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The National Association of Realtors releases data this week on home sales. TuesdayS&P Global releases its S&P CoreLogic Case-Shiller National Home Price Index for January. Home prices rose 5.8% in the year ended in December, down from a 7.6% annual rate the prior month, the lowest December-to-December change since 2019. The National Association of Realtors last week separately said the median sale price of previously owned homes fell year-over-year in February for the first time in over a decade. The Conference Board publishes its March consumer-confidence index, which measures Americans’ attitudes toward the economy and labor market.
Sen. Elizabeth Warren (D., Mass.) says Silicon Valley Bank and Signature Bank executives must be held accountable for the banks’ failures. Sen. Elizabeth Warren (D., Mass.) called for an investigation into the recent failures of two U.S. regional banks, Silicon Valley Bank and Signature Bank. She said preliminary results from the investigation should be provided within 30 days.
Economy Week Ahead: U.S. Inflation and Retail Sales in Focus
  + stars: | 2023-03-12 | by ( Bryan Mena | ) www.wsj.com   time to read: 1 min
Consumer prices in January reflected a slight cooling of still-high inflation. TuesdayThe Labor Department releases its February consumer-price index, a closely watched measure of what consumers pay for goods and services. Consumer prices rose 6.4% in January from a year earlier, reflecting a slight cooling of still-high inflation. China’s National Bureau of Statistics releases January and February figures on industrial production, retail sales and fixed-asset investment, a measure of infrastructure and equipment investing.
U.S. Job Openings Fell, Layoffs Rose in January
  + stars: | 2023-03-08 | by ( Bryan Mena | ) www.wsj.com   time to read: 1 min
U.S. job openings fell in January and layoffs rose in a sign demand for workers could be cooling a little in the historically tight labor market. There were a seasonally adjusted 10.8 million job openings in January, the Labor Department said Wednesday, down from December’s upwardly revised 11.2 million. The government figures join private-sector estimates through February showing early signs of cooling demand for U.S. workers.
President Biden’s proposal would improve efforts to prevent identity theft related to pandemic benefit programs. WASHINGTON—President Biden is calling on Congress to approve a wide-ranging $1.6 billion legislative package aimed at cracking down on fraud stemming from the government’s coronavirus pandemic relief programs. The measure aims to step up the federal government’s capacity to investigate and prosecute fraud; improve efforts to prevent identity theft tied to the spate of pandemic benefit programs; and help victims of identity theft.
U.S. Jobless Claims Ticked Down Last Week
  + stars: | 2023-03-02 | by ( Bryan Mena | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/u-s-jobless-claims-ticked-down-last-week-a3655941
Demand for U.S. workers shows signs of slowing, a long-anticipated development that is showing up in private-sector job postings even while official government reports indicate the labor market keeps running hot. ZipRecruiter Inc. and Recruit Holdings Co., two large online recruiting companies, say their data show the number of job postings is declining more than Labor Department reports of job openings. Investors recently hammered shares of those companies after disappointing earnings reports.
Job openings and quitting tend to be highest in lower-wage service-sector jobs. A robust labor market gave Americans confidence to quit their jobs last year, especially in some Western states. Workers voluntarily left their jobs 4.2 million times each month, on average, in 2022, up about 20% from 2019, before the pandemic took hold in the U.S. But workers weren’t equally confident about their prospects for quickly finding new employment across the country.
Short supplies of labor have caused many employers to become more reluctant to lay off workers in the past year, especially in the states surrounding the nation’s capital. Total new applications for unemployment benefits, a proxy for layoffs, declined 85% in Virginia in 2022 from the prior year, the largest drop of any state in the country, according to an analysis of Labor Department data. Washington, D.C., Maryland and nearby Delaware all saw first-time claims fall by more than 70% during the same period, the data showed.
U.S. Jobless Claims Edged Down Last Week
  + stars: | 2023-02-02 | by ( Bryan Mena | ) www.wsj.com   time to read: 1 min
The U.S. labor market broadly remains robust but has cooled some in recent months. U.S. applications for unemployment benefits declined slightly last week to their lowest level since April 2022, showing the labor market broadly remains tight as several companies announce job cuts. Initial jobless claims, a proxy for layoffs, fell by 3,000 to a seasonally adjusted 183,000 last week, the Labor Department said Thursday. The four-week moving average of weekly claims, which smooths out volatility, fell to 191,750. In 2019, when the labor market was also tight, claims averaged about 220,000 a week.
U.S. Job Openings Jumped at End of Last Year
  + stars: | 2023-02-01 | by ( Bryan Mena | ) www.wsj.com   time to read: 1 min
U.S. job openings rose sharply at the end of the year to their highest level since last summer in a sign demand for workers remains strong despite a cooling economy. A seasonally adjusted 11 million jobs were available in December compared with a downwardly revised 10.4 million the prior month, the Labor Department said Wednesday.
A hiring sign at a restaurant in Illinois, which last year had the second-highest state unemployment rate in the country at 4.7%. The national unemployment rate fell to a seasonally adjusted 3.5% in December, matching the lowest reading in a half century. Some states had significantly lower rates. Utah had the nation’s lowest rate at 2.2% last month, according to the Labor Department. Other states’ rates were much higher, led by Nevada’s at 5.2%.
The Federal Reserve’s compilation of economic anecdotes is known as the Beige Book. U.S. economic activity was relatively flat at the start of the year and businesses are pessimistic about growth in the months ahead, the Federal Reserve said in a Wednesday report. Half of the Fed’s 12 regional banks reported no change or slight declines in economic activity in their districts, with several others reporting slight or modest growth and one a significant decline.
U.S. Jobless Claims Edge Down in First Week of Year
  + stars: | 2023-01-12 | by ( Bryan Mena | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/u-s-jobless-claims-edge-down-in-first-week-of-year-11673530895
Labor Market Boom Cooled Some in 2022
  + stars: | 2023-01-06 | by ( Bryan Mena | ) www.wsj.com   time to read: 1 min
Employers added 4.5 million jobs in 2022—the second best year for job creation in records back to 1940—showing that the labor market remained a source of U.S. economic strength at a time of high inflation, climbing interest rates and uneven growth. The number of jobs gained in 2022 was second only to the 6.7 million added in 2021 when the economy was rebounding from the pandemic, according to the Labor Department. Job growth over the last two years was robust historically, even when accounting for a current U.S. population that is much bigger than in the World War II era.
Strong labor demand and limited worker supply in some corners of the economy could cap layoffs. The Labor Department’s November report on job openings and turnover is expected to show how demand for workers fared toward the end of 2022. The U.S. labor market remains historically strong, with employers adding an average of 392,000 jobs a month in 2022 through November, according to the Labor Department. The pace of job growth was more than double that of 2019, the year before Covid-19 hit the U.S. economy.
The labor market proved to be a resilient stabilizer in 2022 for a U.S. economy facing the highest inflation in four decades. With the Federal Reserve having raised interest rates at the fastest pace since the early 1980s to fight inflation, however, the economy has slowed, and effects of that are filtering into hiring and wages.
U.S. Jobless Claims Edged Higher Last Week
  + stars: | 2022-12-29 | by ( Bryan Mena | ) www.wsj.com   time to read: 1 min
Filings for U.S. unemployment benefits rose only modestly last week and held near prepandemic levels, suggesting the labor market remains historically tight. Initial jobless claims, a proxy for layoffs, increased by 9,000 to a seasonally adjusted 225,000 last week, the Labor Department said Thursday. Average weekly claims this year through mid-December were slightly lower than the 2019 average of 218,000, when the labor market also was historically strong.
Economy Week Ahead: U.S. Housing Market in Focus
  + stars: | 2022-12-26 | by ( Bryan Mena | ) www.wsj.com   time to read: 1 min
Higher mortgage rates this year have cooled the housing market sharply, keeping many buyers on the sidelines. MondayU.S. stock and bond markets are closed in observance of Christmas Day, which falls on Sunday, Dec. 25. TuesdayS&P Global releases its S&P CoreLogic Case-Shiller National Home Price Index for October. The index showed that U.S. home prices fell 1% in September from August, marking the first time prices declined for three straight months in nearly four years.
Applications for U.S. unemployment benefits fell last week, consistent with a labor market that remains resilient despite signs of a broader economic slowdown. Initial jobless claims, a proxy for layoffs, decreased by 16,000 to a seasonally adjusted 225,000 last week, the Labor Department said Thursday. That was near the 2019 weekly average of around 218,000, when the labor market was also robust.
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.
Labor Market Mystery: Where Are the Older Gen Z Workers?
  + stars: | 2022-11-14 | by ( Bryan Mena | ) www.wsj.com   time to read: 1 min
The exodus from the labor force in the pandemic’s early months has mostly reversed, but one group remains oddly absent: people in their early 20s. For people over age 15, the labor-force participation rate—the share of people employed or actively seeking a job—dropped from an average of 63.1% in 2019 to 61.7% in 2021, and recovered to 62.2% in October. But for people ages 20 to 24, participation that averaged 72.1% in 2019 stood at just 70.8% in October.
The economic pain from the highest inflation in four decades is reaching across all income groups and casting a broad shadow over Democrats’ prospects for keeping control of Congress in Tuesday’s midterm elections, the latest Wall Street Journal poll shows. Lower-income voters are feeling inflation’s impact the most, but the survey shows the burden of rising prices is also weighing more heavily than earlier this year even on wealthier households. Among those with annual household incomes of more than $150,000 up to $200,000, 26% say rising prices are creating major financial strains, nearly double from the level in March.
Jobless Claims Remain Low in Tight U.S. Labor Market
  + stars: | 2022-11-03 | by ( Bryan Mena | ) www.wsj.com   time to read: 1 min
U.S. applications for unemployment benefits held nearly steady at a low level last week in the latest sign the labor market remains tight. Initial jobless claims, a proxy for layoffs, decreased slightly to a seasonally adjusted 217,000 last week from a revised 218,000 the week before, the Labor Department said Thursday. Claims are up from earlier this year but remain near their prepandemic 2019 average of 218,000, when the labor market also was robust.
Jobs site Indeed estimated that U.S. job openings totaled around 10 million in mid-October. The Labor Department’s September report on the demand for workers and job turnover will offer additional clues on the direction of the U.S. labor market. The job market remains strong but has cooled slightly in recent months compared with the first half of the year. Rapid pay and benefits increases leveled off in the third quarter compared with the prior quarter. Jobless claims in recent weeks rose above record-low levels reached in the spring.
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