Economic and jobs news thread

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Good Economic News - Apr-Jun 2024 GDP Delta revised to +3.0%

https://www.msn.com/en-us/money/markets ... 188a&ei=10

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More on that by the AP:

https://apnews.com/article/economy-grow ... bd9d80a54f

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August private payrolls rose by 99,000, smallest gain since 2021 and far below estimates, ADP says

Source: CNBC

Published Thu, Sep 5 2024 8:15 AM EDT

Private sector payrolls grew at the weakest pace in more than three-and-a-half years in August, providing yet another sign of a deteriorating labor market, according to ADP.

Companies hired just 99,000 workers for the month, less than the downwardly revised 111,000 in July and below the Dow Jones consensus forecast for 140,000.

August was the weakest month for job growth since January 2021, according to data from the payrolls processing firm. “The job market’s downward drift brought us to slower-than-normal hiring after two years of outsized growth,” ADP chief economist Nela Richardson said.

The report corroborates multiple data points recently that show hiring has slowed considerably from its blistering pace following the Covid outbreak in early 2020.

Read more: https://www.cnbc.com/2024/09/05/august- ... -says.html

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https://www.reuters.com/world/us/trump- ... 024-09-23/
https://en.wikipedia.org/wiki/Gigafactory_Mexico

[Powers]

Off to South-Asia we go.

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GDP: US economy grows at 3% annualized pace in second quarter

Source: Yahoo Finance

The US economy grew at a 3% annualized pace in the second quarter, a faster rate than Wall Street had expected.

The Bureau of Economic Analysis's third estimate of second quarter US gross domestic product (GDP) was unchanged from the second estimate which had shown 3% annualized growth. Economists had estimated the reading to show annualized growth of 2.9%. The third estimate for second quarter GDP confirms that economic growth was higher than the 1.4% annualized growth seen in the first quarter.

Read more: https://finance.yahoo.com/news/gdp-us-e ... 53258.html

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Key Fed inflation gauge at 2.2% in August, lower than expected

Source: CNBC

Published Fri, Sep 27 2024 8:32 AM EDT Updated 19 Min Ago

Inflation moved closer to the Federal Reserve’s target in August, easing the way for future interest rate cuts, the Commerce Department reported Friday.

The personal consumption expenditures price index, a measure the Fed focuses on to measure the cost of goods and services in the U.S. economy, rose 0.1% for the month, putting the 12-month inflation rate at 2.2%, down from 2.5% in July and the lowest since February 2021. Economists surveyed by Dow Jones had been expecting all-items PCE to rise 0.1% on the month and 2.3% from a year ago.

Excluding food and energy, core PCE rose 0.1% in August and was up 2.7% from a year ago, the 12-month number 0.1 percentage point higher than July. Fed officials tend to focus more on core as better measure of long-run trends. The respective forecasts were for 0.2% and 2.7% on core.

“All quiet on the inflation front,” said Chris Larkin, managing director of trading and investing at E-Trade from Morgan Stanley. “Add today’s PCE Price Index to the list of economic data landing in a sweet spot. Inflation continues to keep its head down, and while economic growth may be slowing, there’s no indication it’s falling off a cliff.”

Read more: https://www.cnbc.com/2024/09/27/pce-inf ... -2024.html

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US Grocery prices post largest drop on record in August
https://www.msn.com/en-us/money/compani ... elemetry=1

Grocery prices fell 3.4% in August.

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https://www.cnn.com/2024/10/01/business ... index.html

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US job openings rise to 8 million as labor market remains sturdy

Source: ABC News/AP

October 1, 2024, 10:10 AM

WASHINGTON -- U.S. job openings rose unexpectedly in August as the American labor market continued to show resilience. The Labor Department reported Tuesday that employers posted 8 million vacancies in August, up from 7.7 million in July. Economists had expected openings to be virtually unchanged. Openings were up in construction and in state and local government.

Layoffs fell in August. But the number of Americans quitting their jobs — a sign of confidence in their job prospects — slid to the lowest level since August 2020 when the economy was reeling from COVID-19 lockdowns.

Job openings have come down steadily since peaking at 12.2 million in March 2022, but they remain above where they stood before the coronavirus pandemic hit the American economy in early 2020. When the economy roared back with unexpected strength from COVID-19 lockdowns, companies scrambled to find enough workers to keep up with customer orders.

The overheating economy caused an outburst of inflation, and the Federal Reserve responded by raising its benchmark interest rate 11 times in 2022 and 2023. Inflation has come down — from a peak of 9.1% in June 2022 to 2.5% in August. The economy proved surprisingly resilient in the face of the Fed hikes, averting a widely forecast recession.

Read more: https://abcnews.go.com/Business/wireSto ... -114385588

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U.S. job creation totaled 254,000 in September, much better than expected

Source: CNBC

Published Fri, Oct 4 2024 8:30 AM EDT Updated 4 Min Ago

The U.S. economy added far more jobs than expected in September, pointing to a vital employment picture as the unemployment rate edged lower, the Labor Department reported Friday.

Nonfarm payrolls surged by 254,000 for the month, up from a revised 159,000 in August and better than the 150,000 Dow Jones consensus forecast. The unemployment rate fell to 4.1%, down 0.1 percentage point.



With upward revisions from previous months, the report eases concerns about the state of the labor market and likely locks in the Federal Reserve to a more gradual pace of interest rate reductions. August’s total was revised up by 17,000 while July saw a much larger addition of 55,000, taking the monthly growth up to 144,000.

Strength in job creation spilled over to wages, as average hourly earnings increased 0.4% on the month and were up 4% from a year ago. Both figures were ahead of respective estimates for gains of 0.3% and 3.8%.

Read more: https://www.cnbc.com/2024/10/04/septemb ... eport.html

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