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April’s jobs report:

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    The April jobs report has just been released, showing unemployment staying steady at near-50 year lows, nearly where the country was before the pandemic. 428,000 jobs were created in the month, as CNBC reports. 8.3 million jobs have been created since Joe Biden has been President. BREAKING: Job growth accelerated by 428,000 in April, more than expected as jobs picture stays strong https://t.co/wgwzouUNz0 pic.twitter.com/csa5XYjavh — CNBC Now (@CNBCnow) May 6, 2022Economists are praising the results. University of Michigan economics professor Justin Wolfers, a New York Times contributor, says the labor market is "just motoring along," and adds: "It's hard to see where all that recession talk is coming from. This is a recovery with a lotta momentum." We've added +523k jobs per month on average, over the past 3 months. In normal times, we'd call that a boom. (It's not entirely normal; the economy is still re-normalizing.) It's hard to see where all that recession talk is coming from. This is a recovery with a lotta momentum. — Justin Wolfers (@JustinWolfers) May 6, 2022"Average earnings rose 10 cents/hour. Earnings are...
    The April jobs report was strong, with 428,000 new jobs and unemployment holding steady at 3.6%. Black unemployment ticked down to 5.9%, which, while it’s far above white unemployment the Economic Policy Institute’s Elise Gould notes is the first time it’s been under 6% in the pandemic recovery. That’s the good news. There are key areas of weakness: xThe private sector has now gained back 97.6% of the jobs it lost in the recession. State and local governments have gained back just 52.9%. Folks, state and local government must be pushed to use their ARPA funds to raise pay and hire. 12/— Heidi Shierholz (@hshierholz) May 6, 2022 Overall, though, the jobs recovery from the pandemic continues to beat all expectations, thanks to legislation like the American Rescue Plan and the CARES Act. ● A Starbucks shift supervisor sexually assaulted a barista. Starbucks transferred the shift supervisor to another store, Lauren Kaori Gurley reports, but continued employing him for weeks after he pleaded guilty—while firing the woman he sexually assaulted for irregular attendance following the assault. So: Things Starbucks fires people for include organizing a union and needing...
    WASHINGTON (AP) — Friday’s jobs report for April provided mixed signals on the economic issue most on the minds of Americans: Chronically high inflation. On the one hand, the proportion of people either working or looking for work slipped in April after a string of increases. Having fewer people in the workforce means employers need to raise pay to try to fill a record-high number of open jobs. Companies typically then pass on those higher labor costs to consumers in the form of higher prices. On the other hand, average hourly pay increases slowed last month and have weakened over the past three months, a trend that could ease inflationary pressures. The offsetting trends come as the Federal Reserve has accelerated its fight against inflation, which has surged to a four-decade high. This week, the Fed raised its key interest rate by a half-percentage point — its most aggressive move since 2000 — and signaled further large rate hikes to come. Higher rates can slow borrowing and spending but also risk causing a recession. How inflation...
    The April jobs report has just been released, showing unemployment staying steady at near-50 year lows, nearly where the country was before the pandemic. 428,000 jobs were created in the month, as CNBC reports. 8.3 million jobs have been created since Joe Biden has been President. Economists are praising the results. University of Michigan economics professor Justin Wolfers, a New York Times contributor, says the labor market is “just motoring along,” and adds: “It’s hard to see where all that recession talk is coming from. This is a recovery with a lotta momentum.” “Average earnings rose 10 cents/hour. Earnings are up 5.5% over the past year,” adds New York Times economics reporter Ben Casselman. Economist and professor at Harvard University’s John F. Kennedy School of Government, Jason Furman, the former chair of President Obama’s Council of Economic Advisers (CEA), says the news is “another sign that the underlying inflation trend may be lower than I thought and coming down.” He adds that average hourly wage growth is increasing but slowing: 428,000 jobs added in April with the unemployment...
    Wage growth is falling further behind inflation, meaning that workers' real wages are falling rapidly. Average hourly earnings for all employees on private nonfarm payrolls rose by 0.3% in April, a bit lower than economic forecasters had expected, according to data released Friday from the Bureau of Labor Statistics. Nominal earnings have increased 5.5% on an annual basis. That earnings growth rate is well below inflation. Although inflation numbers are not yet available for April, the Consumer Price Index grew at 8.5% in the year ending in March. To sum up: Real earnings appear to be falling by a few percentage points, although it's difficult to make an apples-to-apples comparison. The White House Council of Economic Advisers under President Joe Biden acknowledged the bad news about earnings. (White House Council of Economic Advisers) "While we do not yet have inflation numbers for April, it is likely that yearly nominal wage growth was slower than inflation," the group said in a blog post Friday. In fact, inflation earnings were already falling at the...
    WASHINGTON -- With the economy growing rapidly as it reopens from the pandemic, many employers are increasingly desperate to hire. Yet evidence suggests that as a group, the unemployed aren't feeling the same urgency to take jobs.Many people who are out of work are either seeking higher pay than they had before or are still reluctant to take jobs in public-facing service companies for fear of contracting COVID-19. How those two trends balance themselves out will likely set the pace for how many open positions employers can fill in the coming months.On Friday, analysts expect the government to report that the economy added 675,000 jobs in June. That would be a substantial gain but nowhere near the gains that could be expected given the record-high number of job openings.In fact, some economists have estimated that monthly job growth would be at least twice what the three-month average gain was for March, April and May - 540,000 - if there were no constraints on the number of workers available to fill jobs.For June, the unemployment rate is projected to have dipped...
    A help wanted sign is posted at a taco stand in Solana Beach, California.Mike Blake | Reuters Hiring improved in May, but 559,000 new jobs aren't enough to spur the Federal Reserve to begin to talk about tapering back its bond purchases. Friday's Labor Department report on new payrolls was below the 671,000 expected but also was not weak enough to cast serious doubts on the economic recovery though it does reveal the underlying issues of a worker shortage and jobs mismatch. The moderately strong data helped push stocks slightly higher, and Treasury yields flip flopped before edging lower. The benchmark 10-year yield fell to 1.58%. Yields moves opposite price. John Briggs, NatWest Markets' global head of desk strategy, said the report was "Goldilocks" for risk assets, and "not too hot to bring in the Fed and not too cold to worry about the economy." "You're in a zone where it's OK. It's better than last month," Briggs said. "It's not like it's 1.2 million, and it's not going to scare us for the Fed. The next event is next...
    President Biden is giving remarks Friday after the latest jobs report showed employers added 559,000 jobs in May, closer to what economists anticipated after April's disappointing jobs report. This comes as the president is working to get a bipartisan agreement on infrastructure proponents say will boost employment, but talks have been slow as Republicans balk at the price and proposed measures to pay for it.  The unemployment rate fell to 5.8% in May down from 6.1% in April, the Labor Department said. But employment last month was still down about 7.6 million jobs from pre-pandemic levels, in February 2020. And 9.3 million people remain unemployed, potentially able to work.How to watch President Joe Biden discuss May jobs numbers What: President Joe Biden gives an address on the latest hiring and unemployment figures Date: Friday, June 4, 2021 Time: 10:15 a.m. ET Location: Rehoboth Beach Convention Center, Rehoboth Beach, Delaware Online stream: Live on CBSN in the player above and on your mobile or streaming device Last month's increase in jobs comes after the previous month's...
    VIDEO2:3902:39Financial advisor on the rise of teen investorsPower Lunch U.S. stock futures were little changed in overnight trading Thursday ahead of the May jobs report. Dow Jones Industrial Average futures rose 14 points. S&P 500 futures gained 0.01% and Nasdaq 100 futures advanced 0.02%. Investors have been waiting for the Labor Department's release of May's nonfarm payrolls report that comes out Friday morning, with stocks holding near record highs. Economists expect the report to show 671,000 jobs were added in May, according to economists polled by Dow Jones. The economy added 266,000 jobs in April. "While the supply of labor is definitely an issue relative to the high level of job openings, I wouldn't be surprised to see an upside figure relative to expectations just as the April figure so badly missed," Bleakley Advisory Group chief investment officer Peter Boockvar told CNBC. "Key also will be the wage component as we hear almost every day the need of companies to pay up for workers. Now we get to see to what extent." The "May jobs data will be a key factor...
    C. Douglas Golden, The Western Journal May 24, 2021 0 Comments With allies like Jason Furman, President Joe Biden’s administration hardly needs enemies. Furman, a Harvard economist and former chair of the Council of Economic Advisers in the Obama administration, hasn’t come out and publicly denounced Biden’s American Families Plan. He hasn’t started appearing on Fox News to criticize the current president or the previous Democratic administration. The White House ally simply led a study that acknowledged economic reality — and that could scuttle one of the Democrats’ talking points for an immediate, taxpayer-funded “investment” in child care to pump up the labor market. According to Politico, Furman’s study found low employment levels weren’t connected to either school or day care closures, contradicting what had become a key Democrat talking point in recent weeks. (Even the left-leaning Politico’s headline didn’t sugarcoat the story: “A Biden-friendly economist is creating a big headache for president’s spending plans.”) The lack of day care availability had been one of the scapegoats for April’s cataclysmically bad jobs report; only 266,000 new jobs were added,...
    Washington (CNN)In accepting her new position to replace Liz Cheney as conference chair of the Republican party, Rep. Elise Stefanik went after President Joe Biden and what she called his "far-left radical socialist policies."Stefanik argued that because of Biden, the US is in an economic crisis and has just experienced the worst jobs report in two decades. "We see the worst jobs report in over 20 years," Stefanik said in reference to the April jobs report released last Friday. "Unemployment is up, small businesses are struggling to hire workers." The New York congresswoman suggested that Biden's extension of unemployment benefits bears some responsibility for the alleged crisis. Facts First: It is simply untrue that the April jobs report is the worst in two decades. Just over one year ago, the US economy experienced its largest one-month decline in job numbers in recorded history. The most recent jobs report did fall significantly below forecasts but is in no way the "worst jobs report in over 20 years," or even the past year. In April 2020, the US economy lost 20.5...
    Washington — President Biden is expected to deliver an address Monday focusing on the U.S. economy after a jobs report reflecting hiring around the country in April fell far short of expectations. Mr. Biden and top administration officials have acknowledged the nation's economic recovery from the ongoing coronavirus pandemic will be a long haul and have said the April jobs report from the Department of Labor underscores the need for Congress to pass the president's twin $4 trillion jobs and families plans.How to watch President Biden's remarks What: President Biden delivers remarks on the economy When: Monday, May 10 Time: 1:15 p.m. ET Location: The White House Online stream: Live on CBSN in the player above or on your mobile or streaming device The Labor Department reported Friday that employers in the U.S. added 266,000 jobs in April, far fewer than the 1 million jobs economic forecasters predicted would be created last month. The unemployment rate also rose slightly to 6.1%, from 6%. While the president said last week the economic recovery from...
    WASHINGTON -- The anticipation for the U.S. jobs report for April, released Friday morning, was high.Most experts agreed that after a yearlong pandemic, tens of millions of layoffs and widespread disease and death, a likely second straight month of nearly 1 million added jobs would send a clear signal: The economy was bounding back toward full health after a devastating recession.Instead, the report was a clunker. To nearly everyone's surprise, employers added a comparatively paltry 266,000 jobs, down drastically from a gain of 770,000 in March, which itself was revised down from an initially much higher figure of 916,000.Once the shock wore off, economists grappled with a host of questions, starting with: What happened last month - and why? What did the tepid hiring gain say about the state of the job market and the economy? And is there really a labor shortage?Q. So why was the job gain so low?A. The broadest explanation is that any time an economy has to recover from a severe shock, it isn't likely to proceed smoothly. But the pandemic may be causing a...
    Kipp Jones, The Western Journal May 8, 2021 0 Comments April’s disappointing jobs report left many people shocked, but none more than those waiting to analyze it live on the air Friday morning on CNBC. CNBC had reported employment forecasters expected to see one million new jobs created in the month of April. At the same time, the unemployment rate was expected to drop to 5.8 percent. Instead, only 266,000 jobs were created in the month of April while the unemployment rate rose to 6.1 percent. The numbers shocked forecasters and are being blamed by some on the federal government’s $300 per week supplemental income for the unemployed. Those extra dollars, every week, are blamed for creating an incentive for millions of people to continue to voluntarily sit out of the workforce. But before any of that could be debated on Friday, the much-anticipated jobs report needed to be released. When that report came across the desk of Steve Liesman of CNBC’s “Squawk Box,” he couldn’t believe them. Liesman actually had to double-check the numbers. BREAKING: April jobs report:...
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