The Labor Department’s newly released jobs report for July appeared to be good news for the economy — at first glance.
A dig below the surface, however, reveals a different picture: Americans, strapped for cash by inflation, taking on second jobs as families have less money to spend.
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Consumer prices rose another 1.3% in June, contributing to a 9.1% spike over the past 12 months. It is the largest spike in 41 years.
The Bureau of Labor Statistics released the Consumer Price Index for All Urban Consumers (CPI-U) Wednesday, which showed June’s rise. In May, prices rose 1%.
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The Consumer Price Index for May was 8.6%, compared to 12 months ago, the Labor Department reported Friday.
The monthly increase is the highest since 1981, as was the March number.
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The U.S. economy added 390,000 jobs in May while the unemployment rate was largely unchanged at 3.6%, according to Department of Labor data released Friday.
The number of unemployed people ticked up slightly to about 6 million, according to the Bureau of Labor Statistics (BLS) report. Economists projected 328,000 Americans would be added to payrolls prior to Friday’s report, The Wall Street Journal reported.
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The majority of Americans feel they cannot keep up with the cost of living as inflation and the price of goods continue to rise, according to new polling data.
A poll from NBC News asked Americans, “Do you think that your family’s income is … going up faster than the cost of living, staying about even with the cost of living, or falling behind the cost of living?”
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The U.S. economy added 428,000 jobs in April while the unemployment rate was unchanged at 3.6%, according to Department of Labor data released Friday.
The number of unemployed people remained even at about 5.9 million, according to the Bureau of Labor Statistics (BLS) report. Economists projected 400,000 Americans would be added to payrolls prior to Friday’s report, The Wall Street Journal reported.
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Newly released federal inflation data show that prices continue to rise at the fastest rate in four decades, continuing the trend of soaring inflation.
The Bureau of Labor Statistics released its Consumer Price Index, a key indicator of inflation, which showed prices rose an additional 1.2% in March, part of an 8.5 percent spike in the past 12 months.
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Job openings remained nearly unchanged in February while Americans continue to leave their jobs in high numbers, the Bureau of Labor Statistics (BLS) announced Tuesday.
The U.S. saw 11.3 million job openings in February, a slight dip from December’s high of 11.4 million, BLS reported Tuesday. Economists surveyed by The Wall Street Journal estimated job openings would slightly decrease from January’s 11.3 million figure.
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As the peak of the coronavirus pandemic appears to have passed, ten Republican-led states have all recorded the lowest unemployment rate on record.
According to The Hill, the latest report from the Bureau of Labor Statistics (BLS) shows ten different states with unemployment rates as low as just over 2 percent. Nebraska and Utah are tied for the lowest percentages in the country, at 2.2 percent each. They are followed by Indiana with 2.4 percent, and Kansas with 2.6 percent. The remaining six states are: Arkansas, Georgia, Mississippi, Montana, Oklahoma and West Virginia.
All ten states’ unemployment rates are currently the lowest on record since BLS first began tracking state-by-state percentages in 1976. Of these ten states, only one has a Democratic governor, with Laura Kelly in Kansas. All ten states have Republican majorities in their respective state legislatures.
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Americans are seeing the real costs of inflation in their daily lives as they pay record high gas prices, significantly increased grocery costs, and suffer sticker shock at restaurants, hair salons and other places.
Restaurants are charging more, with some posting notices on their doors. Increased prices, they say, are necessary to stay open simply to cover their increased costs for cooking oil and other goods. Some restaurants post signs accompanying empty containers to show that while they’re not increasing prices, their portion sizes are smaller.
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Gas prices and inflation hit yet another high this week, raising more concerns about the impact on regular Americans and the future of the U.S. economy.
The Bureau of Labor Statistics Thursday reported that the Consumer Price index, a major marker of inflation, rose 7.9% in the previous 12 months.
“The 12-month increase has been steadily rising and is now the largest since the period ending January 1982,” BLS said. “The all items less food and energy index rose 6.4 percent, the largest 12-month change since the period ending August 1982. The energy index rose 25.6 percent over the last year, and the food index increased 7.9 percent, the largest 12-month increase since the period ending July 1981.”
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Job openings in the U.S. remained near their record high while the number of Americans who quit their jobs remained relatively unchanged.
The U.S saw 11.3 million job openings in January, down slightly from December’s revised 11.4 million, according to data from the Bureau of Labor Statistics (BLS). Data provided by FactSet estimated job openings would dip to 10.9 million, according to CNBC.
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People switching jobs during the Great Resignation contributed to rising inflation in 2021, according to a report from the Federal Reserve Bank of Chicago.
“The idea is as follows: By applying for jobs in a different firm, employed workers can elicit wage competition between the current employer and the new candidate employer. The firm that intends to poach the worker from their current employer has to offer a sufficiently large wage to make the offer attractive. And if a worker is particularly valued by their own employer, they may be offered a pay raise that is necessary to retain them in their current job,” authors Renato Faccini, Leonardo Melosi and Russell Miles wrote in Chicago Fed Letter No. 465. “In this context, if employed workers search more, wage competition among employers increases, leading to an increase in inflationary pressures; if they search less, wage competition falls and inflationary pressures decrease.”
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The Consumer Price Index (CPI) increased 0.6% in January, bringing the key inflation indicator’s year-over-year increase to 7.5%, the U.S. Bureau of Labor Statistics (BLS) reported.
The CPI remained at its near four-decade high throughout January, growing 7.5% on a year-over-year basis, the BLS reported Wednesday. Economists surveyed by The Wall Street Journal projected the index would rise around 7.2%.
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The U.S. economy recorded an increase of 467,000 jobs in January while unemployment increased to 4.0%, the U.S. Bureau of Labor Statistics (BLS) announced Friday.
Total non-farm payroll employment increased to 467,00 in January, according to the BLS, and the number of unemployed Americans increased to 6.5 million. Economists surveyed by The Wall Street Journal projected the economy to have added 150,000 jobs in January and unemployment to have fallen to 3.9%.
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The number of Americans who filed new unemployment claims decreased to 260,000 in the week ending Jan. 22 as the tight labor market continues to show signs of strength despite surging cases of the Omicron coronavirus variant.
The Labor Department figure shows a 30,000 claim decrease compared to the week ending. Jan 15 when claims increased to 286,000. Economists surveyed by The Wall Street Journal estimated that new jobless claims would fall by just 21,000 to 265,000.
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The number of Americans who filed new unemployment claims increased to 286,000 in the week ending Jan. 15, as the labor market continues to recover after surging COVID-19 cases.
The Labor Department figure shows a 55,000 claim increase compared to the week ending Jan. 8 when claims increased to 231,000. Economists surveyed by The Wall Street Journal expected claims would decrease to 225,000, MarketWatch reported.
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The number of Americans who filed for new unemployment claims increased to 230,000 in the week ending Jan. 8 as rising COVID-19 cases continue to put pressure on employers.
The Labor Department figure shows a 23,000 claim increase compared to the week ending Jan. 1, when jobless claims increased to 207,000. Economists surveyed by The Wall Street Journal expected claims would decrease to 200,000.
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The Consumer Price Index (CPI) increased 0.5% in December, bringing the key inflation indicator’s year-over-year increase to 7%, the U.S. Bureau of Labor Statistics (BLS) reported.
The CPI soared to 7% on a year-over-year basis in December, the highest level in almost four decades, the BLS reported Wednesday. Economists surveyed by The Wall Street Journal projected the index would soar past 7.1% in December.
“There’s still a lot of scarcity in the economy. Consumers and businesses are in great financial shape, and they’re willing to pay up for more goods, more services and more labor,” Sarah House, director, and senior economist at Wells Fargo, told the WSJ.
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The number of Americans who filed new unemployment claims increased to 207,000 in the week ending Jan. 1 as workers seek more attractive positions with better pay and Omicron coronavirus variant cases surge.
The Labor Department figure shows a 7,000 claim increase compared to the week ending Dec. 25, when claims reached a revised level of 200,000. Economists surveyed by The Wall Street Journal projected claims would decrease to 195,000.
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Private firms’ payrolls increased by 807,000 in December, more than doubling expectations as COVID-19 cases rise, according to a major employment report.
The 807,000 jobs added marks a significant increase from the 505,000 jobs added in November, according to the ADP National Employment Report. December’s figure far exceeds the Dow Jones estimate of 375,000, according to CNBC.
“December’s job market strengthened as the fallout from the Delta variant faded and Omicron’s impact had yet to be seen,” said Nela Richardson, chief economist at ADP, CNBC reported. “Job gains were broad-based, as goods producers added the strongest reading of the year, while service providers dominated growth.”
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A record number of American workers quit their jobs in November 2021 as the gap between available jobs and potential workers continues to increase, the Bureau of Labor Statistics reported.
Over 4.5 million workers quit their jobs in November 2021, a jump from October’s 4.1 million, the Bureau of Labor Statistics announced Tuesday.
Quits in accommodation and food services saw the greatest increase, 159,000, while other low-wage sectors like health care, social assistance, transportation, warehousing and utilities also saw spikes as workers looked for jobs with higher pay.
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The number of Americans who filed new unemployment claims decreased to 198,000 in the week ending Dec. 25 as employers continue to fight to retain workers amid a tight labor market and growing Omicron coronavirus variant concerns.
The Labor Department figure shows an 8,000 claim decrease compared to the week ending Dec.18, when claims reached a revised level of 206,000. Economists surveyed by The Wall Street Journal projected claims remain near last week’s reported level of 205,000.
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The number of Americans who filed new unemployment claims totaled 206,000 in the week ending Dec. 11 as the tight labor market continues to recover, though it remains far from pre-pandemic levels.
The Labor Department figure shows an 18,000 claim increase compared to the week ending Dec. 4 when jobless claims reached 184,000. Economists surveyed by The Wall Street Journal projected claims to increase to just 195,000 from the previous week’s figure.
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The number of Americans who filed new unemployment claims totaled 184,000 in the week ending on Dec. 4 as employers fight to retain workers during the busy holiday season, the Department of Labor reported.
The Labor Department figure shows a 43,000 claim decrease compared to the week ending Nov 27, when jobless claims increased to 220,000. Economists surveyed by The Wall Street Journal projected claims to decrease to 211,000 for the week ending Dec. 4. This latest report brings the number of weekly jobless claims to a 52-year low, the fewest since September 1969, CNBC reported.
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The U.S. economy added 210,000 jobs in November, marking nearly the lowest number of jobs created in a month since President Joe Biden took office in January.
November’s jobs report was well below economists’ estimate of 573,000, according to CNBC. Additionally, unemployment fell to 4.2% from October’s 4.6% figure, according to the Bureau of Labor Statistics (BLS).
The U.S. economy, still recovering from the COVID-19 pandemic but now subject to uncertainty related to the Omicron coronavirus variant, appeared to slow in momentum in November, The Wall Street Journal reported.
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The number of Americans who filed new unemployment claims totaled 220,000 in the week ending on Nov. 27 as employers fight to retain workers heading into the holiday season, the Department of Labor reported.
The Labor Department figure shows a 28,000 claim increase compared to the number from the week ending on Nov. 20, when jobless claims dropped to a 52 year low of 199,000.
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The number of Americans who filed new unemployment claims decreased to 199,000 in the week ending on Nov. 20, reaching its lowest level in over 52 years.
The Labor Department figure shows a 71,000 claim decrease compared to the number of new claims filed in the week ending on Nov. 13, when jobless claims dropped to a revised 270,000. Wednesday’s report crushed the Dow Jones estimate of 260,000, CNBC reported.
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A record 4.4 million people quit their jobs in September, and job openings remained near a record high as labor shortages continue throughout the country.
Roughly 3.0% of U.S. workers left their jobs in September, a jump from August, when 4.3 million people left the workforce, according to a Bureau of Labor Statistics (BLS) report released Friday. The number of job openings remained near its August level of 10.4 million.
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The Consumer Price Index increased 0.9% in October, bringing the key inflation indicator’s year-over-year increase to 6.2% as supply shortages continue and demand grows, the U.S. Bureau of Labor Statistics announced Wednesday.
The year-over-year inflation figure is an increase from September’s 5.3% level, marking the highest level in 30 years, according to the Bureau of Labor Statistics (BLS) report. Economists surveyed by The Wall Street Journal projected the CPI would increase to just 5.9% in October.
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The number of Americans who filed new unemployment claims decreased to 267,000 in the week ending Nov. 6 as the labor market continues to improve, the Department of Labor reported Wednesday.
The Labor Department figure shows a 4,000 claim decrease compared to the week ending on Oct. 30, when jobless claims dropped to a revised 271,000. Wednesday’s release marks the lowest number of initial claims since March 14, 2020, when new jobless claims were 256,000.
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The number of Americans who filed for new unemployment claims decreased to 269,000 in the week ending Oct. 30 as the labor market continues to improve and the economy recovers from the COVID-19 pandemic.
The Bureau of Labor Statistics figure released Thursday shows a 14,000 claim decrease compared to the week ending Oct. 23, when jobless claims dropped to 283,000. Thursday’s release marks the lowest number of initial claims since March 14, 2020, when the number of new jobless claims was 256,000.
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U.S. consumer spending growth slowed in September, and income dropped due to high COVID-19 cases, supply shortages, rising inflation, and ending unemployment benefits.
Consumer spending increased 0.6% in September, down from a 1% jump in August, the Commerce Department announced Friday. Personal income fell 1% in September, driven by a 72% drop in unemployment insurance benefits that offset a 0.7% spike in wages and benefits, according to The Wall Street Journal.
Economists polled by Reuters projected a 0.5% in consumer spending. Delta variant cases peaked in the middle of September, and the continued supply chain backups have caused shortages and rising prices, making it harder for consumers to purchase their desired goods, the WSJ reported.
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The number of Americans who filed new unemployment claims decreased to 281,000 last week as employers compete for workers in a tight labor market where inflation and supply chain disruptions plague the country.
The Bureau of Labor Statistics figure released Thursday shows a 10,000 claim decrease in the number of new jobless claims compared to the week ending Oct. 23 when jobless claims dropped to 290,000. This is the lowest level for initial claims since March 14, when jobless claims dropped to 256,000.
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The number of Americans who filed new unemployment claims decreased to 290,000 last week as employers attempt to hold onto workers amid struggles with inflation, supply chain disruptions and labor shortages.
The Bureau of Labor Statistics figure released Thursday shows a 6,000 claim decrease in the number of new jobless claims compared to the week ending on Oct. 9, when jobless claims dipped below 300,000 for the first time since March 2020.
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Following a catastrophic U.S. military withdrawal from Afghanistan, the highest inflation since 2008,pushing unpopular COVID vaccine mandates, rationing COVID treatments to red states and finally, watching his domestic legislative agenda falter in Congress, President Joe Biden is already upside down on his job approval ratings, according to the latest average of polls compiled by RealClearPolitics.com.
Reuters/Ipsos on Sept. 29-30 had Biden’s approval at 46 percent and disapproval at 50 percent.
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The number of Americans filing new unemployment claims increased to 351,000 last week as the economy continues to slowly recover from the coronavirus pandemic.
The Bureau of Labor Statistics figure released Thursday represents an increase in the number of new jobless claims compared to the week ending Sept. 11, when 335,000 new jobless claims were reported. That figure was revised up from the 332,000 jobless claims initially reported last week.
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The number of Americans filing new unemployment claims increased to 332,000 last week as the economy continues to slowly recover from the coronavirus pandemic.
The Bureau of Labor Statistics figure released Thursday represents an increase in the number of new jobless claims compared to the week ending Sept. 4, when 312,000 new jobless claims were reported. That figure was revised slightly up from the 310,000 jobless claims initially reported last week.
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The number of Americans filing new unemployment claims decreased to 340,000 in the week ending Aug. 28, as the economy continues to slowly recover from the coronavirus pandemic.
The Bureau of Labor Statistics figure released Thursday represents a slight decrease in the number of new jobless claims compared to the week ending Aug. 21, when 354,000 new jobless claims were reported. That figure was revised from the 353,000 jobless claims initially reported last week.
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The number of Americans filing new unemployment claims increased to 353,000 last week as the economy continues its recovery from the coronavirus pandemic.
The Bureau of Labor Statistics figure released Thursday presents a slight increase in the number of new jobless claims compared to the week ending Aug. 14, when 349,000 new jobless claims were reported. The Aug. 7 to Aug. 14 figure was revised from the 348,000 jobless claims initially reported last week.
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A federal judge has ruled the Biden administration must resume allowing oil and gas leasing on federal land and waters, but the administration is saying it will not go down without a fight.
The Biden administration said it will appeal a court ruling allowing the leases, the latest development in a months-long battle between President Joe Biden and the oil and gas industry, even as gas prices continue to rise.
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The unadjusted consumer price index as measured by the Bureau of Labor Statistics was 5.28 percent for the month of July, slightly lower than June at 5.32 percent, but still measuring the highest inflation on record since July 2008, when it hit nearly 5.5 percent.
The latest numbers come as Congress has easily passed another gargantuan $1.2 trillion infrastructure spending plan that included $550 billion of new spending. Interest rates have already reacted as 10-year treasuries came off a near-term low of 1.17 percent on Aug. 2 to 1.36 percent as of Aug. 12, slightly increasing inflation expectations.
The $1.2 trillion spendathon was just the latest in a long line of spending that has added $5.25 trillion to the national debt since Jan. 2020 in response to the Covid pandemic all the way to the current $28.5 trillion: the $2.2 trillion CARES Act and the $900 billion phase four under former President Donald Trump, and then the $1.9 trillion stimulus under President Joe Biden. It’s been a bipartisan affair.
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Throughout the COVID-19 pandemic, the Federal Reserve Bank and Congress have taken unprecedented steps to stabilize the economy after entire industries and sectors ground to a halt last year amidst the public health crisis. The Fed has kept interest rates near zero, created lending programs to pump trillions of dollars into the economy, and bought securities to support financial markets. Congress passed three major COVID-19 stimulus packages in response to the crisis: the $2.2 trillion CARES Act in March 2020, the $900 billion Coronavirus Response and Relief Supplemental Appropriations Act in December 2020, and the $1.9 trillion American Rescue Plan in March 2021.
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The U.S. economy reported an increase of 943,000 jobs in July and the unemployment rate fell to 5.4%, according to Department of Labor data released Friday.
Total non-farm payroll employment increased by 850,000 in July, according to the Bureau of Labor Statistics report, and the number of unemployed persons decreased to 8.7 million. Economists projected 845,000 Americans would be added to payrolls prior to Friday’s report, The Wall Street Journal reported.
“The jobs recovery is continuing, but it’s different in character to any we’ve seen before,” payroll software firm ADP economist Nela Richardson told the WSJ. “I had been looking at September as a point when we could gain momentum—with schools back in session and vaccines widely available. But with the delta variant, we need to rethink that.”
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New data from the Bureau of Labor Statistics reports that prices for consumer goods have risen significantly in the past year, putting extra strain on Americans’ budgets and worrying experts.
As the Biden administration fends off criticism over proposed tax increases, higher spending and rising inflation, BLS released data Wednesday showing the biggest increase in consumer prices in over a decade. Those price increases point to a spike in inflation, experts say.
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The U.S. economy reported an increase of 916,000 jobs in March and the unemployment rate fell to 6%, according to Department of Labor data released Friday.
Total non-farm payroll employment increased by 916,000 in March, according to the Bureau of Labor Statistics (BLS) report, and the number of unemployed persons fell to 9.7 million. Economists projected 675,000 Americans would be added to payrolls prior to Friday’s report, according to The Wall Street Journal.
“There’s a seismic shift going on in the U.S. economy,” Beth Ann Bovino, an economist at S&P Global, told the WSJ.
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Another 275,000 jobs were added to the U.S. economy in the month of September, according to the Bureau of Labor Statistics’ (BLS) household survey, and 661,000 in the establishment survey, adding to the miraculous economic recovery that has taken place since COVID-19 lockdowns this spring as now states and businesses continue reopening at a rapid clip.
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