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☆ The runway is getting clearer, but the U.S. economy still isn't assured of a soft landing
▼ + stars: | 2023-12-08 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

Stephanie Keith | Bloomberg | Getty ImagesNovember's solid jobs report did not assure that the economy will come in for a soft landing, but it did help to clear the runway a little more. "Overall, the jobs market is doing its part to get us to a soft landing," said Daniel Zhao, lead economist at jobs rating site Glassdoor. The unemployment rate unexpectedly declined to 3.7%, easing worries that it could trigger a historically dead-on signal known as the Sahm Rule, which coordinates increases of the unemployment rate by half a percentage point to recessions. "The recession versus soft landing debate sort of misses the necessary nuances of this unique cycle," Sonders said. "A best-case scenario is not so much a soft landing, because that ship has already sailed for [some] segments.

Persons: Stephanie Keith, Daniel Zhao, nonfarm, Gus Faucher, Liz Ann Sonders, Charles Schwab, Sonders, Sanders, Schwab Organizations: Bloomberg, Getty, Labor, PNC Financial Services, PNC, University of Michigan's Locations: New York, U.S

The number of job openings fell sharply in October, to 8.7 million from a downwardly revised 9.35 million a month earlier, according to the Labor Department. The number released Tuesday was lower than economists had forecast and suggests that the labor market is slowing as the year comes to an end. “Job openings dropped to 8,733,000 in October, the lowest level since March 2021. Despite some volatile jumps/drops month-to-month, job openings have been on a downward trend since early 2022,” Daniel Zhao, lead economist and senior manager on Glassdoor’s economic research team, posted on social media. The Federal Reserve will be looking at the latest readings on the labor market as they come one week before officials meet to consider monetary policy.

Persons: ” Daniel Zhao, Jeffrey Roach, Joanie Bily, ” Bily, “, Jerome Powell Organizations: Labor Department, LPL, American Staffing Association, ” Nomura Securities, Hollywood, Government, Federal, Fed

☆ Maryland has the lowest unemployment rate in American history, at just 1.6%
▼ + stars: | 2023-11-15 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

The mid-Atlantic state registered a record unemployment rate of 1.6% in September — less than half the national unemployment rate of 3.8% that month — Labor Department data shows. That’s the lowest seasonally adjusted unemployment rate of any state on records going back to 1976, according to a CNN analysis. However, Maryland’s job market is still robust, with government and health care employers adding jobs at a brisk pace. Here’s a dive into the labor market of the state with the lowest unemployment rate in American history:Where the jobs areThe biggest industries in Maryland are government, health care, education and professional services. Fort Meade, a military base, is the largest employer in the state, according to Moody’s Analytics.

Persons: ” Christina DePasquale, Johns, Colin Seitz, “, ” Seitz, There’s, ”, Mary Kane, what’s, Kane, ” Daniel Zhao, ” Zhao Organizations: DC CNN, — Labor Department, CNN, Baltimore, Fort Meade, University, of Maryland, Johns Hopkins University, Labor Department . State, Health, Johns Hopkins Carey Business School, Moody’s, Maryland, Bureau of Labor Statistics, Maryland Hospital Association, Labor, Maryland Chamber of Commerce, “, Maryland Department of Labor, DC Locations: Washington, Atlantic, California, Lexington, Maryland, Fort, Florida, Texas, Virginia

☆ From Tuesday's Dow drop to Friday's rally, here's why it was a whipsaw week for the market
▼ + stars: | 2023-10-08 | by ( Tim Mullaney | ) www.cnbc.com time to read: +5 min

When the government released September's job report Friday morning, the market's first take was that it was too good to be … good. And odds of another rate hike, which had edged up early in the day, had retreated again. "I don't think the week's data indicates the labor market needs higher interest rates," said Daniel Zhao, lead economist at career platform Glassdoor.com. But average hourly income rose just 0.2%, doing a lot to mute fears that a tight labor market would keep propelling inflation. The gap between economists and bond investorsEconomists and bond investors have been seeing two different pictures in the labor data all week, Crofoot said.

Persons: Daniel Zhao, Elizabeth Crofoot, Zhao, Crofoot, Goldman Sachs, Jan Hatzius, Hatzius Organizations: New York Stock Exchange, Treasury, Dow, Federal Reserve, Labor Department, CNBC Locations: New York City, Washington

☆ US economy added 336,000 jobs last month, almost twice what was expected
▼ + stars: | 2023-10-06 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

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

☆ 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 job market is strong, economists say — but workers don’t think so
▼ + stars: | 2023-10-03 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

The job market is stable but not 'gangbusters'Several metrics — including job openings, quits, layoffs and the unemployment rate — suggest the labor market is healthy, economists said. I think a lot of folks are comparing the labor market today to a year or two ago when things were hot. The problems with the 2021, 2022 job marketsIn fact, job openings rose significantly, by 690,000, to 9.6 million in August, the Labor Department reported Tuesday. And the broader trend is clear: Job openings, along with quits and hires, have cooled from their pandemic-era peaks, economists said. "I think a lot of folks are comparing the labor market today to a year or two ago when things were hot," Zhao said.

Persons: Daniel Zhao, Zhao, Pollak Organizations: Bank, Getty, Federal Reserve, U.S . Department of Labor, Labor Department

☆ What to expect from the jobs report: Steady, but cooler growth
▼ + stars: | 2023-08-04 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

But markets and economists are expecting another solid jobs report Friday morning. And while economic data isn’t typically the sexiest of topics, the government’s jobs report has in recent months delivered plenty of excitement and its fair share of surprises. Last July, for example, the US economy added 568,000 jobs — more than double the 250,000 that economists had expected. Come Friday, the government’s jobs report for this July might not end up being quite so shocking. In fact, it could be relatively humdrum: A slight cooling in job growth, and unemployment holding steady.

Persons: Minneapolis CNN — Fitch, ”, Daniel Zhao, Refinitiv, Chris Rupkey, That’s, Michael Gapen, Janet Yellen, Glassdoor’s Zhao, ” Zhao, there’s, ” Andy Challenger, Challenger, ” Gus Faucher, they’re, Becky Frankiewicz, “ Organizations: Minneapolis CNN, Glassdoor, Bank of America, ” Bank of America, Business, Conference Board, Fitch, Challenger, “ Companies, Labor Department, “, PNC Financial Services Group, CNN, Labor Statistics, BLS, “ Employers, ManpowerGroup Locations: Minneapolis, United States

☆ Oil prices are up 20% and energy stocks are rebounding
▼ + stars: | 2023-08-04 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

New York CNN —Energy stocks are making a comeback after being left for dead earlier this year. Energy stocks faltered in the beginning of the year, defying investors’ expectations for last year’s boom to accelerate on a lack of global supply. That drop in energy stocks came despite OPEC+ producers, the cartel of oil producing countries plus Russia, announcing several output cuts in a bid to bump up crude prices. US WTI crude oil prices have gained 22% since June 11, while global benchmark Brent is up by 19%. Jobs report will likely be strongMarkets and economists are expecting another solid jobs report on Friday, reports my colleague Alicia Wallace.

Persons: That’s, what’s, ”, Rebecca Babin, Chevron, Derek Amey, Jobs, Alicia Wallace, Daniel Zhao, Refinitiv, Read, Here’s what’s, Danielle Wiener, Bronner, We’ve, ” Read Organizations: CNN Business, Bell, New York CNN — Energy, Energy, OPEC, Brent, Federal Reserve, CIBC Private Wealth, titans, Shell, Reuters, Glassdoor, USA Rice Federation Locations: New York, Russia, Saudi Arabia, China

Federal Reserve Board Chairman Jerome Powell speaks during a press conference following a closed two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, U.S., July 26, 2023. Other parts of the Labor Department report were less encouraging for Fed policymakers counting on a labor market softening to put more downward pressure on inflation. Traders of contracts tied to the Fed's policy rate now see less than a 30% chance of another rate hike by the end of this year, down from about a 35% chance before Friday's jobs report. "I think overall this still does point to a labor market that is slowly but steadily heading toward a soft landing," said Daniel Zhao, lead economist at Glassdoor. There are several more key data releases that will shape Fed policymakers' views before the next policy meeting in September.

Persons: Jerome Powell, Elizabeth Frantz, Raphael Bostic, Austan Goolsbee, Daniel Zhao, Kathy Bostjancic, Ann Saphir, Tim Ahmann, Lucia Mutikani, Jason Neely, Kevin Liffey, Paul Simao Organizations: Federal, Committee, REUTERS, Federal Reserve, Atlanta Fed, Bloomberg Television, Labor Department, Chicago Fed, Nationwide, Thomson Locations: Washington , U.S, U.S

☆ Job growth slowed in July after a red-hot labor market in the first half of the year
▼ + stars: | 2023-08-04 | by ( Madison Hoff | Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

Private education and health services saw a one-month job gain of 100,000, with healthcare and social assistance seeing a gain of 87,100. Leisure and hospitality, construction, and financial activities are some of the other industries that saw job growth. Julia Pollak, chief economist at ZipRecruiter, told Insider Friday's report from BLS showed a slowing labor market but one that's "still very solid." Different data points before Friday's jobs report suggest that the labor market is still a strong jobs market for workers and job seekers. Pollak described the labor market as sustainable, and Bunker described it as robust. So this is still a strong, resilient, robust labor market."

Persons: payrolls, Daniel Zhao, Julia Pollak, Pollak, it's, Nick Bunker, Tuesday's, Bunker, Labor Julie Su, we're Organizations: payrolls, Service, of Labor Statistics, BLS, Friday's BLS, North America, Bureau of Labor Statistics, Labor Locations: Wall, Silicon, Friday's

☆ What to expect from the July jobs report: Steady, but cooler growth
▼ + stars: | 2023-08-03 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

Minneapolis CNN —Despite Tuesday’s credit rating downgrade amid concerns about the challenges facing the United States, markets and economists are expecting another solid jobs report on Friday. And while economic data isn’t typically the sexiest of topics, the monthly jobs report has in recent months delivered plenty of excitement and its fair share of surprises. Come Friday, the government’s jobs report for this July might not end up being quite so shocking. In fact, it could be relatively humdrum: A slight cooling in job growth, and unemployment holding steady. The broader economic scorecard for the United States makes the downgrade all the more “bizarre” and puzzling, noted top economists, including Treasury Secretary Janet Yellen.

Persons: ”, Daniel Zhao, Refinitiv, Chris Rupkey, That’s, Michael Gapen, Janet Yellen, Glassdoor’s Zhao, ” Zhao, there’s, ” Andy Challenger, Challenger, Gus Faucher, they’re, Becky Frankiewicz, “ Organizations: Minneapolis CNN, Glassdoor, Bank of America, ” Bank of America, Fitch, Challenger, “ Companies, PNC Financial Services Group, CNN, Labor Statistics, BLS, “ Employers, ManpowerGroup Locations: Minneapolis, United States

☆ Job market is undergoing an 'immaculate cooling,' says economist — but there are pockets of heat
▼ + stars: | 2023-08-01 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

The job market is cooling. "That's a different response than might have been given in 2021 or 2022, when the market seemed to be hot all over the place," Zhao said. Americans, buoyed by their job prospects, also quit their jobs at a record pace, a trend that came to be known as the "great resignation." Wage growth surged at the fastest rate in decades amid stiff competition for labor; layoffs dropped to historic lows. Job openings fell slightly in June to about 9.6 million — still well above historical norms but down from the peak of more than 12 million in March 2022, according to the monthly Job Openings and Labor Turnover Survey issued Tuesday.

Persons: Daniel Zhao, Zhao Organizations: Finance, Big, Workers, Labor Locations: U.S

☆ US paychecks aren’t growing as quickly. That’s good for the Fed — but not for workers
▼ + stars: | 2023-07-28 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Wages and benefits paid to US workers rose 1% in the second quarter from the prior one, a slightly weaker pace than the 1.2% gain in the first three months of the year. The Employment Cost Index, a comprehensive measure of employers’ compensation costs, advanced 4.5% in the second quarter from a year earlier, a slower pace than the 4.8% rise earlier in the year. Monitoring the tight labor marketThe Fed is closely watching the state of the labor market because of the role that higher labor costs play in pushing up consumer prices. But the job market has cooled in the past several months as job openings declined while the share of people employed or seeking work increased, so some of those dynamics have been slowly unwinding. It remains to be seen whether inflation can drift all the way to 2% without a substantial weakening in the labor market.

Persons: paychecks, Friday’s, ”, Daniel Zhao Organizations: DC CNN, Bureau of Labor Statistics, Federal Reserve, Fed, University of Michigan’s Locations: Washington

☆ US employers boost hiring in May, but labor market losing steam
▼ + stars: | 2023-06-02 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Outside the COVID-19 pandemic, it was the biggest jump since 2010, reflecting a drop in household employment and a rise in the workforce. "However, the other areas of softness in this report suggests that the labor market is losing steam. The backfilling of these retirements and increased demand for services are some of the factors driving job growth. While not dismissing the household survey, economists said the establishment survey was the more reliable of the two. The fall in household employment combined with a rise of 130,000 in the labor force to boost the unemployment rate.

Persons: payrolls, Sal Guatieri, Nonfarm, Mike Blake, Gus Faucher, Conrad DeQuadros, DeQuadros, Daniel Zhao, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci, Paul Simao Organizations: Labor Department, BMO Capital Markets, Fed, Reuters, Leisure, Treasury, REUTERS, Reuters Graphics Reuters, Financial, Writers Guild of America, Labor Department's Bureau of Labor Statistics, PNC Financial, Brean, Thomson Locations: WASHINGTON, U.S, Toronto, Oceanside , California, Pittsburgh , Pennsylvania, New York

☆ The US labor market is still red-hot, adding 339,000 jobs in May
▼ + stars: | 2023-06-02 | by ( Madison Hoff | Andy Kiersz | ) www.businessinsider.com time to read: +4 min

The unemployment rate climbed to 3.7% in May, according to the jobs report on Friday. This monthly job growth came in far above the forecast of 180,000. Job openings data for April was released by the BLS on Wednesday. Data from the Job Openings and Labor Turnover Survey (JOLTS) showed that after a few months of job openings consecutively falling, there was an uptick from March to April. The number of layoffs and discharges fell by 264,000 from March to April to 1.6 million, according to the latest JOLTS report.

Persons: —, Daniel Zhao, Glassdoor's, Nick Bunker, Nela Richardson Organizations: Service, payrolls, Labor Statistics, BLS, Bureau of Labor Statistics, Federal Reserve, Labor, Bank of America Institute, Bank of America

☆ Jobs report: What to expect from the May data
▼ + stars: | 2023-06-01 | by ( Alicia Wallace | ) edition.cnn.com time to read: +5 min

But despite all that, the labor market has kept humming right along. And that’s largely expected to be the case, again, in Friday’s monthly jobs report from the Bureau of Labor Statistics. Private sector employment increased by 278,000 jobs in May, according to ADP’s monthly National Employment Report, frequently seen as a proxy for the government’s official number. Labor turnover data released Wednesday showed that the US employment market remained tight in April. The government’s May jobs report is scheduled for Friday at 8:30 a.m.

Persons: ” Daniel Zhao, that’s, ” Julia Pollak, “, Pollak, ”, Michael Feroli, Matthew Martin, ” Pollak, it’s Organizations: Minneapolis CNN, Federal Reserve, Bureau of Labor Statistics, “, ”, Commerce Department, CNN, Labor, JPMorgan, Oxford Economics, Challenger, Conference Locations: Minneapolis, April’s

☆ The ‘great resignation’ — a trend that defined the pandemic-era labor market — seems to be over
▼ + stars: | 2023-05-31 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

Quits started to surge in early 2021 as Covid-19 vaccines rolled out to the masses and the U.S. economy started to reopen. Business' demand for workers outstripped the supply of people looking for a job, giving workers an unprecedented amount of power in the labor market. We are much closer to the labor market we had in 2019, which was hot but not overheating. Conditions are still favorable for job seekersIt's unclear if the labor market will cool further from here. While quits and job openings told different labor market stories in April, quits are generally a less volatile and more reliable indicator, economists said.

Persons: Quits, Julia Pollak, Pollak, Daniel Zhao Organizations: Getty Images Workers, Business, Employers, Glassdoor, Federal, BLS Locations: U.S

☆ Remote Jobs Going Back to the Office, Outsourcing to Cheaper Workers
▼ + stars: | 2023-04-13 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

Finding a remote job is getting more and more difficult. That's because competition for remote work in the US remains fierce, the number of job postings are on the decline, and some of the remote jobs that remain are being outsourced overseas. Companies are moving remote jobs overseasSome companies are embracing remote work, but not in the US. Instead, they're outsourcing jobs overseas and saving on labor costs. For Americans who are eager to snag that remote job, it's not all doom and gloom.

☆ Get ready for a Goldilocks summer featuring a job market that's neither too hot nor too cold
▼ + stars: | 2023-04-12 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +5 min

It's set up a Goldilocks situation heading into summer, where the job market is cooling, but not enough to have an adverse effect on the average American. That could mean a summer of fewer price spikes at the grocery store, and less businesses scrambling to hire, while workers maintain some power in the job market. "We're still in a hot labor market," Nick Bunker, the economic research director for North America at Indeed Hiring Lab, told Insider. Getting to a just-right job marketBunker told Insider the US job market is getting close to something that looks like what we saw prior to the pandemic. If they did, it would represent a job market tipping into the "too cold" zone.

☆ The resilient job market is finally showing signs of cooling off
▼ + stars: | 2023-04-10 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

The job market is clearly starting to slow down. Mohamed El-Erian said March's jobs report was a win-win for both the stock market and the Fed. "We are making this transition where the stock market was obsessed with interest-rate risk to one that is concerned about credit risk." What's your take on the latest job data? In other news:Traders works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., March 5, 2020.

☆ The rise of remote work helped a former teacher with $80,000 in student debt switch to her dream job and get a $20,000 pay raise without moving
▼ + stars: | 2023-04-09 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

Jackie Carbo thought her dream job in tech wasn't reachable, and she had more than $80,000 in student debt. But the rise of remote work made it possible for her to make a higher-paying career shift. The geographic flexibility is among the reasons researchers cite when explaining a correlation they have found between remote work and happier employees. She even decided to start a blog to document her travels and share tips about how to balance working remotely with traveling. Has remote work helped change your life?

☆ Black Americans are more likely to be working than white Americans for the first time on record
▼ + stars: | 2023-04-07 | by ( Jason Lalljee | Madison Hoff | ) www.businessinsider.com time to read: +5 min

In March, the Black employment-population ratio was above the white employment-population ratio for the first time since at least 1972. The unemployment rate for Black Americans also hit a record low of 5.0% in March. The employment-population ratio measures the share of a group that has a job, meaning that for the first time on record, Black Americans are more likely to currently be working than white Americans. Additionally, the unemployment rate for Black Americans fell by 0.7 percentage points to 5.0% in March, the lowest rate on record, according to Black unemployment data starting in 1972. Which is what makes March's low unemployment rate for Black Americans, and a higher employment-population ratio than the white employment-population ratio, so novel.

☆ ‘We’re at a tipping point:’ What to expect from the jobs report
▼ + stars: | 2023-04-07 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

Minneapolis CNN —The US labor market has kept trucking right along even as other areas of the economy have slowed. ET Friday when the Bureau of Labor Statistics drops the heavily anticipated jobs report for March. On Wednesday, the latest private-sector jobs report from payroll processor ADP came in at 145,000 for March, landing below expectations. There still remains uncertainty about the extent to which those and other layoffs may ripple through the broader labor market. The Bureau of Labor Statistics is set to release its March jobs report at 8:30 a.m.

☆ The job market is clearly starting to slow down
▼ + stars: | 2023-04-07 | by ( Madison Hoff | ) www.businessinsider.com time to read: +2 min

The US added 236,000 jobs in March less than the revised gain for February. The job gain in March was also below February's revised gain. While the payroll gain in March was below February's job creation, the labor market is still showing some strength, according to today's report and Job Openings and Labor Turnover data. Job openings tumbled by 632,000 in February to 9.9 million. However, the level is still above the 7 million openings in February 2020 before the pandemic.

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