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☆ U.S. Employers Add 275,000 Jobs in Another Strong Month
▼ + stars: | 2024-03-08 | by ( Lydia Depillis | ) www.nytimes.com time to read: 1 min

If the economy is slowing down, nobody told the labor market. Employers added 275,000 jobs in February, the Labor Department reported Friday, in another month that exceeded expectations even as the unemployment rate rose. It was the third straight month of gains above 200,000, and the 38th consecutive month of growth — fresh evidence that four years after going into pandemic shutdowns, America’s jobs engine still has plenty of steam. Previously reported figures for December and January were revised downward by a total of 167,000, reflecting the higher degree of statistical volatility in the winter months. That does not disrupt a picture of consistent, robust increases.

Persons: We’ve, we’re, ”, Rubeela Farooqi Organizations: Employers, Labor Department

TOKYO (AP) — Asian shares were trading mixed Thursday, after Wall Street recovered some losses from the day before. Japan's benchmark Nikkei 225 momentarily reached a record high in early trading but slipped later to finish at 39,598.71, down 1.2%. “The positive handover from Wall Street, alongside lower Treasury yields and a weaker U.S. dollar, may offer some relief as Fed Chair’s testimony failed to drive much hawkish deviation from his usual script,” said Yeap Jun Rong, market analyst at IG. As always, Wall Street scrutinized each of Powell's words for hints about when the Federal Reserve could begin cutting its main interest rate, which is at its highest level since 2001. “We want to see a little more data so we can become more confident.”Traders have already shelved earlier expectations for a cut in March, and they’re now eyeing June as the likeliest beginning.

Persons: Australia's, ”, Yeap Jun Rong, Jerome Powell, CrowdStrike, Steven Mnuchin, Donald Trump, Powell, ” Powell, Rubeela Farooqi, Locker, Brent, Stan Choe Organizations: TOKYO, Wall, Nikkei, IG, Federal, Dow Jones, Nasdaq, Nvidia, Big Tech, New York Community Bancorp, U.S, Treasury, Federal Reserve, Fed, Traders, AP Locations: Hong, Shanghai

☆ US job openings hit more than 2-1/2-year low as labor market cools
▼ + stars: | 2023-12-05 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Economists polled by Reuters had forecast 9.30 million job openings in October. Job openings decreased by 168,000 in the finance and insurance industry, while real estate, rental and leasing had 49,000 fewer positions. The job openings rate dropped to 5.3% from 5.6% in September. "The current state of the labor market suggests no further recalibration is necessary to bring the labor market back into balance," said Nick Bunker, director of economics research at Indeed Hiring Lab. They also described the labor market as remaining "very competitive," and "trying to get to full staff levels."

Persons: Brian Snyder, Rubeela Farooqi, Nick Bunker, Conrad DeQuadros, November's, Bill Adams, Lucia Mutikani, Chizu Organizations: Taylor Party, Equipment Rentals, REUTERS, Labor, Survey, Labor Department's Bureau of Labor Statistics, Reuters, Treasury, Brean, Institute for Supply Management, PMI, United Auto Workers, UAW, Comerica Bank, Thomson Locations: Somerville , Massachusetts, U.S, WASHINGTON, White Plains , New York, South, Midwest, New York, East, Dallas

Still, despite the sharp drop in October, job openings remain at historically high levels. And the unemployment rate has come in below 4% for 21 straight months, the longest such streak since the 1960s. The unemployment rate is expected to have remained at 3.9%, according to a survey of forecasters by the data firm FactSet. Though unemployment remains low, 1.93 million Americans were collecting unemployment benefits in the week that ended Nov. 18, the most in two years. The cooling of the job market could mean a lessening of inflation pressures and less need for the Fed to keep interest rates high.

Persons: —, Rubeela Farooqi, ” Organizations: WASHINGTON, —, Labor, Federal Reserve, The Labor Department, Hollywood, Fed Locations: — U.S

The government had previously estimated that the economy grew at a 4.9% annual rate last quarter. TD Economics, for example, expects growth in the October-December period to come in at a 1.8% annual rate. Private investment surged at a 10.5% annual pace, including a 6.2% increase in housing investment, which defied higher mortgage rates. Also driving the third quarter growth was an uptick in spending and investment by governments at all levels — federal, state and local. Those higher interest rates have significantly increased consumer and business borrowing costs.

Persons: —, Rubeela Farooqi, ” Organizations: WASHINGTON, Private, Federal Reserve, Organization, Economic Cooperation, Development Locations: U.S

WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell sharply last week, a sign that U.S. job market remains resilient despite higher interest rates. The Labor Department reported Wednesday that jobless claims dropped by 24,000 to 209,000. The four-week moving average of claims, which smooths out week-to-week volatility, fell by 750 to 220,000. Overall, 1.84 million Americans were receiving unemployment benefits the week that ended Nov. 11, down by 22,000 from the week before. The job market and economic growth remained surprisingly resilient, defying predictions that the economy would slip into a recession this year.

Persons: —, it's, ″, Rubeela Farooqi Organizations: WASHINGTON, Labor Department, Federal, Employers Locations: United States

More Americans filed for jobless claims last week and while the labor market remains broadly healthy, there have are growing signs that it may finally be cooling. Applications for unemployment benefits rose by 13,000 to 231,000 for the week ending Nov. 11, the Labor Department reported Thursday. Jobless claim applications are seen as representative of the number of layoffs in a given week. The Federal Reserve has been tapping the brakes on the economy and the labor market for nearly two years, trying to stem what was the highest inflation in four decades. It was the sixth straight week that continuing claims rose.

Persons: ”, Rubeela Farooqi, Nancy Vanden Houten, Jerome Powell Organizations: Labor Department, Federal Reserve, Fed, “, Oxford Economics, ”

☆ Wages boost US labor costs in third quarter
▼ + stars: | 2023-10-31 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

The Employment Cost Index (ECI), the broadest measure of labor costs, rose 1.1% last quarter after increasing 1.0% in the April-June period, the Labor Department's Bureau of Labor Statistics reported. Labor costs increased 4.3% on a year-on-year basis after advancing by 4.5% in the second quarter. Wages increased 1.2% in the third quarter after climbing 1.0% in the prior three months. They were up 4.6% on a year-on-year basis after advancing by the same margin in the second quarter. Inflation-adjusted wages for all workers rose 0.9% on a year-on-year basis after jumping 1.7% in the second quarter.

Persons: Megan Varner, Rubeela Farooqi, Lucia Mutikani, Paul Simao Organizations: REUTERS, Rights, Federal Reserve, Labor Department, Treasury, Fed, Labor Department's Bureau of Labor Statistics, Reuters, Labor, State, Thomson Locations: Dalton , Georgia, U.S

WASHINGTON (AP) — The number of Americans applying for unemployment benefits was unchanged last week, remaining at historically low levels in another sign that the U.S. job market remains strong in the face of higher interest rates. Unemployment claims stayed at 209,000 for the week ending Oct. 7, the Labor Department reported Thursday. But the economy and the job market have remained sturdy even as higher rates have brought inflation down steadily from the four-decade highs reached in 2022. Political Cartoons View All 1207 Images“Overall, layoffs remain low and demand for workers remains strong,'' said Rubeela Farooqi, chief U.S. economist at High Frequency Economics. Overall, 1.7 million people were collecting unemployment checks the week that ended Sept. 30, up by 30,000 from the week before.

Persons: Rubeela Farooqi Organizations: WASHINGTON, Labor Department, Federal Reserve Locations: U.S, United States

The stock market got a boost from that drop in longer-term yields, but it also felt a drag from rising shorter-term yields. Yields were mixed after a report showed inflation at the wholesale level was stronger last month than economists expected. Still, with the U.S. government racking up big deficits that require more borrowing, and buyers in shorter supply, the pressure has been mostly upward on Treasury yields. In energy trading, a further pullback in crude oil prices is helping to take some heat off inflation and support Wall Street. Oil prices have given back much of their strong gains from earlier this week, triggered by fighting in Gaza.

Persons: Sydney's, Hang Seng, ” Anderson Alves, ActivTrades, Rubeela Farooqi, ”, Gregory Daco, Brent Organizations: TOKYO, Palestinian, Hamas, Nikkei, U.S, Dow Jones, Nasdaq, Federal Reserve, Treasury, “ Fed, EY, Benchmark, New York Mercantile Exchange, Energy, Exxon Mobil, Natural Resources Locations: Israel, Hong, Shanghai, U.S . Federal, Lebanon, Iran, U.S, Gaza

The Labor Department reported Wednesday that its producer price index — which measures inflation before it hits consumers — climbed 2.2% from a year earlier. On a month-to-month basis, producer prices rose 0.5% from August to September, down from 0.7% from July to August. Excluding volatile food and energy prices, so-called core inflation rose 2.7% in September from a year earlier and 0.3% from August. Wholesale energy prices surged 3.3% from August to September, and food prices rose 0.9% after tumbling 0.5% from July to August. On Thursday, the Labor Department will issue its closely watched consumer price index for September.

Persons: —, Farooqi Organizations: WASHINGTON, —, Labor Department, Federal Reserve, ″

TOKYO (AP) — Asian shares mostly rose in cautious trading Friday after Wall Street drifted to a quiet close on worries about a too-hot U.S. job market. A comprehensive report on the overall U.S. job market is due Friday, and economists expect it to show hiring slowed to a pace of 163,000 jobs added in September from 187,000 in August. Political Cartoons View All 1202 ImagesInvestors worry that too strong a U.S. job market could add to upward pressure on inflation. That’s why the Fed has raised its main interest rate to the highest level since 2001, to intentionally slow the job market. Stocks have struggled since the summer under the weight of soaring Treasury yields in the bond market, which undercut stock prices and crimp corporate profits.

Persons: Australia's, Seng, ”, Anderson Alves, acquiesce, Rubeela Farooqi, Lamb Weston, Brent Organizations: TOKYO, Nikkei, China, Dow Jones, Nasdaq, Stocks, Federal Reserve, Automotive, Treasury, U.S Locations: Hong, China, Hong Kong, U.S, ActivTrades, Clorox

WASHINGTON (AP) — U.S. job openings unexpectedly rose in August, another sign the U.S. labor market remains strong despite higher interest rates — perhaps too strong for the inflation fighters at the Federal Reserve. American employers posted 9.6 million job openings in August, up from 8.9 million in July and the first uptick in three months, the Labor Department said Tuesday. ""Yes, the job market is still retaining a lot of heat,'' he said, "but it hasn't gone back on the boil.'' The Federal Reserve wants to see the red-hot U.S. job market cool off, reducing pressure on businesses to raise pay, which can feed into higher prices. The Fed chose not to raise rates at its last meeting Sept. 19-20.

Persons: Economists, —, Nick Bunker, hasn't, Jerome Powell, Dow Jones, Rubeela Farooqi, Loretta Mester, “, ” Mester, Christopher Rugaber Organizations: WASHINGTON, —, Federal Reserve, Labor Department, Federal, Fed, Federal Reserve Bank of Cleveland, AP

☆ Underlying US inflation pressures subside in August
▼ + stars: | 2023-09-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

Economists polled by Reuters had forecast the core PCE price index would climb 0.2%. In the 12 months through August, the so-called core PCE price index increased 3.9%. It was the first time since June 2021 that the annual core PCE price index was below 4.0%. In the 12 months through August, the PCE price index advanced 3.5% after gaining 3.4% in July. Policymakers are focused on the super core price measure as they try to gauge progress in their fight against inflation.

Persons: Bing Guan, Rubeela Farooqi, Lucia Mutikani, Paul Simao Organizations: REUTERS, Federal Reserve, Commerce Department, Reuters, U.S . Energy Information Administration, Treasury, Fed, Financial, Thomson Locations: SoHo, New York City, U.S, WASHINGTON, White Plains , New York

WASHINGTON (AP) — An inflation gauge closely tracked by the Federal Reserve rose in August, boosted mainly by higher gas prices. Friday's report from the Commerce Department showed that prices rose 0.4% from July to August, up from just 0.2% the previous month. Excluding volatile food and energy prices, though, “core” inflation rose by the smallest amount in nearly three years, evidence that inflation pressures continue to ease. Compared with a year earlier, overall prices rose 3.5% in August, slightly higher than the 3.4% increase in July. The inflation gauge that was issued Thursday, called the personal consumption expenditures price index, is separate from the better-known consumer price index.

Persons: ” Rubeela Farooqi, ’ paychecks, Austan Goolsbee, ” Goolsbee, “, ” Organizations: WASHINGTON, Federal, Commerce Department, Fed, Republicans, Federal Reserve Bank of Chicago Locations: July’s

☆ US weekly jobless claims fall to two-month low
▼ + stars: | 2023-07-20 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

Unadjusted claims fell by 326 to 257,976 last week. Reuters GraphicsThough the labor market remains tight, last week's drop in claims was likely exaggerated by difficulties adjusting the data for seasonal patterns. The claims data covered the week during which the government surveyed businesses for the nonfarm payrolls component of July's employment report. Claims fell during the June and July survey weeks. At current levels, the so-called continuing claims are low by historical standards, indicating that some laid-off workers are quickly finding work.

Persons: Rubeela Farooqi, Unadjusted, Lucia Mutikani, Andrea Ricci, Paul Simao Organizations: Federal Reserve, Labor Department, Reuters, Reuters Graphics, Thomson Locations: WASHINGTON, White Plains , New York, California, Georgia, South Carolina, Oregon, Michigan , Kentucky , Indiana , New York , New Jersey , Iowa, Illinois, U.S

☆ US weekly claims rise moderately; private payrolls surge in June
▼ + stars: | 2023-07-06 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

"A tight labor market will keep the rate path on an upward trajectory, until policymakers see a material rebalancing in supply and demand." Claims, relative to the size of the labor market, are below the 280,000 level that economists say would signal a significant slowdown in job growth. A survey last month showed consumers' views of the labor market more upbeat in June relative to May. Though policymakers viewed the labor market as remaining "very tight," they "anticipated that employment growth would likely slow further." The claims data has no bearing on June's employment report, scheduled for release on Friday.

Persons: Rubeela Farooqi, Unadjusted, payrolls, nonfarm payrolls, Andrew Challenger, Lucia Mutikani, Safiyah Riddle, Chizu Organizations: Federal Reserve, Labor Department, Reuters, Treasury, Fed, ADP, Challenger, Companies, Thomson Locations: WASHINGTON, White Plains , New York, Minnesota, Michigan , New York , Kentucky, Ohio, Texas, New Jersey, U.S

☆ US weekly jobless claims post biggest drop in 20 months
▼ + stars: | 2023-06-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

"A tight labor market will keep the rate path on an upward trajectory, until policymakers see a material rebalancing in supply and demand. "Initial claims for state unemployment benefits decreased 26,000 to a seasonally adjusted 239,000 for the week ended June 25. Continuing claims covered the period during which the government surveyed households for June's unemployment rate. The unemployment rate was at 3.7% in May. Economists had expected first-quarter GDP growth would be raised slightly to a 1.4% pace.

Persons: Rubeela Farooqi, Unadjusted, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: Federal Reserve, Labor Department, Reuters, Conference Board, Labor, Gross, Commerce Department, Thomson Locations: WASHINGTON, U.S, White Plains , New York, Minnesota, California, Texas, Pennsylvania, Connecticut, New Jersey

☆ US weekly jobless claims post biggest drop in 20 months as economy shows stamina
▼ + stars: | 2023-06-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

"The economy is currently displaying genuine signs of resilience," said Gregory Daco, chief economist at EY-Parthenon in New York. Initial claims for state unemployment benefits decreased 26,000 to a seasonally adjusted 239,000 for the week ended June 24. Continuing claims covered the period during which the government surveyed households for June's unemployment rate. The unemployment rate was at 3.7% in May. GDP consumer contributionEconomists had expected first-quarter GDP growth would be raised slightly to a 1.4% pace.

Persons: Gregory Daco, Unadjusted, Rubeela Farooqi, Jerome Powell, Amira Karaoud, Scott Hoyt, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: Federal Reserve, Labor Department, Reuters, Financial, U.S, Treasury, REUTERS, Conference Board, Gross, Commerce Department, Thomson Locations: WASHINGTON, EY, New York, Minnesota, Ohio, California, Texas, Pennsylvania, Connecticut, New Jersey, White Plains , New York, Spanish, Madrid, Louisville, U.S, West Chester , Pennsylvania

☆ US core capital goods orders beat expectations; shipments rise modestly
▼ + stars: | 2023-06-27 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

SummarySummary Companies Core capital goods orders increase 0.7% in MayShipment of core capital goods rise 0.2%Durable goods orders jump 1.7%WASHINGTON, June 27 (Reuters) - New orders for key U.S.-manufactured capital goods unexpectedly rose in May, but the prior month's data was revised down, suggesting that businesses remained cautious about new capital investment because of higher borrowing costs and an uncertain economic outlook. Core capital goods orders increased 0.7% last month. Data for April was revised lower to the core capital goods rising 0.6% instead of 1.3% as previously reported. Economists polled by Reuters had forecast core capital goods orders would be unchanged. Core capital goods shipments are one of the inputs used to calculate equipment spending in the gross domestic product measurement.

Persons: Rubeela Farooqi, Lucia Mutikani, Chizu Organizations: Commerce Department, Reuters, Federal, Institute, Supply, Transportation, Boeing, Thomson Locations: WASHINGTON, White Plains New York, U.S

☆ US private payrolls increase solidly; wage growth cools
▼ + stars: | 2023-05-03 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

SummarySummary Companies Private payrolls increase by 296,000 in AprilPrior month's gain revised lower to 142,000WASHINGTON, May 3 (Reuters) - U.S. private employers boosted hiring in April amid strong demand for workers in the leisure and hospitality industry, but a slowdown in wage growth offered some good news for the Federal Reserve's fight against inflation. Private payrolls increased by 296,000 jobs last month, the ADP National Employment Report showed on Wednesday. Economists polled by Reuters had forecast private employment would increase 148,000. It has not been a reliable gauge in forecasting private payrolls in the BLS employment report. According to a Reuters survey of economists, private payrolls likely increased by 160,000 jobs last month.

☆ US core capital goods orders fall; goods trade deficit narrows
▼ + stars: | 2023-04-26 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

SummarySummary Companies Core capital goods orders fall 0.4% in MarchShipments of core capital goods drop 0.4%Goods trade deficit narrows 8.1%WASHINGTON, April 26 (Reuters) - New orders for key U.S.-manufactured capital goods fell more than expected in March and shipments declined, suggesting that business spending on equipment likely remained a drag on economic growth in the first quarter. Data for February was revised down to show a 0.7% drop in these so-called core capital goods orders instead of the previously reported 0.1% dip. Economists polled by Reuters had forecast core capital goods orders would slip 0.1%. Shipments of core capital goods decreased 0.4% in March after falling by a similar margin in February. Goods imports fell $2.5 billion to $257.3 billion, pulled down by decreases in industrial supplies, capital goods and other goods.

☆ US pending home sales rise for third straight month; loan demand increases
▼ + stars: | 2023-03-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

WASHINGTON, March 29 (Reuters) - Contracts to buy U.S. previously owned homes increased for a third straight month in February, raising cautious optimism that the housing market slump could be bottoming out. Economists polled by Reuters had forecast contracts, which become sales after a month or two, would fall 2.3%. The surprise increase occurred despite a rise in mortgage rates from early February through early March, according to data from mortgage finance agency Freddie Mac. Before the recent rise, mortgage rates had mostly been on the decline since November. The housing market outlook is, however, uncertain because the financial market stress has caused banks to tighten lending standards, which could make it harder for prospective homebuyers to borrow.

☆ Uncertainty reigns as Fed mulls whether to raise interest rates
▼ + stars: | 2023-03-20 | by ( Lindsay Dunsmuir | ) www.reuters.com time to read: +3 min

"I don't think the Fed has any good options here," said Tim Duy, chief U.S. economist at SGH Macro Advisors. "The risk is allowing inflation to become even more embedded versus the risk of aggravating a broader banking crisis." The investment bank then expects three more 25 basis point hikes in May, June, and July, with the policy rate peaking in the 5.25-5.5% range. "We think Fed officials will therefore share our view that stress in the banking system remains the most immediate concern for now." Reporting by Lindsay Dunsmuir; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

☆ Uncertainty reigns as Fed considers interest rate hike
▼ + stars: | 2023-03-20 | by ( Lindsay Dunsmuir | ) www.reuters.com time to read: +4 min

The U.S. central bank will begin its two-day policy meeting on Tuesday as policymakers consider whether still too-hot inflation merits an interest rate hike or whether turmoil in financial markets outstrips those concerns. "I don't think the Fed has any good options here," said Tim Duy, chief U.S. economist at SGH Macro Advisors. Prices of Fed funds futures reflected a roughly 70% probability of a quarter-percentage point rate hike on Monday versus about a 30% chance of no change, a slight firming in expectations compared to the end of last week. The tumult has occurred during the central bank's premeeting blackout period that prevents officials from offering public clarity on their assessment of the situation. The investment bank then expects three more 25 basis point hikes in May, June, and July, with the policy rate peaking in the 5.25-5.5% range.

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