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That's the same as the year-over-year increase of 3.7% in August. Core CPI increased 4.1% from September 2022 to September this year. AdvertisementAdvertisementInflation is still elevated and held steady in September, based on Consumer Price Index or CPI data out Thursday. The year-over-year increase in this index had been falling, based on data before Thursday's data release. AdvertisementAdvertisementCore CPI index increased 0.3% from August to September.
Persons: , Julia Pollak, ZipRecruiter, Pollak, Price, Gregory Daco Organizations: Service, Consumer, Index, CPI, Bureau of Labor Statistics, BLS, payrolls
The Consumer Price Index rose 3.7% for the 12 months ended in September, landing a touch above economists’ expectations. Food price inflation is at its lowest rate since March 2021, matching overall inflation at 3.7%. It’s the first time since early 2022 that food prices did not outpace overall inflation, CPI data shows. The monthly increase in core held steady from what was seen in August. Shelter costs accounted for 70% of the monthly increase in core.
Persons: Minneapolis CNN — Price, ” Julia Pollak, Organizations: Minneapolis CNN —, Bureau of Labor Statistics, Federal Reserve, CPI, Federal Locations: Minneapolis, August’s,
Job growth surged in September
  + stars: | 2023-10-06 | by ( Madison Hoff | Juliana Kaplan | ) www.businessinsider.com   time to read: +5 min
The US added 336,000 jobs in September, greater than job growth in August. "It is a sign of stability, steady growth, and we are committed to making sure that all Americans share in the growth and prosperity." Leisure and hospitality saw robust job growth in September, with a gain of 96,000. Government employment soared by 73,000, with bigger gains in local and state government roles compared to the job growth for the federal government. After an increase in the unemployment rate in August as more people entered the labor force, the unemployment rate was 3.8% again in September.
Persons: , Labor Julie Su, Nick Bunker, Julia Pollak, ZipRecruiter, Bunker, Daniel Zhao, Karin Kimbrough, Kimbrough, there's Organizations: Workers, Service, Bureau of Labor Statistics, of Labor, Labor, North America, Leisure
The US economy added an estimated 336,000 jobs last month, blowing expectations out of the water, according to Bureau of Labor Statistics data released Friday. In September, leisure and hospitality helped drive job growth higher, with 96,000 jobs added. Today’s headline jobs number — that surprising 336,000 net job gain — is an initial estimate that will be revised twice more. The surprising September jobs report, however, didn’t continue that streak. August’s second look has job growth now at 227,000 for the month, an increase of 40,000.
Persons: , Sung, Soh, Joe Biden, , it’s, ” Biden, Andrew Patterson, ” Patterson, they’ve, Jim McCoy, we’re, ” Daniel Zhao, Glassdoor’s, ” Julia Pollak, didn’t, ” Diane Swonk, — CNN’s Tami Luhby Organizations: Minneapolis CNN, of Labor Statistics, Loyola Marymount University, SS Economics, BLS, Federal Reserve, Dow, Nasdaq, Bureau of Labor Statistics, Vanguard, Fed, Administration, Children, Families, Nationwide, Century, CNN Locations: Minneapolis, United States
ADP: Employers Add Paltry 89,000 Jobs in September
  + stars: | 2023-10-04 | by ( Tim Smart | Oct. | At A.M. | ) www.usnews.com   time to read: +3 min
Employers added only 89,000 jobs in September, well below expectations, private payroll firm ADP said on Wednesday. "We are seeing a steepening decline in jobs this month," said Nela Richardson, chief economist at ADP. The report is the second to come this week on the health of the job market. On Tuesday, the Labor Department issued its report on job openings for August, with a surprising 9.6 million jobs available. While the job market has slowed in 2023, it still remains tight by historical standards.
Persons: Nela Richardson, , Lightcast, Rachel Sederberg, Julia Pollak, José Torres Organizations: ADP, Federal Reserve, Labor Department, Interactive Brokers
Some childcare operators told Insider the end of pandemic-era funding could make the problem worse. To keep the doors open at her Southampton Township, New Jersey, childcare center, she needs to find new clients or new funding. Jackson is just one of many providers across the US entering a period of uncertainty after a pandemic-era infusion of federal childcare funding ran out at the end of last month. That funding expired on Saturday, along with $13.5 billion in childcare funding from other pandemic-era legislation. She added: "What we're likely to see is childcare providers doing everything they can to continue to operate.
Persons: , Jackson, Patti Smith, Joe Biden's, they'd, Allyx Schiavone, Lauren Bauer, Molly Kinder, Julie Kashen, Kashen, Schiavone, Cristi Carman, they're, Carman, Shannon Hampson, Hampson, we're, Rep, Katherine Clark, Julia Pollak, ZipRecruiter, there's, Grant Organizations: Service, Greenway, National Association for, Education of Young Children, Rescue, Friends Center for Children, American Progress, Brookings Institution, The Century Foundation, Care, American Locations: Southampton Township , New Jersey, Maryland, Lincoln , Nebraska
US job openings unexpectedly grew in August
  + stars: | 2023-10-03 | by ( Alicia Wallace | ) edition.cnn.com   time to read: +3 min
Minneapolis CNN —The number of job openings at US employers unexpectedly surged in August, a testament to the continued strength of the labor market, according to new data released Tuesday by the Bureau of Labor Statistics. There were an estimated 9.61 million open jobs in August, according to seasonally adjusted data from the BLS’ latest monthly Job Openings and Labor Turnover Survey (JOLTS) report. That’s up from July’s upwardly revised estimate of 8.92 million openings. The consensus estimate from economists was for 8.8 million openings, according to Refinitiv. Federal Reserve officials have frequently pointed to the robust labor market, particularly the imbalance of job postings to job seekers, as a key factor in helping to lower inflation.
Persons: August’s, Julia Pollak, ZipRecruiter, , Christopher Rupkey, Stocks Organizations: Minneapolis CNN, Bureau of Labor Statistics, BLS, Labor, CNN, Federal Reserve, FwdBonds, Dow Locations: Minneapolis
On Wednesday, the Federal Open Market Committee will announce whether it will raise interest rates again or implement a pause. AdvertisementAdvertisementHatzius also said at the NYU forum that "we've seen a very substantial rebalancing of the labor market." "We have seen clear evidence that inflation is moving down to the Fed's target, or strongly in the direction of the Fed's target, without a substantial deterioration in the real economy," Hatzius said. "We're entering a period where consumers are returning to an environment where they're much more dependent on the path of the labor market, on the flow of income creation," Meyer said. Goldman Sachs predicted those events could stunt economic growth — and complicate the Fed's job in the months to come.
Persons: Jerome Powell, Powell, Jan Hatzius, Goldman Sachs, we've, Hatzius, Nick Bunker, it's, Bunker, Julia Pollak, Pollak, Michelle Meyer, Meyer Organizations: Service, Federal, Economic, North America, Bureau of Labor Statistics, NYU, Jackson, Mastercard, Politico, of Labor Statistics, Fed Locations: Wall, Silicon
Government shutdown would leave the Fed flying blind
  + stars: | 2023-09-18 | by ( Bryan Mena | ) edition.cnn.com   time to read: +4 min
Washington, DC CNN —In the event of a US government shutdown, the Bureau of Labor Statistics says it will stop releasing data, including key figures on inflation and unemployment. A lack of crucial government data would make it difficult for investors and the Federal Reserve to interpret the US economy. “By the time the Fed discovered its mistake, the effects of excessive monetary tightening could be difficult to reverse,” she said. It’s unclear whether the Fed would hold rates steady in the absence of government data or how it would navigate a government shutdown when deliberating monetary policy. The effects of a government shutdown also depend on how long it lasts, which also isn’t clear at this point.
Persons: Kevin McCarthy, acquiesce, Greg Daco, , Agron Nicaj, Price, Julia Pollak Organizations: DC CNN, of Labor Statistics, Federal Reserve, BLS, Republicans, , MUFG, Labor, Survey, ZipRecruiter, Fed Locations: Washington, EY, United States,
Wholesale Inflation Spikes in August on Energy Prices
  + stars: | 2023-09-14 | by ( Tim Smart | Sept. | At A.M. | ) www.usnews.com   time to read: +2 min
Wholesale inflation surged 0.7% in August, largely due to a spike in energy costs, the Labor Department reported on Thursday. The producer price index, a measure of what businesses pay for their supplies, rose 1.6% for the year. The core PPI, excluding energy and food costs, rose 0.3% for the month and 3% for the year, above estimates for increases of 0.2% and 2.2%. The overall August increase is the largest since a 0.9% increase in June of 2022, when inflation began rising sharply, and was fueled heavily by a 10.5% increase in energy prices. On Wednesday, the government said the consumer price index rose 0.6% in August and 3.7% for the year.
Persons: , ” Julia Pollak, Organizations: Labor Department, Analysts, PPI, Research, CPI, Federal
What the August jobs report means for the Fed
  + stars: | 2023-09-02 | by ( Bryan Mena | ) edition.cnn.com   time to read: +6 min
Washington, DC CNN —The long-robust US job market is continuing to cool, according to several economic indicators released this week. It’s clear the labor market has cooledThere are plenty of signs that the job market has continued to weaken and that momentum is largely expected to continue in the months ahead. The August jobs report showed that average hourly earnings grew at a monthly pace of just 0.2%, or 4.3% annually. “Pretty much everything in the labor market has cooled back to the pre-pandemic temperature,” Julia Pollak, chief economist at ZipRecruiter, told CNN. It’s also possible the job market holds steady if recession fears continue to fade, allowing businesses to address stubborn staffing shortages.
Persons: Jerome Powell, Powell, , , Steve Wyett, ” Julia Pollak, we’ve, Nick Bunker, ” Bunker, It’s, they’ve, ” Pollak Organizations: DC CNN, Federal Reserve, Kansas City, Labor, BOK Financial, Fed, of Labor Statistics, Labor Department, CNN, Commerce Department, US, Banks Locations: Washington, Jackson Hole , Wyoming
Job growth is slowingThe U.S. economy added 187,000 jobs in August, the Labor Department said Friday. Job growth is clearly losing momentum: The three-month average in August was 150,000 jobs added, versus 201,000 in June, for example, Bunker said. Further, monthly job growth still exceeds U.S. population growth, economists said. Unemployment is up — but not for bad reasonsThe unemployment rate jumped to 3.8% in August from 3.5% in July, the U.S. Labor Department said Friday. There were about 8.8 million openings in July, the fewest since March 2021, according to Labor Department data.
Persons: Mario Tama, Bunker, Julia Pollak, Lat, Aaron Terrazas, Andrew Hunter, Pollak, , Zandi, Andrew Patterson, Hunter Organizations: Getty, Labor Department, Yellow Corp, U.S . Labor Department, Capital Economics, Workers, Vanguard, White House Council, Economic, CEA Locations: U.S, Hollywood
The US jobs market stayed strong in August
  + stars: | 2023-09-01 | by ( Madison Hoff | ) www.businessinsider.com   time to read: +6 min
Truck transportation also saw employment fall by 36,700.Leisure and hospitality saw a job gain of 40,000 from July to August. From wage growth to an increase in labor force participation, various data points suggest the US labor market is still strong. There were 8.8 million job openings in July after 9.2 million in June, according to new Job Openings and Labor Turnover Survey or JOLTS data released by BLS earlier this week. "We expect this labor market rebalancing to continue," Powell said. "Evidence that the tightness in the labor market is no longer easing could also call for a monetary policy response."
Persons: Jerome Powell, Lydia Boussour, EY, Boussour, Nick Bunker, Bunker, it's, Julia Pollak, Pollak, Jonathan Fisher, Fisher, Powell Organizations: payrolls, Service, SAG, Bureau of Labor Statistics, Labor, BLS, North America, Washington Center for Equitable Growth Locations: Wall, Silicon, Jackson Hole , Wyoming
Experts say a reassignment is often a good sign and may mean a company wants to keep you. Challenger told Insider that over the past few years, companies focused on reassigning workers internally because it was hard to find replacements amid the labor shortage. AdvertisementAdvertisement"It's usually a company saying, 'Hey, we don't have this role anymore, but we want to keep you,'" Challenger told Insider. "Just the act of reassignment does not signal that a company wants you gone," Julia Pollak, the chief economist at ZipRecruiter, told Insider. Yolanda M. Owens, a career coach who works with platforms like the Muse, told Insider by email that companies can also use reassignments to keep the power dynamics in their favor.
Persons: Andy Challenger, they've, Julia Pollak, Pollak, Yolanda M, Owens, Challenger, " Pollak Organizations: Service, Street Journal, Challenger, Research Locations: Wall, Silicon
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPollak: The recent pace of job growth has set off a virtuous cycle in the labor marketZipRecruiter chief economist Julia Pollak discusses the key trends right now in the labor market, and which sectors, such as hospitality & leisure and healthcare, are still see job growth.
Persons: Pollak, Julia Pollak
Minneapolis CNN —Last month, the Bureau of Labor Statistics delivered a jobs report that only Baby Bear could offer: not too hot, not too cold, but just right. While that figure was well below the breakneck pace of job growth over the past three years, it was roughly in line with the monthly average seen in the decade before the pandemic. The August jobs report, set to be released on Friday at 8:30 a.m. ET, is expected to show that the labor market will stay in this sweet spot. The Fed has been wanting to see more slack in the labor market in its battle to bring down inflation.
Persons: Minneapolis CNN —, , Julia Pollak, it’s, , Pollak, Dean Baker, Jerome Powell’s, “ I’m, Rachel Sederberg, ” Andrew Challenger Organizations: Minneapolis CNN, of Labor Statistics, Federal Reserve, Center for Economic, Policy Research, Labor, CNN, Private, ADP, Challenger Locations: Minneapolis
Here are the 10 worst states for high-paying entry-level jobs according to their findings , including the percent of entry-level jobs that offered pay higher than the state's median salary and the median salary according to BLS. When it comes to entry-level jobs, some industries notoriously pay better than others. Hawaii, the worst state for high-paying entry-level jobs, lost 15,000 residents between April 2020 and July 2022, according to the Hawaii Census. If there are fewer jobs available overall, there are, of course, fewer high-paying entry-level jobs available as well. That, too, would hamper the availability of high-paying entry-level jobs.
Persons: Julia Pollak, Amanda Augustine Organizations: BLS, Bureau of Labor Statistics, . Census, Hospitality Locations: Texas, Hawaii, . Massachusetts, Vermont, Alaska, Michigan, Pennsylvania, York, California, Barcelona
Here are the top 10 states for high-paying entry-level positions according to Resume.io, including the state's median salary according to BLS and the percent of entry-level jobs paying above it. They then ranked the states in terms of the percentage of entry-level jobs that paid above the median salary. Entry-level jobs are often the lowest-paid on the totem pole, but a variety of factors influence what salary new employees are making. "They're very closely in line with the macroeconomic indicators on overall state labor market conditions," she says. "I think your entry-level jobs are kind of the bleeding edge of the labor market," she says, "and small changes in labor market conditions translate into large changes in conditions for entry-level workers."
Persons: Resume.io, Julia Pollak, Amanda Augustine, homebuyers Organizations: BLS, Bureau of Labor Statistics, Iowa City Locations: Philadelphia, Idaho, South Dakota, Resume.io's, Montana, Iowa, Ohio, Texas
In addition, a smaller number of workers quit their jobs, businesses hired fewer workers and layoffs nudged higher as the US job market settles into a calmer, more balanced state. Job openings fell to a seasonally adjusted 8.827 million in July, from 9.165 million in June, according to the BLS’ Job Openings and Labor Turnover Survey report. It’s the lowest number of total openings since March 2021, and there are now 1.5 available jobs for every unemployed person. The July JOLTS data showed that the number of new hires dropped to 5.773 million from 5.94 million, quits landed near pre-pandemic totals by falling to 3.549 million from 3.802 million, and layoffs inched up to 1.555 million from 1.551 million. That’s good news for the Federal Reserve, which has been hoping for more slack in the labor market in its battle to bring down inflation.
Persons: ” Julia Pollak, it’s Organizations: Minneapolis CNN, Bureau of Labor Statistics, Labor, Federal Reserve Locations: Minneapolis, United
The higher wage expectations are a reflection of this current moment in the economy and the labor market, said Julia Pollak, chief economist for online job marketplace ZipRecruiter. “It largely explains what we’ve been seeing during this summer of strikes and unions pushing for higher wages; and, of course, wages follow inflation, and part of the reason that workers are expecting higher wages is because prices have risen 17.5% since the pandemic,” she said. Men and college grads demand moreWhile reservation wages rose for workers across the board, some groups’ demands are significantly higher than others: For college graduates and men, the wage floors were $98,644 and $91,048, respectively. Women’s reservation wages set a record as well, but at $66,068 — $12,500 below the average and nearly $25,000 below men’s expectations. “Especially in male-dominated industries, women may just not know what the going rate is and underestimate,” Pollak said.
Persons: they’d, , Julia Pollak, they’ve, ” Pollak, they’ll, that’s, Nina Roussille, who’s Organizations: Minneapolis CNN, Federal Reserve Bank of New, Massachusetts Institute of Technology Locations: Minneapolis, Federal Reserve Bank of New York, York, Hired.com
AI continues to make headlines as companies and individuals alike try to harness the power of new tools like ChatGPT to become more efficient at work and in life. "There's incredible demand for people who are creative, who are entrepreneurial, who quickly adopt new technologies and figure out how to leverage them," says Julia Pollak, chief economist at ZipRecruiter. "Toward the end of last year, we started noticing spikes in searches around all types of AI-related needs," says Yoav Hornung, head of verticals at Fiverr. These included technical needs around integrating it, but also included consulting, "a lot around AI video editing and prompt engineers," he says. Here are four new AI gigs on Fiverr and how much freelancers are charging for them.
Persons: Julia Pollak, Fiverr, Yoav Hornung Organizations: ZipRecruiter Locations: Fiverr
CNN —US consumer prices rose 3.2% for the 12 months ending in July, according to the latest Consumer Price Index, which landed Thursday. “Don’t be fooled by the uptick in [year-over-year] inflation,” noted Julia Pollak, chief economist for ZipRecruiter. Gimme (cheaper) shelter: Shelter (i.e. “Our baseline forecast suggests that year-over-year shelter inflation will continue to slow through late 2024 and may even turn negative by mid-2024,” the researchers wrote. Uncooked beef steak prices rose 2.3% and uncooked ground beef rose 1.5%.
Persons: It’s, Don’t, , Julia Pollak, Joe Brusuelas, ” Brusuelas, , Anna Bahney, Danielle Wiener, Bronner, That’s, Douglas Elliman, Miller Samuel, Spencer Platt, Jonathan Miller, , Read, Biden, Michelle Toh Organizations: CNN Business, Bell, CNN, ZipRecruiter, RSM US, Federal Reserve, Commerce Department, San Francisco, Big Apple, Getty Locations: Manhattan, New York, New York City, China, Silicon
Minneapolis CNN —For the first time in more than 12 months, the pace of consumer price hikes accelerated on an annual basis. The Consumer Price Index rose 3.2% for the year through July, up from June’s 3% annual increase, according to data released Thursday by the Bureau of Labor Statistics. Core CPI, which excludes the more volatile food and energy prices, increased 0.2% from June and was up 4.7% from the year-ago period. July is the the fourth consecutive month that annual core CPI has eased, and the 4.7% rate landed 0.1 percentage points below consensus expectations. Shelter prices rose 0.4% month on month and were up 7.7% for the year ending in July.
Persons: “ Don’t, , Julia Pollak, Joe Biden, ” Biden, “ We’ve, Kurt Rankin, Dow, , Joe Brusuelas, Brusuelas, Tamara Charm, Brandon Bell, Danielle DiMartino Booth, DiMartino Booth, — CNN’s Elisabeth Buchwald Organizations: Minneapolis CNN —, Bureau of Labor Statistics, BLS, CPI, Federal Reserve, PNC, Nasdaq, RSM US, CNN, San, Services, , McKinsey, Quill Intelligence, Federal Reserve Bank of Dallas Locations: Minneapolis, June’s, San Francisco, Austin , Texas
But aside from simply skirting a recession, it’s not obvious what the economy would look like in a soft landing. And who even declares that the Fed has officially defied the odds and achieved a soft landing? The main aspect of a soft landing, according to economists, is the absence of a recession, which is determined by the National Bureau of Economic Research (NBER.) In a soft landing, the job market has to remain intact. The other key feature of a soft landing is for the Fed to successfully control inflation, but that’s open to some interpretation.
Persons: we’ve, , Kayla Bruun, , Julia Pollak, ” Pollak, Josh Markman, cooldown, Austan Goolsbee, ” Goolsbee, Raphael Bostic, Michelle Bowman, Patrick Harker, Armour, Ralph Lauren Organizations: CNN Business, Bell, DC CNN, Federal Reserve, Bank of America, Fed, National Bureau of Economic Research, Morning, Atlanta, ZipRecruiter, Labor, Bel Air Investment Advisors, Federal, Federal Reserve Bank of Chicago, Bloomberg, Atlanta Fed, , Tyson Foods, UPS, Fox, Restaurant Brands, The National Federation of Independent Business, US Commerce Department, China’s National Bureau of Statistics, Disney, US Labor Department, National Statistics, University of Michigan Locations: Washington
In the past, he would have swiftly chopped 10% of the workers that run his bag-making machines, or about 15 people. Faced with the tightest job market in decades, many have become less trigger-happy with layoffs, even in the face of a cooling economy. But, so far, the economy has continued to grow, albeit more slowly, and the job market has powered onward. Reuters Graphics'HOLD ONTO YOUR LABOR FORCE'At least one major company has adopted a formal strategy of hoarding workers. "I don't think it's the case that many businesses are holding onto workers who are idle," she said.
Persons: Kevin Kelly, Nathan Frandino, Kelly, Alan H, Shaw, they're, Dana Peterson, Peterson, Arnold Kamler, Julia Pollak, Thomas Simons, We're, Timothy Aeppel, Dan Burns, Paul Simao Organizations: Emerald Packaging, REUTERS, Packaging, Employers, Federal Reserve, Labor, Reuters Graphics, Norfolk, Reuters, U.S, Survey, Labor Department, Conference Board, Business Council, Kent International, Jefferies, Thomson Locations: California, Union City , California, U.S, San Francisco, Norfolk Southern, downturns, Atlanta, New York, South Carolina, rehire, Los Angeles
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