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☆ Private sector added twice as many jobs as expected in October
  + stars: | 2024-10-30 | by ( Alicia Wallace | ) edition.cnn.com   time to read: +4 min
CNN —Private sector hiring blew past expectations in October, another sign that the US labor market remains on solid footing, payroll processor ADP reported Wednesday. Non-governmental employers added 233,000 jobs in October, a sharp acceleration from the 159,000 net increase reported for September, according to ADP’s latest National Employment Report. Wednesday’s gains throttled economists’ expectations for job growth to slow to a mere 108,000 jobs from the initial estimate of 143,000, FactSet estimates show. Pantheon Macroeconomics is sticking with its forecast of 100,000 payroll gains, according to an investors note sent Wednesday. And while a resurgence in the labor market could raise concerns about a reacceleration in inflation, October’s ADP data showed otherwise, Richardson said.
Persons: Nela Richardson, Hurricane Helene, ADP’s tabulations, ” Richardson, Richardson, “, Irma, ” Samuel Tombs, Milton …, Wednesday’s, ” Organizations: CNN, ADP, Boeing, Labor Department, of Labor Statistics, Pantheon, Companies, Federal Reserve Locations: Hurricane Milton, Carolina, Florida, Milton, South Atlantic
☆ UK economy limps along as high inflation hits spending
  + stars: | 2023-05-12 | by ( Anna Cooban | ) edition.cnn.com   time to read: +3 min
“Sky-high inflation, negative real wage growth and general cost of living pressures are weighing on the consumer, and in turn the services industry which is typically a key growth engine for the UK economy,” she added in a note. The Bank of England raised interest rates for the 12th consecutive time Thursday in its battle with double-digit inflation. The central bank expects the UK economy to grow by 0.25% this year and by 0.75% in 2024 — a much more positive assessment than in February, when it forecast contractions of 0.5% and 0.25%, respectively. Inflation still highConsumer price inflation in the UK remains stubbornly high, holding above 10% in the year to March. “With inflation still in double digits, it feels depressingly like a re-run of the 1970s.”The Bank of England expects inflation to fall sharply over the coming months.
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