 in October, well below its 12-month average of 33,500.

The economy added 136,000 jobs in September, flying in the face of recent data which suggests that the U.S. is sliding into a recession.

The Labor Department reports that the unemployment rate fell to 3.5 percent in September, the lowest level in 50 years. August employment, which was below expectations when it was reported last month, was revised moderately higher.

All in all, the U.S. job market appears to be holding its own in the face of declining manufacturing and heightened concerns around trade issues that have raised the possibility of a recession in the months ahead. In September, at least, the jobs numbers weren’t showing it.

As usual, health care and professional and business services led the way in creating new jobs in September despite total private sector employment trending lower for the month. The numbers were offset by an increase in government hiring.

Here’s who’s hiring

The health care industry added 39,000 jobs last month, pretty much in line with its average monthly gain over the last 12 months. Most of the openings occurred at doctors’ offices and clinics.

Jobs in professional and business services increased by 34,000 in September, close to its monthly average of 35,000 so far this year. However, that’s down from the 47,000 monthly average throughout 2018.

The retail sector continues to lose jobs. Retail jobs decreased by 11,000 during the month, with apparel retailers leading the way. Since peaking in January 2017, retail trade has lost 197,000 jobs.

The government hired more people last month. Federal hiring for the 2020 Census contributed only 1,000 jobs, but total hiring was up by 22,000. The government has added 147,000 jobs over the past 12 months, mostly in local government.

There wasn’t much of an increase in workers’ pay last month. The government reports average hourly earnings came in at $28.09, a penny less than in August, which recorded a sharp gain over July.

For those who are unemployed, the number of people who lost jobs and people who completed temporary jobs fell by 304,000 to 2.6 million in September. The number of people joining the workforce for the first time rose by 103,000.

Despite the recent media focus on recession concerns, U.S. businesses don’t appear to have slowed their hiring. At least, not yet.

The ADP Research Institute’s monthly private-sector employment report shows businesses added 195,000 jobs in August. The report is different from the Labor Department’s monthly employment report -- which comes out Friday -- because it is derived from ADP's actual payroll data.

According to the report, medium-sized businesses created the most jobs last month -- 77,000 -- followed by small businesses, which contributed 66,000. Large companies created only 2,000 jobs.

Once again, it was the service sector that drove job creation. Companies providing services added 184,000 jobs last month, with the bulk coming in health care, trade/transportation, and professional services. Manufacturing continued to retreat, however, producing only 8,000 new jobs. 

Rebound in jobs

"In August we saw a rebound in private-sector employment," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. "This is the first time in the last 12 months that we have seen balanced  job growth across small, medium and large-sized companies." 

Mark Zandi, chief economist of Moody's Analytics, says the takeaway is good news for the overall economy. Despite worries that things may be slowing down, companies are holding firm to their payrolls.

“Hiring has moderated, but layoffs remain low,” Zandi said. “As long as this continues a recession will remain at bay."

But despite the hiring bump, Wall Street is concerned that a recession is in the cards. Analysts note that the “yield curve” has inverted twice in the last four weeks, meaning yields paid on long-term bonds are less than those paid on short term notes. 

Historically, an inverted yield curve signals a recession within the next two years.

A growing number of economists worry that a recession could be ahead, but the job market has yet to suggest it.

Last week’s July employment report shows that the economy produced 164,000 jobs last month, and the unemployment rate remains near a record low of 3.7 percent. As in previous months, there were sizable job gains in professional and technical services, health care, social assistance, and financial activities.

At the same time, wages also continue to slowly rise. In July, average hourly earnings rose by another eight cents to $27.98, an increase of 3.2 percent over the last 12 months. In its analysis The Conference Board suggests that the latest report means the hiring pace should continue for a while. 

“We should expect more of the same in the U.S. labor market: moderate employment growth, labor market tightening, intensifying recruiting and retention difficulties, and higher labor cost growth which will continue to draw more people into the labor force, the Board said in a statement. 

One significant consequence of the report, the organization says, is that further Federal Reserve rate cuts may be less likely.

Tech weakness

While the technology sector continued to produce jobs, an analysis by CompTIA, a technology industry association, shows the telecom industry lost 5,100 jobs last month. That reduced the net jobs gain for technology to 11,400.

"Despite the telecom losses and some softness in job posting data, it was a reasonably solid month for tech," said Tim Herbert, executive vice president for research and market intelligence at CompTIA. "Digital transformation is an ongoing process, where the mix of investment, skills requirements and business alignment are never static."

Boost to housing

The impact of the report may also be felt outside the job market. Holden Lewis, NerdWallet’s home expert, says the strong jobs report, coupled with lower mortgage rates, could mean the lagging housing market is about to see more would-be buyers pour in.

“But many will be disappointed with what they find,” Lewis said in an email to ConsumerAffairs. “More buyers often lead to more bidding wars for homes, and with mortgage rates remaining relatively steady since June, getting into a home won't be any easier now than a few months ago.”

The economy added 224,000 jobs in June, as fears of a slowdown in the economy didn’t show up in hiring. The Labor Department reports that the unemployment rate edged up to 3.7 percent due to more people looking for work.

“Over the month, notable job gains occurred in professional and business services, in health care, and in transportation and warehousing,” said William Beach, commissioner of the Bureau of Labor Statistics.

But the retail sector -- often a place where young people get their first jobs -- continued to shrink in June. The retail sector lost 6,000 jobs, the fifth straight month that employment in that sector has declined. 

Economists have pointed to two main reasons that retail jobs are disappearing. They point out that more retail shopping continues to shift to online channels. At the same time, brick and mortar retailers are making greater use of automation.

“Broadly speaking, retail is a sector where automation has been particularly present,” Nathan Sheets, chief economist at PGIM Fixed Income, recently told CNBC. “Self-checkouts are now common. If you’re not sure about a price, you scan the bar code rather than asking a worker.”

Where the jobs are

Jobs were the most plentiful last month in professional and business services companies. That sector grew by 51,000 after also outpacing other industries in May. Employment growth in the first half of the year has averaged 35,000 a month.

Health care was also doing a lot of hiring last month, adding 35,000 jobs. That sector has grown by 403,000 jobs over the last 12 months. Hiring was also strong in transportation and warehousing, growing by 24,000 jobs. With the arrival of summer weather, construction hiring rose by 21,000.

Paychecks also rose in June but at a slower pace than in previous economic recoveries. Average hourly earnings are up 3.1 percent in the last 12 months.

Impact on the Fed

The jobs numbers are closely watched by the Federal Reserve as it gauges the health of the economy. In the sometimes bizarro world of Wall Street, stocks fell on the news because the June number was stronger than expected.

Gad Levanon, chief economist, North America, at The Conference Board, says the prevailing wisdom before Friday was that the economy was slowing down. He says that’s much less certain now. 

“We expect the U.S. economy to continue to grow slightly above its long-term two percent trend through at least the end of the year, generating enough job growth to continue tightening the labor market,” Levanon said. “In such a scenario, the need to cut the Federal Funds rate would lessen.

Before the release of the employment report, the market appeared to have assumed the Fed would cut interest rates when it meets later this month. Analysts say that’s less certain now.

The economy is growing, unemployment is near record lows, and the stock market is at all-time highs. But for millions of Americans, money is a constant concern.

A new Bankrate survey drills down into consumer’s darkest worries and reveals that 56 percent of U.S. adults admit to losing sleep over at least one money worry. A third of consumers say it’s everyday expenses -- how to make ends meet -- that keeps them up at night.

While most people sometimes lie awake at night worrying about something, the Bankrate survey shows money worries trump personal relationships and all other causes of sleepless nights.

In addition to keeping up with everyday expenses, other financial causes of sleeplessness include:

• Lack of retirement savings

• Health care or insurance expenses

• Credit card bills

• Paying the mortgage or rent

• Education expenses

• Stock market volatility

Easy to feel overwhelmed

Ted Rossman, industry analyst at Bankrate.com, says it’s easy to feel overwhelmed by money issues. He says it helps if you can break up more worrisome issues into small, manageable chunks.

“Devising a plan and starting to execute against it – piece by piece – is the best way to get things done,” Rossman said. “Simply getting started should help you begin to feel better and settle your racing mind. That holds true whether you’re worried about health, money, relationships, work or anything else.”

Nocturnal money worries affect people of all ages but the survey shows Generation X tends to feel it the most. After all, this generation is often trying to juggle the needs of rebellious teenagers and aging parents.

Gen X financial pressures

This generation, now between the ages of 39 and 54, make up 64 percent of those losing sleep at night over money issues. That compares to 58 percent of millennials and 54 percent of baby boomers.

Previous research has shown that Gen X has always felt financial pressure, rated as the least likely age group to achieve financial security and most likely to report feeling stressed out about money.

Credit card debt emerged in the survey as a major trouble spot for consumers of all ages. Fifty-one percent expressed doubt that they will ever pay off their debt. 

Rossman says attacking that debt with an interest-free balance transfer card can take a big bite out of what you owe and perhaps help you get a good night’s sleep.

The nation’s economy added 75,000 jobs in May, by far the smallest number this year. At the same time, job totals for both March and April were revised downward. The unemployment rate remains at 3.6 percent.

The government’s report basically confirms this week’s report from ADP/Moody’s which showed that private payrolls increased by only 27,000 last month.

When compared to last year, the job market appears to be cooling considerably. The monthly report from the Bureau of Labor Statistics (BLS) shows monthly job gains have averaged 164,000 so far this year. That compares to a monthly average of 223,000 new jobs in 2018.

Sectors seeing the strongest job gains were professional and business services and health care.

Job creation leaders

Professional and business services firms created 33,000 new jobs in May and have added nearly a half-million jobs since May 2018. Health care added 16,000 jobs last month and a total of 391,000 in the last 12 months.

The two sectors accounted for two-thirds of May’s job creation. There was little change in construction hiring, which grew by only 4,000. That industry has added 215,000 jobs over

a 12-month period.

There was little to no employment growth in mining, manufacturing, wholesale trade, retail trade, transportation and warehousing, information, financial activities, leisure and hospitality, and government.   

Workers continued to earn a little more in May, as average hourly earnings gained six cents to $27.83. On an annual basis, wages have grown at a rate of 3.1 percent.

Effect on housing

The numbers could have an impact beyond the job market. Holden Lewis, NerdWallet’s housing expert, says it could improve home affordability.

“Mortgage rates have fallen a lot in the last few months, but today's weaker-than-expected jobs numbers could soon push rates down even more,” Lewis told ConsumerAffairs. “Home sales saw an unexpected slump in the spring, and feeble job creation could carry that slump through the summer homebuying season. We are still in the midst of a seller's housing market, but data like this indicates we are moving closer to a more balanced market.”

The weak jobs number could also increase pressure on the Federal Reserve to cut interest rates later this year. While not directly influencing mortgage rates, a Fed rate cut would lower the interest rate consumers pay on auto loans and credit card debt.

The job market may be much stronger than most economists believed. A new report from ADP and Moody’s Analytics shows the U.S. economy added 275,000 private sector jobs in April.

That’s the most since July and far exceeded the consensus estimate of 177,000 new jobs. On Friday, the Bureau of Labor Statistics will issue the government’s official employment report for April.

The ADP report showed jobs related to services increased the most last month. The business and professional services sector led the way, adding 59,000 positions. Companies that provide education and health services created 54,000 jobs. Leisure and hospitality companies grew by 53,000 positions.

The manufacturing sector, dampened by tariffs and trade disputes in recent months, showed new strength in April. Goods-producing industries gained 52,000 jobs, thanks in large part to a healthy increase in construction jobs.

Much of last month’s job growth occurred at businesses with between 50 and 499 employees. These mid-sized firms produced just over half of April’s payroll expansion. Small businesses added 77,000 jobs. Growth was slowest at the nation’s largest companies.

Holding firm

"The job market is holding firm, as businesses work hard to fill open positions,” said Mark Zandi, chief economist of Moody's Analytics. “The economic soft patch at the start of the year has not materially impacted hiring.  April's job gains overstate the economy's strength, but they make the case that expansion continues on."

Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, said April’s strong showing followed a first quarter that appeared to signal a slowdown in economic expansion.

The latest Manufacturing ISM Report On Business appears to confirm a strong start to the second quarter. It found that economic activity in the manufacturing sector grew last month and the overall economy grew for the 120th consecutive month.

But even though that report documents continued economic growth, it said the expansion was at lower levels. The report said supplier deliveries, inventories, and imports were higher last month, primarily due to inventory growth exceeding consumption.

The Labor Department reports there were 196,000 new jobs filled in March, easing fears that the economy may be slowing. But employers handed out fewer pay raises, as wages grew at a slower face than in February.

The nation’s unemployment rate held steady in March at 3.8 percent.

“Incorporating revisions for January and February, which increased nonfarm payroll employment by 14,000, monthly job gains averaged 180,000 in the first quarter of this year. In 2018, employment gains averaged 223,000 per month,” said William Beach, commissioner of the Bureau of Labor Statistics.

Where the jobs are

The government reports notable gains in jobs related to health care and in professional and technical services. The economy added 49,000 health care jobs last month for a total of 398,000 over the last 12 months.

The professional and technical services sector grew by 34,000 jobs last month, adding more than 311,000 in the last 12 months. Employment continued to trend up in architectural and engineering services, as well as in management and technical consulting services which added a combined 12,000 jobs.

Restaurants and bars also did a lot of hiring last month, adding 27,000 positions. Government economists say that sector has been among the most stable over the last few months.

Employment increased by 16,000 in construction, adding nearly a quarter million jobs over the last 12 months.

Sigh of relief

The March report drew a big sigh of relief from Wall Street after a dismal showing in February, which raised concerns that the U.S. was joining the rest of the world in an economic slowdown.

In other areas, the employment picture was little changed from the month before. The number of people out of work for 27 weeks or more -- classifying them as long-term unemployed -- was essentially unchanged at 21.1 percent of those who are out of work.

The labor force participation rate was also little changed, at 63 percent, and has shown almost no movement over the last 12 months.

People working part time, but who are looking for full time work, also remained stable last month at 4.5 million.

Wages are growing but not as fast. Wage gains rose 0.14 percent last month with paychecks 3.2 percent bigger, year-over-year.

Upon entering the workforce, college graduates are bringing home less than they expected on an annual basis, according to a recent study by personal finance website LendEDU.

The website analyzed a College Pulse survey of 7,000 college students from nearly 1,000 colleges and universities and found that students expect to earn $60,000 in their first job out of college. However, most graduates with zero to five years experience will earn about $48,400, according to PayScale estimates.

“College students should expect to receive a comfortable salary after graduation; ambition is a good thing,” the report authors wrote. “However, it is important to keep the expectations in check to allow for realistic budgeting and financial planning.”

The National Association of Colleges and Employers (NACE) calculates that the preliminary average starting salary for graduates from the class of 2018 is about $50,004 -- 2 percent less than last year’s average starting salary.

Strong job market

NACE notes, however, that employers plan to hire 16.6 percent more members of the Class of 2019 than the previous year's graduating class, which is the largest jump among recent graduates since 2007.

"If you're graduating from college now, you've timed it perfectly," Brian Kropp, vice president at research firm Gartner told CNBC Make It. "It's hard to think of a better labor market that you could go into."

Despite the trade war and stock market slump, the job market has remained stable. According to a January report from the Labor Department, employers increased their payrolls by 304,000 positions.

Still, LendEDU says it’s important for recent graduates to have realistic expectations about how much they will make right out of the gate. Realistic expectations can ensure that students won’t be disappointed by their starting salary, as well as help them potentially avoid turning down a job that could be a perfect fit.

“With a few years of resume-building and developing an adept ability to negotiate in the business world, that recent graduate can earn the salary they were expecting and then some,” LendEDU said.

January was another good month if you were looking for a job, as employers increased their payrolls by 304,000 positions, according to the monthly report from the Labor Department.

At the same time, the government revised December’s very strong hiring report sharply downward, from 312,000 jobs to 222,000. The unemployment rate edged up to 4 percent, mainly for technical reasons.

Unemployed people who reported they were temporarily laid off rose by 175,000, largely due to furloughed federal workers who were idled by the government shutdown for most of January.

“Our evaluation of the establishment survey data indicates that there were no discernible impacts of the partial federal government shutdown on the January estimates of employment, hours, or earnings,” said William Wiatrowski, acting commissioner of the Bureau of Labor Statistics.”

Wiatrowski said the economy has produced an average of 240,000 new jobs over the last three months, even with December’s downward revision in new jobs.

Big increase in part-time workers

While the numbers suggest a still-strong job market, there was one troublesome statistic. There was a significant increase -- 500,000 -- in the number of people who are working part-time but are seeking full-time employment.

The leisure and hospitality industry did the most hiring in January, increasing the number of jobs by 74,000. Most of the hiring came at restaurants and bars. The health care industry added 42,000 jobs during the month. The biggest job gains occurred in ambulatory health services and hospitals.

The construction industry also ramped up to start the new year, adding 52,000 jobs. Specialty trade contractors were especially busy during the month, hiring for both commercial and residential projects.

Wages continued to slowly grow last month. Average hourly earnings for all non-farm employees rose three cents to $27.56 after rising 10 cents in December. Over the last 12 months, the Labor Department says workers have seen their pay rise an average of 85 cents an hour, a rate of 3.2 percent.

It was a lot easier to find a job last month because there were more of them. The Labor Department reports the economy produced 312,000 new jobs in December, drawing thousands of Americans back into the labor force.

The report, which exceeded almost every analyst’s prediction, follows Thursday’s report from ADP/Moody’s which showed private sector employment grew by 271,000 last month.

The unemployment rate rose from 3.7 percent to 3.9 percent because more people were looking for jobs in December.

“Incorporating revisions for October and November, which increased payrolls by 58,000, monthly job gains averaged 254,000 over the past 3 months,” said William Wiatrowski, acting commissioner of the Bureau of Labor Statistics.

Where the jobs are

Among the sectors and industries doing the most hiring last month were health care, food service, construction, manufacturing, and retail.

Jobs in health care increased by 50,000 last month, with most of the employment centered around ambulatory care and hospitals. For 2018, the health care sector created 346,000 new jobs, a huge increase over 2017.

Food service establishments, such as restaurants and bars, added 41,000 jobs. For the year, those jobs have increased by 241,000.

Jobs in construction rose by 38,000 with job gains in heavy and civil engineering construction and nonresidential specialty trade construction. For all of 2018, construction jobs were up 280,000.

Even factories were hiring

Despite other data showing a slowdown in manufacturing, the nation’s factories added 32,000 jobs in December. Even better, most of the new jobs occurred in the big-ticket durable goods sector.

Retail added 24,000 jobs in December, most of them in general merchandise stores.

The report flies in the face of the growing pessimism recently plaguing financial markets that the U.S. economy is slowing and may even be slipping toward recession. Employers obviously don’t think so, or they wouldn’t be expanding their payrolls.

In more positive news for consumers, average hourly earnings for all employees on private nonfarm payrolls rose 11 cents to $27.48, a 3.2 percent increase on the year.

While there is still little evidence of inflation in the economy, the strong December jobs report may influence the Federal Reserve to stay on its stated course of raising interest rates at least twice in 2019.

Wall Street is reeling, manufacturing is slowing, and economists are beginning to whisper the “R” word (recession). But from all indications, consumers are doing just fine, at least for now.

Retail sales were markedly higher during the holiday shopping season as rising wages and low unemployment gave consumers a little more confidence to spend. And job growth may be expanding even further in 2019.

In its monthly payroll survey, ADP/Moody’s Analytics reports the economy produced a staggering 271,000 private sector jobs in December, significantly more than consensus forecasts. That suggests employers are feeling confident enough to expand payrolls and that people who have been out of work for a while are getting jobs.

The Labor Department is scheduled to release the government’s official employment report on Friday.

Smaller firms did the heavy lifting

According to ADP/Moody’s report, it was small and midsize businesses that produced the most jobs last month. Small business payrolls grew by 89,000 while midsize companies -- those with more than 50 but fewer than 500 employees -- added 129,000 positions. Large companies grew their workforces by 54,000.

“Businesses continue to add aggressively to their payrolls despite the stock market slump and the trade war. Favorable December weather also helped lift the job market,” said Mark Zandi, chief economist at Moody’s Analytics. “At the current pace of job growth, low unemployment will get even lower.”

That comes as desperately needed good news for the financial markets, which have been roiled by the impact of U.S. tariffs and the retaliatory tariffs imposed on the U.S. The battered stock market went into a steep nose dive today after Apple warned investors that it sees lower revenue and shrinking profit margins in the first quarter.

According to the December report, companies that provide services accounted for almost all of the job growth, adding 224,000 jobs. The business/professional sector expanded by 66,000 jobs while education/health services grew by 61,000.

Despite an earlier report showing a slowdown in manufacturing, factories created 12,000 jobs. The only sector to shrink was mining, which fell by 2,000 jobs.

Employers showed growing caution last month in managing their workforce. The Labor Department reports the economy added 155,000 jobs in November, below consensus estimates. The unemployment rate held steady at 3.7 percent.

Job gains were strongest in healthcare, manufacturing, and transportation and warehousing. The number of people out of work was virtually unchanged at 6 million. The number of long-term unemployed declined by 120,000, suggesting that many of the new jobs went to people who had been out of work for more than 27 weeks.

Average hourly earnings were up by six cents in November to $27.35. On a year-over-year basis, wages were up 3.1 percent.

The healthcare industry added 32,000 jobs last month, with most of those gains coming in ambulatory services. Hospitals hired 13,000 new people.

Despite the tariffs and concerns over trade, manufacturers added 27,000 jobs last month, spread fairly evenly across the sector. Employment in transportation and warehousing rose by 25,000.

Lackluster retail

Retail had a net gain of 18,000 jobs despite a very strong month for general merchandise stores, whose payrolls grew by 39,000. But despite the holiday season, there were declines in hiring at sporting goods, electronics, and clothing retailers.

Among major worker groups, there was little change in November. Adult men have the lowest unemployment rate at 3.3 percent, compared to adult women at 3.4 percent.

The question is how the Federal Reserve will digest the employment report in advance of its December meeting. The Fed is still expected to hike its federal funds rate but data showing an absence of inflationary pressures in the job market could mean less aggressive policy action in 2019.

The government reports that the economy added 250,000 jobs in October, and workers took home more money in their paychecks.

The October employment report shows all sectors of the economy reported healthy job gains and none of them reduced employment. The unemployment rate remained steady at 3.7 percent.

But for consumers, the wage number might be the most important aspect. Average hourly earnings for all employees on private nonfarm payrolls rose by 5 cents to $27.30. On a yearly basis, earnings have risen 83 cents, or 3.1 percent -- the largest hike in incomes since the Great Recession.

Construction workers saw the largest one-month gain in wages, followed by trade, transportation, and utility workers.

While the stock market doesn't like the idea that wages are growing -- an inflationary signal that could lead to still higher interest rates -- most economists agree that growing wages for consumers are needed to boost economic growth.

Where the jobs are

The health care sector led the field in adding jobs last month, expanding payrolls by 36,000. Hospitals added 13,000 jobs while positions in nursing and residential care facilities rose by 8,000. Over the past 12 months, healthcare employment grew by 323,000.

Manufacturing added 32,000 jobs in October," said William Wiatrowski, acting commissioner of the Bureau of Labor Statistics (BLS). "Most of this increase occurred in the durable goods component with a gain of 10,000 jobs in transportation equipment. Over the past 12 months, manufacturing added 296,000 jobs, the bulk of which were in durable goods."

Construction added 30,000 jobs, while transportation and warehousing added 25,000 and professional and business services added 35,000.

More people joined the labor force last month. The labor participation rate rose 0.2 percent to 62.9 percent after remaining flat during much of 2018.

But the number of people employed part-time for economic reasons, sometimes referred to as involuntary part-time workers, hardly changed from September.

The October report points to a stable employment environment with hiring taking place in all sectors of the economy.

Independent data released this week points to slightly higher wages for workers and a still-tight labor market for employers. And it all points to more confident consumers.

In its monthly National Employment Report, ADP said the economy produced 227,000 private sector jobs between September and October. The services sector did the most hiring, with the biggest expansion coming in trade, transportation, and utility companies.

"The job market bounced back strongly last month despite being hit by back-to-back hurricanes," said Mark Zandi, chief economist at Moody's Analytics. "Testimonial to the robust employment picture is the broad-based gains in jobs across industries. The only blemish is the struggles small businesses are having filling open job positions."

Pay is increasing

That may be one reason employers who can find qualified candidates have to pay them more. The Paychex IHS Markit Small Business Employment Watch report for October again reflects a tight labor market, a slight dip in hiring, and an uptick in wages.

Hiring was down a modest 0.06 percent from last month. At the same time, the rate of hourly earnings growth in October was at 2.41 percent, rising for the second straight month. Analysts link the dip in hiring to a lack of available candidates to fill them.

"According to the latest Paychex Business Sentiment Report, business owners rank their ability to fill open positions with qualified candidates as a top challenge," said Martin Mucci, Paychex president and CEO. "With employment growth continuing to show moderate declines, we're seeing first-hand the impact of the tightening labor market on small businesses."

That's not so good for businesses that need more help, but it’s very good for consumers. The report shows consumers who live in the South enjoyed the strongest job growth, while those in the West saw their paychecks grow the most.

More confident consumers

Nationwide, consumer confidence rose in October, even as the stock market turned in its worst month of 2018. The Conference Board said its Consumer Confidence Index reached 137.9 this month, up from 135.3 in September.

The Present Situation Index – based on consumers' assessment of current business and labor market conditions – turned in an even bigger gain, rising from 169.4 to 172.8.

The Expectations Index – based on consumers' short-term outlook for income, business, and labor market conditions – increased from 112.5 last month to 114.6 this month.

The news keeps getting better for job seekers. Days after the government reported unemployment is at a half-century low, a private forecast predicts the economy will keep up the job-producing pace.

A report from CareerBuilder.com predicts the U.S. will add 8,310,003 jobs from 2018 to 2023, a more than 5 percent increase. But most of those jobs, researchers say, will go to high income and low-income workers. Those in the middle could find jobs to be more scarce.

Not surprisingly, the study found that STEM-related jobs -- those involving science, technology, engineering, and math -- will dominate the fastest-growing occupations.

"Technology innovation is moving at an unprecedented rate and is rapidly redefining the occupations and skills required in the job market," said Irina Novoselsky, CEO of CareerBuilder. "Most of the fastest-growing occupations have a technical component to them. Employers will need to play a greater role in providing competency-based training to the workforce."

To land one of these future jobs, Novoselsky says workers will need to continually improve their skills to adapt to changing labor demands.

Middle-wage workers most at risk

"This is a particularly pressing issue for middle-wage workers who are at greater risk for becoming displaced and workers in general who want to move up into better-paying jobs," Novoselsky said.

The study defined low-wage jobs as those paying $14.17 or less an hour. Middle-wage jobs are those paying $14.18 to $23.59 an hour and high-wage jobs are those paying more than $23.24 an hour.

In the technology field, "software developer" is projected to be among the fastest-growing occupations. The study projects a nearly 16 percent growth rate over the next five years. It also falls squarely among the high-wage jobs, paying an average of $48 an hour.

In the healthcare sector, "registered nurse" is projected to grow at 8.39 percent in the next five years, adding 143,466 jobs. It pays an average of $33.55 an hour.

Slow-growing occupations

Customer service reps, construction workers, maintenance personnel, and billing clerks are among the middle-wage jobs that will see sluggish growth, according to the study.

At the same time, the study sees a significant increase in demand for home health aides, security guards, cooks, and nursing assistants, all of which are included in low-wage occupations.

In September, the Bureau of Labor Statistics (BLS) reported the professional and business services sector produced the most jobs -- 54,000. It was followed by health care and transportation/warehousing.

The economy added 134,000 new jobs in September as the unemployment rate fell to 3.7 percent, the lowest level since 1969.

The number of new jobs was below consensus estimates, which had been reined in because Hurricane Florence affected areas of the East Coast during the month. Even so, the Bureau of Labor Statistics (BLS) said the survey response rate within the affected areas was within the normal range.

“It is possible that payroll employment in some industries was affected by the hurricane; however, it is not possible to quantify the net effect on employment,” said William Waitrowski, Acting Commissioner of BLS.

Incomes were slightly higher

Average hourly income rose last month, but not quite as much as the month before. Wages increased at an annual rate of 2.8 percent.

The number of people out of work but looking for a job fell by 240,000. The number of long-term unemployed – people out of work for 27 weeks or more -- was little changed at 1.4 million over the month. According to BLS, this group makes up 22.9 percent of the unemployed.

The most jobs added last month were in the professional and businesses services sector, which has been a leader all year. It added 54,000 jobs in September and has created 560,000 new jobs so far this year.

The health care sector also remained strong last month, increasing its payrolls by 26,000. Hospitals accounted for 12,000 of those new hires. So far the health care sector has hired 302,000 new employees.

Transportation and warehousing added 24,000 jobs while the construction industry added 23,000 workers. The hospitality, retail, financial, and government sectors showed little change from August to September.

Upward revisions

July and August employment numbers were revised significantly higher. BLS revised July's job total from 147,000 to 165,000. In August, the 201,000 jobs number was increased to 270,000 for a total of 87,000 additional jobs over the two month period.

While economists generally agree the September jobs report points to a healthy economy, it may take some pressure off bond rates, which have risen this week on concerns the economy is heating up.

The yield on the Treasury Department's 10-year bond, a key benchmark for mortgage rates, has risen to 3.225 percent. That's still low on a historical basis but is near a high point for the last decade.

If it seems you're seeing more Help Wanted ads these days, it's not your imagination. There has never been a better time to be looking for a job.

The Bureau of Labor Statistics (BLS) reports that job openings reached a new high of 6.9 million at the end of July. Economists say the monthly Job Openings and Labor Turnover Survey (JOLTS) suggests businesses are having difficulty finding the workers they need.

Until very recently, the tightening labor market hadn't resulted in bigger paycheck. But in August, the BLS reported average hourly incomes rose at a 12-month rate of 2.9, among the strongest since the financial crisis. At some point, wages will have to rise as employers compete for fewer workers.

Strongest outlook on record

Amid this tighter labor market, a new report from The Manpower Group shows U.S. Employers plan to add to their staffs in the next three months. It's the strongest average annual outlook in the last decade with more than 19 percent anticipating growth of their payrolls.

"August marked the 95th month in a row for job growth in the U.S. and we anticipate we'll hit 99 months by the end of the year as the fourth quarter outlook has more good news for American jobseekers and businesses," said Becky Frankiewicz, President of ManpowerGroup North America.

As the world observes the 10th anniversary of the financial crisis this week, Frankiewicz says the labor market is finally getting back to where it was before Lehman Brothers declared bankruptcy and the economy nearly collapsed. While the economy is growing again, Frankiewicz says a lot of change has occurred in the last 10 years.

Big changes in the last decade

"Manufacturing is more advanced, retail has gone online, and employers in professional roles need a new combination of digital and soft skills,” she said. “These are not the low-skilled jobs of the past, they are highly skilled technical roles of the future. In this competitive labor market, there is no better time for employers to help people upskill and develop in their careers.”

According to The Manpower Group's fourth quarter outlook, jobs in the leisure and hospitality sector will grow at the fastest rate – 28 percent. Professional and business services will remain robust with a 25 percent growth rate with transportation and utilities close behind at 24 percent.

The U.S. economy added 201,000 jobs in August as the labor market remains tight. The latest report from the Bureau of Labor Statistics suggests it's getting easier to find employment.

"The unemployment rate remained at 3.9 percent in August, and the number of unemployed people, at 6.2 million, was little changed," said William Wiatrowski, Acting Commissioner Bureau of Labor Statistics. “Among the unemployed in August, 1.3 million had been searching for work for 27 weeks or longer. These long-term unemployed accounted for 21.5 percent of the total unemployed."

August's job gains were clustered in sectors that have been on a hiring spree all year. Professional and business services, health care, wholesale trade, transportation and warehousing, and mining saw the largest payroll expansions.

Who's doing the hiring

Professional and business services added 53,000 jobs in August, bringing the 12-month total to 519,000. The health care sector added 33,000 jobs -- a 301,000 increase since August 2017.

Wholesale trade added 22,000 jobs while transportation and warehousing added 20,000. Factories actually slightly reduced jobs last month but manufacturing jobs are up 254,000 over the last 12 months.

Economist Joel Naroff, of Naroff Economic Advisors, notes there were downward revisions for June and July job creation, meaning the three month average is around 185,000. He expects that number to trend slightly lower in the months ahead.

"The big news is the wage number," Naroff told ConsumerAffairs. "We are finally seeing wage gains pick up and it will likely only get hotter. That makes the Fed’s actions more defensible and further rate hikes inevitable."

Entering the sweet spot for workers

Average hourly earnings for all private non-farm employees gained a dime from July to $27.16. But on an annual basis, earnings have grown by 77 cents an hour, a 12-month increase of 2.9 percent. That's the largest since 2009. But Robert Frick, corporate economist at Navy Federal Credit Union, would have liked to have seen an even stronger wage increase.

"At this point in previous expansions we've seen wages rising at a 3.5 percent or even above a 4 percent rate," Frick said. "However, given that jobs added are still above 200,000, showing many more Americans want to work, and wages have started to increase about the 2.7 percent level, we could be entering that sweet spot for workers that's typical at an expansion's peak."

The government's jobs numbers came in sharply higher than Thursday's release from ADP and Moody's Analytics. That report showed August's job growth at only 163,000, the weakest number since October.

The biggest drop off in new hiring was among small businesses with fewer than 50 employees. The strongest hiring was among mid-size firms.

The economy added 157,000 jobs last month as the nation's unemployment rate dropped to a near-record low of 3.9 percent.

That was fewer jobs than the consensus estimate, but the Bureau of Labor Statistics (BLS) revised its June numbers, adding 30,000 new jobs to that month's total. Americans found the most jobs in the sectors of professional and business services, manufacturing, and in health care and social assistance.

William Wiatrowski, Acting BLS Commissioner, says those with jobs earned modestly more last month.

“Average hourly earnings of all employees on private nonfarm payrolls rose by seven cents in July to $27.05,” Wiatrowski said in a statement. "Over the past 12 months, average hourly earnings have increased by 2.7 percent."

During the same period, inflation as measured by the Consumer Price Index rose slightly more -- 2.8 percent.

Fewer people classified as unemployed

The unemployment rate dropped largely because of a decrease in the number of people classified as "unemployed." The number of unemployed persons declined by 284,000 to 6.3 million. After being at a record low a few months ago, black unemployment rose to 6.6 percent.

The number of people working part time for economic reasons was basically the same in July as it was in June -- around 4.6 million. However, the number was down by 669,000 from July 2017.

The biggest job gains came in the business and professional services sector, which added 51,000 new jobs during the month. In the last 12 months, that sector has added more than a half million jobs.

Factories were hiring

People looking for jobs at factories had a better chance of being hired last month. Manufacturing added 37,000 jobs in July, with most of the gain in factories producing durable goods. In the last 12 months, factories have added 327,000 jobs.

There was also healthy job creation in the health care and social services sector, which increased its payrolls by 34,000. Retail added only 7,000 -- a number dragged down by huge losses at hobby, toy, and game stores.

There was little change in July in mining, wholesale trade, transportation and warehousing, information, financial activities, and government.

In May, Americans quit their jobs at the fastest rate in almost two decades. According to MarketWatch, the shift shows a growing confidence in the economy, as many people are choosing to leave one company for another.

Based on government statistics, 2.7 percent of employees in the private sector willingly left their jobs -- up from 2.5 percent -- while the quit rate is up to 2.4 percent -- up from 2.3 percent. Both of these numbers are the highest they’ve been since 2001.

Despite job openings dropping from 6.84 million to 6.64 million, the boom in the economy is most likely to be the driving force behind many Americans feeling comfortable enough to leave their jobs. Additionally, many people who leave their jobs by choice end up with better pay and better benefits in their new positions.

It’s also important to note that hirings were up in May, peaking at 5.75 million hires. That figure is up by 170,000 people from April and is also the highest it’s been in 17 months.

A look to the future

According to the Department of Labor’s report, nearly 5.5 million people lost their jobs in May. However, the majority of the decline was seen in the Northeast, where the population tends to be higher than in other areas. Additionally, job openings dropped in areas like arts and entertainment, media, and public relations.

However, because of the incredibly low unemployment rate, companies are hiring new employees to try and keep up with the demands of the surging economy.

The rising quit rate shows employees’ general confidence in acquiring new jobs with higher wages. According to MarketWatch, this could lead companies to raise wages faster in hopes of holding onto their best employees -- and attracting new ones.

While this trend appears to be heading in the right direction for the general public, it could raise some eyebrows at the Federal Reserve, which is keeping a close eye on inflation.

“The rise in the job quits rate points to wage growth accelerating to three percent by the end of the year,” said Michael Pearce, senior U.S. economist at Capital Economics.

More people found jobs last month, but even more were looking for one, so the nation's unemployment rate rose to 4 percent, from 3.8 percent in May. The economy added 213,000 jobs.

There was an increase in the number of jobs created in professional and business services, manufacturing, and health care, while retail trade lost jobs.

Black unemployment, which fell to a record low in May, rose in June to 6.5 percent.

"Incorporating revisions for April and May, which increased nonfarm payroll employment by 37,000, monthly job gains have averaged 211,000 over the past 3 months," said William Wiatrowski, Acting Commissioner Bureau of Labor Statistics.

The overall unemployment rate rose because more people were looking for jobs last month. Economists see it as an encouraging sign because it suggests people who had stopped looking for a job are trying to reenter the labor force.

More than 2 million reentered the workforce

The number of people who re-entered the workforce increased to 2,184,000 last month, an increase from 1,933,000 in May.

The number of unemployed Americans increased in June by nearly 500,000, to 6.6 million. That's down from 7 million in June 2017.

Job creation might have been greater if employers had been able to find qualified applicants. In a June survey by the ManpowerGroup, employers complained of a talent shortage, especially in the area of skilled tradesmen. In particular, employers said skilled workers -- such as electricians, welders, and mechanics -- are hard to find. They also said many positions as salesmen and drivers are going unfilled.

Despite what appears to be a tightening labor market, average hourly earnings increased by only 6 cents, from $22.52 in April to $22.58. Average hourly earnings for all employees on private nonfarm payrolls rose by 5 cents to $26.98.

On a year-over-year basis, average hourly earnings have increased by 72 cents, or 2.7 percent.

Job growth continues at the fastest rate in the professional and business services sector, which added 50,000 positions in June and has grown by 521,000 so far in 2018. Manufacturing added 36,000 jobs, mostly at factories making durable goods.

Retailers, meanwhile, eliminated 22,000 jobs in June, largely offsetting the 25,000 they added in May.

The nation's economy produced 223,000 new jobs in May, as the unemployment rate among African Americans fell to the lowest level since the Bureau of Labor Statistics began tracking that number in 1972.

The overall unemployment rate dipped to 3.8 percent. Broken down demographically, the jobless rates for adult men was 3.5 percent; among African Americans it was 5.9 percent, and among Asians it was 2.1 percent. All were improvements from the previous month.

The jobless rates for adult women (3.3 percent), teenagers (12.8 percent), whites (3.5 percent), and Hispanics (4.9 percent), were little changed from April.

Retail remains strong

Some of the biggest job gains came in retail, which added 31,000 jobs. Retail stores have added 125,000 new jobs so far in 2018.

People also found work in the health care sector during the month. Employment grew by 29,000, in line with expectations. Health care has been adding about the same number of jobs over the last several months.

Employment in construction continued its upward trend, adding 25,000 jobs last month. The construction industry has added 286,000 jobs over the last 12 months.

There were also strong gains in professional and technical services, as well as transportation and warehousing, and manufacturing. Factories added 18,000 jobs in May, with plants producing big-ticket durable goods accounting for the lion's share of the increase.

Earnings rise

Workers earned a little more for their efforts, in line with forecasts. In May, average hourly earnings for all employees on private nonfarm payrolls rose by 8 cents, to $26.92. On a year-over-year basis, average hourly earnings have increased by 71 cents, or 2.7 percent.

Government economists revised March's job creation to 155,000, an increase from 135,000. April, however, was revised downward from 164,000 to 159,000. The economy has produced an average of 179,000 new jobs per month over the last three months.

The U.S. economy added 164,000 non-farm jobs in April, enough to lower the unemployment rate to 3.9 percent, the lowest since 2000.

The unemployment rate among African Americans dropped to 6.6 percent, the lowest since the Bureau of Labor Statistics began tracking it in 1972.

The number of people who lost jobs, or completed temporary jobs, declined by 188,000.

At first glance, it would appear that the labor market is tightening and giving workers a little more leverage with their employers. However, that has failed to translate into higher wages, at least in a meaningful way.

Average hourly earnings for all employees rose a modest four cents to $26.84. Year-over-year, wages were up 67 cents, or 2.6 percent.

Where the jobs are

The creation of 164,000 new jobs was a smaller-than-expected number, but it was larger than March's revised estimate of 135,000 new jobs. Most of last month's job gains came in professional and business services, manufacturing, healthcare, and mining.

Professional and business services added 54,000 jobs in April. Over the last 12 months, that sector has expanded by 518,000 jobs.

Manufacturing added 24,000 jobs last month, with most of the additions coming at factories producing durable goods. Manufacturing jobs have expanded by 245,000 in the last 12 months.

Healthcare continues to hire more people, adding 24,000 jobs last month and 305,000 over the last year.

Other major industries -- including construction, wholesale trade, retail trade, transportation and warehousing, information, financial activities, leisure and hospitality, and government -- saw little change from March.

Some still left out

The improvement in the job market didn't help everyone, however. The number of people classified as long-term unemployed – out of work for 27 weeks or longer – remained essentially unchanged at 1.3 million. They account for 20 percent of people out of work.

The number of people with part-time jobs, but who preferred full-time jobs, totaled 5 million, about the same as the previous month.

The labor force participation rate – a measure of the adult population that was working – was 62.8 percent. That's just slightly below the 68-year average of 63 percent.

The nation's economy added fewer jobs than expected last month, but workers enjoyed a modest boost in wages.

In its monthly report, the Bureau of Labor Statistics counted 103,000 new non-farm jobs in March, well short of estimates. However, February's robust growth of more than 300,000 jobs was revised higher.

The nation's unemployment rate remained at 4.1 percent, and the labor force participation rate remained little changed at 62.9 percent.

Among demographic groups, the unemployment rates for adult men and adult women were the same -- 3.7 percent. Among ethnic groups, Asians have the lowest jobless rate, at 3.1 percent, followed by whites, at 3.6 percent. The unemployment rate among Hispanics was 5.1 percent and 6.9 percent among African Americans.

Sectors that added jobs

It was a little easier to find jobs last month in the manufacturing, healthcare, and mining industries. However, it was not a good month for workers in construction and retail. Both sectors lost employees.

After adding 65,000 workers in February, construction jobs fell by 15,000 in March. It was much the same story for retail, which added 47,000 jobs in February but gave back 4,000 of them last month.

It was easier to find a job in healthcare and manufacturing last month. Both sectors added 22,000 jobs. Over the last 12 months, U.S. manufacturers have added 232,000 jobs.

The mining industry added 9,000 jobs in March, with most of them in mining support jobs and oil and gas exploration.

Employees earned a little more money last month, but it wasn’t enough to set off inflation fears at the Federal Reserve. Average hourly earnings for all employees on private nonfarm payrolls rose by 8 cents to $26.82. Over the last 12 months, wages are up 71 cents, or 2.7 percent.

If you were looking for a job last month, chances are you found one.

The Labor Department reports the U.S. economy added 313,000 non-farm jobs in February, leaving the unemployment rate unchanged at 4.1 percent.

The economy added jobs in construction, retail trade, professional and business services, manufacturing, financial activities, and mining.

However, fewer workers got raises last month. The report shows wages rose just .01 percent. Economist Joel Naroff, of Naroff Economic Advisors, calls it a "bizarre" set of numbers, noting that job growth was through the roof while wages went nowhere.

"The increases (in jobs) were not just in unskilled sectors, so it is hard to understand why businesses have been saying they cannot find qualified workers," Naroff told ConsumerAffairs. "The rise in average hours worked was surprising given the large number of new workers. That implies a huge increase in total hours worked, which would indicate growth was also robust."

Report full of surprises

Naroff says the report is full of surprises. For example, he wonders why retailers suddenly added 50,000 new workers. And those 61,000 new construction workers, he says, could disappear in March if weather remains nasty.

"Let’s just say this was a really amazing report but before we get too carried away, let’s see what happens in March," Naroff said. "I am glad to see all the jobs added, but I am cautious about whether anything close to this level gain is at all supportable."

Among demographic groups, the jobless rate for African Americans fell to 6.9 percent but remained fairly steady for all other groups. The number of long-term unemployed -- those out of work for 27 weeks or more -- was essentially unchanged at 1.4 million. The labor force participation rate, while still very low, rose 0.3 percent last month.

After the gains in construction and retail, sectors posting the biggest job additions were professional and business services -- up 50,000 -- and manufacturing, which added 31,000 jobs.

A report by British researchers has found millennials in the UK have fallen behind other generations economically, a trend that appears to be replicated across all developed nations.

The Resolution Foundation found people born between 1981 and 2000 generally have a lower standard of living than the generations that came before. The report focused on household income and employment trends to reach its conclusions.

"Overall, the pace of generation-on-generation growth in household income – a common benchmark of day-to-day living standards – has slowed across high-income countries," the authors write. "It is common for millennials who’ve already reached their early 30s to have experienced little or no income improvement on generation X."

Bad timing

Part of this economic disparity may stem from timing. The leading edge of the millennial generation entered adulthood and the workforce at about the time the economy nearly collapsed. The financial crisis of 2008 reduced job opportunities and began a period of wage stagnation. Those lucky enough to find jobs weren't paid as much as they might have been before the crash.

The housing market has also had an effect. Home prices have risen in the last decade as millennials have entered their household formation years. Those who are able to purchase a home have to use a larger portion of their income to pay for it.

The report focuses on millennials in the UK but notes the trend is evident throughout the developed world.

"Public concern about the living standards of young adults compared to those of their parents’ generation is evident across high-income countries, and our findings indeed point to many areas in which the generational challenge appears shared," the authors write.

The report shows that millennials in the UK and Greece have lost the most ground economically, but in other developed countries millennials, and even members of generation X, have real incomes that are little or no higher than their predecessors’ income at the same age.

Role of housing

In the U.S., millennials' economic struggles are most evident in the housing market. A 2017 report by Unison Home Ownership Investors documented the barriers faced by first-time homebuyers, largely made up of millennials.

While 77 percent of consumers agree that buying a home is a good financial decision, 41 percent identified scraping together the money for a down payment as the biggest hurdle.

Broken down by age groups, the survey found Millennials are most likely to worry about the cost of housing. Fifty-six percent worried about what a home would cost to purchase and maintain, as opposed to 47 percent of Baby Boomers expressing similar concerns.

Nearly 60 percent of Millennials reported rent and mortgage payments as a strain on their budget each month, slightly higher than their Gen X and Boomer predecessors.

The retail industry may be closing stores and consolidating, but those looking for a seasonal job opportunity will have lots of options thanks to fierce competition among bigger store chains.

Global outplacement and executive coaching firm Challenger, Gray & Christmas predicts a high demand for seasonal employees as retailers prepare for the holidays.

“The competition among major big-box retailers will incentivize consumers to spend more this holiday season. These stores will need to add staff in order to meet demand,” said Challenger, Gray & Christmas CEO John Challenger.

Target has already announced it's hiring 100,000 seasonal workers for the holidays -- up by more than 22,000 from last year. The retailer also indicated it will be lowering prices in all stores in response to Amazon and Walmart’s price-slashing practices.

Since 2012, holiday hiring announcements have averaged 604,000 per year, according to Challenger tracking, with some of it by non-retailers, such as FedEx and UPS.

Seasonal retail employment increased by 641,000 during the final three months of last year, the lowest number since 2009, according to the Bureau of Labor Statistics (BLS), with job gains down 9.6% from 2008.

Changing times

In fact, BLS data show retail-related transportation and warehousing employment increased by a non-seasonally adjusted 246,700 workers in the final quarter of the year, up 8% from the final three months of 2015. In 2007, the seasonal job gains for this sector measured just 24,300.

“As holiday shopping habits turn virtual, retailers are responding by hiring more warehouse and transport workers,” said Challenger. “While retail hiring has fallen over the last couple years, major announcements indicate workers will still be needed for customer-facing positions, as retailers attempt to give consumers an experience they cannot receive online.”

In addition to Target’s announcement, Michaels has announced it will add 15,000 holiday workers, and 1-800-Flowers will increase its staff by 8,000 workers for the holidays.

Challenger's tracking shows retailers have announced over 6,000 store closures and 67,000 job cuts in the first eight months of the year. Despite these numbers, many retailers projected the highest number of hiring announcements for any industry, with over 248,000.

Most of those hiring announcements came early in the year, as retailers like Walmart and Dollar General expanded. The Home Depot announced plans to hire 80,000 workers for the summer season in March. Meanwhile, Amazon has been steadily boosting employment rolls after a January announcement of over 100,000 hires in the next 18 months.

The bulk of holiday hiring announcements occur in September. In fact, between 2011 and 2016, September hiring announcements have averaged over 415,000.

Hurricane Harvey smashed into Texas last week, helping produce an upward spiral in first-time jobless claims.

The Department of Labor (DOL) reports initial applications for state unemployment benefits shot up 62,000 in the week ending September 2 to a seasonally asjusted total of 298,000.

That's the highest level since April 18, 2015.

The four-week moving average, considered a more accurate hauge of the labor market, jumped by 13,500 to 250,250 from the previous week.

The full report is available on the DOL website.

Non-manufacturing economy on the rise

August was another month of growth of economic activity in the non-manufacturing - or services – sector for a total of 92 months in a row.

The nation’s purchasing and supply executives, in the latest Non-Manufacturing Institute for Supply Management (ISM) Report On Business, say the non-manufacturing index (NMI) was up 1.4% last month registering 55.3%.

A reading above 50 indicates growth, while anything below that suggests contraction.

Looking inside the NMI, the Non-Manufacturing Business Activity Index came in at 57.5%, up 1.6% from July, reflecting growth for the 97th consecutive month, at a faster rate in August.

The New Orders Index rose 2% to 57.1%, the Employment Index increased 2.6% to 56.2%, and the Prices Index increased added 2.2% for a reading of 57.9%, indicating prices increased in August for the third consecutive month.

Industry performance

The 15 non-manufacturing industries reporting growth in August were:

1. Retail Trade;
2. Information;
3. Management of Companies & Support Services;
4. Real Estate, Rental & Leasing;
5. Other Services;
6. Wholesale Trade;
7. Utilities;
8. Mining;
9. Educational Services;
10. Accommodation & Food Services;
11. Finance & Insurance;
12. Public Administration;
13. Professional, Scientific & Technical Services;
14. Construction; and
15. Health Care & Social Assistance. 

Two industries reported contraction:

1. Agriculture, Forestry, Fishing & Hunting; and
2. Transportation & Warehousing.

Online aggregator Spokeo has lost the latest round in a long-running legal dispute. The case involves Thomas Robins, a Virginia resident who sued Spokeo in 2010, arguing that the company had published incorrect information about him.

The case went to the U.S. Supreme Court, which returned it to the Ninth Circuit Court of Appeals, where a three-judge panel this week ruled that Robins has standing to sue.

Robins argued that Spokeo had hurt his employment prospects by publishing incorrect information about him. The online site had listed Robins as being in his 50s, married with children, and employed in a professional or technical field.

Robins said he was none of those things and claimed the listing potentially caused employers to think he was over-qualified for the jobs he applied for.

Spokeo is a site that collects and publishes publicly-available information about individuals. It is often used by landlords, potential employers, and others who want to verify the credentials of individuals they are dealing with.

Is it or isn't it?

The case all hinges on whether the Federal Credit Reporting Act applies to Spokeo. The company says it doesn't, because it says it is not a credit reporting agency. But Robins argued that the law does apply and the 9th Circuit agreed, allowing the case to proceed.

The case is one of many involving the issue of actual versus potential injury, in addition to the FCRA question. Spokeo has argued that Robins has not shown that he suffered any actual harm, but has only said that the allegedly incorrect information could have damaged his job prospects.

"It’s important to note that individuals who have actually been harmed by violations of the law do retain the right to pursue claims for damages and seek redress from companies that irresponsibly take advantage of consumers by violating the law, and Spokeo fully supports that fundamental right," the company said last year. "What Spokeo has fought for ... is to simply stop the frivolous no-injury class action suits that only benefit class action attorneys and curb innovation."

The nation's job-creation machinery got cranking in July.

The Labor Department's Bureau of Labor Statistics (BLS) reports there were 209,000 new nonfarm payroll positions created last month, with the unemployment rate ticking down from 4.4% to 4.3%.

As it released the July figures, the government revised its May estimate of new jobs down from +152,000 to +145,000, and its June calculation up from +222,000 to +231,000. That works out to a net gain of 2,000 jobs in May and June from what was reported previously.

For the year thus far, employment growth has averaged 184,000 per month.

Who's on the job

Among the major worker groups, the unemployment rates for adult men (4.0%), adult women (4.0%), teenagers (13.2%), Whites (3.8%), Blacks (7.4%), Asians (3.8%), and Hispanics (5.1%) showed little or no change.

The number of long-term unemployed -- those out of work for 27 weeks or more -- was little changed at 1.8 million in July and accounted for 25.9% of the unemployed.

The labor force participation rate (62.9%) showed little change in July and has been fairly steady over the past year. The employment-population ratio (60.2%) was also little changed in July but is up by 0.4% year-over-year.

Where the jobs are

Employment in food services and drinking places rose by 53,000 in July, while professional and business services added 49,000 jobs. Health care employment increased by 39,000, while mining, construction, manufacturing, wholesale trade, retail trade, transportation & warehousing, information, financial activities, and government showed little change.

Average hourly earnings for all employees on private nonfarm payrolls rose by 9 cents in July to $26.36 and are up 65 cents, or 2.5%, over the year.

The complete report may be found on the BLS website.

The Conference Board reports its Leading Economic Index (LEI) was higher in March for a fifth consecutive month.

The rise of 0.4% follows advances of 0.5% and 0.6% in February and January, respectively. Additionally, the index wrapped up 2016 with a gain of 0.6% in December and a 0.2% increase for November

“The March increase and upward trend in the U.S. LEI point to continued economic growth in 2017, with perhaps an acceleration later in the year if consumer spending and investment pick up,” said Conference Board Director of Business Cycles and Growth Research Ataman Ozyildirim. “The gains among the leading indicators were very widespread, with new orders in manufacturing and the interest rate spread more than offsetting declines in the labor market components in March.”

The LEI, a closely watched forecaster of economic activity, is a composite average of several individual leading indicators. It's constructed to summarize and reveal common turning point patterns in economic data in a clearer and more convincing manner than any individual component -- primarily because it smooths out some of the volatility of individual components.

The ten components of the LEI include:

• Average weekly hours, manufacturing
• Average weekly initial claims for unemployment insurance
• Manufacturers’ new orders, consumer goods and materials
• ISM Index of New Orders
• Manufacturers' new orders, nondefense capital goods excluding aircraft orders
• Building permits, new private housing units
• Stock prices, 500 common stocks
• Leading Credit Index
• Interest rate spread, 10-year Treasury bonds less federal funds
• Average consumer expectations for business conditions

Jobless claims

A give-back in the jobless claims last week.

The Department of Labor (DOL) reports first-time applications for state unemployment benefits rose by 10,000 in the week ending April 15 to a seasonally adjusted total of 244,000.

Initial claims fell by exactly the same amount a week earlier.

The four-week moving average, which is less volatile than the weekly average and considered a better reading of the labor market, came in at 243,000 -- down 4,250 from the previous week.

The complete report is available on the DOL website.

It won't be long before college students will be lining up by the thousands to receive their diplomas -- and then start the search for gainful employment.

As these three million young adults with freshly-minted associate or bachelor’s degrees enter what's called “the real world,” they should be in pretty good shape as far as job prospects go.

According to outplacement consultancy firm Challenger, Gray & Christmas, the employment outlook for the class of 2017 is on par with last year, thanks to the current economic growth. National Association of Colleges and Employers College Graduates’ 2017 Job Outlook finds that just over 98% of employers plan to hire bachelor’s-degree earners this year, virtually the same as in 2016.

Hot degrees

Business degrees are most in demand, with the survey showing almost 78% of employers planning to hire business-degree holders, while 70% want those with engineering degrees. Another 54.2% will hire grads in the computer and information sciences field.

The most in-demand degrees are in male-dominated programs, even though women continue to earn more college degrees than men year-over-year.

An analysis of 2012 education data from the National Center for Education Statistics by Randall Olson, shows fewer than 20% of bachelor’s degree-holders in computer and engineering fields were women, while just over 40% of bachelor’s in business went to women.

“Companies benefit from having a diverse workforce, and many employers want a gender-equal workforce,” said Challenger CEO John A. Challenger. Encouraging women to enter and thrive in these fields will have an enormous, positive impact on the workplace.”

It's not just recent college graduates who benefit from bachelor’s degrees. Older grads face much lower levels of unemployment when compared to those who did not finish high school, only finished high school, or only finished part of college.

Not much joy in the retail sector in March.

Not only did it revise the February retail sales figure from a 0.1% gain to show a 0.3% decline, but the Commerce Department also reported sales in March were down 0.2% -- totaling $470.8 billion.

Even with that decline, though, sales were 5.2% above the same period the year before.

Ups and downs

Much of the March weakness can be traced to a decline of 1.2% in auto sales. If that category is eliminated, sales were flat. Also contributing to the decline were lower sales at building material and garden equipment & supplies dealers (-1.5%), gas stations (-1.0%), sporting goods, hobby, book & music stores (-0.8%), and restaurants & bars (-0.6%).

What little strength there was came from gains at electronics & appliance stores (+2.6%), miscellaneous store retailers (+1.8%), clothing and clothing accessories (+1.0%), nonstore retailers (+0.6%), food and beverage stores (+0.5%), and general merchandise stores (+0.3%).

The full report may be found on the Commerce Department website.

A loss of positions in the retail sector helped keep March job creation well below expectations.

The Department of Labor (DOL) reports employment edged up by 98,000 last month -- well short of the 180,000 jobs projected by economists at Briefing.com.

The economy had created 219,000 jobs in February and 216,000 in January.

At the same time, the unemployment rate dipped to 4.5% from 4.7% in February, the lowest level since may 2007.

Gainers and losers 

Employment in professional and business services was up by 56,000 last month -- about in line with the average monthly gain over the prior 12 months. Other fields adding employees include mining (+11,000), health care (+14,000), financial activities (+9,000), and construction (+6,000).

Retail trade lost 30,000 jobs in March, while employment in other major industries, including manufacturing, wholesale trade, transportation and warehousing, information, leisure and hospitality and government, showed little or no change.

Who's working

The number of people out of a job in March fell by 326,000 to 7.2 million. 

Among the major worker groups, the unemployment rates for adult women (4.0%), Whites (3.9%), and Hispanics (5.1%) declined in March. The jobless rates for adult men (4.3%), teenagers (13.7%), Blacks (8.0%), and Asians (3.3%) showed little or no change.

The labor force participation held steady at 63.0% in March, and the employment-population ratio, at 60.1%, changed little. The employment-population ratio has edged up over the year, while the labor force participation rate has shown no clear trend.

Average hourly earnings for all employees on private nonfarm payrolls rose by a nickel in March to $26.14, following a 7-cent increase in February. Over the year, average hourly earnings have are up 68 cents, or 2.7%.

The complete report is available on the DOL website.

The flurry of pink slips intensified a bit in March.

According to the tally by outplacement consultancy Challenger, Gray & Christmas announced job cuts by US-based employers rose 17% from the February total to 43,310.

While the month-over-month change is higher, March cuts are down 2% from the same month last year -- the third consecutive month of lower job cuts than the corresponding month a year earlier.

For the first quarter of the year, employers have cut 126,201 jobs -- 38% more than in the final three months of 2016, but down 30% from the same period last year.

A healing energy sector

“Cuts in the energy sector, which started en masse in mid-2014, were still occurring in the first quarter of 2016;” said Challenger, Gray & Christmas CEO John A. Challenger, but adds that “the energy industry is no longer bleeding jobs, which is partly why job cut announcements have trended down.”

Through the first quarter of the year, the energy sector has announced 7,880 job cuts, down 84% from the first three months of 2016. Since January 2014, the energy sector has announced 224,265 cuts -- 107,714 of them in 2016.

Retail is the job cut leader so far this year, with 38,464 announced terminations, 4,084 occurring last month. While retailers have cut over 53,000 jobs in the last seven months, the industry has announced over 121,000 new jobs so far this year.

“Retail is typically an industry in flux, but we’ve seen long established companies close stores and cut workers,” said Challenger. “The industry, though, is creating openings just as quickly as they are cutting.”

First quarter retail cuts are up 19% from the same period last year.

Even as companies continue to cut jobs, hiring announcements continue to break records. Challenger tracking shows that in the first quarter, companies announced 289,272 new positions -- the bulk of them in the retail sector.

Home Depot hired 80,000 new seasonal workers in March. Last quarter’s total is the highest first quarter total on record, and the highest quarterly total except for third quarter totals when holiday hiring plans are typically announced.

Jobless claims

The week ending April 1 saw a sold drop in the fining of first-time applications for state unemployment benefits.

The Labor Department (DOL) reports there were a seasonally adjusted 234,000 initial jobless claims, down 25,000 from the previous week's level was revised up by 1,000.

The less volatile 4-week moving fell 4,500 from the previous week to 250,000.

The complete report is available on the DOL website.

Both personal incomes and spending rose in February -- the former more than the latter.

The Commerce Department reports incomes climbed $57.7 billion, or 0.4%, last month following a $63 billion gain in January. Disposable personal income (DPI) -- what's left after taxes are extracted -- was up 0.3%, or $44.6 billion.

The incomes increase was due largely to advances in wages and salaries and rental income of persons.

Personal consumption expenditures (PCE) -- consumer spending -- inched up 0.1%, or $7.4 billion. When adjusted for inflation, it was actually down 0.1%.

The PCE price index rose just 0.1% and was up 0.2% when the volatile food and energy categories were stripped out; the PCE price index increased 0.2%.

The decrease in inflation-adjusted spending reflected cutbacks in spending that were partially offset by an increase in spending for nondurable goods.

Personal saving in February totaled $808.0 billion – up $4.3 billion from January, for a rate -- personal saving as a percentage of disposable personal income -- of 5.6%.

The complete report is available on the Commerce Department website.

The final tally of economic performance for the past year is in and the results are not encouraging.

The Commerce Department reports that for all of 2016, real gross domestic product (GDP) increased 2.0%, compared with an increase of 1.9% the previous year.

Many economists consider between 2-3% to be the “ideal” annual GDP growth rate.

For the final quarter of last year, GDP expanded at an annual rate of 2.1%, up a tad from the 1.9% reported in the second look at the numbers. In the third quarter of 2016, real GDP increased 3.5%.

Personal consumption expenditures (PCE) price index, an inflation gauge tied to GDP, rose 2.0%. Excluding food and energy prices, the “core” PCE price index was up 1.3%.

Corporate profits with inventory valuation adjustment and capital consumption adjustment rose $11.2 billion in the fourth quarter, following a surge of $117.8 billion in the third quarter.

For all of 2016, profits were down $2.3 billion, compared with a plunge of $64.0 billion in 2015.

The complete report is available on the Commerce Department website.

Jobless claims

The number of people applying for state unemployment benefits for the first time was lower last week.

The Labor Department (DOL) reports initial jobless claims for the week ending March 25 totaled a seasonally adjusted 258,000, down 3,000 from the previous week's unrevised level.

The 4-week moving average, which is less volatile and considered by economists to be a better reflection of the labor market, rose 7,750 during the same week to 254,250.

The full report may be found on the DOL website.

There's a good chance that the nation's economy will continue to chug along in the months ahead.

The Conference Board reports its Leading Economic Index (LEI) rose 0.6% to 126.2.

“After six consecutive monthly gains, the U.S. LEI is at its highest level in over a decade,” said Ataman Ozyildirim, director of Business Cycles and Growth Research at The Conference Board. “Widespread gains across a majority of the leading indicators points to an improving economic outlook for 2017, although GDP growth is likely to remain moderate,” he added, pointing out that “only housing permits contributed negatively to the LEI in February, reversing gains over the previous two months.”

The LEI, a closely watched forecast of economic activity, is a composite average of several individual leading indicators. It's constructed to summarize and reveal common turning point patterns in economic data in a clearer and more convincing manner than any individual component -- primarily because it smooths out some of the volatility of individual components.

The ten components of the LEI include:

• Average weekly hours, manufacturing
• Average weekly initial claims for unemployment insurance
• Manufacturers’ new orders, consumer goods and materials
• ISM Index of New Orders
• Manufacturers' new orders, nondefense capital goods excluding aircraft orders
• Building permits, new private housing units
• Stock prices, 500 common stocks
• Leading Credit Index
• Interest rate spread, 10-year Treasury bonds less federal funds
• Average consumer expectations for business conditions

Job openings edged up slightly during January, according to figures from the Bureau of Labor Statistics (BLS).

On the final business day of the month, there were 5.626 million job openings, compared with 5.539 million in December, for a job openings rate of 3.7%.

The number of job openings was up a bit for the private sector -- from 5.065 million to 5.173 million, with most of them in professional and business services, and down for government -- to 452,000 from 474,000.

Hires

Hires during the month went from 5.303 million in December to 5.440 million, with a hires rate of 3.7%. There were 5.104 million private sector hires and 336,000 for government. Other services (+54,000) and finance & insurance (+41,000) led hiring in the private sector. The number of hires was little changed in all four geographic regions.

Separations

Total separations includes quits, layoffs and discharges, and other separations, and is referred to as turnover. There were 5.258 million total separations in January, versus 5.084 in December. The total separations rate was 3.6%. The number of total separations was little changed in all four regions.

Net employment change

Over the 12 months ending in January, hires totaled 63.1 million and separations totaled 60.7 million, yielding a net employment gain of 2.4 million.

This includes workers who may have been hired and separated more than once during the year.

The full report may be found on the BLS website.

Retail sales turned in an anemic performance in February, totaling $474.0 billion -- an increase of 0.1% from a month earlier but up 5.7% from a year earlier.

The Commerce Department report shows there were few, if any, stellar showings last month. Building material & garden equipment & supplies dealers led the way with a sales advance of 1.8%, followed by nonstore retailers (+1.2%), health & personal care stores (+0.7'%), and furniture and home furnishing stores (+0.7'%).

On the losing end were electronics & appliance stores, where sales plunged 2.8%. Department store sales fell 1.1%, miscellaneous store retailers were off 0.8%, and gas stations sales dipped 0.6%. Sales at auto dealerships were down 0.1%.

The full report is available on the Commerce Department website.

Job creation in January ramped up to its highest level since last September.

Figures released by the Department of Labor (DOL) show employers added 227,000 nonfarm payroll positions even as the unemployment rate inched up to 4.8%.

Where the jobs are

The increase in employment came in retail trade (+46,000), construction (+36,000), financial activities (+32,000), and restaurants and bars (+30,000).

Other major industries, including mining and logging, manufacturing, wholesale trade, transportation and warehousing, information, and government, showed little or no change over the month.

In and out of work

Among the major worker groups, the unemployment rate for Asians (3.7%) increased in January, while the jobless rates for adult men (4.4%), adult women (4.4%), teenagers (15.0%), Whites (4.3%), Blacks (7.7%), and Hispanics (5.9%) showed little or no change.

The number of long-term unemployed -- those out of work for 27 weeks or more -- was essentially unchanged at 1.9 million and accounted for 24.4% of the unemployed. Over the year, the number of long-term unemployed is down by 244,000.

Average hourly earnings for all employees on private nonfarm payrolls rose by 3 cents last month to $26.00 -- half the increase seen in December. Over the year, average hourly earnings are up 2.5%.

The complete report may be found on the DOL website.

Here's something to put a little ho-ho-ho in your holiday: A new survey from outplacement consultancy Challenger, Gray & Christmas finds an improved economy and corporate profits will work their way down to the employee level.

In other words -- BONUSES.

The survey of roughly 100 human resources execs in November found 66% indicating that their companies will be awarding some type of year-end bonus/gift. That's 16% more than those who said the same last year.

And while 30% said there will be no year-end award of any type, that's down 14% from 2015.

“The economy has been steadily improving since the Great Recession ended in 2010. This last year was no exception,” said Challenger, Gray & Christmas CEO John A. Challenger. “As it continues to improve, employers will have to rely increasingly on bonuses and other perks to hold onto valuable employees.”

There are bonuses and bonuses

Challenger points out that most workers don't enjoy the type of five- and six-figure bonuses lavished upon Wall Street bankers. “For the vast majority of workers, three and sometimes four figures are likely to be the standard,” he said, adding, “Some may not even get a cash award, but instead receive a gift card, gift basket or some other type of material object. Our survey shows that the structure of the bonus or gift varies widely.”

According to the survey, 15% of employers provide a non-monetary gift to all employees, such as a gift basket or extra vacation day. Another 11% plan to give employees a small monetary award of $100 or less.

At the same time, about 40% give larger monetary awards that vary year-to-year and worker-to-worker. These can be based on the overall performance of the company, the performance of the individual, or some combination of the two.

Why the increase?

A major factor fueling year-end bonuses is the fact that after-tax corporate profits steadily increased throughout the year, after falling to a 17-quarter low to close out 2015.

The latest data from the U.S. Bureau of Economic Analysis show third-quarter profits of nearly $1.7 trillion -- were up 5.2% from the same period a year ago.

With profits on the rise, about 18% of survey respondents said their companies were upping the amount of year-end bonuses. Still, most employers (73%) plan to keep bonus levels unchanged from last year.

“Despite the lack of six-figure Wall Street-like bonuses,” Challenger said, “most employees still appreciate the year-end bonus. Mostly, they want to know that their hard work is recognized and appreciated.” 

November was not -- to put it gently -- a good month for hiring by the retail sector.

An analysis of employment data by outplacement firm Challenger, Gray & Christmas says employment in the sector was down 9.3% from a year ago, growing by just 371,500 jobs last month. That's the lowest November employment increase since 2010.

October was equally anemic with the addition of 150,300 retail positions, 23% lower than in October, 2015.

All told, retail job gains for October and November were down 14% from the same period the previous year, totaling 521,800.

The toll of online shopping

“As more and more shoppers move online, there is less need for extra workers in the brick and mortar stores,” said Challenger, Gray & Christmas CEO John A. Challenger. “Even on Black Friday, once notorious for early morning mob scenes at department stores, a growing number of Americans are staying home and finding great deals on the internet.”

In fact, Adobe Digital Insights reports online orders on Black Friday shot up nearly 22% -- to roughly $3.3 billion in sales.

Seasonal hiring may be in retail, but it is picking up elsewhere. That's particularly true for transportation and warehousing, where 96,200 workers were added in October and November, according to the Bureau of Labor Statistics.

Ain't over 'til it's over

“Holiday job seekers should not stop looking for opportunities, even though it is December,” Challenger noted. “They must cast a wider net to include employers outside of the retail sector. However, even retailers continue to add throughout the holidays as high turnover in the industry requires nearly-constant recruiting activities.”

Last December, retailers added 134,500 workers.

The number of job openings was little changed at 5.5 million on the last business day of October, according to the Bureau of Labor Statistics (BLS).

Openings were up in health care and social assistance, but down in professional and business services, federal government, and mining and logging. The number of job openings was little changed in all four regions of the country.

Hires

There wasn't much change in the number of hires in October -- 5.1 million -- about the same as the month before for a hires rate of 3.5%.

The number of hires was little changed for total private and for government, with hires down by 26,000 in state and local government education and little change in all other industries. The number of hires also was little changed in all four regions.

Separations

Total separations includes quits, layoffs and discharges, and other separations and is referred to as turnover.

There were 4.9 million total separations in October, comprised of 3.0 million quits, 1.5 million layoffs and discharges other separations that was little changed from September.

Net employment change

Over the 12 months ending in October, hires totaled 62.6 million and separations totaled 60.1 million, for a net employment gain of 2.5 million. These totals include workers who may have been hired and separated more than once during the year.

The complete report is available on the DOL website.

Jobless claims

A big drop last week in the number of initial jobless claims.

The Department of Labor (DOL) reports there were 258,000 first-time applications for state unemployment benefits filed in the week ending December 3, down 10,000 from the previous week's unrevised level.

Initial claims have now been below 300,000 for 92 consecutive weeks, the longest streak since 1970.

The four-week moving average inched up 1,000 from the previous week's unrevised average to 252,500.

The latter measurement is considered a more accurate gauge of the labor market due to its lack of volatility.

The full report may be found on the DOL website.

The non-manufacturing sector of the economy rebounded in November after a slight cooling-off the month before.

The latest Non-Manufacturing Institute for Supply Management Report On Business put the non-manufacturing index (NMI) at 57.2% last month -- 2.4% higher than in October.

This represents continued growth in the non-manufacturing sector for the 82nd consecutive month and at a faster rate than in October. It's also a 12-month high and the highest reading since the 58.3 registered in October of 2015.

The Non-Manufacturing Business Activity Index increased to 61.7% -- 4% higher than October, reflecting growth for the 88th consecutive month and a faster rate in November.

The New Orders Index dipped 0.7% to 57%, and the Prices Index decreased 0.3% from October to 56.3%. Still, prices rose in November for the eighth consecutive month, but at a slightly slower rate.

The Employment Index increased 5.1% to 58.2%.

Individual industry performance

The 14 non-manufacturing industries reporting growth in November were:

1. Agriculture, Forestry, Fishing & Hunting;
2. Retail Trade;
3. Arts, Entertainment & Recreation;
4. Transportation & Warehousing;
5. Other Services;
6. Management of Companies & Support Services;
7. Construction;
8. Finance & Insurance;
9. Professional, Scientific & Technical Services;
10. Accommodation & Food Services;
11. Information;
12. Health Care & Social Assistance;
13. Wholesale Trade; and
14. Mining.

The two industries reporting contraction were:

1. Real Estate, Rental & Leasing; and
2. Public Administration.

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.

On and off the job

Among the major worker groups, the jobless rate for adult men fell to 4.3% last month, while the rates for adult women (4.2%), teenagers (15.2%), Whites (4.2%), Blacks (8.1%), Asians (3.0%), and Hispanics (5.7%) showed little or no change.

The civilian labor force participation rate was little-changed in November at 62.7% as the employment-population ratio held at 59.7%. Both have been fairly steady in recent months.

Employment gains and losses

Employment in professional and business services rose by 63,000 in November, with accounting and bookkeeping services adding 18,000 jobs. Health care employment rose by 28,000 in November and construction had 19,000 hires.

Other major industries -- mining, manufacturing, wholesale trade, retail trade, transportation and warehousing, information, financial activities, leisure and hospitality, and government -- saw little change in their workforce size over the month.

Dollars and cents

Average hourly earnings for all employees on private nonfarm payrolls fell 3 cents to $25.89 following an increase of 11 cents in October. Over the year, earnings are up 2.5%.

Average hourly earnings of private-sector production and nonsupervisory employees edged up 2 cents to $21.73.

The complete report is available on the DOL website.

U.S.-based employers announced plans to cut their payrolls by 26,936 workers in November, putting the pace of downsizing at the lowest level of the year.

Outplacement consultancy Challenger, Gray & Christmas says that puts job cuts 12% lower than they were in October and down 13% from the same month a year ago.

Last month’s total was the lowest of the year, falling below the previous low of 30,157, recorded in May. It was slightly higher than last December’s 23,622 job cuts, which was the lowest monthly total since June, 2000, when employers announced just 17,241 planned layoffs.

So far this year, employers have cut 493,288 jobs, a year-over-year decline of 5.5%.

Retail sector loses big

The heaviest job cutting came in the retail sector -- of which there are 4,850 announced terminations, most due to the bankruptcy of American Apparel, which could affect nearly 3,500 workers.

Those losses are more than offset, though, by the surge in holiday hiring. Challenger tracked 317,000 retail hiring announcements in September.

“These represent just a small fraction of the jobs being created, since most retailers, including the thousands of small, independent stores across the country, do not formally announce hiring intentions,” said Challenger, Gray & Christmas CEO John A. Challenger.

Overall, retail job cuts are down 12% from a year ago with employers planning to cut 57,969 workers from their payrolls. Even with the decline, year-to-date retail job cuts rank third among all industries, behind computer and energy.

“Barring an unlikely December surge in downsizing, the year-end job cut total should remain well below the 598,510 layoffs announced last year,” Challenger said. “Even if the new administration creates some uncertainty among corporate forecasters, most employers are in a strong enough position to take a wait-and-see approach when planning for next year.” 

Consumers found themselves with more money in their pockets in October, spent part of it, and saved the rest.

The Bureau of Economic Analysis (BEA) reports personal income increased $98.6 billion, or 0.6%, while disposable personal income -- what's left after taxes are paid -- also increased 0.6%, or $86.5 billion.

October's increase in personal income was due in large part to gains in employee compensation and personal interest income.

Spending and saving

Personal consumption expenditures (PCE), the value of goods and services, increased $38.1 billion, or 0.3%. That advance reflects increases in spending for durable and nondurable goods, which were mostly offset by a decrease in spending for services.

Personal outlays, which is the sum of PCE, personal interest payments, and personal current transfer payments, rose $40.4 billion.

The PCE price index, a measure of inflation, increased 0.2%. When the volatile food and energy categories are excluded, what's known as the core PCE price index was up 0.1%.

Personal savings totaled $860.2 billion in October, while the personal saving rate -- personal saving as a percentage of disposable personal income -- was 6.0%, a gain of 0.3% from September.

The complete report is available on the BEA website

Jobless claims

Ninety-one weeks and counting.

That's how long the number of initial jobless claim filings have been below the 300,000 mark -- the longest streak since 1970.

The Department of Labor (DOL) reports that in the week ending November 26, there were a seasonally adjusted 268,000 first-time applications for state unemployment -- 17,000 more than during the previous week.

The four-week moving average, considered by economists to be a better gauge of the labor market because of its lack of volatility, was up just 500 from the previous week to 251,500.

The full report may be found on the DOL website.

More jobs in the goods-producing sector disappeared in November, but thanks to a big jump in the number of new positions in the services sector, it was a strong month for job creation.

According to the ADP National Employment Report, private sector employment increased by 216,000 jobs from October to November.

Gainers and losers

Goods-producing firms took a huge hit during the month, losing 11,000 jobs. Manufacturing was the biggest contributor ( -10,000 jobs), along with Natural resources and mining (-4,000). Construction, however, added 2,000 payroll positions.

Those losses, though, were offset by creation of 228,000 jobs by service-providing companies. The gains were led by trade/transportation/utilities (+69,000), professional/business services (+68,000), and administrative/support services (+47,000). The information industry lost 10,000 workers.

"Businesses hired aggressively in November and there is little evidence that the uncertainty surrounding the presidential election dampened hiring,” said Moody's Analytics chief economist Mark Zandi. “In addition, because of the tightening labor market, retailers may be accelerating seasonal hiring to secure an adequate workforce to meet holiday demand, although total expected seasonal hiring may be no higher than last year's."

Large businesses were the biggest job creators, adding 90,000 new payroll positions -- most of them (76,000) by companies with more than 1,000 employees. That was closely followed by medium-sized businesses, which added 89,000 workers and small businesses with 37,000 hires.

"This growth was seen in primarily consumer-driven industries like retail and leisure and hospitality -- across all company sizes,” said Ahu Yildirmaz, vice president and head of the ADP Research Institute. “Overall, consumers are feeling confident and are driving the strong performance we currently see in the job market."

The report, produced in collaboration with Moody's Analytics, is derived from ADP's actual payroll data and measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.

The government's second look at how the economy was doing in the third quarter is encouraging.

According to the Commerce Department, real gross domestic product (GDP) increased at an annual rate of 3.2% in the July-to-September period.

That's somewhat better than the rate of 2.9% reported in the “advance” estimate -- and a lot better than the 1.4% we saw in the second quarter of the year.

And it marks the first time the GDP growth rate has been above 3% since the third quarter of 2014.

Even with the increase, analysts say the general picture of economic growth remains the same. The advance was due to stronger consumption expenditures -- consumer spending -- than previously estimated.

The second estimate acceleration reflected an upturn in private inventory investment, an acceleration in exports, a pickup in federal government spending, and smaller decreases in state and local government spending and residential fixed investment.

An inflation measure tied to GDP -- the PCE price index -- was up 1.4%, compared with the previous 2.0% increase. When the volatile food and energy categories are removed, the gain is 1.7% versus an increase of 1.8%.

The increase in GDP gave a nice boost to corporate profits, which rose $133.8 billion in the third quarter, after falling $12.5 billion in the second.

The complete report may be found on the Commerce Department website.

With Black Friday just a week away, you might think it's too late to look for a seasonal job. However, Challenger, Gray & Christmas (CG&C;) says you'd be wrong.

While it's true that most retailers have completed their hiring of temporary workers, you shouldn't throw in the towel, just yet.

“It is never too late to find holiday jobs,” said CG&G; chief executive officer John A. Challenger. “There is a lot of churn in the sectors that typically hire seasonal workers and because employers are often hiring a lot workers in a short amount of time, there is a strong chance that many of those new workers will not pan out.”

The hiring continues

In its September forecast, the global outplacement firm predicted holiday hiring will remain flat from a year ago. Should that be on the money, about 740,000 seasonal workers will be added to retail payrolls in the final three months of the year.

The bulk of this hiring typically occurs in late October and early November, and is usually reflected in the government's December employment report.

“That being said, we continue to see hiring in late November and into early December,” said Challenger. “On average, retail employment has grown by an average of 145,000 over the last five years. It is important to remember that these figures don’t include seasonal job gains outside of the retail sector. Job seekers can also be looking for holiday jobs in hotels, restaurants, catering companies, and warehouse and shipping facilities.”

The primary reason to not give up on the holiday job search is that the sectors that have the strongest need for seasonal workers are also those that typically see the highest turnover.

A 2014 report from the Hay Group, a management consulting firm, indicated that the turnover rate in the retail industry averaged 66% for part-time hourly sales associates.

Last year in the hospitality industry -- another major employer of seasonal workers -- the turnover rate averaged 72%, according to the Bureau of Labor Statistics.

“These high turnover rates, which are likely to be even higher among seasonal workers, mean that job seekers pursuing holiday employment should not hesitate to return to employers where they previously failed to get a job offer. The situation can change overnight,” said Challenger.

What to do

Challenger offers the following tips for holiday job-seekers:

• Visit employers in person. It is tempting to conduct a job search from behind the computer screen. However, many retailers will not post their seasonal jobs online -- particularly smaller mom and pop stores.
• Return to previous attempts. Don’t hesitate to go back to employers where you might have failed to get a job. Staffing needs may have changed or they may have lost one or more seasonal workers.
• Think outside the (big) box. Retailers undoubtedly have the strongest need for seasonal workers, but don’t overlook entertainment venues, restaurants, caterers, and other businesses that are busy during the holidays. And, since more shoppers buy online, shipping companies like UPS and FedEx have enormous demand for seasonal workers.
• Be flexible. The most challenging jobs to fill are those with overnight or early morning positions dedicated to receiving new shipments and restocking floors. If you're willing to work any hours thrown your way you'll have a leg up on the competition.
• Start with places you shop/visit. If you're a frequent customer at a particular store or restaurant, start your job search there. Even if you don't have a “relationship” with the manager or staff, they are likely to recognize you as a regular, which may give you an advantage.

Retailers enjoyed a good October following an even better September.

The Commerce Department reports retail sales last month were up 0.8%, or $465.9 billion, and were 4.3% above the same month a year earlier.

In addition, the government revised it's September estimate to show a gain of 1.0% instead of the 0.6% advance initially reported.

Winners and losers

Most businesses saw sales increases last month, including gas stations (+2.2%), sporting goods, hobby, book & music stores (+1.3%), motor vehicle & parts dealers (+1.1%), and grocery stores (+0.7%).

Sales declines were suffered by furniture & home furnishing stores (-0.9%), department stores (-0.7%), and restaurants & bars (-0.7%).

Analysts at Briefing.com say the strong report indicates consumers are willing to spend more freely on discretionary items and that both the October and September numbers should help bolster fourth quarter GDP forecasts.

The complete report is available on the Commerce Department website.

Ahhh...the best laid plans and all that.

Even though many major retailers said they planned on expanding their workforces this Christmas shopping season, October employment gains have plunged 21% from a year ago to 154,600.

An analysis of Bureau of Labor Statistics (BLS) data by outplacement firm Challenger, Gray & Christmas shows that's the fewest job gains to kick off the holiday hiring season since 2012.

This year’s decline follows two consecutive years of record job gains in October. BLS data shows that retail employment grew by 194,800 in 2015, a record number of October job gains for the sector.

Not a harbinger

Challenger, Gray & Christmas CEO John A. Challenger points out, however, that record October job gains in 2015 did not lead to record retail hiring throughout the holiday season. In fact, overall holiday hiring declined.

“The shrinking number of jobs added during the holiday season does not necessarily mean that the retail industry is shrinking," said Challenger. “As of October, there were 15,994,000 Americans employed in this sector. That is up from 15,759,000 a year ago and represents the highest October employment level ever recorded by the BLS.”

What's going on

A few trends could be contributing to the fall off in holiday hiring. Challenger said stronger hiring throughout the year and advances in retail technology may mean that stores do not have to hire as many extra workers during the busy holiday shopping season. In addition, he said, “increased online shopping could be shifting the holiday job gains away from retailers toward warehousing, fulfillment, and transportation operations.”

In fact, holiday hiring plans announced by the likes of Amazon.com, UPS, and FedEx have grown significantly over the last five years, according to Challenger. Meanwhile, hiring announcements from retailers have remained relatively flat or declined.

Even though there was little change in the number of job openings during September, there were fewer people added to payrolls than in August.

The Labor Department's Bureau of Labor Statistics (BLS) reports the number of people who found work dipped to 5.1 million, while the number of job openings was fairly steady at 5.5 million.

With a hires rate of 3.5%, the number of hires was little changed for total private and for government, fell in arts, entertainment, and recreation, and showed little change in all other industries. Hiring was down in the Northeast region and steady in all other regions.

Separations

Total separations, or turnover, includes quits, layoffs & discharges, and other separations.

September saw 4.9 million total separations, about the same as August, for a rate of 3.4%. The total was essentially unchanged for private and for government, but increased in transportation, warehousing, and utilities. Separations decreased in arts, entertainment, and recreation (-55,000), and the total number was little changed in all four regions.

The number of quits was little changed in September (3.1 million), and the quits rate was 2.1%. The number of quits was little changed for total private, and increased for government. The number of quits was little changed in all four regions.

Layoffs and discharges totaled 1.5 million in September, down 218,000 from August, with a rare dip to 1.0%. The number of layoffs and discharges decreased for total private and for government, and was down in the South.

The other separations category was little changed for total nonfarm, total private, government, and in all four regions.

Net change

For the year ending in September, hires totaled 62.7 million and separations totaled 60.1 million, for a net employment gain of 2.6 million. This includes workers who may have been hired and separated more than once during the year.

The complete report is available on the BLS website.

The latest economic forecast from The Conference Board suggests continued moderate growth into 2017.

The Board's Leading Economic Index (LEI) inched up 0.2% in September following a decline of the same magnitude the month before.

The increase “suggests that the economy should continue expanding at a moderate pace through early 2017.” said Ataman Ozyildirim, Director of Business Cycles and Growth Research at The Conference Board.

Housing permits, unemployment insurance claims, and the interest rate spread were the main components lifting the index in September.

Overall, Ozyildirim pointed out, “the strengths among the leading indicators are outweighing modest weaknesses in stock prices and the average workweek.”

How it works

The LEI is a composite average of several individual leading indicators. It's constructed to summarize and reveal common turning point patterns in economic data in a clearer and more convincing manner than any individual component -- primarily because it smooths out some of the volatility of individual components.

The ten components of the LEI include:

1. Average weekly hours for manufacturing
2. Average weekly initial claims for unemployment insurance
3. Manufacturers’ new orders, consumer goods, and materials
4. Institute for Supply Management Index of New Orders
5. Manufacturers' new orders and nondefense capital goods excluding aircraft orders
6. Building permits for new private housing units
7. Stock prices of 500 common stocks
8. Leading Credit Index
9. Interest rate spread and 10-year Treasury bonds less federal funds
10. Average consumer expectations for business conditions

Jobless claims

From the Department of Labor (DOL), word that initial jobless claims surged by 13,000 in the week ending October 15 to a seasonally adjusted 260,000.

Even with that increase, the claims level has been below 300,000 for the 85th consecutive week, the longest streak since 1970.

The four-week moving average, which lacks the weekly headcount's volatility and is considered a more accurate gauge of the labor market, came in at 251,750 -- up 2,250 from the previous week.

The full report is available on the DOL website.

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 government social benefits.

Personal outlays -- the total of PCE, personal interest payments, and personal current transfer payments -- rose $6.1 billion.

Personal saving rose $12.9 billion -- from July -- to $807.6 billion, with the the personal saving rate and personal saving as a percentage of disposable personal income holding steady at 5.7%.

The complete report is available on the Commerce Department website.

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 available at that time.

Still, the general picture of economic growth remains the same, with the most notable change being an increase in nonresidential fixed investment; the previous estimate had it declining.

Corporate profits, meanwhile, fell $12.5 billion in the April-June period after surging $66.0 billion in the first quarter.

The complete report is available on the Commerce Department website.

Jobless claims

First-time applications for state unemployment benefits edged upward last week, but remained well below the 300,000 level for the 82nd consecutive week.

The Department of Labor (DOL) reports initial benefit applications were up by 3,000 in the week ending September 24 to a seasonally adjusted total of 254,000. As it released the latest numbers, the government revised last week's tally down by 1,000.

The four-week moving average, considered by many economists to give a more accurate assessment of the labor market, came in at 256,000, a decline of 2,250 from the previous week.

The full report is found on the DOL website.

Retail sales dipped in August -- the first decline in five months.

According to the Commerce Department, sales were off 0.3% last month at $456.3 billion. As it released the report for last month, the government revised its July figures to show a sales gain of 0.1%. The previous months sales had been reported as showing virtually no change.

On a year-over-year basis, sales in August were up 1.9%.

The biggest positive influences came from food services & drinking places (+0.9%) and clothing & clothing accessories stores (+0.7%). Sales declines were posted by miscellaneous store retailers (-2.4%), sporting goods, hobby, book & music stores (-1.4%), building material, garden equipment & supplies dealers (-1.4%), and gas stations (-0.8%)

The complete report is available on the Commerce Department website.

Initial jobless claims

A small uptick last week in initial jobless claims.

From the Department of Labor (DOL), word that first-time applications for state unemployment benefits totaled 260,000 in the week ending September 10 -- an increase of 1,000 from the previous week's unrevised level.

It's now 80 weeks in a row that the claims level has stayed below 300,000 -- the longest streak since 1970.

The four-week moving average, considered a better gauge of the labor market due to its relative lack of volatility, dipped by 500 to 260,750.

The full report may be found on the DOL website.

Employment experts aren't expecting much in the way of hiring in the retail sector for this year's Christmas shopping season.

Outplacement consultancy Challenger, Gray & Christmas predicts hiring by retailers will show little change from last year when seasonal employment in the sector increased by 738,800 during the final three months of the year. That was down 1.4% from 2014, according to employment data from the Bureau of Labor Statistics (BLS).

That doesn't mean nobody's hiring though.

“While seasonal retail jobs remain flat or shrink, there has been a marked increase in seasonal job gains in other sectors,” said John A. Challenger, chief executive officer of Challenger, Gray & Christmas. “The sector with the biggest increase in holiday hiring in recent years has been transportation and warehousing, as more and more holiday shopping is done online.”

Transportation and warehousing hiring

Target has already announced plans to add 70,000 retail workers -- about the same as a year ago. But, it also said it'll be adding 7,500 people in its distribution facilities, which ship online orders and send products to stores.

Last year, transportation and warehousing employment increased by a non-seasonally adjusted 200,500 workers in November and December. A decade ago, the seasonal job gains measured just 42,400.

FedEx and UPS hired 150,000 extra holiday workers last year, and both are expected to add the same number this season.

Distribution and call center operator Radial reportedly plans to increase its global payrolls by 20,000 for the upcoming holiday season

Even more hiring

“Seasonal hiring is not limited to retail or retail-related industries,” said Challenger. "More and more Americans are giving friends and families experiences instead of material items. The increase in this type of gift-giving means that there are more seasonal employment opportunities at theaters, restaurants, amusement parks, and other entertainment venues.”

Last week, Opryland in Nashville, Tennessee, announced that it will be hiring 300 seasonal workers for its annual holiday attraction, which features two million pounds of ice sculptures.

Following increases the previous month, both personal income and spending were higher in July.

Incomes jumped 0.4%, or $71.6 billion, according to the Bureau of Economic Analysis (BEA), with disposable personal income (DPI) -- what's left after Uncle Sam takes his cut -- up $60.1 billion, or 0.4%.

The increase in personal income last month came largely from advances in wages and salaries and personal current transfer receipts.

Spending and saving head higher

Personal consumption expenditures (PCE), or consumer spending, rose 0.3% or $42.0 billion, reflecting increases in spending for new cars and services that were partially offset by a dip in spending for nondurable goods.

Excluding food and energy, the PCE price index increased 0.1% in July.

Personal saving totaled $794.7 billion in July, pushing the personal saving rate -- personal saving as a percentage of disposable personal income -- up 0.3% from June to 5.7%.

The complete report is available on the BEA website.

The U.S. economy continued to plod along in the second quarter.

The Commerce Department's second look at real gross domestic product -- the value of the goods and services produced by the nation’s economy -- put expansion at an annual rate of 1.1%. While that's down 0.1% from the “advance” estimate released last month, it is a bit of an improvement from the first-quarter growth rate of 0.8%.

This latest economic snapshot is based on more complete source data than were available earlier, the general picture of growth remains the same.

The changes

What growth there was came from contributions from personal consumption expenditures (PCE), or consumer spending, and exports. These were partly offset by drops in private inventory investment, residential fixed investment, state and local government spending and nonresidential fixed investment. Imports -- a subtraction in the calculation of GDP -- increased

The PCE price index increased 2.0%, compared with an increase of 0.3% in the first three months of the year. Excluding volatile food and energy prices, the “core” PCE price index was up 1.8%, versus an of 2.1% in the previous quarter.

Corporate profits

Profits from current production plunged $24.1 billion in the second quarter, after rising $66.0 billion in the first quarter.

Profits of domestic financial corporations rose $7.2 billion in the second quarter, while profits of domestic nonfinancial corporations fell $58.2 billion.

The complete report is available on the Commerce Department website.

Although July was a better month for employment than June, the pace of new job creation continues at a less than robust pace.

According to the July ADP National Employment Report, private sector employment increased by 179,000 jobs from June to July -- 3,000 more jobs than were created in June.

The report, produced by the ADP Research Institute in collaboration with Moody's Analytics, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.

"This month's employment number falls short of the 12-month average primarily because of slowing in small business hiring," said Ahu Yildirmaz, vice president and head of the ADP Research Institute. "As the labor market continues to tighten, small businesses may increasingly face challenges when it comes to offering wages that can compete with larger businesses."

Strength in services

Service-providing employment added 185,000 jobs last month, with professional/business services contributing 59,000. Trade/transportation/utilities increased by 27,000 jobs and financial activities added 11,000.

Goods-producing employment lost 6,000 jobs in July, following June losses of 28,000, with the construction industry down 6,000. Manufacturing rebounded, gaining 4,000 jobs after losing 15,000 a month earlier.

Payrolls for businesses with 49 or fewer employees increased by 61,000 jobs in July, while employment at companies with 50-499 employees rose by 68,000. Large companies -- those with 500 or more employees -- hired 50,000 new workers; firms with 500-999 employees added 16,000, and companies with more than 1,000 employees put another 33,000 people on the payroll.

"This month's employment number falls short of the 12-month average primarily because of slowing in small business hiring," said Ahu Yildirmaz, vice president and head of the ADP Research Institute. "As the labor market continues to tighten, small businesses may increasingly face challenges when it comes to offering wages that can compete with larger businesses."

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.

“The number of metropolitan areas experiencing labor shortages is growing,” said John A. Challenger, CEO of Challenger, Gray & Christmas. “As it does, employers in these areas will have to seek candidates from beyond the borders of the local talent pool. Job seekers who are willing to pull up stakes and relocate for new opportunities are finding welcoming arms.”

The latest data from the Bureau of Labor Statistics show 108 metropolitan areas with unemployment rates below 4.0%, including such major cities as San Francisco, Dallas, Denver, Boston, and Cleveland.

“When the unemployment rate gets in the 3% to 4% range, it becomes extremely difficult to find any available workers, let alone ones with the particular experience and skill set required for unfilled job openings. So, employers have to cast a wider net,” said Challenger.

Making it worthwhile

Simply seeking candidates from other cities and towns is not enough. Most people don't want to go through the hassle of relocating. Companies, according to Challenger, will have to offer a bigger carrot to entice candidates.

A keyword search on Indeed.com reveals that there are currently more than 25,600 job postings on the site indicating “paid relocation” incentives.

The 2016 Atlas Van Lines Corporate Relocation Survey found that 89% of employers offer some type of relocation reimbursement to new hires. More than one-third (36%) of respondents indicated that they provide full reimbursement for moving expenses, while another 38% offer partial reimbursement that varies based on factors such as salary and position.

“Even with incentives, relocation is rarely the most desirable option for job seekers,” said Challenger. “There is a lot of risk involved and costs can often exceed what the new employer is willing to pay. This is why we typically never see relocation rates top 20%, even when business and economic conditions are at their best.”

Getting help

If there are professional associations related to your occupation or industry, Challenger advises joining the local chapter in your new area. Charitable and service organizations are another way to expand your social and professional network.

Do not overlook your new neighbors, either. “Making new friends and getting to know people in your new area will not only make the transition easier,” Challenger noted, adding that “these are the people who will help you if your new employment situation does not work out.”

Increases in nearly every category pushed retail sales up 0.6% in June to $457.0 billion -- the third straight monthly increase -- and 2.7% above the same month a year ago.

At the same time, though, the Census Bureau revised its May figures to show an advance of 0.2% instead of the 0.5% initially reported.

Sales at building material & garden equipment & supplies dealers led last months advance, rising 3.9%. Also on the increase were sales at gas stations (+1.2%), nonstore retailers (+1.1%), and miscellaneous store retailers (+0.9%). Sales at auto and parts dealers inched up 0.1%.

Sales fell at clothing & clothing accessories stores (-1.0%) and restaurants (-0.3%)

The complete June retail sales report is available on the Census Bureau website.

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 full report is available on the DOL website.

Another 172,000 people found work in the private sector during June, according to the ADP National Employment Report. However, that's down by about 1,000 from the May tally.

Small businesses continued to supply the bulk of the new positions as payrolls at firms with 49 or fewer employees increased by 95,000 -- a jump 0f 11,000 from May. Employment at companies with 50-499 employees increased by 52,000 jobs, compared with May's 60,000. The number of jobs at large companies -- those with 500 or more employees -- increased by 2,000 from the month before to 25,000. Companies with 500-999 employees added 21,000 and those with more than 1,000 employees hired 4,000 workers in June.

"Since the start of 2016, average monthly job creation has slightly dropped," said Ahu Yildirmaz, vice president and head of the ADP Research Institute. "Lackluster global growth, low commodity prices, and an unfavorable exchange rate continue to weigh on U.S. companies, especially larger companies."

Goods and services empoyment

The goods-producing sector lost jobs -- 36,000 of them -- in June following a decline of 5,000 in May. Within that category, 5,000 construction industry jobs disappeared and there were 21,000 fewer people employed in manufacturing.

Employment in the service-providing category rose by 208,000 jobs last month on top of the May increase of 173,000. Professional/business services contributed 51,000 jobs, trade/transportation/utilities grew by 55,000, and financial activities added 2,000.

Despite the decline from May, Mark Zandi, Moody's Analytics Chief Economist Mark Zandi believes job growth revived last month from its spring slump. “Job growth remains healthy,” he said, “except in the energy and trade-sensitive manufacturing sectors. Large multinationals are struggling a bit, and Brexit won't help, but small- and mid-sized companies continue to add strongly to payrolls."

The ADP National Employment Report is produced by the payroll firm in collaboration with Moody's Analytics.

Pink slips were in the wind during June as employers announced plans to cut payrolls by 38,536 jobs.

While that's up 28% from May, when firings fell to a five-month low in June, it's still well below the 12-month average of 53,049 monthly job cuts. And according to outplacement consultancy Challenger, Gray & Christmas, which tracks job cuts, it indicates a positive employment environment.

“Job cut announcements were up last month, but they increased from the lowest total of the year to the second lowest of the year,” said John A. Challenger, CEO of Challenger, Gray & Christmas.

The June total is 26% lower than the monthly job cuts averaged over the past year and 14% below the same month a year earlier.

A slowing pace

While the total of 313,754 planned job cuts so far this year is up 9% from the first six months of 2015, the pace of job cutting has slowed significantly since the beginning of the year. Job cuts in the second quarter were down 27% from the first quarter and 10% lower than the second quarter of 2015.

“It is not unusual to see a slowdown in job cuts during the summer months,” said Challenger. “Other factors are definitely contributing to the decline, the biggest one being the precipitous drop off in job cuts attributed to low oil prices.”

Firms in the energy and industrial goods sectors blamed oil prices for 50,053 announced job cuts in the first quarter. In the second quarter, oil-related job cuts were down 48%. In the energy sector alone, job cuts declined 42% in the second quarter.

More of the same

Challenger said we may continue to see low job cut totals throughout the remainder of 2016, as employers take a wait-and-see stance on workforce levels.

“Several uncertainties, including national elections, the recent Brexit, and global security and economic issues are giving employers pause when it comes to workforce decisions," he noted, adding “We are seeing it in layoff numbers, as well as the job creation numbers, which have been lackluster in recent months.”

Not every sector is holding off on job cuts. Terminations in the computer industry increased in the second quarter and total 39,589 through the first half of the year -- more than triple the number announced by these firms in the first six months of 2015.

Initial claims

Another big drop in the number of initial jobless claims last week.

The Department of Labor (DOL) reports the seasonally adjusted total of first-time applications for state unemployment benefits initial claims was 254,000 in the week ending July 2, down 16,000 from the previous week, when the level was revised upward by 2,000.

Initial claims have now been below 300,000 for 70 weeks in a row, the longest stretch since 1973.

The four-week moving average, which many economists believe better reflects the labor market because it lacks volatility, was down 2,500 from a week earlier to 264,750.

The complete report may be found on the DOL website.

Growth in the non-manufacturing, or services, sector of economy picked up steam in June.

According to the Institute for Supply Management (ISM), the sector was up 3.6% from May to a reading of 56.5%, representing continued growth in the non-manufacturing sector at a faster rate. It also marked the 77th consecutive month of expansion.

A reading above 50 indicates expansion, while below that suggests contraction.

The New Orders Index registered 59.9%, 5.7% points higher than the reading of 54.2% in May. The Employment Index grew 3% in June after contracting in May to 52.7%. The Prices Index dipped 0.1% from May to 55.5%, the third consecutive price increase.

Industry by industry

The 15 non-manufacturing industries reporting growth in June were:

1. Mining;
2. Arts, Entertainment & Recreation;
3. Management of Companies & Support Services;
4. Retail Trade;
5. Health Care & Social Assistance;
6. Utilities;
7. Real Estate, Rental & Leasing;
8. Accommodation & Food Services;
9. Transportation & Warehousing;
10. Wholesale Trade;
11. Information;
12. Public Administration;
13. Agriculture, Forestry, Fishing & Hunting;
14. Construction; and
15. Finance & Insurance.

The three industries reporting contraction were:

1. Educational Services;
2. Professional, Scientific & Technical Services; and
3. Other Services.

The manufacturing sector of the U.S. economy grew in June for the fourth time in as many months.

According to the Institute for Supply Management, the Purchasing Manager's Index was up 1.9% from the May reading to 53.2%. A reading above 50% indicates the manufacturing economy is generally expanding; below 50% suggests contraction.

At the same time, the overall economy grew for the 85th consecutive month

The nuts and bolts

The New Orders Index came in at 57%, up 1.3% from May; the Production Index grew by 2.1% to 54.7%; and the Employment Index went from 49.2% in May to 50.4%.

The Prices Index, on the other hand, fell 3% to 60.5%, indicating higher raw materials prices for the fourth consecutive month.

Industry breakout

Of the 18 manufacturing industries, 13 reported growth in the following order:

1. Printing & Related Support Activities;
2. Textile Mills;
3. Petroleum & Coal Products;
4. Food, Beverage & Tobacco Products;
5. Fabricated Metal Products;
6. Apparel, Leather & Allied Products;
7. Paper Products;
8. Miscellaneous Manufacturing;
9. Computer & Electronic Products;
10. Chemical Products;
11. Primary Metals;
12. Machinery; and
13. Nonmetallic Mineral Products.

Three industries reported contraction in June:

1. Electrical Equipment, Appliances & Components;
2. Transportation Equipment; and
3. Plastics & Rubber Products.

Consumers loosened up their purse strings a bit last month.

The Commerce Department reports personal consumption expenditures (PCE) increased by $53.5 billion, or 0.4%. Personal income, by the way, also rose -- $37.1 billion, or 0.2% -- and disposable personal income (DPI), what you have left after the government gets its cut, was up by $33.9 billion, or 0.2%.

Compensation, spending, and saving

Most of the income increase came from a rise of $14.7 billion in wages and salaries, well below $40.4 billion advance in April. Private wages and salaries were up $11.8 billion, while government wages and salaries inched up $2.9 billion.

Personal outlays, which is made up of PCE, personal interest payments, and personal current transfer payments, rose just $57.0 billion in May, after a surge of $144.6 billion in April.

Personal saving -- DPI less personal outlays -- was $730.6 billion last month, pushing the personal saving rate down 0.1% to 5.3%.

The complete report is available on the Commerce Department website.

After falling sharply in the preceding week, first time applications for state unemployment benefits jumped a bit in the week ending June 25.

Jobless claims

The Department of Labor (DOL) reports initial jobless applications rose by 10,000 to a seasonally adjusted 268,000. The previous week's level was revised down by 1,000.

It's now 69 consecutive weeks that the initial claims level has been below 300,000 -- the longest streak since 1973.

The four-week moving average, considered a more accurate gauge of the labor market as it lacks the weekly tally's volatility, was unchanged from the previous week at 266,750.

The full report may be found on the DOL website.

The third time was the charm when it comes to growth in the economy.

The Commerce Department has taken its third and final look at how things were going in the first quarter and determined that 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 -- expanded at an annual rate of 1.1%.

That's somewhat better than the 0.8% rate in the second estimate, but slower than the 1.4% rate chalked up in the final three months of 2015.

The increase in the first quarter comes from contributions from consumer spending, residential fixed investment, state and local government spending, and exports. Those were offset by declines in nonresidential fixed investment, private inventory investment, and federal government spending. Imports, which are a subtraction in the calculation of GDP, were lower.

The slowdown in real GDP from the fourth quarter reflected a deceleration in consumer spending, a larger drop in nonresidential fixed investment, and a downturn in federal government spending that were partly offset by advances in state and local government spending and exports and an acceleration in residential fixed investment.

GDP inflation

The price index for gross domestic purchases, which measures prices paid by U.S. residents, rose 0.2% in the first quarter, half the increase seen in the fourth.

The core rate, which excludes the volatile food and energy categories, was up 1.4%, versus a 1.0% increase in the final quarter of last year.

Corporate profits

Profits from current production rose by $34.7 billion in the first quarter, after declining $159.6 billion in the fourth.

Taxes on corporate income increased $4.4 billion in the first quarter, in contrast to a decrease of $32.2 billion in the fourth.

The complete report is available on the Commerce Department website.

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, this was the slowest start to the summer hiring season since 2011, when just 71,000 teenagers found jobs in May.

“Low hiring in May does not necessarily portend an overall drop in summer hiring,” said John A. Challenger, chief executive officer of Challenger, Gray & Christmas. “In 2007, just 62,000 teenagers found employment in May, but total job gains for the summer exceeded 1.6 million. However, the general trend in summer employment among teens has been downward and that trend has been going on since the late 1970s,” .

Challenger said numerous factors have contributed to the decline of teen employment. “Economic downturns certainly played a role in accelerating the trend,” he noted, adding, “it is hardly the only factor. Even the relatively high-flying 1990s saw the number of working teens fall.”

A worrisome trend

Since the 1970s, the number of manufacturing and other skilled blue-collar jobs have disappeared, along with other semi-skilled jobs that could be shipped overseas, such as call center jobs. Americans who might have gravitated toward these opportunities were pushed down the ladder into lower-skilled, lower-paying service jobs that were once dominated by teenagers.

“Teens were basically pushed out of the market,” said Challenger. “They continue to have opportunities in the classic summer job settings, such as summer camps, neighborhood pools, amusement parks, etc. However, the number of these jobs is not really growing. We don’t see a dozen new amusement parks or summer camps start up every year. Meanwhile, restaurants and retail outlets are still hiring teens, but not as many as in the past, because they simply don’t need as many workers to meet seasonal demand.”

Challenger said there is mounting evidence that teens are not pursuing traditional summer jobs like they used to. “Many are enrolled in summer educational programs. More are volunteering. And, others are pursuing money-making opportunities that fall below the radar of standard employment measures, such as unpaid internships or entrepreneurial ventures.”  

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 nonstore retailers (+12.2) and health & personal care stores (+8.3).

Last month's losers include building material & garden equipment & supplies dealers, with a sales decline of 1.8% from April, and miscellaneous store retailers, where sales were down 1.2%.

The complete May retail sales report is available on the Census Bureau website.

There wasn't a lot of change in the labor market during April.

The Bureau of Labor Statistics reports the number of job openings was fairly steady during the month at 5.8 million. At the same time, the number of hires edged down to 5.1 million while separations were little changed at 5.0 million.

Job openings

The job openings rate was 3.9% as the number of openings showed little change for total private and for government. Large increases occurred in wholesale trade (+65,000), transportation, warehousing, and utilities (+58,000), durable goods manufacturing (+46,000), and real estate and rental and leasing (+41,000). Openings in the professional and business services sector were down by 274,000. The number of job openings was little changed in all four regions.

Hires

With a hires rate of 3.5%, the number of hires for total private and for government edged down 31,000. Hires were little changed in all industries in April and decreased in the Midwest region.

Separations

Total separations includes quits, layoffs and discharges, and other separations. The category is referred to as turnover. The total separations rate in April was 3.5%. The number of total separations was little changed for total private and for government, and all industries experienced little change in total separations over the month.

Net change in employment

Over the 12 months ending in April, hires totaled 62.4 million and separations totaled 59.7 million, yielding a net employment gain of 2.7 million. These totals include workers who may have been hired and separated more than once during the year.

The full report is available on the BLS website

Initial claims

Separately, the  Department of Labor (DOL) reports first-time jobless claims came in below 300,000 last week for the 66th consecutive week -- the longest streak since 1973.

In the week ending June 4, initial applications for state unemployment benefits totaled a seasonally adjusted 264,000, down from the previous week's revised level of 268,000.

The four-week moving average, seen as a more active gauge of the labor market because it's not as volatile as the weekly compilation, fell 7,500 from the previous week's revised total -- to 269,500.

The complete report may be found on the DOL website.

U.S.-based employers pulled back sharply in trimming their workforces in May.

Outplacement consultancy Challenger, Gray & Christmas reports announced job cuts totaled 30,157 last month -- down 53% from April and the lowest number of terminations since last December.

So far this year, employers have announced 275,218 job cuts -- up 13% compared to the first five months of 2015.

“May could be the start of a summer slowdown in the pace of job cutting as companies take a pause following the period of heavy downsizing that started the year,” said John A. Challenger, chief executive officer of Challenger, Gray & Christmas. “In general, oil prices have improved somewhat since the beginning of the year, though they are still less than half of what they were at oil’s recent peak. However, the recent gains may be enough to at least temporarily slow job cuts in the sector.”

Energy absorbs the reductions

Monthly job cuts were led by the energy sector, though the May total was down significantly from previous months. Firms in the sector announced another 7,572 terminations in May -- 60% fewer than in April.

They have now announced 75,232 job cuts this year -- up 25% from January through April a year ago.

Most industries saw job cuts decline in May. Among the most significant was the computer industry, where they plunged 83% from April. Reductions also occurred in the financial sector (-68%), and retailing (-75%).

“Of course, not every summer brings a slowdown in job cuts,” said Challenger. “Last July saw announced layoffs soar to a four-year high of 105,696. However, last year’s spike was due primarily to massive troop and civilian cuts in the military. Being an election year, it is unlikely that we will see any major workforce changes at the federal level of the government.”  

A second look at how the nation's economy was doing in the first quarter shows the growth rate was a bit stronger.

The Bureau of Economic Analysis (BEA) 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 0.8%.

While that's a bit better than the 0.5% reported in the advance estimate released a month ago, it pales in comparison to the 1.4% growth rate chalked up in the final three months of 2015.

Consumer spending picks up

The increase in real GDP results from increases in personal consumption expenditures (PCE), residential fixed investment, and state and local government spending.

Those advances were partly offset by declines in nonresidential fixed investment, exports, private inventory investment, and federal government spending. Imports -- a subtraction in the calculation of GDP -- decreased. 

The overall slowdown from the fourth quarter of last year reflects a larger decrease in nonresidential fixed investment, a deceleration in PCE, and a downturn in federal government spending. Those were offset -- in part -- by an upturn in state and local government spending, and a speedup in residential fixed investment.

Inflation and corporate profits

The price index for gross domestic purchases -- GDP inflation -- increased 0.2% in the first quarter, compared with an increase of 0.4% in the fourth quarter of 2016. Excluding food and energy prices, the “core” GDP rate increased 1.4%, compared with a 1.0% advance in the final three months of last year.

Corporate profits were finally in the black. Following a plunge of $159.6 billion in the fourth quarter, they increased $6.5 billion in the first three months of this year.

The complete report is available on the BEA website.

Retail sales rose in April for the first time in four months.

According to the Commerce Department, sales totaled $453.4 billion -- up 1.3% from March and are 3.0% ahead of the same time a year ago. At the same time, the government revised its March report to show a sales drop of 0.3% rather than the 0.4% initially reported.

Eleven of 13 categories posted gains, with most of the strength coming in sales by auto and other motor vehicle dealers, which surged 3.5% followed by gas stations (+2.2%), nonstore retailers (+2.1%), and grocery stores (+1.1%).

The only category to post a decline was building material & garden equipment & supplies dealers, whose sales dipped 1.0%

Sales at general merchandise stores were flat.

The complete April retail sales report is available on the Commerce Department website.

The number of jobs up for grabs inched lower during February.

Figures released by the Bureau of Labor Statistics (BLS) show there were 5.4 million job openings at the end of the month, compared with 5.5 million the month before.

Hires, meanwhile, were up to 5.4 million from 5.0 million in January, and separations rose by 200,000 -- to 5.1 million.

Job openings

The job openings rate February was about the same as a month earlier -- 3.7%. Openings rose in educational services (+48,000) and federal government (+19,000), but fell in health care and social assistance (-147,000), finance and insurance (-54,000), and mining and logging (-8,000). The number of job openings was lower down in the Midwest region.

Hires

The addition of 297,000 hires in February was the highest level since November 2006, putting the hires rate at 3.8%. Hires increased for total private (+278,000) and were little changed for government.

Retail trade added 102,000 positions followed by accommodation and food services (+78,000), educational services (+44,000), and state and local government -- excluding education (+25,000). Hires declined in mining and logging (-9,000). Hires increased in the South.

Separations

Total separations includes quits, layoffs and discharges, and other separations, and is referred to as turnover. The total separations rate in February was 3.5% with little change for total private and government.

Separations were up in accommodation and food services (+98,000), while arts, entertainment, and recreation edged lower (-31,000). The number of total separations was little changed over the month in all regions.

Employment net change

Over the 12 months ending in February, hires totaled 62.1 million and separations totaled 59.4 million, for a net employment gain of 2.7 million. This includes workers who may have been hired and separated more than once during the year.

The full report may be found on the BLS website.

Job growth in the U.S. fell to its lowest level in seven months during April.

According to the Department of Labor (DOL), nonfarm payroll employment rose by just 160,000 last month, with the unemployment rate holding at 5.0%. In addition, the government revised the job gains in March and February downward by 7,000 and 12,000 respectively.

The slowdown in job growth came as the labor force participation rate fell to 62.8% and the employment-population ratio dropped to 59.7%. On the bright side, average hourly earnings rose by eight cents to $25.53, following an increase of six cents in March. Over the year, average hourly earnings are up 2.5%.

Gainers and losers

Professional and business services added 65,000 jobs in April, followed by health care employment (+44,000) and financial activities (+20,000).

Mining employment declined again in April (-7,000) and, since reaching a peak in September 2014, has decreased by 191,000, with more than three-quarters of the loss in mining support activities.

There was little or no change in other major industries, including construction, manufacturing, wholesale trade, retail trade, transportation and warehousing, information, leisure and hospitality, and government.

Who's working and who's not

Among the major worker groups, the unemployment rate for Hispanics rose to 6.1%, while the rates for adult men (4.6%), adult women (4.5%), teenagers (16.0%), Whites (4.3%), Blacks (8.8%) and Asians (3.8%) showed little or no change.

The number of long-term unemployed (those out of work for 27 weeks or more) declined by 150,000 to 2.1 million, accounting for 25.7% of the unemployed.

The full report is available on the DOL website.

The services sector of the economy expanded for the 75th consecutive month in April.

The Institute for Supply Management says its Non-Manufacturing Index (NMI), which is used to track the sector, registered 55.7% -- an increase of 1.2% from March. A reading above 50% indicates expansion; below 50% suggests contraction.

Within the NMI, the New Orders Index rose 3.2% to 59.9%, the Employment Index was up 2.7% to 53% and the Prices Index jumped 4.3% to 53.4%, the first increase in three months.

Industry performance

The 13 non-manufacturing industries reporting growth in April were:

1. Information;
2. Management of Companies & Support Services;
3. Accommodation & Food Services;
4. Wholesale Trade;
5. Health Care & Social Assistance;
6. Utilities;
7. Finance & Insurance;
8. Real Estate, Rental & Leasing;
9. Construction;
10. Agriculture, Forestry, Fishing & Hunting;
11. Public Administration;
12. Professional, Scientific & Technical Services; and
13. Retail Trade.

The four industries reporting contraction in April were:

1. Other Services;
2. Mining;
3. Transportation & Warehousing; and
4. Educational Services.

The pace of job-cutting surged in April as US-based employers announced plans to reduce their workforces by 65,141.

According to the figures from outplacement consultancy Challenger, Gray & Christmas (CG&C), that's an increase of 35% over March and 5.8% higher than the total for April 2015.

In the first four months of this year, planned job cuts -- at 250,061 -- are up 24%from the same period in 2015 and the highest January-April total since 2009.

“We continue to see large scale layoffs in the energy sector, where low oil prices are driving down profits,” said John A. Challenger, chief executive officer of CG&C. “However, we are also seeing heavy downsizing activity in other areas, such as computers and retail, where changing consumer trends are creating a lot of volatility.”

Energy and computer sectors hit hard

Another 19,759 jobs disappeared in the energy sector in April, bringing the year-to-date total to 72,660, up 26% from first four months of 2015.

Computer firms cut 16,923 positions -- the highest total among all industries. Approximately 12,000 of those were from chipmaker Intel, which is shifting away from the traditional desktop and laptop market and toward the mobile market. To date, computer firms have announced 33,925 job cuts, a whopping 262% above a year earlier.

“For all intents and purposes, the economy remains strong,” Challenger noted. “The nation’s payrolls have experienced 66 consecutive months of net job gains, a trend that is likely to continue with the new report out Friday.”

Jobless claims

First-time applications for state unemployment benefits rose last week for a second straight week.

The Department of Labor (DOL) reports initial jobless claims were up by 17,000 in the week ending April 30, to a seasonally adjusted 274,000. Still this was the 61st consecutive week of claims below 300,000, the longest streak since 1973.

The four-week moving average, which is less volatile than the weekly headcount and considered a more accurate gauge of the labor market, was up 2,000 -- to 258,000.

The full report is available on the DOL website.

The manufacturing sector of the economy expanded in April for a second straight month -- but just barely.

According to the Institute for Supply Management (ISM), the Purchasing Managers Index (PMI) registered 50.8%, down 1.0% from March. A reading above 50% indicates the manufacturing economy is generally expanding; below 50% suggests contraction.

The two months of growth followed five consecutive months of contraction.

A closer look at the PMI shows the New Orders Index was down 2.5%, the Production Index dipped 1.1%, and inventories of raw materials were off 1.5%. The Employment Index, meanwhile, was up 1.1%, and the Prices Index surged 7.5%.

Industry performance

Of the 18 manufacturing industries, 11 reported growth last month:

1. Wood Products;
2. Printing & Related Support Activities;
3. Paper Products;
4. Plastics & Rubber Products;
5. Primary Metals;
6. Fabricated Metal Products;
7. Chemical Products;
8. Machinery;
9. Computer & Electronic Products;
10. Nonmetallic Mineral Products; and
11. Food, Beverage & Tobacco Products.

The four industries reporting contraction were:

1. Petroleum & Coal Products;
2. Transportation Equipment;
3. Miscellaneous Manufacturing; and
4. Furniture & Related Products.

The economy was sputtering in the first three months of the year, slowing even further from the anemic performance in the final quarter of 2015.

The Bureau of Economic Analysis (BEA) reports real gross domestic product (GDP) -- the value of the goods and services produced by the nation’s economy -- increased at an annual rate of 0.5% in the first quarter of 2016. GDP grew at an annual rate of 1.4% the previous three months.

This first-quarter “advance estimate” is based on sources that are incomplete or subject to further revision.

The first quarter growth rate was the result of contributions from consumer spending, residential fixed investment, and state and local government spending. Those were partly offset by declines in nonresidential fixed investment, private inventory investment, exports, and federal government spending. Imports -- a subtraction in the calculation of GDP -- increased.

The slowdown in the rate of GDP growth came from a larger decrease in nonresidential fixed investment, a deceleration in consumer spending, a downturn in federal government spending, a rise in imports, and larger decreases in private inventory investment and in exports. Those declines were partly offset by an rise in state and local government spending and an acceleration in residential fixed investment.

GDP inflation and savings

The price index for gross domestic purchases, which measures prices paid by U.S. residents, rose 0.3% in the January-March period, down 0.1% from the fourth quarter. Excluding food and energy prices, the “core” measure of GDP inflation was up 1.4%, versus a 1.0% advance in the prior three months.

Personal saving, which is disposable personal income less personal spending -- was $712.3 billion in the first quarter, compared with $678.3 billion in the fourth. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.2%, a gain of 0.2% from the final three months of last year.

The full report is available on the BEA website.

Jobless claims

First-time applications for state unemployment benefits were on the rise last week.

The Department of Labor (DOL) reports initial jobless claims were up by 9,000 in the week ending April 23 to a seasonally adjusted 257,000. The previous week's level was revised up by 1,000 -- from 247,000 to 248,000.

This marks 60 consecutive weeks of initial claims below 300,000, the longest streak since 1973.

The four-week moving average, which is less volatile and considered a more accurate gauge of the labor market, fell 4,750 to 256,000 -- the lowest level since December 8, 1973.

The complete jobless claims report is found on the DOL website.

March turned out to be the third straight month in row for disappointing retail sales.

After falling 0.4% in January and not moving at all in February, sales were down 0.3% last month, according to figures released by the Commerce Department. Despite that decline, sales were 1.7% above the same period a year earlier.

The biggest drag came from a 2.1% drop in auto sales, followed by declines in sales by clothing and clothing accessory stores (-0.9%), food services and drinking places (-0.8%), and department stores (-0.6). Those declines were partially offset by gains with building material & garden equipment & supplies dealers (+1.4%), health and personal care stores (+1.0%), and gas stations (+0.9%).

Stifel Fixed Income Chief Economist Lindsey Piegza says the March report does not bode well for the overall economy. "This morning’s confirmation of a third consecutive month of absent consumer activity," she said, "will no doubt prompt a further downward revision to first-quarter growth, potentially into negative territory.”

The full March retail sales report is available on the Commerce Department website.

Things are sailing along nicely in the non-manufacturing sector of the economy, with growth continuing in March for the 74th consecutive month.

The Non-Manufacturing Institute for Supply Management (ISM) Report On Business shows the services sector grew 1.1% last month to 54.5%, representing a slightly faster rate of expansion. A reading above 50 indicates an expansion, while below that suggests contraction

The Non-Manufacturing Business Activity Index was up 2%, for the 80th consecutive month of growth; the New Orders Index gained 1.2%, and the the Employment Index inched up 0.6% after falling in February.

The Prices Index was up 3.6% to 49.1%, indicating prices dipped in March for the fifth time in the last seven months.

Industry performance

The 12 non-manufacturing industries reporting growth in March are:

1. Educational Services;
2. Information;
3. Wholesale Trade;
4. Finance & Insurance;
5. Health Care & Social Assistance;
6. Retail Trade;
7. Mining;
8. Management of Companies & Support Services;
9. Accommodation & Food Services;
10. Public Administration;
11. Utilities; and
12. Professional, Scientific & Technical Services.

The two industries reporting contraction in March are:

1. Arts, Entertainment & Recreation; and
2. Transportation & Warehousing.

It's been a long time coming, but the manufacturing sector of the economy is growing again.

According to the latest Manufacturing Institute for Supply Management (ISM) Report On Business, the March Purchasing Managers Index (PMI) was up 2.3% from February -- to 51.8%. A reading above 50 indicates growth, while under 50 suggests contraction.

The March increase was the first since August 2015. The overall economy, meanwhile, expanded for the 82nd consecutive month.

Within the sector, The New Orders Index posted a gain of 6.8%, production was up 2.5%, and the Prices Index soared 13%, indicating higher raw materials prices for the first time since October 2014.

Industry performance

Of the 18 manufacturing industries, 12 reported growth in March:

1. Printing & Related Support Activities;
2. Furniture & Related Products;
3. Nonmetallic Mineral Products;
4. Miscellaneous Manufacturing;
5. Machinery;
6. Plastics & Rubber Products;
7. Food, Beverage & Tobacco Products;
8. Fabricated Metal Products;
9. Chemical Products;
10. Paper Products;
11. Primary Metals; and
12. Computer & Electronic Products.

The industries reporting contraction in March were:

1. Apparel, Leather & Allied Products;
2. Textile Mills;
3. Electrical Equipment, Appliances & Components;
4. Transportation Equipment; and
5. Petroleum & Coal Products.

The number of people who found they no longer had their jobs fell in March from the mark set the month before.

Outplacement consultancy Challenger, Gray & Christmas reports that U.S.-based employers announced plans to trim payrolls by 48,207 in March -- the second month in a row that job cuts have declined. The March pace was 21.7% lower than the 61,599 terminations in February and the lowest monthly total since December.

“Job cuts have slowed since surging in the first two months of the year, but the pace is still well above that of 2015,” said John Challenger, chief executive officer of Challenger, Gray & Christmas.

First-quarter surge in cuts

Even with the decline, the March figure was up 31.7% from the same month a year ago, making it the fourth consecutive year-over-year increase.

Through the first three months of this year, employers have announced 184,920 job cuts, up 31.8% from the 140,241 cuts tracked the first quarter months of 2015, and 75.9% more than in the final quarter of 2015.

Twenty-seven percent of the first-quarter job cuts can be directly tied to falling oil prices, slightly higher than a year ago. While there were fewer oil-related job cuts a year ago, they represented a larger portion of total job cuts, accounting for 34% of first-quarter termination announcements.

It's not just the energy sector that is seeing heavier job cuts, though. The retail sector has also tallied significant gains in job cuts. To date, it has recorded the second highest number of job cuts, with 31,832 -- up 41% from the first three months of 2015.

Meanwhile, the 17,002 job cuts in the computer sector are 148% higher than a year ago.

“What these sectors share in common is that they are all going through transformational changes,” said Challenger. “We, as a nation, and really as a global community, are changing the way we produce and consume energy. We are also changing the way we buy goods and services. Technology is in a constant state of change, and, currently, we are shifting away from computing at our desks to computing on our phones and tablets."

But, while jobs are being lost in some areas, Challenger points out that they are being created in others, including renewable energy, online retailing, and mobile computing.

Initial jobless claims

From the Department of Labor (DOL), word that first-time applications for state unemployment benefits rose for a fourth consecutive week.

On a seasonally adjusted basis, initial claims rose 11,000 in the week ending March 26 to 276,000, but have remained below 300,000 for 56 straight weeks -- the longest streak since 1973.

The four-week moving average inched up 3,500 to 263,250. Because it lacks the volatility of the weekly headcount, the moving average is considered a more accurate gauge of the labor market.

The complete report is available on the (DOL) website.

March was another good month for job creation, according to the ADP National Employment Report.

Produced by ADP in collaboration with Moody's Analytics, the report says private sector employment increased by 200,000 jobs from February to March, with small to medium-sized companies carrying most of the weight.

"The job market continues on its amazing streak,” said Moody's Analytics Chief Economist Mark Zandi. “The March job gain of 200,000 is consistent with average monthly job growth of the past more than four years. The only industry reducing payrolls is energy as has been the case for over a year. All indications are that the job machine will remain in high gear."

Job creators

Businesses with 49 or fewer employees saw their payrolls increase by 86,000 in last month, while employment at companies with 50-499 employees increased by 75,000 jobs.

Large companies -- those with 500 or more employees -- created just 39,000 jobs, about half the number they cranked out in February which is about half of February's 77,000. Companies with 500-999 employees added 20,000 jobs, and firms with over 1,000 employees fell from 63,000 jobs added in February to 18,000 this month.

Nearly all the new jobs -- 191,000 -- were in the service-providing sector. Professional/business services contributed 28,000, trade/transportation/utilities grew by 42,000, and financial activities added 14,000 jobs.

Employment in goods-producing industries rose by just 9,000 jobs in March, with the construction industry adding 17,000 jobs and manufacturing hiring 3,000 new workers.

If you're a teen who wants a job this summer, 2016 may be your year.

According to the Challenger, Gray & Christmas (CG&E) annual teen summer job outlook, teenagers seeking summer employment should continue to have more and more opportunities.

“The economy is the strongest it’s been since the recovery began in 2010,” said CG&E chief executive officer John A. Challenger. “The only area that is suffering right now is the energy sector, which was not a fertile sector for teen job seekers, to begin with.”

While the job market may be more welcoming to teenagers, recent trends suggest that may not necessarily translate into increased summer job gains. Last year, 1,160,000 16- to-19-year-olds found employment from May through July, down 11% from the 1,297,000 finding summer jobs in 2014.

That was the third consecutive year in which teen summer job gains declined from the previous year. However, even as summer job gains decline, overall teen employment is still on the rise. And, despite the decline in summer job gains last year, teen employment reached a July peak of 5,696,000, the highest total since 2008.

Teen job-seekers

The numbers suggest that more teenagers are finding employment at other times of the year. “After all, we are approaching full employment,” said Challenger. “Many metropolitan areas are already struggling with labor shortages. This environment opens doors for teen job seekers, as those who may have relegated to retail and restaurant jobs are moving up, which leaves a void that can be filled by teens.”

The percentage of teenagers participating in the labor force has been declining since the 1970s. Currently, only about one-third of teens participate in the labor force (meaning they are working or actively seeking employment).

However, Challenger says this does not mean that teenagers have gotten lazier over the last two decades. “They are simply engaged in more activities that fall under the radar of standard employment measures,” he said. “Many are volunteering. More are participating in summer education programs or in summer sports leagues. Others are in unpaid internships. Many simply may be doing odd jobs, such as baby sitting or lawn mowing.”

Much of this, he believes, is in pursuit of college admissions goals and broader career goals beyond college. “As colleges become more competitive, teens are trying to find activities that stand out on applications,” Challenger concluded, adding, “In this environment, typical summer jobs have fallen out of favor,” he added.

Fifty-five in a row.

That's how many weeks the new jobless claims total has been under the 300,000 mark.

The Department of Labor (DOL) is reporting first-time applications for state benefits rose by 6,000 in the week ending March 19 to seasonally adjusted 265,000. The previous week's level was revised down by 6,000 from 265,000 to 259,000.

Even with that slight increase, the string of weeks at the sub-300,000 level is the longest since 1973.

Bankrate.com Senior Economic Analyst and Washington Bureau Chief Mark Hamrick says that's significant. “This tells us that the job market is continuing to steadily improve,” he told ConsumerAffairs.

The DOL is scheduled to release it's March employment report in the coming week. “Unless we get a shocker of a report -- which we don’t expect,” Hamrick says, “that should tell us employers are adding sufficient jobs not only to absorb growth in the population, but to also reduce some of the considerable remaining slack in the job market, even with the jobless rate remaining at 4.9%.”

The four-week moving average, which is not as volatile as the weekly tally and, therefore considered a more accurate picture of the labor market, was 259,750 -- up 250 from the previous week.

The complete report is available on the DOL website.

Although it's not roaring back, the U.S. economy appears poised to continue expanding in the early part of this year.

The Conference Board reports its Leading Economic Index (LEI) inched up 0.1% last month following declines of 0.2% and 0.3% in January and December, respectively.

While there was a slight increase in February, Ataman Ozyildirim, Director of Business Cycles and Growth Research at The Conference Board notes that housing permits, stock prices, consumer expectations, and new orders remain sources of weakness. Still, he adds, “The outlook remains positive with little chance of a downturn in the near-term.”

The LEI is constructed to summarize and reveal common turning point patterns in economic data in a clearer and more convincing manner than any individual component -- primarily because it smooths out some of the volatility of individual components.

LEI components

The ten components of the LEI include:

• Average weekly hours, manufacturing
• Average weekly initial claims for unemployment insurance
• Manufacturers’ new orders, consumer goods and materials
• Institute for Supply Management Index of New Orders
• Manufacturers' new orders, nondefense capital goods excluding aircraft orders
• Building permits, new private housing units
• Stock prices, 500 common stocks
• Leading Credit Index
• Interest rate spread, 10-year Treasury bonds less federal funds
• Average consumer expectations for business conditions

There were 5.5 million job openings in January, a gain of 260,000 from the month before, according to the Bureau of Labor Statistics (BLS).

Hires, on the other hand, fell 5.0 million while separations inched down to 4.9 million. Within separations, the quits rate was 2.0%, and the layoffs and discharges rate was 1.2%.

For 2015 as a whole, the annual number of hires and quits increased, while the annual number of layoffs and discharges edged up. The annual number of other separations was essentially unchanged.

Job openings

The January job openings rate was 3.7%, with openings increasing in wholesale trade and construction, but falling in educational services and state and local government education. Openings increased in the Midwest over the month.

Hires

The hires rate was 3.5%, with the number of hires decreased for total private and government. The decline was widespread and included health care and social assistance, educational services, transportation, warehousing, utilities, and state and local government. Hires dipped in professional and business services, accommodation and food services, state and local government, -- excluding education -- and federal government. Hires fell in the South.

Separations

Total separations includes quits, layoffs and discharges, and other separations, and is referred to as turnover. The total separations rate in January was 3.4%, falling for total private (-199,000) and government. Separations rose in information but fell in accommodation and food services and in state and local government, excluding education. Regionally, the number of total separations fell in the South.

Net change in employment

Over the 12 months ending in January 2016, hires totaled 61.7 million and separations totaled 59.0 million, yielding a net employment gain of 2.7 million. These totals include workers who may have been hired and separated more than once during the year.

The full report may be found on the BLS website

Jobless claims

A milestone for jobless claims was reached in March.

The Department of Labor (DOL) reports the number of people filing first-time applications for state jobless benefits rose by 7,000 in the week ending March 12 to a seasonally adjusted total of 265,000. The previous week's level was revised down by 1,000.

The initial claims level has now been below 300,000 for 54 straight weeks -- the longest streak since 1973.

The four-week moving average, which is less volatile than the weekly headcount and considered a more accurate barometer of the labor market, was up by 750 to 268,000.

The complete report is available on the DOL website.

Another 242,000 jobs were created in February, led by employment gains in health care and social assistance and retail trade. At the same time, according to the Department of Labor (DOL), the jobless rate held steady at 4.9%.

Not all the news was good though, as average hourly earnings fell by three cents to $25.35, following an increase of 12 cents in January. Over the last 12 months, hourly earnings have risen by 2.2%.

The number of long-term unemployed (those out of work for 27 weeks or more) was essentially unchanged at 2.2 million in February, accounting for 27.7% of the unemployed.

Where the jobs are

Health care and social assistance employment increased by 57,000 last month. Also adding jobs were retail trade (+55,000), food services and drinking places (+40,000), private educational services (+28,000), and construction (+19,000). Mining, on the other hand, lost 19,000 jobs.

Employment in other major industries -- manufacturing, wholesale trade, transportation and warehousing, financial activities, professional and business services, and government -- showed little change.

Who's working

Among the major worker groups, the unemployment rates for adult men (4.5%), adult women (4.5%), teenagers (15.6%), Whites (4.3%), Blacks (8.8%), Asians (3.8%), and Hispanics (5.4%) showed little or no change in February.

The employment-population ratio edged up to 59.8%, while the labor force participation rate edged up to 62.9 percent. Both measures have increased by 0.5% since September.

In February, 1.8 million people were marginally attached to the labor force -- down by 356,000 from a year earlier. They were not counted as unemployed because they had not searched for work in the four weeks preceding the survey.

The complete report is available on the DOL website.

The services, or non-manufacturing, sector of the economy continued to chug along in February.

In their latest Non-Manufacturing Institute for Supply Management (ISM) report on business, the nation’s purchasing and supply executives say the sector grew for the 73rd consecutive month.

Specifically, the Non-Manufacturing Index (NMI) registered 53.4% -- down 0.1% from the January reading, representing continued growth, but at a slightly slower rate. A reading above 50 indicates expansion; below 50 means contraction.

A closer look at the report shows the Business Activity Index jumped 3.9% to 57.8%, reflecting growth at a faster rate for the 79th consecutive month. The New Orders Index dipped 1.0%, while the Employment fell 2.4%, contracting after 23 consecutive months of growth. It's the first time the this index has contracted since February 2014.

Industry performance

The 14 non-manufacturing industries reporting growth in February -- listed in order -- were:

1. Accommodation & Food Services;
2. Management of Companies & Support Services;
3. Real Estate, Rental & Leasing;
4. Utilities;
5. Construction;
6. Finance & Insurance;
7. Transportation & Warehousing;
8. Professional, Scientific & Technical Services;
9. Public Administration;
10. Health Care & Social Assistance;
11. Agriculture, Forestry, Fishing & Hunting;
12. Educational Services;
13. Information; and
14. Wholesale Trade.

The three industries reporting contraction in February were:

1. Mining;
2. Arts, Entertainment & Recreation; and
3. Retail Trade.

Jobless claims

The Department of Labor (DOL) reports that first-time applications for state unemployment benefits rose by 6,000 in the week ending February 27 to seasonally adjusted total of 278,000. The government says there were no special factors affecting claims level.

The four-week moving average, which is less volatile and seen by some economists as a more accurate picture of the labor market, came in at 270,250, a decline of 1,750.

The complete report is available on the DOL website.

The pace of job-cutting posted a decline last month after kicking off the new year with a surge to a six-month high.

Outplacement consultancy Challenger, Gray & Christmas reports US-based employers announced 61,599 terminations in February -- down 18% from the month before but up 22 % from a year earlier.

And, as was the case in 2015, the energy sector has seen the heaviest job cutting in the opening months of the year. There were another 25,051 job cuts in February, bringing the year-to-date total to 45,154. Most are blamed on low oil prices.

The year-to-date tally represents a 24% surge from 2015, when employers canned 36,532 workers in the opening two months of the year.

Low oil prices not good for everyone

“Low oil prices continue to take a toll on workers in the energy and industrial goods sectors,” said John A. Challenger, chief executive officer of Challenger, Gray & Christmas. “Since January of 2015, these two sectors alone have seen workforce reductions in excess of 200,000, the majority of which were attributed to oil prices. The major concern is that the job losses in cities and towns that rely heavily on oil production will begin to drag down other parts of the local economy,” .

Challenger notes that there has not been a precipitous rise in unemployment in the many cities that were benefiting from the recent oil boom, suggesting that the job losses are contained to the energy sector, for the moment.

Several energy-centric metropolitan areas have seen unemployment rates increase, but most are still enjoying rates that are below the national average. The latest available data from the U.S. Bureau of Labor Statistics shows that the unemployment rate in Houston rose from 4.0% in December 2014 to 4.6% in December 2015.

In Midland, Texas, the unemployment rate increased by more than one percentage point in 2015, but remains at an enviable 3.3%. As of December, Bismarck, North Dakota -- another city that benefited significantly from the oil boom -- still has an unemployment rate of 2.7%, which is actually lower than the rate of 3.1% recorded in December 2014.

Tech turmoil

In addition to energy, another area experiencing increased job cuts is the technology sector. Announced firings by computer firms this year total 16,006 -- up a whopping 143% from the 6,582 job cuts recorded in the first two months of last year.

“There will always be heavy churn in the tech sector,” said Challenger. “It is an area that embodies change, trial and error, and constant reinvention. There is more start-up activity in the sector, but that also means there are more failures. Even among the more established firms in the industry, we see workforce volatility, as they branch into new products or services, some