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U.S. weekly jobless claims ticked higher last week
  + stars: | 2022-12-29 | by ( ) www.reuters.com   time to read: +2 min
Initial claims for state unemployment benefits rose 9,000 to a seasonally adjusted 225,000 for the week ended Dec. 24, the Labor Department said on Thursday. Economists polled by Reuters had forecast 225,000 claims for the latest week. The claims figures have been choppy in recent weeks but have held well below the 270,000 threshold that economists see as a red flag for the labor market. Employers have been generally reluctant to lay off workers after struggling to find labor during the COVID-19 pandemic. The claims report showed the number of people receiving benefits after an initial week of aid rose 41,000 to 1.710 million in the week ending Dec. 17.
The salary transparency movement is well underway: In 2021, Colorado paved the way for new laws requiring businesses to list salary ranges on job ads, and New York City rolled out its own pay range law in November 2022. A handful of other states and cities say employers must share the salary range for a job during the hiring process. The move makes California the largest state where job listings will require salary information by law. Plus, they'll have to provide a salary range for a current employee's position at their request. Other pay range laws that could come in 2023 and beyond
Initial claims for state unemployment benefits rose 2,000 to a seasonally adjusted 216,000 for the week ended Dec. 17, the Labor Department said on Thursday. Claims have swung up and down in recent weeks, but have remained below the 270,000 threshold, which economists said would raise a red flag for the labor market. Some economists, however, had argued against reading the steady rise in continuing claims as a sign of easing labor market conditions. Labor market strength is helping to underpin the economy by generating solid wage gains, which are contributing to higher consumer spending. Gross domestic product increased at a 3.2% annualized rate last quarter, the government said in its third estimate of GDP.
Student loan debt has become such an issue that the Biden Administration has been attempting to cancel up to $20,000 in student debt per eligible borrower and has continually extended the student loan repayment pause. Ways employers are currently assisting with student debt management"Employers are increasingly offering student loan contribution plans as a direct way to help borrowers pay down student loan debt," Scruggs says. How other employers can help employees manage student loan debtOne of the simplest and most affordable ways employers can help employees is to share information on what employees need to know about their student loans. "There are many ways to help employees manage and pay down student loan debt. However, note that if you refinance federal student loans you'll lose federal protections, like the current student loan payment freeze and potential student loan forgiveness.
Health insurance prices fell by 4% in October and 4.3% in November, according to the consumer price index, a key measure of inflation. Health insurance costs had been rising steadily, within a band of roughly 1.5% to 3% a month since October 2021, according to CPI data. That decline in prices on paper is due to the unique way in which the BLS calculates health insurance inflation, economists said. "It's not a very good reflection of prices consumers are going to be seeing," said Andrew Hunter, senior U.S. economist at Capital Economics. Consumers who get health insurance through the workplace paid $1,327 in health premiums for single coverage in 2022 and $6,106 for family coverage, KFF said.
Wall Street's main indexes had come under pressure in recent days, with the S&P 500 shedding 3.6% since the beginning of December on expectations of a longer rate-hike cycle and downbeat economic views from some top company executives. Such thinking had also weighed on the Nasdaq Composite (.IXIC), which had posted four straight losing sessions prior to Thursday's advance on the tech-heavy index. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., December 7, 2022. REUTERS/Brendan McDermidNine of the 11 major S&P 500 sectors rose, led by a 1.6% gain in technology stocks (.SPLRCT). The S&P 500 posted 15 new 52-week highs and three new lows; the Nasdaq Composite recorded 82 new highs and 232 new lows.
SummarySummary Companies Weekly jobless claims rise in line with estimatesSalesforce slips on downgradeIndexes up: Dow 0.72%, S&P 0.82%, Nasdaq 1.19%Dec 8 (Reuters) - The S&P 500 gained ground on Thursday, lifted by technology and energy shares, while a rise in weekly jobless claims suggested the labor market was slowing down. "More people are filing jobless claims, which shows labor forces are weakening a little bit," said Thomas Hayes, chairman at Great Hill Capital LLC in New York. Ten of the 11 major S&P 500 sector indexes rose, led by 1.5% gain in technology stocks (.SPLRCT). Most mega-cap technology and growth stocks such as Apple Inc (AAPL.O), Nvidia Corp (NVDA.O) and Amazon.com (AMZN.O) rose between 1.4% and 4.2%. The S&P index recorded 11 new 52-week highs and two new lows, while the Nasdaq recorded 53 new highs and 132 new lows.
Futures edge up ahead of jobs data, recession fears loom
  + stars: | 2022-12-08 | by ( ) www.reuters.com   time to read: +3 min
SummarySummary Companies Futures up: Dow 0.02%, S&P 0.13%, Nasdaq 0.24%Dec 8 (Reuters) - U.S. stock index futures edged up on Thursday ahead of weekly jobless claims data, while fears of an impending recession brought on by an aggressive Federal Reserve kept investors on edge. The U.S. central bank has raised its policy rate by 375 basis points this year to a 3.75%-4.00% range from near zero, the fastest rate hikes since the 1980s. This aggressive approach by the central bank has stoked worries of a recession, with top executives of major U.S. banks and institutions including JPMorgan, BlackRock and Citi forecasting a likely economic downturn in 2023. "The yield curve is hideously inverted, recession is coming, and stock markets usually bottom only after a recession has started," said Luke Templeman, thematic research analyst at Deutsche Bank. ET, Dow e-minis were up 6 points, or 0.02%, S&P 500 e-minis were up 5.25 points, or 0.13%, and Nasdaq 100 e-minis were up 28 points, or 0.24%.
"It's just one data point that leads to the Fed cooling down their aggressive hikes, but it doesn't change December's 50 basis point (rate hike). The key is going to be the data between December and February as to what they do next." The U.S. central bank has raised its policy rate by 375 basis points this year in the fastest hikes since the 1980s. Adding to the fears, the yield curve between the 2-year and 10-year Treasury notes has also widened in the recent days. ET, Dow e-minis were up 148 points, or 0.44%, S&P 500 e-minis were up 22.5 points, or 0.57%, and Nasdaq 100 e-minis were up 65.5 points, or 0.57%.
The tech industry accounts for about one-quarter of this year's job cuts, Challenger data show. The automotive industry has had 30,669 job cuts announced, compared with 10,277 through November 2021. And real estate has had 7,919 cuts announced this year, compared with 2,762 in 2021 year-to-date. "We've seen a lot of job cuts around mortgage origination and fintech firms in mortgages. U.S.-based employers announced 76,835 cuts in November alone, more than double the 33,843 cuts announced in October and four-times the number of cuts announced last November, Challenger data show.
CNBC's Jim Cramer on Tuesday predicted that more companies will trim their workforces after the holiday season. "I'm sure there'll be many layoffs after Christmas. Tech companies, whose astronomic growth in recent years has been derailed by the Federal Reserve's interest rate hikes, led last month's layoffs. Yet the total number of layoffs this year is the second lowest since the company started tracking the metrics in 1993. Cramer attributed the lack of job cuts to the fact that many companies have managed to stay afloat — a fact that could change next year.
Gold prices inch higher on softer dollar
  + stars: | 2022-12-05 | by ( ) www.cnbc.com   time to read: +1 min
One kilo gold bars are pictured at the plant of gold and silver refiner and bar manufacturer Argor-Heraeus in Mendrisio, Switzerland, July 13, 2022. Gold prices edged up on Monday and hovered near the key $1,800-level, as a softer U.S. dollar made the greenback-priced bullion cheaper for buyers holding other currencies. Spot gold rose 0.1% to $1,800.02 per ounce as of 0027 GMT. Lower interest rates tend to be beneficial for gold as it reduces the opportunity cost of holding the non-yielding asset. Physical gold demand stalled in India last week on higher prices, while premiums fell in top consumer China as Covid-19 restrictions dulled activity.
SummarySummary Companies Dollar index down 0.2%, hovers near 5-month lowLondon body creates database of Russian gold barsDec 5 (Reuters) - Gold prices rose to a five-month high on Monday, as the U.S. dollar weakened slightly after more Chinese cities relaxed COVID-19 restrictions over the weekend. The dollar index was down 0.2%, hovering near five-month lows. Lower interest rates tend to be beneficial for gold as it reduces the opportunity cost of holding the non-yielding asset. "Also, news that China is scaling back its COVID restrictions means that gold demand will increase in the region, further supporting prices," said Simpson. The London Bullion Market Association is creating a database of Russian gold bars held by banks in London to help prevent sanctions evasion by Russian companies or the Russian central bank, the industry group said on Friday.
Brent crude futures settled down $1.31, a 1.5% drop, at $85.57 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell $1.24, or 1.5%, to $79.98 per barrel. Russian oil output could fall by 500,000 to 1 million bpd early in 2023 due to the European Union ban on seaborne imports from Monday, two sources at major Russian producers said. European Commission President Ursula von der Leyen said the Russian oil price cap will be adjustable over time so that the union can react to market developments. The cap was designed to limit revenues to Russia while not resulting in an oil price spike.
[1/3] People line up outside a newly reopened career center for in-person appointments in Louisville, U.S., April 15, 2021. Nonfarm payrolls increased by 263,000 jobs last month, the Labor Department said in its closely watched employment report on Friday. Data for October was revised higher to show payrolls rising 284,000 instead of 261,000 as previously reported. The unemployment rate was unchanged at 3.7%. Fed Chair Jerome Powell said on Wednesday the U.S. central bank could scale back the pace of its rate increases "as soon as December."
"Adding to the Fed's problems, monetary conditions have loosened in recent weeks as the dollar and longer-dated Treasury yields have fallen and credit spreads have narrowed. This is undoing the tightening effects of the Fed's recent rate rises." Investors now see an 87% chance that the Fed will increase interest rates by 50 basis points in December, down from 91% before the jobs data was published on Friday. Declining issues outnumbered advancers for a 5.14-to-1 ratio on the NYSE and a 3.09-to-1 ratio on the Nasdaq. The S&P index recorded two new 52-week highs and no new low, while the Nasdaq recorded 15 new highs and 40 new lows.
Overall, U.S.-based firms announced 76,835 job cuts in November, led by the technology sector. So current employees want to be in a position to quickly grab a new job. watch nowExperts say some of the motivation for career cushioning may also be coming from employees in search of a position that better aligns with their values. So employees are “kind of playing it out in their job currently waiting for something better to come along and actively searching,” she said. To calm employees, 'be clear' about layoff plansIn a similar fashion to the trend around “quiet quitting,” career cushioning may also come at the expense of productivity.
Their divergent reactions suggest that perhaps there isn't a great way to let employees know you're getting rid of them. In the memo, CEO Chris Licht called the process of conducting layoffs a "gut punch." "I think employees appreciate advance notice that layoffs are coming," said Jaime Klein, the CEO of the human-resources consultancy Inspire HR. "That's really, really important," he added, because it shows that leadership is being relatively transparent and has some empathy for employees. If you ever want to rehire some of the employees you're letting go, it helps to leave a good impression.
ZipRecruiter, another job site, found a fourfold increase in job listings mentioning remote work, to a 12% total share. In all, remote work translates to roughly 4% more hours worked during a 40-hour week. "People really, really want remote work," Pollak said, adding: "It's difficult to put the genie back in the bottle." 'Significant variation' in remote work opportunitiesThat said, most jobs in the U.S. economy can't be done remotely. People really, really want remote work.
Job Openings Report to Indicate Tightness of Labor Market
  + stars: | 2022-11-30 | by ( Bryan Mena | ) www.wsj.com   time to read: 1 min
The Labor Department’s October report on job openings and turnover will gauge demand for workers in the still-tight U.S. labor market. The job market remains on a strong footing but has gradually cooled in recent months, with companies in sectors such as tech, entertainment and real estate shedding jobs. Employers added 261,000 jobs in October, a robust number but the smallest gain this year. Jobless claims have remained relatively low, but have been edging higher since record lows reached in the spring.
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Once you pay people more, it's hard to claw that back even when inflation starts to come back down. Inflation and annual pay are not in a one-to-one relationship. That became clear to many workers last year when their annual merit increases in salary and wages were not anywhere near the four-decade highs for inflation. But Reilly said that to date, the numbers are "solidly at 4%" for both executive and rank-and-file pay increases. Pearl Meyer research indicates that merit increases are a lagging indicator relative to inflation and costs.
download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicySharon thinks the Great Resignation is a lie. "Everyone was saying it's the Great Resignation, it's the worker's advantage, you could get a job anywhere," she said. "So I went in with the mentality thinking that if I'm going to quit, now's the time to go." Sharon said she'd been feeling regret, worry, and skepticism about just how powerful the Great Resignation is. But until that, I feel like the Great Resignation is a lie."
Pooja Chhabria Career expert, LinkedInThis makes for a tight labor market that is "flooded with unemployed professionals and qualified candidates," she added. Time is of the essenceThe good news is that there are still tech opportunities available in "countless industries," said Salemi. Vicki Salemi Career expert, Monster.comWhile there are jobs available, experts told CNBC Make It that time is of the essence. Other than highlighting tech skills in your resume, soft skills like time management and customer service are crucial too. Be sure to engage and check in on your professional community on a regular basis to pave the way for mentorship opportunities, career advice and potential job opportunities.
Inflation eased in October, but it stayed well ahead of most workers' year-over-year pay increases. While American workers are experiencing the strongest wage growth in many years, fueled by strong demand for labor, inflation has continued to overpower pay gains for most workers. Average hourly earnings, for instance, rose 4.7% in October, continuing to trail even the slower inflation rate. Several things have held back workers in their salary negotiations, including the decline of unions, stagnant minimum wages, globalization, and perhaps even some corporate greed. With demand for labor so high, some experts have wondered why Americans' wages haven't grown by even more.
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