Posts
Nov 13, 2024 – 2 mins read
October Jobs Report: A Market Holding On or Starting to Slip?
October’s job growth took a breather, adding only 12,000 jobs—way below the expected 100,000 and a sharp drop from September’s 223,000. Key sectors like healthcare (+52,000) and government (+40,000) showed strength, but manufacturing struggled with a 46,000-job loss, mainly from strikes like Boeing’s. Despite the slower job growth, the unemployment rate held steady at 4.1%, and wages inched up 0.4% month-over-month. Temporary disruptions, including hurricanes and strikes, played a role in the low numbers. With inflation cooling, the Fed is likely to cut rates to support the economy. It’s a sign of a market finding its balance, rather than a full stop.
Sep 04, 2024 – 2 mins read
August 2024 Jobs Report: Resilience Amidst Challenges
The U.S. economy added 187,000 jobs in August, reflecting slower growth. The unemployment rate increased to 3.8%, with a rise in the labor force participation rate to 62.8%. Wages grew by 4.3% year-over-year, helping offset inflation. Healthcare led job growth with 71,000 jobs, followed by construction with 25,000 jobs. Manufacturing remained stagnant, adding only 1,000 jobs. The labor market shows signs of cooling, but companies are strategically hiring in key sectors, balancing caution with talent competition.
Aug 06, 2024 – 3 mins read
July Jobs Report: A Warning Sign for the U.S. Economy?
The July jobs report revealed a significant slowdown in the U.S. labor market, with only 114,000 jobs added, down from 206,000 in June, and the unemployment rate rising slightly to 4.3%. Key sectors like manufacturing and retail saw job losses, while wage growth remained modest. These figures, coupled with stagnant labor force participation, have heightened concerns about a potential economic slowdown.
Oct 09, 2024 – 3 mins read
September Jobs Report: U.S. Employers Continue to Add Jobs Despite Economic Uncertainty
In September, U.S. employers added 254,000 jobs, exceeding expectations of 140,000 and marking the highest gain since March. Revisions from previous months added another 72,000 jobs. The unemployment rate dropped to 4.1%, signaling a healthy labor market as more people find work. Job gains were led by the healthcare sector, which added 72,000 jobs, followed by restaurants with 69,000. However, manufacturing lost 7,000 jobs, particularly in car manufacturing. The tech sector showed modest improvement with 6,000 new jobs, while temporary help services saw a decline of 14,000 jobs, likely due to increased permanent hiring. While this report offers optimism for the Federal Reserve in managing inflation and a potential soft landing, it remains one month of data, and labor market weakening is still possible. Hiring is slower compared to last year, but inflation has cooled, and consumer spending remains stable, providing a cautiously positive outlook for the economy.
Jul 08, 2024 – 2 mins read
Monthly U.S. Labor Market Report - June 2024
The U.S. labor market showed strong resilience in June 2024, with the unemployment rate dropping to 3.6% and job openings rising to 10.3 million, a 5% increase from May. Wage growth was significant, with average hourly earnings up by 4.2% year-over-year. However, challenges such as skills mismatches and regional disparities persist. Employers are advised to invest in training, offer competitive compensation, and tailor recruitment strategies to regional conditions. Business Draft remains committed to supporting your recruitment needs with our all-in-one Applicant Tracking System (ATS). Stay tuned for more insights next month.