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ADP: Employers Add 113,000 Workers in October
  + stars: | 2023-11-01 | by ( Tim Smart | Nov. | At A.M. | ) www.usnews.com   time to read: +2 min
Private employers added 113,000 workers in October, led by the education and health care sectors, payroll firm ADP said on Wednesday. “No single industry dominated hiring this month, and big post-pandemic pay increases seem to be behind us,” said ADP Chief Economist Nela Richardson. Political Cartoons on the Economy View All 605 ImagesThe ADP report kicks off the week’s focus on employment data. “The 1.1% rise in the Employment Cost Index in Q3 was a touch stronger than expected but showed labor cost pressures continue to slowly ease on trend,” said Wells Fargo economists. “With the ECI still running north of 4%, labor cost growth remains too high to be consistent with the Fed's 2% inflation target.
Persons: , Nela Richardson, , it's, Wells, Rucha Vankudre, ” Vankudre Organizations: Labor Department,
And yet, the industry is currently battling the highest level of unfilled job openings ever recorded. The construction industry averaged more than 390,000 job openings per month in 2022, the highest level on record, while unemployment in the sector of 4.6% was the second lowest on record. "Commercial construction materials prices are now 40% higher than they were back in February 2020. For construction workers, pay is boomingFor workers who seek construction jobs, the timing has never been better. "The construction industry is now paying 80% more than the average non-farm job in the United States."
Persons: Anirban Basu, Maria Davidson, Lori Ann Larocco, Davidson, it's, Michael Elder, Rucha Vankudre, It's, Brian Turmail, Turmail, doesn't, we've, Vankudre Organizations: Associated Builders and Contractors, ABC, MBTA, Boston Globe, General Contractors of America, . Census Locations: U.S, Boston, United States
Sure, you can currently Venmo or Zelle your friends instantly, but the banking system hasn’t kept up. Most transfers currently run on old systems that take hours, or even days, to process the money. Kevin Jacques: It’s a network that lets banks transfer money between themselves and between the account holders at the different banks in a near-instant way. The increase in average hourly earnings remained at 0.4% month on month, unchanged from May; and is up about 4.4% from last year. Instagram has more than two billion users, far more than the 238 million users Twitter reported having in the months before Musk took over.
Persons: New York CNN — FedNow, hasn’t, Bell, Kevin Jacques, It’s, You’ve, heartened, Payrolls, Job, Rucha Vankudre, Alicia Wallace, , We’re, , Joseph Davis, Jerome Powell, Candice Tse, Elon Musk, Mark Zuckerberg, Zuckerberg, Musk, Brian Fung, Instagram Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Cota Capital, Fed, There’s UPI, Silicon Valley Bank, , Vanguard, Goldman Sachs Asset Management, Meta, Twitter Locations: New York, India, Brazil, Silicon
Minneapolis CNN —The US job market cooled back down in June, adding just 209,000 jobs, and fueling optimism that the economy is on course to nail that elusive soft landing of lowering inflation without triggering a recession. That being said, last month’s job growth still outpaces the pre-pandemic average. “The job growth is slowing, but I don’t actually think that’s necessarily a bad thing,” Rucha Vankudre, senior economist for labor market analytics company Lightcast, told CNN. “In the tug of war between the labor market and the economy, there is still a push and pull, yet the labor market remains strong,” Becky Frankiewicz, president and chief commercial officer of ManpowerGroup, said in commentary issued Friday. In June, sectors such as government, as well as health care and social assistance, saw the biggest job gains: 60,000 and 65,200, respectively.
Persons: Rucha Vankudre, We’re, Becky Frankiewicz, ManpowerGroup, , Lightcast’s Vankudre, ” “, Joe Brusuelas, ” Brusuelas, “ We’re, Organizations: Minneapolis CNN, Bureau of Labor Statistics, CNN, , Federal Reserve, Service, BLS, RSM, Fed Locations: Minneapolis
And even if the Fed does pause, Ferguson says it doesn't mean that more rate hikes aren't coming over the rest of the year. He isn't alone in the view that a Fed pause won't last long. This view is underpinned by, among other things, a labor market that continues to be tight. Others see recent cooling the labor market as a signal the Fed may soon have more need to moderate its rate hike strategy. "The broad picture here is the labor market is cooling in a sustainable way.
Persons: Savita Subramanian, Roger Ferguson, That's, Ferguson, CNBC's, isn't, Michelle Girard, Steve Liesman, Dennis Lockhart, Lockhart, Fed's, Jerome Powell, Brendan McDermid, — Ferguson, Wharton, Jeremy Siegel, Siegel, Jerome Powell's, Rucha Vankudre, Nick Bunker, Bunker, Goldman Sachs, David Solomon —, Solomon, Goldman, Frederic Mishkin, it's, Mishkin, we've Organizations: Federal Reserve, Dow Jones, NASDAQ, Bank of America, Fed, NatWest Markets, Atlanta Fed, Traders, New York Stock Exchange, CNBC, Conference Board, Labor, Lightcast, Former Fed, Bank of Canada, Reserve Bank of Australia Locations: U.S
Since 1977, the Federal Reserve has focused on creating maximum employment and maintaining stable prices, commonly known as the dual mandate. "[Maximum employment is] this more sort of amorphous thing," Rucha Vankudre, a senior economist at labor market analytics firm Lightcast, told CNBC. However, at the Federal Open Market Committee news conference in January 2022, Federal Reserve Chairman Jerome Powell announced that "labor market conditions are consistent with maximum employment." Maximum employment is also difficult to quantify because existing measures of employment, such as the unemployment rate or the labor force participation rate, often do not account for certain groups of people. Watch the video above to learn more about what maximum employment really means and how inflation impacts employment.
And yet, even though it seemed impossible, the labor market is somehow getting tighter, said Rucha Vankudre, senior economist at business analytics firm Lightcast. “I think pretty much all the labor economists in the country this morning are shocked,” Vankudre said Friday during a webinar after the jobs report was released. The January jobs report shouldn’t trigger a wholesale change of what Fed members are thinking or what they were planning on doing before this report, Sarah House, senior economist at Wells Fargo, told CNN. Strong labor market in a slowing economy? January’s jobs report came with added complexity, because it included annual updates to populations estimates and revisions to employer survey data.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVankudre: The U.S. labor market will likely continue to stay as tight as it's ever beenRucha Vankudre, senior economist & research director at labor market analytics firm Lightcast, discusses what to expect from the December jobs report and the impact the numbers could have on the Fed's policy this year.
By aggressively hiking interest rates, the Fed has sought to introduce some slack into a tight labor market. Inflation remains high, but now it’s also far more expensive to take out loans or pay off credit cards. Wages are up, but not enough to take the sting off high prices of necessities like food, fuel and shelter. Economists will get fresh insight into the state of inflation next week with the October CPI reading on Thursday. But if there’s good news in that report, it will have come two days too late to sway voters one way or another.
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