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☆ March jobs report comes in hot: The US economy added 303,000 positions last month
▼ + stars: | 2024-04-05 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

Instead, on Friday, yet another jobs report defied expectations. “Today’s jobs report raises the possibility that rather than slowing down, job growth might be holding steady,” Nick Bunker, Indeed Hiring Lab’s economic research director for North America, said in a statement. Last month’s job growth was driven by industries such as health care (+72,300 jobs); government (+71,000 jobs); leisure and hospitality (+49,000 jobs); and construction (+39,000 jobs). President Joe Biden touted March’s jobs report Friday. With today’s report of 303,000 new jobs in March, we have passed the milestone of 15 million jobs created since I took office.

Persons: Nick Bunker, Joe Biden, “, ” Biden, —, Greg Daco, ”, ” Daco, we’ve, Erica Groshen, ” Brett House, Daco, Price Organizations: New, New York CNN, of Labor Statistics, Federal Reserve, North, ”, CNN Business, Cornell University, CNN, Brookings Institution, Congressional, Columbia Business School, Fed, Labor Locations: New York, North America, EY, United States

☆ The Federal Reserve is fed up with data revisions
▼ + stars: | 2024-01-31 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +11 min

Federal Reserve Governor Christopher Waller said large revisions in data are tainting his assessments of how the economy is doing. Al Drago/Bloomberg/Getty ImagesThat’s well above the average month-over-month revised change in job totals from 1973 to the latest available revision data, according to the BLS. The official summary of what Fed officials said and discussed during their September meeting — also known as the Fed minutes — stated: “A few participants observed that there were challenges in assessing the state of the economy because some data continued to be volatile and subject to large revisions.”Spokespeople from the Federal Reserve declined to answer which data Fed officials were referring to. Frequent and large revisions to economic data are weighing on Federal Reserve decision-making, Governor Michelle Bowman said. “We want to be data dependent, but not data point dependent,” Williams said.

Persons: Christopher Waller, Waller, it’s, Al Drago, ” Waller, ”, Michelle Bowman, —, Spokespeople, he’s, don’t, Erica Groshen, David Wilcox, Laura Kelter, Kelter, Groshen, Wilcox, John Williams, ” Williams, “ Organizations: New, New York CNN — Federal Reserve, ”, of Labor Statistics, BLS, Federal, Bloomberg, Getty, Fed, Ohio Bankers League, Federal Reserve, Commerce Department, Department, Census, Labor, Peterson Institute for International Economics, Employment, CNN, Wilcox . New York Fed Locations: New York, Wilcox . New

☆ The Fed cares a lot about jobs data — but it may be getting mixed signals
▼ + stars: | 2023-09-04 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +7 min

The answer matters a lot to Federal Reserve officials who closely monitor the labor market. Some Fed officials believe more rate hikes are needed to cool the labor market. But the gap between ADP and BLS data does not automatically narrow when comparing ADP to BLS estimates of only private-sector jobs. Between the two, it’s difficult to say which is a better predictor of the true state of the labor market. Ultimately, ADP and BLS data “become checks on each other,” she told CNN.

Persons: It’s, ” Nela Richardson, Richardson, Sarah House, ”, Erica Groshen, Groshen, ” Richardson, House, “ Organizations: New, New York CNN, of Labor Statistics, ADP, BLS, Federal Reserve, Fed, CNN, Bureau of Labor Statistics, Cornell University Locations: New York, Wells Fargo, “, United States

☆ Here’s why farmers aren’t included in the US monthly jobs report
▼ + stars: | 2023-09-02 | by ( Samantha Delouya | ) edition.cnn.com time to read: +3 min

Los Angeles CNN —On what is usually the first Friday of every month, the US Bureau of Labor Statistics releases its Employment Situation Summary, or monthly jobs report, formally known as the “nonfarm payroll” report. Many farm workers are seasonalBut why does this key employment report only tally “nonfarm” workers? However, despite the “nonfarm” nomenclature, a growing share of farm workers does make it into the BLS job report tally. Historically, the job of counting farm workers falls to the US Department of Agriculture due to its relationships with farms across the country. But farmers aren’t the only workers the jobs report excludes: Elected officials, domestic workers, some members of the clergy and people in many other nontraditional professions are also left behind in the official jobs report data.

Persons: nonfarm, won’t, Erica Groshen, Groshen, “, ” Organizations: Los Angeles CNN, US Bureau of Labor Statistics, BLS, Unemployment Insurance, Bureau of Labor Statistics, US Department of Agriculture, USDA

☆ It's getting easier for workers to unionize. One simple chart shows the new steps.
▼ + stars: | 2023-08-26 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Bosses will sometimes use the period before a union election to dissuade workers from unionizing. But if those tactics are illegal and compromise an election, workers will now automatically get their union. Firms have utilized the period between workers announcing their intent to unionize and when a formal union election takes place to dissuade workers from voting in favor of unionizing. But now, should any of those tactics end up being illegal and compromising an election, workers will get their union anyway. "This isn't a fringe ruling, this is a big ruling," Groshen said.

Persons: Erica Groshen, Jennifer Abruzzo, Groshen Organizations: NLRB, Service, National Labor Relations Board, Workers, Cornell University's School of Industrial and Labor Relations Locations: unionizing, Wall, Silicon

☆ The rise of gig workers is changing the face of the US economy
▼ + stars: | 2023-07-24 | by ( Samantha Delouya | ) edition.cnn.com time to read: +9 min

The number of gig workers is growing and making an impact throughout the economy. But workplace experts say the number of gig workers is growing, and and their impact is being felt throughout the economy. “People who have access to the gig economy borrow less money than people who don’t. Working in the gig economy can help people spend more time searching for their next job, if they've been laid off. “We could do so much better.”Recently, local governments have attempted to bolster platform gig workers’ protections.

Persons: Los Angeles CNN — Lazarus, ”, that’s, Eric Baradat, Louis Hyman, Uber, DoorDash, Jenn Rosenberg, Hyman, “, Erica Groshen, they've, Spencer Platt, Doordash, Susan Houseman, Groshen, we’ve, ” Groshen, they’re Organizations: Los Angeles CNN, Uber, CNN, DoorDash, Getty, of Labor Statistics, Cornell University, “ Society, University of Chicago, IRS, Bureau of Labor Statistics, Massachusetts Institute of Technology, BLS, . Upjohn Institute, Employment Research, North, New York City, Federal Reserve, Federal, System Locations: Hill , North Carolina, “, United States, AFP, DoorDash, Kalamazoo , Michigan, North America, New York, California

☆ Meet the grumpy stayers: People stuck in their jobs who can't leave for better gigs
▼ + stars: | 2023-07-23 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +7 min

He's one of the country's "grumpy stayers": workers who are reluctantly staying put in a cooling labor market. Grumpy stayers are in some ways the next iteration of quiet quitters, rattled by layoffs and fewer opportunities. In other words, grumpy stayers might be feeling left behind, with salaries lagging behind those of their peers who've departed. No room for improvementA theme across grumpy stayers is that they don't want to be grumpy, but work conditions make them that way. One solution, she said, would be for companies to engage with their grumpy stayers and lean more on their expertise to solve problems.

Persons: didn't, Jose Gonzalez, he's, hasn't, Gonzalez, Gonzalez isn't, they'd, stayers, Elizabeth, she'd, Erica Groshen, who've, Groshen Organizations: Service, Cornell University's School of Industrial and Labor Relations, Companies Locations: Wall, Silicon, Massachusetts, Texas

☆ America's best tool to fight inflation and prevent recessions is facing a dangerous death spiral
▼ + stars: | 2022-10-13 | by ( Austin Clemens | Erica Groshen | ) www.businessinsider.com time to read: +11 min

Threats to truthConsider the many benefits of having a source of trustworthy and publicly available economic data. Of course, private datasets, like those used by Opportunity Insights, the JPMorgan Chase Institute, and Earnest Research, complement federal statistics. In addition to competition from other sources, statistical agencies are facing a lack of money. Sustaining the future of statsThe good news is that statistical agencies are trying to keep up with the times. To continue producing this work, federal statistical agencies need a funding boost.

☆ That's not a real job opening: Some companies are posting 'ghost jobs' but don't actually plan to hire you — or anyone
▼ + stars: | 2022-09-18 | by ( Rebecca Knight | Juliana Kaplan | ) www.businessinsider.com time to read: +9 min

The number of job openings has been sky high over the past year in the red-hot labor market. That could be because some firms are posting "ghost jobs" that they're not actually hiring for. While many employers can't find enough workers, some qualified candidates are applying to open jobs and aren't hearing anything back. Some recruiters say that ghost jobs are on the rise due to the heightened level of uncertainty that's persisted for the past two and a half years. "There are too many jobs posted"Andrew Flowers, a labor economist at Appcast, the recruitment advertising technology company, expressed skepticism that "ghost jobs" are a widespread problem.

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