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The good news: The US job market expanded at a healthy clip in June.The bad news: The US job market expanded at a healthy clip in June.The latest employment snapshot from the Labor Department on Friday showed that employers added 372,000 jobs last month and the unemployment rate held steady at 3.6 percent, just a tick above its pre-pandemic level.The growth in employment was stronger than expected, and might have been even more robust if the number of available workers hadn’t declined. That’s a signal that the economy, while cooling, isn’t necessarily sliding into a recession. At least for now.Of course, evidence that the job market is softening would have been welcomed by policymakers. That’s because a slowdown would ease inflation. Instead, a key inflation indicator in the report — average hourly wages — picked up last month.The latest data leave the Federal Reserve little choice but to continue aggressively raising interest rates in an effort to rein in inflation. Higher rates curb demand for goods and services, taking pressure off prices.Policymakers meet next on July 25-26, and are expected to vote to boost the benchmark federal funds rate by three-quarters of a percentage point. That would follow a three-quarters point hike in June.Some on Wall Street had speculated that a underwhelming jobs report would have given the central bank the opportunity to moderate its rate hikes.US stock futures fell following the report, and the yield on the 10-year Treasury note rose. The dollar also gained.The June jobs gains were led by growth in professional and business services, leisure and hospitality, and health care. Employment is down by 524,000, or 0.3 percent, from its pre-pandemic level in February 2020.Larry Edelman can be reached at larry.edelman@globe.com. Follow him on Twitter @GlobeNewsEd.	Unemployment
WASHINGTON — More Americans applied for unemployment benefits last week, and although layoffs remain low, it was the fifth consecutive week that claims topped the 230,000 mark and the most in almost six months.Applications for jobless aid for the week ending July 2 rose to 235,000, up 4,000 from the previous week and the most since mid-January, the Labor Department reported Thursday. First-time applications generally track with the number of layoffs. Until early June, claims hadn’t eclipsed 220,000 since January and have often been below 200,000 this year.The four-week average for claims, which evens out some of the week-to-week volatility, inched up by 750 from the previous week, to 232,500.The total number of Americans collecting jobless benefits for the week ending June 25 rose by 51,000 from the previous week, to 1,375,000. That figure has hovered near 50-year lows for months.In Massachusetts, about 7,866 individuals filed new claims for unemployment benefits last week, up 299 from the week prior, according to the Labor Department.Get Innovation BeatBoston Globe tech reporters tell the story of the region's technology and innovation industry, highlighting key players, trends, and why they matter.On Wednesday, the Labor Department reported that US employers advertised fewer jobs in May amid signs that the economy is weakening, though the overall demand for workers remained strong.Employers posted 11.3 million job openings at the end of May, down from nearly 11.7 million in April. Job openings reached 11.9 million in March, the highest level on records dating back more than 20 years. There are nearly two job openings for every unemployed person.The figures reflect the unusual nature of the post-pandemic economy: Inflation is hammering household budgets, forcing consumers to pull back on spending, and growth is weakening, heightening fears the economy could fall into recession. Yet companies are still scrambling to add workers. Demand has been particularly strong in travel- and entertainment-related services.The Labor Department releases its May jobs report on Friday and analysts expect that employers filled more than 276,000 jobs. Though not an unhealthy number, it would be the lowest monthly figure in more than a year.Some highly visible companies have announced layoffs recently.The chief executive of electric car maker Tesla, Elon Musk, acknowledged that the company was cutting about 10 percent of its salaried workforce, or 3.5 percent of its total headcount.Netflix laid off 150 employees in May and another 300 in June after the streaming entertainment giant reported losing subscribers for the first time in more than a decade.Online automotive retailer Carvana is letting about 2,500 workers go, roughly 12 percent of its workforce.Online real estate broker Redfin, under pressure from a housing market that’s cooled due to higher interest rates, is laying off 8 percent of its workers. Another real estate company, Compass, is shedding 450 employees.Crypto trading platform Coinbase Global is cutting about 1,100 jobs, about 18 percent of its global workforce, in the wake of collapsing cryptocurrency prices.Diti Kohli of the Globe staff contributed to this report.	Unemployment
Register now for FREE unlimited access to Reuters.comJune 14 (Reuters) - Coinbase Global Inc (COIN.O) will cut about 1,100 jobs, or 18% of its workforce, the cryptocurrency exchange said on Tuesday, the latest company preparing to ride out a downturn in the cryptosphere.The cryptocurrency market has been roiled by extreme volatility as investors dumped risky assets on fears that higher inflation readings would force the U.S. Federal Reserve to turn more aggressive in raising interest rates and tip the economy into a recession."We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period," Chief Executive Officer Brian Armstrong said in a blogpost.Register now for FREE unlimited access to Reuters.comBitcoin , the world's largest cryptocurrency, tumbled as much as 14% on Monday after crypto lender Celsius Network froze withdrawals and transfers. read more Armstrong said employees would receive an email informing them if they had been affected, without giving further details.The logo for Coinbase Global Inc, the biggest U.S. cryptocurrency exchange, is displayed on the Nasdaq MarketSite jumbotron and others at Times Square in New York, U.S., April 14, 2021. REUTERS/Shannon Stapleton/File PhotoCoinbase had earlier this month said it would extend a hiring freeze and rescind a number of accepted offers to deal with current macroeconomic conditions.The company's shares fell about 5% in early trading, set to add to their roughly 80% tumble this year.The crypto market meltdown has forced companies like BlockFi and Crypto.com to slash hundreds of jobs, while top firms including Meta Platforms (META.O) and Intel Corp (INTC.O) have also tapped the brakes on hiring. read more Coinbase had ramped up hiring when the crypto market scaled new highs during the pandemic, growing headcount by nearly four times in just five quarters."This level of headcount growth over five quarters was too ambitious, especially given that the company has lived through a crypto winter and knows how regularly volatile this market can be," KBW analyst Kyle Voigt said in a note to clients on Monday.Coinbase expects to incur about $40 million to $45 million in total restructuring expenses, largely related to employee severance and other termination benefits.Register now for FREE unlimited access to Reuters.comReporting by Nivedita Balu and Chavi Mehta in Bengaluru; Editing by Amy Caren Daniel and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.	Unemployment
Topline Topline: Major U.S. companies laid off thousands of employees so far this summer, as CEOs fear soaring inflation could bring the economy into a recession. Forbes is tracking the biggest layoffs as companies react to fears of a looming recession. (Photo by ... [+] Christopher Furlong/Getty Images) Getty Images Timeline May 21, 2022Used car seller Carvana CEO Ernie Garcia III sent an email to 2,500 employees — 12% of the company’s workforce — informing them they had lost their jobs, one week after freezing new hiring, as the company embraced for what looked like a looming recession in car sales, and reports of a “spendthrift” business style had come back to bite the company. June 14, 2022Some 1,100 Coinbase employees learned they had been released after losing access to their work emails, marking an 18% reduction in the crypto company’s staff — a move that CEO Brian Armstrong called essential to “stay healthy during this economic downturn” — and a warning sign of a recession and a “crypto winter” after a 10-plus-year crypto boom. June 15, 2022Real estate companies Compass and Redfin announced plans to cut 10% and 8% of their workforces, respectively, following a 3.4% drop in home sales from April to May, according to the National Association of Realtors, amid concerns the once red-hot housing market had cooled. June 22, 2022JPMorgan Chase — the nation’s largest bank — laid off and reassigned more than 1,000 of its 274,948 employees, citing rising mortgage rates and increased inflation. July 7, 2022Real estate firm Re/Max announced plans to lay off 17% of its workforce by the end of the year, with a goal of bringing in $100 million in annual mortgage-related revenue by 2028. July 11, 2022Electric automaker Rivian unveiled plans to lay off 5% of the company’s 14,000 employees in areas that grew “too quickly” during the pandemic and to halt hiring of non-factory workers, according to an internal email from CEO RJ Scaringe, Bloomberg reported. July 12, 2022California-based mortgage lender loanDepot announced plans to lay off 2,000 workers by the end of the year, bringing its 2022 layoffs to 4,800 — more than half of the company’s 8,500 employees — amid a precipitous downturn in the housing market that’s “contracted sharply and abruptly,” CEO Frank Martell said in a statement. July 12, 2022Tesla laid off 229 employees, primarily in its autopilot division, and shut down its San Mateo, California, office, just weeks after CEO Elon Musk sent an email to executives, saying he had a “super bad feeling” about the economy and planned to cut 10% of his workforce, Reuters reported. July 14, 2022OpenSea, the New-York based non-fungible token (NFT) company, announced in a tweet it laid off 20% of its staff over fears of “broad macroeconomic instability” with the possibility of “prolonged downturn.” Key Background Many experts warned the U.S. may be headed toward recession following reports the economy contracted 1.6% in the first quarter of the year. The Federal Reserve’s announcement in June to raise interest rates by 75 basis points, its largest rate hike in 28 years, reignited fears of economic turmoil and recession. Last month, economists at S&P Global Ratings forecast a 2.4% drop in GDP by year’s end, a reverse in course from earlier forecasts of 2.4% growth. Bank of America issued a warning Wednesday that “economic momentum has faded,” and a “mild recession” is possible by the end of the year. Meanwhile, stocks continue to drop as inflation soars. The latest report from the Bureau of Labor Statistics revealed a 9.1% spike in inflation from June, 2021, with gas, housing and food making up the largest increases. Contra Even with the layoffs, the unemployment rate remains low, holding on at 3.6% for the past four months. In an interview with the Washington Post Thursday, U.S. Deputy Secretary of Labor Julie Su said she was optimistic the economy will rebound, citing 9 million jobs created since President Joe Biden took office, and 372,000 new jobs in June. Big Number 244,000. That’s how many people applied for unemployment benefits last week, an eight-month high and a 3.4% increase from 235,000 the previous week, according to a Department of Labor report released Thursday. Further Reading Mortgage Giant Cuts Thousands Of Jobs—Warns Of ‘Accelerated’ Downturn As Housing Market Abruptly Collapses (Forbes) No, We’re Not In A Recession Yet: Strong Job Market Keeping Economy Safe For Now, Goldman Says (Forbes) JPMorgan Lays Off Home Lending Employees As Housing Market Cools (Forbes) Weekly Jobless Claims Hit New High For 2022 (Forbes) Inflation Spiked 9.1% In June—Hitting New 40-Year High As Price Surge Fuels Recession Fears (Forbes)	Unemployment
WASHINGTON (AP) — More Americans applied for unemployment benefits last week and while layoffs remain low, it was the fifth consecutive week that claims topped the 230,000 mark and the most in almost six months.Applications for jobless aid for the week ending July 2 rose to 235,000, up 4,000 from the previous week and the most since mid-January, the Labor Department reported Thursday. First-time applications generally track with the number of layoffs. Until early June, claims hadn’t eclipsed 220,000 since January and have often been below 200,000 this year.The four-week average for claims, which evens out some of the week-to-week volatility, inched up by 750 from the previous week, to 232,500.The total number of Americans collecting jobless benefits for the week ending June 25 rose by 51,000 from the previous week, to 1,375,000. That figure has hovered near 50-year lows for months.On Wednesday, the Labor Department reported that U.S. employers advertised fewer jobs in May amid signs that the economy is weakening, though the overall demand for workers remained strong. Employers posted 11.3 million job openings at the end of May, down from nearly 11.7 million in April. Job openings reached 11.9 million in March, the highest level on records dating back more than 20 years. There are nearly two job openings for every unemployed person. The figures reflect the unusual nature of the post-pandemic economy: Inflation is hammering household budgets, forcing consumers to pull back on spending, and growth is weakening, heightening fears the economy could fall into recession. Yet companies are still scrambling to add workers. Demand has been particularly strong in travel- and entertainment-related services.The Labor Department releases its May jobs report on Friday and analysts expect that employers filled more than 276,000 jobs. Though not an unhealthy number, it would be the lowest monthly figure in more than a year.Some highly-visible companies have announced layoffs recently.The CEO of electric car maker Tesla, Elon Musk, acknowledged that the company was cutting about 10% of its salaried workforce, or 3.5% of its total headcount.Netflix laid off 150 employees in May and another 300 in June after the streaming entertainment giant reported losing subscribers for the first time in more than a decade.Online automotive retailer Carvana is letting about 2,500 workers go, roughly 12% of its workforce. Online real estate broker Redfin, under pressure from a housing market that’s cooled due to higher interest rates, is laying off 8% of its workers. Another real estate company, Compass, is shedding 450 employees.Crypto trading platform Coinbase Global is cutting about 1,100 jobs, about 18% of its global workforce, in the wake of collapsing cryptocurrency prices.	Unemployment
This is a screenshot — with the account number hidden — of a post found on the dark web by an academic researcher that shows someone boasting of illicitly having received unemployment benefits in Illinois.Provided Internet criminals who have stolen nearly $1.9 billion in federal money intended for unemployed Illinois residents during the COVID-19 pandemic boast online of how they’re still selling stolen personal information and fraudulently obtaining unemployment benefits.That’s what a Georgia State University professor found recently in the dark corners of the Internet, where he monitors criminals who commit unemployment insurance fraud and other scams against government agencies.David Maimon, a criminology professor, says he often sees Illinoisans’ credit and debit account numbers for sale online, along with fake Illinois driver’s licenses and advertisements for “tuts” — slang for online tutorials on how to commit fraud.One user bragged about obtaining $354 weekly unemployment benefits from Illinois in May. David Maimon, a criminology professor who says he often sees Illinoisans’ credit and debit account numbers for sale online, along with fake Illinois driver’s licenses and advertisements for “tuts” — slang for online tutorials on how to commit fraud.Georgia State University “We see many identities, many bank accounts, many driver’s licenses that are associated with Illinois residents” for sale on the dark web, Maimon says.Illinois officials — stung by an audit released in June that found flaws in the state’s administration of two federal pandemic unemployment programs — say that, despite the onslaught, now they are ready for the bad guys.Since the widespread fraud problems of 2020 and 2021, which the Illinois Department of Employment Security blamed on the hurried rollout of federal pandemic aid programs, the state has beefed up its security systems and joined a multistate group that shares information about fraudsters who file for benefits in more than one locale, says Kristin Richards, Gov. J.B Pritzker’s IDES director.“We have multiple levels of security in place,” Richards says of the new system. Kristin Richards, director of the Illinois Department of Employment Security. LinkedIn The June report by Auditor General Frank J. Mautino found that, from July 2020 through June 2021, the department experienced “unprecedented” fraud in the federal Pandemic Unemployment Assistance program, which provided up to 39 weeks of temporary unemployment benefits for workers including self-employed and gig workers.The audit found that about $1.9 billion of the $3.6 billion that was paid through the federal program was lost to scammers, mainly through identity theft.It said the state lacked adequate information technology controls and had failed to maintain accurate and complete data on people filing claims.The program, along with another federal program that paid $600 in weekly jobless benefits to those who qualified, expired last September, turning off a major spigot for scammers. This screenshot of an online ad found by a Georgia State University Internet crime researcher offers a “tut,” or tutorial, on how to commit unemployment fraud in Illinois.Provided Illinois was one of many states where scammers stole money from the federal programs. Fraud was easier to commit because scammers could lie about being self-employed. Nationally, an estimated $163 billion was lost.Since then, IDES has switched to new login software that includes “identity proofing,” multi-factor authentication and fraud analytics, Richards says. The department also conducts additional data analysis using Pondera Solutions, a private data company owned by Thompson Reuters, and is working with the National Association of State Workforce Agencies to flag suspicious claim filers operating in more than one state.Haywood Talcove, chief executive officer of the government business of LexisNexis Risk Solutions and a critic of Illinois’ anti-fraud methods, says Illinois could slash its “improper payments” rate — which, according to the U.S. Department of Labor, averaged 16.65% from July 1, 2018, through June 30, 2021 — to about 5% if it had even stricter controls.Talcove says having more data in multiple layers could flag, for example, a tiny ranch home that’s being used by a couple dozen claimants. Or a claimant who offers a work history that doesn’t make sense because he was in prison in another state at the time.“They’re claiming it’s fixed, and I’m telling you, it’s not fixed,” Talcove says of the state’s system.IDES’ Richards and Adam Ford, chief information security officer for the Illinois Department of Innovation & Technology, say they’re confident, though, that their back-end analytics are strong enough “to scrub all claims for fraudulent characteristics.”Ford says the new system takes into account many more data points, such as geographic information, device types, IP addresses and more.But he says people still need to be wary of giving out their personal information, even seemingly innocuous facts requested by quizzes on social media.“The public generally does not have any idea of how much of their information is out there,” Ford says.Richards won’t comment on the online post bragging about stealing Illinois unemployment benefits except to say it’s possible the image was stolen from elsewhere online and repurposed by a scammer.Illinois’ 16.65% improper payments rate for unemployment insurance has been better than some other states, such as Virginia, which has a rate of 38%, Tennessee, with 37%, and Florida, at 35%.But Illinois has lagged behind states like Hawaii and Utah, which each saw about 5% of their unemployment money flagged as improper payments.	Unemployment
The UK economy is facing a labour crisis that is affecting every sector of the economy, from agriculture to airlines, and hospitality to hi-tech industries.At its heart is a shortage of people to do the jobs required to help the economy recover and grow after the pandemic, the product of a unique combination of low unemployment and high demand from employers that some estimate has left the economy short of a million workers. The latest Office for National Statistics figures show there were 1.29 million vacancies in the economy, almost half a million more than before the pandemic, and more than the 1.28 million unemployed jobseekers.By ending low-skilled immigration, Brexit has further tightened the labour market, and in the same period around 500,000 more people of working age became what the ONS calls "economically inactive", a category covering those not in any kind of employment or looking for work.They include those unable to work through sickness or full-time caring responsibilities, students, and early retirees. The largest group are the long-term sick, increased by long COVID, and four-fifths of them are over-50. Discovering why this group has left the workplace, and tempting some of the almost 400,000 who remain "economically inactive" back to employment, may help ease a chronic labour shortage in the economy that the governor of the Bank of England said this week is fuelling inflation. To understand who they are and why they can't or won't work, Sky News spoke to two of the "missing million". The retiree: 'Live while you can'Caroline Dodson, 63, retired in August 2020, aged 61, after COVID changed her perspective on working life. She accessed her pension early, bought a camper van, and now spends her time travelling and volunteering in her community near Salisbury in Wiltshire. "I'd worked for a pension company for 16 years when COVID came along, but I found working from home really difficult. The hours were longer, I didn't have the screens and infrastructure I needed."So I started to think, if I don't need to buy the things that I'm buying to go to work, what might be possible?"I looked in my wardrobe and thought, you have enough clothes here to last a lifetime, you're only buying more to wear to work."Perhaps there was a way I could access some of my pension without taking too much, and not work. I started to do the finances and realised that it was a possibility."So many people were dying, or getting long COVID, and I thought, live while you can, who knows what's around the corner? And while I'm still quite active and fit, it was important to make the most of those years if I could. And so in August 2020, I gave up work."I had a small final salary pension scheme from a company I worked for many years ago, and then I did flexible access on another pension, just to top it up to have just enough to live on."I can't be spendthrift like I was, I live quite frugally now, but I'm happy doing that. I have a little camper van and I travel whenever I can. It's not an expensive hobby. And you would not believe the amount of people that I meet on the campsites who have done the same thing as me, taken early retirement during COVID, and there's no regrets."I understand there's a massive gap in skill and knowledge in the industry as a result. I'd been working on the product that I worked on since 1987, so that is an awful lot of experience walking out of the door."But if you can, please do it. Because while you're young enough, you don't actually need a lot of money, so if you can do without, then you have the freedom. And that is the best medicine in the world."The long COVID sufferer: 'It's heartbreaking'Nicola Demosthenese, 26, is a music therapist. She is employed by an NHS Trust, helping children and young people with complex needs including autism, learning disabilities and mental health issues. After contracting COVID-19 in 2020 she was diagnosed with long COVID last year, and was forced to give up work entirely in April. "Before COVID I was ambitious, curious, I loved learning, I loved socialising, I'm a Greek-Cypriot, so it's in my blood. I spent time with friends, I was part of a cycling club, every Saturday I would ride 40, 50, 60 miles, and not long before I got COVID I did a 100-mile bike ride for charity."I was young, healthy and active, and then I got COVID. I remember at day 10 I was allowed out of my house and I went for a walk."Halfway into the walk, I felt this gust of energy hit me that ripped every part of energy out of me. I struggled to get home, and when I did, I collapsed in my bed. And from that point I never got better."I had joint pain, I had headaches every single day, I had brain fog, I wasn't thinking clearly, I wasn't able to hold my focus. This is someone who was four months off finishing a Masters and was getting distinctions in all her assignments."The worst part was fatigue, it's a terrible word for describing how debilitating it is. It feels like after a night's sleep, your body battery is only charged to 10%."I managed to finish the degree from home and passed with a high merit. I was very proud of myself, and after a summer holiday I started to feel better, so of course I applied for a job. Podcast Due to your consent preferences, you’re not able to view this. Open Privacy Options Follow the Daily podcast on Apple Podcasts,  Google Podcasts,  Spotify, Spreaker"I was employed by an NHS Trust, but at the beginning of 2022 it was becoming clear to me that I was getting worse and worse, so I reduced my timetable to about three days-a-week, then to a day and a half, then half a day, then to nothing."It's awful, it's heartbreaking, it's devastating. When I did eventually stop working, I struggled to come to terms with the fact I was not only not able to work, but even to cook for myself. I struggle even to wash my own hair."My friends are out there saving for houses, and I'm using my money to try and get better even if it is by one percent, because there is no real help available on the NHS, I'm spending thousands of pounds."I would love to go back to work. I miss my patients, I miss my colleagues, I miss doing what gives me joy. But the drive that I have that's got me to where I was is the thing that will get me out of this. That fire in my belly still burns a little."	Unemployment
A worker cleans the window of a telecommunications retail store in central Sydney, Australia, June 16, 2017. REUTERS/Steven SaphoreRegister now for FREE unlimited access to Reuters.comSYDNEY, July 14 (Reuters) - Australia's unemployment rate dived to a 48-year low in June as hiring outstripped all expectations, while record vacancies suggested the labour market was set to tighten yet further and perhaps justify even larger increases in interest rates.Figures from the Australian Bureau of Statistics on Thursday showed net employment had surged 88,400 in June from May, when it jumped 60,600. That blew away market forecasts of a 30,000 rise in June and brought gains for the year to a rousing 438,000.The jobless rate slid to 3.5% from 3.9%, well below forecasts of 3.8% and the lowest since August 1974.Register now for FREE unlimited access to Reuters.comThe dive came even as more people went looking for work, with the participation rate climbing to a record high of 66.8%.The underutilisation rate, which combines unemployment and underemployment, held at its lowest since 1982 at 9.6% and implied that wage growth would accelerate over time.The number of unemployed also fell by an unusually large 54,300, while layoffs were limited."These flows reflect an increasingly tight labour market, with high demand for engaging and retaining workers, as well as ongoing labour shortages," said Bjorn Jarvis, head of labour statistics at the ABS.He noted that the number of unemployed people, 494,000, now almost matched the number of vacancies, 480,000."This equates to around one unemployed person per vacant job, compared with three times as many people before the start of the pandemic," he said. read more With the economy essentially at full employment and inflation running red-hot, the Reserve Bank of Australia (RBA) is considered certain to keep lifting interest rates following last week's half-point hike to 1.35%.Markets fully expect another 50 basis points in August, with even some talk of a more drastic move if coming inflation data shocks to the high side, as it has globally.An eye-watering 9.1% June reading on U.S. consumer prices has investors wagering the Federal Reserve could hike by a full percentage point, while the Bank of Canada on Wednesday stole a march by doing just that. read more Australia's consumer price report for the second quarter is due on July 27, and analysts had already feared inflation would hit its highest since 1990 at around 6.3%, with worse to come before the year ends."With the unemployment rate at a 48-year low, surveyed business conditions well above long-run averages, and COVID-related mobility restrictions fully eased, the economy is bumping-up against capacity constraints in many areas," said Andrew Boak, an economist at Goldman Sachs."The Australian economy remains on a path to much higher inflation and interest rates, having entered the tightening cycle with strong momentum."Register now for FREE unlimited access to Reuters.comReporting by Wayne Cole; Editing by Christian Schmollinger and Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.	Unemployment
Hiring freezes and layoffs are hitting the tech sector as Silicon Valley prepares for a predicted recession. The hiring impacts are hitting companies of all sizes across tech, from industry giants to more nascent startups, signaling that the industry’s growth is slowing amid rising interest rates and surging inflation. Near-zero interest rates, a booming stock market and massive consumer demand allowed tech firms to aggressively expand their workforce at the start of the pandemic. But the recent economic downturn is forcing many companies to reverse course and cut costs to shore up their reserves. “It’s the perfect storm for tech companies,” said Dan Ives, an analyst at Wedbush. “Because valuations are sky high, hiring was unprecedented and in the course of six months it’s been a 180.” Since May, tech startups have laid off nearly 27,000 workers, according to layoffs.fyi, which tracks publicly announced job cuts. That’s roughly double the total number of layoffs recorded in all of 2021. Tech companies, especially smaller ones, are “pulling back on what was probably overaggressive hiring,” said Steven Weber, a professor at the Graduate School of Information at UC Berkeley. “Even six months or a year ago the view was, in many of the smaller firms of course, ‘Profits aren’t important, we just gotta grow. We grow into profits.’ During recessions, and during valuation shifts like we’ve seen in the markets in the last couple of months, unprofitable growth companies are getting killed. Their stock prices are collapsing,” Weber said. The Federal Reserve is fighting the nation’s highest inflation in four decades by raising interest rates, a move that will curb consumer demand and likely bring down prices. But economists say that rate hikes, which make it more difficult and expensive for companies to access capital, boost the likelihood that the U.S. goes into a recession next year. The economic downturn is driving investors away from risky assets, including tech startup stocks that rarely deliver profits. The tech-heavy Nasdaq composite is down roughly 30 percent over the past year, while the big five tech stocks slid 36 percent over the same period. Uber last month told employees it would lay off 3,700 people, and Spotify said this month it is slowing hiring by 25 percent. Tesla CEO Elon Musk said Tuesday the electric car company would cut 10 percent of its workforce in the next three months. Musk, who is actively pursuing a bid to buy Twitter, last week reportedly warned employees at the social media company of potential layoffs. “It depends. The company does need to get healthy. Right now the costs exceed the revenue,” Musk said, according to a CNBC report. Last week, real estate tech companies Redfin and Compass each said they would lay off around 450 workers due to a slowdown in home buying demand sparked by interest rate hikes. That comes after insurance tech startup Policygenius laid off 25 percent of its workforce earlier this month. Online-only car retailer Carvana fired 12 percent of its workforce in May. The largest companies aren’t immune to the challenges either. Tech giants boomed during the pandemic as the global population shifted their personal and professional lives online. But as restrictions eased, that growth faltered. Now, they’re preparing for a potential recession with hiring changes. Amazon executives told analysts on an April earnings call its warehouses are overstaffed. “Today, as we’re no longer chasing physical or staffing capacity, our teams are squarely focused on improving productivity and cost efficiencies throughout our fulfillment network,” CEO Andy Jassy said. In an internal memo reported by Insider, Facebook’s parent company, Meta, acknowledged that as “more people are spending time offline” and returning to “pre-pandemic patterns,” growth has “eased off.” “While we’re still going through our reprioritization, we know this will have an effect on hiring for the rest of the year,” Meta CFO David Wehner said in the memo sent to employees in May. Meta spokesperson Andrea Beasley said the company regularly re-evaluates hiring based on business needs and is slowing growth based on guidance for the recent earning period. Google Cloud terminated dozens of support roles in March, Insider first reported. They were given 60 days to find new positions within the company. Those who didn’t were reportedly eligible for severance. An employee on the team who was not cut during the reorganizing told The Hill that since the initial “vague” announcement, they still lack a clear picture of what triggered the decision and leadership’s vision for the future of the remaining team. “The best reassurance that I’ve been able to get is that this was planned in such a way that they would only have to do it once,” the employee said. “It’s pretty stressful. I mean, obviously, this job is how I pay my mortgage and where I get insurance. It’s a job that I like doing. I like working with my customers. I liked working with the folks who got laid off, they were good people,” the employee added. A Google spokesperson told Insider in a statement in March that the reorganization “will ensure we have the right people, partners, and systems in place to meet our customers’ needs now and into the future.” The Hill has reached out to Google for comment. Ives said that hiring freezes and layoffs are tech companies’ ways of “proactively getting ahead of” a potential recession. “This is much more [about] companies preserving their margins, giving themselves flexibility, in what looks like a Category 5 hurricane potentially on the horizon. Strategically, we’ve seen a discernible change in hiring plans, even over the last month across Silicon Valley,” he said. Still, some in the industry believe that tech will weather a potential economic downturn as it did during previous recessions. Tim Herbert, CompTIA’s chief research officer, said that for every tech company announcing layoffs, there’s another firm ramping up hiring or continuing at their current pace, suggesting that the slowdown is more company specific than industry wide. “Companies that had a business model that wasn’t designed necessarily to generate cash flow profitability, but they were really pursuing market share, those seem to be the companies that are going to run into far more problems on the hiring side,” he said. A recent CompTIA analysis of labor data found that the tech industry added 22,800 net new workers in May, even as firms announced layoffs. Herbert noted that the market for developers, data scientists and other tech jobs remains strong, as companies are choosing to keep those tech workers on staff even as they let other employees go.	Unemployment
Economists expected job growth to slow in July as the Fed raises interest rates The U.S. economy continued to see healthy job growth in July, indicating the labor market is still strong despite growing fears of a recession amid sky-high inflation and an increasingly aggressive Federal Reserve. Employers added 528,000 jobs in July, the Labor Department said in its monthly payroll report released Friday, blowing past the 250,000 jobs forecast by Refinitiv economists. The unemployment rate, meanwhile, edged down to 3.5%, the lowest level since the COVID-19 pandemic began more than two years ago.This is a developing story. Please check back for updates.	Unemployment
Topline The U.S. labor market—one of the economy’s strongest pillars during the pandemic recovery—added back 372,000 jobs in June, performing better than economists projected amid concerns the Federal Reserve’s efforts to combat inflation will plunge the economy into recession and push unemployment up for years. The monthly jobs report comes one day after career services firm Challenger Gray reported an ... [+] increase in job cuts—particularly in real estate, autos and media—led to the most quarterly layoffs since the beginning of last year. © 2022 Bloomberg Finance LP Key Facts Job gains in June far surpassed the roughly 250,000 new jobs economists had forecast but fell short of the revised estimate of 384,000 new jobs added in May, according to data released Friday by the Labor Department. Growth was most pronounced in the professional and business services, leisure and hospitality, and health care industries, the government said. Despite the gains, the unemployment rate remained flat at 3.6% for the fourth month in a row—falling short of the prepandemic rate of 3.5% in February 2020, when unemployment was hovering at its lowest level since 1969. The monthly jobs report comes one day after career services firm Challenger Gray reported U.S. employers announced 32,517 cuts in June, surging nearly 59% from one year prior and marking the worst showing since February 2021 thanks to an uptick in cuts across the real estate, automobile and media industries. Also on Thursday, the Labor Department reported 235,000 people filed new jobless claims last week—jumping 4,000 from the prior week to the highest level in six months. Key Background After losing more than 20 million jobs at the height of pandemic uncertainty in the spring of 2020, the labor market has quickly and forcefully led the economic recovery. However, prolonged inflation and the threat of rising interest rates, which tend to hurt company earnings, have sparked concerns about the broader economy. The gloomy sentiment has ushered in waves of layoffs among recently booming technology and real estate companies, and corporate giants including Amazon and Walmart have both signaled a slowdown in their hiring needs, with Walmart executives pointing to “overstaffing” as a drag on disappointing profits last quarter. Crucial Quote “Many of the sectors increasing layoffs this year are currently dealing with the housing market downturn, as demand for mortgages dries up and financing becomes more difficult and expensive to obtain,” Andrew Challenger, senior vice President of Challenger, said Thursday. “Technology companies are also cutting workforces as inflation and recession concerns deepen. Some firms are offering voluntary severance or, as is the case with companies like Meta and Tesla, creating environments where workers may want to quit.” What To Watch For Economists at S&P Global Ratings last week warned the likelihood of a recession over the next year is increasing as the Federal Reserve embarks on its most aggressive economic tightening cycle in decades to combat rising inflation. They predict the unemployment rate will rise to 4.3% by the end of 2023 and more than 5% by the end of 2025—potentially wiping out job growth since last year. What To Watch For “It’s never a good thing to see layoffs, but the pressure on wages may have now peaked,” Jamie Cox, managing partner for Harris Financial Group, said in emailed comments after Thursday’s data. “ A few more weeks of these types of numbers and maybe, just maybe, financial conditions are tight enough to allow the Fed to throttle back on the scale of rate increases.” Further Reading Unemployment Will Rise And ‘Extreme’ Price Pressures Continue As Fed Hikes Risk Recession, S&P Warns (Forbes) Follow me on Twitter or LinkedIn. Send me a secure tip.	Unemployment
Fewer Americans applied for jobless benefits last week as the U.S. job market remains robust despite four-decade high inflation and a myriad of other economic pressures.Applications for jobless aid for the week ending June 18 fell to 229,000, a decline of 2,000 from the previous week, the Labor Department reported Thursday. First-time applications generally mirror the number of layoffs.The four-week average for claims, which smooths out some of the week-to-week volatility, rose by 4,500 from the previous week, to 223,500.The total number of Americans collecting jobless benefits for the week ending June 11 was 1,315,000, up by 5,000 from the previous week. That figure has hovered near 50-year lows for months.Much of the recent job security and wage gains that Americans have enjoyed recently has been offset by inflation levels not seen in four decades.Earlier in June, the Labor Department reported that consumer prices surged 8.6% last month — even more than in April — from a year earlier. The Federal Reserve responded last week by raising its main borrowing rate — its main tool for fighting rising prices — by three-quarters of a point. That increase is on top of a half-point increase in early May.Three weeks ago the government reported that U.S. employers added 390,000 jobs in May, extending a streak of solid hiring that has bolstered an economy under pressure. Though the job growth in May was healthy, it was the lowest monthly gain in a year and there have been signs that more layoffs could be coming, at least in some sectors.Jobless claims applications the past few weeks, though still relatively low, have been the highest since the first weeks of 2022.Online automotive retailer Carvana said last month that it’s letting about 2,500 workers go, roughly 12% of its workforce. Online real estate broker Redfin, under pressure from a housing market that’s cooled due to higher interest rates, said last week that it was laying off 8% of its workers.Those cuts have extended to companies in the cryptocurrency sector with prices for bitcoin and other digital assets cratering in recent months.Crypto trading platform Coinbase Global said last week it planned to cut about 1,100 jobs, or approximately 18% of its global workforce, as part of a restructuring in order to help manage its operating expenses in response to current market conditions.	Unemployment
Nandalal Weerasinghe, newly appointed Governor of the Central Bank of Sri Lanka, speaks during a news conference, amid the country's economic crisis in Colombo, Sri Lanka, April 8, 2022. REUTERS/Dinuka LiyanawatteRegister now for FREE unlimited access to Reuters.comCOLOMBO, July 11 (Reuters) - Sri Lanka's central bank governor signalled on Monday he would stay in the job but warned that prolonged political instability in the country may delay progress on negotiations with the International Monetary Fund for a bailout package.Governor P. Nandalal Weerasinghe, who has been holding bailout talks with the IMF since taking office in April, had told reporters in May he could resign if there was no political stability in the island nation of 22 million that is facing its worst economic crisis in seven decades.President Gotabaya Rajapaksa plans to resign on Wednesday while Prime Minister Ranil Wickremesinghe has also offered to quit, without specifying a date, to make way for a unity government. Thousands of protesters stormed their residences on Saturday and have vowed to stay put until the two leaders resigned. read more Register now for FREE unlimited access to Reuters.com"Political instability might delay the progress we have been making so far," Weerasinghe said of the talks with the IMF during an interview with Reuters in his office, where chants from protesters occupying the president's house nearby could be heard."I would like to have a stable political administration, the sooner the better, for us to make progress, mainly on the programmes we are negotiating with the IMF, bridging finance and also to address shortages of fuel, gas and other things."Asked if he would continue to steer the central bank, Weerasinghe said: "I have the responsibility once I have been appointed to serve for (a) six-year term."He also said negotiations were on for a $1 billion swap with the Reserve Bank of India. Sri Lanka received a $400 million swap from India in January and $1.5 billion in two credit lines after that."We have made a request for another $1 billion," he said, adding the country was also in talks with India for an additional credit line of $500 million to import fuel.Since Weerasinghe, 61, took over, the central bank has raised interest rates twice, including by an unprecedented 700 basis points in April, as inflation touched a year-on-year record of 54.6% in June and could soar to 70% in the coming months. read more The IMF said on Sunday it was hoping for a resolution to the political turmoil to allow a resumption of talks for a bailout package. The government said last week it would present a debt restructuring plan to the fund by the end of August, in a bid to win approval for a four-year funding programme."At technical level we have almost agreed (with the IMF) but at policy level we need a higher-level commitment from a stable administration," the governor said.Sri Lanka suspended repayments on about $12 billion of foreign debt in April and it still had payments of nearly $21 billion due by the end of 2025.Register now for FREE unlimited access to Reuters.comReporting by Uditha Jayasinghe and Devjyot Ghoshal; Writing by Krishna N. Das; Editing by Raju Gopalakrishnan and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.	Unemployment
Rising interest rates, soaring gasoline prices and a Wall Street downturn are bad omens for the U.S. economy, yet many workers continue to believe it’s a job-seeker’s market.Their optimism persists even as some employers are cutting positions and even withdrawing job offers.In April, 403,000 Texans quit their jobs, according to data from the U.S. Bureau of Labor Statistics. Although that represents a decline from March, the number remains near the historical high — and 66,000 higher than before COVID-19.In addition, nearly half of Dallas-Fort Worth workers said they plan to look for another job in the second half of 2022, according to a survey by staffing firm Robert Half. Their primary motivation is to boost pay.The survey, conducted in late May, shows optimism among workers nationwide, and North Texas results are even stronger. For example, 48% of those surveyed in D-FW were looking or planning to look for a new role in the next six months, compared with 41% of respondents nationwide, the firm said.In D-FW, 93% expressed confidence about their skills, compared with 88% in the U.S.“This is such a growth market that candidates continue to hear about a lot of opportunities,” said Thomas Vick, Dallas-Fort Worth regional director for Robert Half. “And when you’re getting so many calls, it makes you feel good about yourself and your skills. It’s kind of like being patted on the back over and over again.”The latest jobs report continues to show a red-hot labor market. Dallas-Fort Worth added 294,700 jobs in the 12 months ending in May, roughly three times more than the typical annual gains before the pandemic, the BLS said in late June.The agency also reported 955,000 job openings in Texas in April, down from just over 1 million in March. Those are huge numbers, especially in a time of low unemployment.In April, job openings surpassed the number of unemployed in Texas by 334,000 — a gap that’s nearly seven times greater than before the pandemic hit.“There’s still a lot of power in employees’ hands right now,” said Andy Challenger, senior vice president of the global outplacement firm Challenger, Gray & Christmas. “We’re at the top on a lot of different metrics — open jobs, level of layoffs, people quitting. All those signs say the labor market is running really hot.”The question is for how long? For the past year and a half, companies have focused on recruiting and retaining workers, but major economic headwinds have emerged. With higher inflation and rising interest rates, consumer confidence has fallen to its lowest level since February 2021, the Conference Board reported.The Federal Reserve has pledged to lower inflation, and many fear the economy will be pushed into a recession. The tech sector has racked up at least 16,000 layoffs each of the past two months, according to TechCrunch. Several companies, including Twitter, Redfin and Coinbase Global, recently rescinded job offers, The Wall Street Journal reported.Pulling a job offer is not common in D-FW, Vick said, and such examples are usually tied to a specific situation. Yet the negative news is affecting candidates.“People are still optimistic, but they’re also a little more cautious,” Vick said. “Before, it was almost like blind optimism.”The latest data on turnover and openings, released Wednesday by the Bureau of Labor Statistics, showed some pullback but still-strong results. Job openings nationwide fell to 11.3 million on the last business day of May, down from 11.7 million in April. That’s still 60% higher than before the pandemic, and it’s the sixth consecutive month of U.S. openings topping the 11 million mark.There was little change in the number of people quitting their jobs, a key indicator that remains near historical highs. Hiring was strong again and layoffs continued to be well below pre-pandemic levels.Claims for unemployment insurance have been rising, both nationally and in Texas, but that’s largely due to seasonal factors and pandemic distortions, according to an article by researchers at the Federal Reserve Bank of Dallas.“There’s been very limited cooling in the labor market through April,” said Tyler Atkinson, a Dallas Fed business economist who co-wrote the article.While anecdotes about layoffs are growing, the aggregate data doesn’t show a real turn yet: “So far, firms are still having a really hard time finding workers,” Atkinson said. “That points to more bargaining power for workers.”He cited a Conference Board survey showing over 51% of consumers said jobs were “plentiful” in June. In another survey, just over half of small businesses had jobs they couldn’t fill.The number of people quitting and openings have been reliable indicators of a tight job market. Those measures could decline without leading to a spike in unemployment, Atkinson said, but it would be unusual to pull off such a soft landing.“That’s really the Goldilocks scenario,” he said.Related:Dallas-Fort Worth adds nearly 295,000 jobs in the past year, triple its typical pace Related:Texas manufacturers raise recession fears amid falling demand, slower outputRelated:Dallas’ jobless rate is higher than the nation’s. Is that something to worry about?	Unemployment
Long-term unemployment tumbled below its pre-pandemic level in July, the U.S. Department of Labor said Friday, as an unexpectedly strong showing of job gains buoyed workers broadly across the economy.Long-term joblessness is a period lasting at least six months. Those without work that long are exposed to more financial risks, since they've generally exhausted eligibility for unemployment benefits and it becomes harder to find another job during lengthy unemployment spells.The number of long-term unemployed fell by 269,000 in July, to 1.07 million people — less than the roughly 1.1 million people in February 2020, according to the Labor Department's monthly jobs report.More from Personal Finance:Does the Inflation Reduction Act violate Biden's $400,000 tax pledge?What we know about student loan forgivenessHow to know if you are affected by the Equifax credit score errorFurther, 18.9% of all unemployed Americans in July were considered long-term unemployed — a significant reduction from the 22.6% share in June and less than the 19.1% pre-pandemic share in February 2020, according to the agency.By comparison, a year ago, in July 2021, more than 39% of all out-of-work Americans had been jobless for at least six months."Long-term unemployment was a serious concern earlier in the recession," said Daniel Zhao, lead economist at career site Glassdoor. "We had this experience during the Great Recession where it was very difficult to get workers back into the labor force and back to jobs."Long-term joblessness can lead to 'scarring'The rapid recovery of long-term joblessness from its pandemic-era highs — when 43% of all unemployed were out of work long-term — serves as a reminder that a quick recovery is possible, which can "help mitigate the risks of labor-market scarring," Zhao added.That "scarring" effect refers to the greater difficulty of returning to work after being out of a job for a long time. Workers can lose skills and their job networks may fray, for example, the longer they're out of work. Research has also shown that, even if workers find new employment, they face negative financial side effects from that long-term joblessness in the form of lower lifetime earnings.The overall unemployment rate in July fell to its pre-pandemic level of 3.5% — which had been the lowest unemployment rate since 1969.U.S. employers added 528,000 jobs last month, fully recovering the roughly 22 million jobs lost during March and April of 2020.	Unemployment
The Massachusetts job market lost more speed this month, as it inches ever so slowly back toward pre-pandemic norms.Local employers added just 3,400 jobs in June, according to data released Friday by the Baker administration, and revisions to last month’s rosier figure of 5,900 cut it down to just 400, another sign that the economy is rapidly cooling off.The state unemployment rate fell another two-tenths of a point to 3.7 percent, compared to 3.8 percent nationwide. Before the pandemic hit in February 2020, Massachusetts’ jobless rate was 2.9 percent. It reached 4.8 percent in January 2022.The labor force — defined as the people with a job or looking for one — was unchanged this month, too. The total number of residents 16 or older who worked or were unemployed and actively sought work in the last four weeks is still at 66 percent.Certain sectors saw the largest employment gains, including 3,300 jobs added in construction, 1,100 jobs in professional and business services, 600 jobs in information, and 500 jobs in leisure and hospitality. On the other hand, education and health services lost 900 jobs, and the manufacturing sector lost 400 jobs. Overall there are just under 3.7 million payroll jobs in Massachusetts, about 80,000 fewer than the state’s pre-pandemic peak.Much like the May numbers were revised, the June figures, too, could be changed in coming months as more finely-detailed data comes in.Material from previous Globe reports was used in this story.Diti Kohli can be reached at diti.kohli@globe.com.Follow her on Twitter @ditikohli_.	Unemployment
By Shiona McCallumTechnology reporterImage source, Getty ImagesThe UK technology sector has a talent shortage which could "stifle growth", an industry body has warned.Liz Scott, from TechNation, said it was "a real issue" which must be rectified. There were more than two million UK job vacancies in tech last year, more than any other labour area, but an industry coalition says nearly 12 million workers lack essential digital skills. The government told the BBC it was working very closely with industry on digital skills training. However, schemes like boot camps, apprenticeships and degree apprenticeships do not seem to be enough to address the gap. Michelle Donelan, former education minister, said: "Employers both large and small are crying out for more people to be trained in digital skills. "An apprenticeship is a fantastic way to achieve that. Not just for young people, but also those looking to upskill."But, according to government figures, nearly half of all apprentices across all sectors, not only in tech, dropped out last year. Data cited in the latest UK jobs report from professional services network KPMG and the Recruitment and Employment Confederation showed candidate numbers for job vacancies has been falling.The report said this is because of:a generally low UK unemployment rateconcerns over job securityincreased economic uncertainty, which made people wary about moving jobsImage caption, Coding at the National College for Digital SkillsOne place which is teaching young people important tech subjects is ADA, the National College for Digital Skills, in London. It encourages students towards core Stem subjects - science, technology, engineering and mathematics - that form the backbone of the industry.Principal Tina Gotschi said: "A lot of the jobs that these students will do in the future don't even exist at this point - a lot of those will be digital jobs. "The college was initially founded to address the skills gap, but unfortunately over time, it is just getting greater. "The pipeline of students coming through is shrinking and there is a lack of computer science teachers too."There is a financial incentive to getting digital skills. According to TechNation, tech salaries are nearly 80% higher, on average, than salaries for non-tech jobs in the UK. The average tech salary is £62,000, which is more than double the average household income in the UK. Ronan Harris, managing director of Google (UK and Ireland) told the BBC that big tech companies are trying to play a part in providing people with qualifications."We've trained over 800,000 people in the UK in a range of digital skills," he said."We want people to be excited about technology. But increasingly, what we're seeing is all jobs that are being advertised have some form of digital requirement to them." It's a sentiment with which Ben Francis, founder of online clothing apparel company Gymshark, agrees."The historical view of someone that works in tech, he's probably, you know, a bit more of like a geeky sort of person. "But I think the more unconventional view of techies is that tech is a creative outlet." Gymshark is a UK tech start-up success story. The company achieved unicorn status in 2020, meaning it is valued at $1bn (£848m) or higher."If you're a great graphic designer, if you're a great web designer, if you want to create great apps or NFTs - all of that is done through tech and understanding of tech," said the entrepreneur.Image source, GymsharkImage caption, Gymshark became a unicorn in 2020James Hallahan, director at recruitment company Hays, said: "Due to the increase in digital transformation over the past few years - the demand for tech talent shows no signs of slowing down."He added that roles with skill shortages included software developers, data scientists, data analysts, enterprise architects and programme and project managers.However, a sizeable chunk of the British workforce is nowhere near skilled enough to apply for positions like those, according to industry coalition FutureDotNow. It says that some 11.8 million workers lack basic digital skills - let alone more complex ones.However, Ms Scott says: "There are good jobs available here. We just need people to understand that they're available and then know how to access them and know where to get the right signpost in for retraining or reskilling courses."Image source, Getty ImagesOut of LondonWhere people live may also be becoming less of a barrier.Over the last decade, UK companies like Deliveroo, Darktrace and Depop have been started, funded and scaled by driven entrepreneurs and investors. Fintech companies are also growing, with the likes of Monzo, Starling, Marshmallow and Cazoo all achieving unicorn status. The majority of them have had major ties to London, but that is slowly changing.Demand for tech talent is increasing across the UK with the number of professionals with the right skills expanding at a faster pace in the north of England than in London, according to information technology company Accenture. Shaheen Sayed, its technology lead in the UK, said: "Businesses have been bullish in investing in technology and hiring - particularly in skills such as AI, cloud and robotics."The pool of technology professionals is also expanding, with growth in the north [of England] outpacing growth in the south [of England], and emerging technology hubs in Edinburgh and Manchester starting to compete with the capital." Follow Shiona McCallum on Twitter @shionamc	Unemployment
SINGAPORE — Futures in the Asia-Pacific region pointed to a mixed open following better-than-expected jobs data in the U.S.The Nikkei futures contract in Chicago was at 26,815 while its counterpart in Osaka was at 26,800. That compared against the Nikkei 225's last close at 26,517.19.In Australia, SPI futures were at 6,597, lower than the S&P/ASX 200's last close at 6,678.U.S. nonfarm payrolls for June surprised to the upside on Friday, coming in at 372,000, according to the Bureau of Labor Statistics. That's well above the Dow Jones estimate of 250,000. The unemployment rate was unchanged from May at 3.6%.That jobs report helped to reduce recession fears somewhat, economists said.Stock picks and investing trends from CNBC Pro:Japan's ruling coalition is set to increase its majority in the upper house of the country's parliament, local broadcaster NHK projected. Voters headed to the polls two days after former Prime Minister Shinzo Abe was assassinated while campaigning on behalf of the Liberal Democratic Party in the city of Nara.Elsewhere over the weekend, city officials said nearly all commercial and industrial businesses — including casinos — in Macao will shut for one week from Monday in a bid to stop the spread of Covid-19, according to Reuters.In company news, China imposed fines on several companies, including tech giants Alibaba and Tencent, for not complying with anti-monopoly rules on disclosure of transactions, according to Reuters.Singapore and Malaysia markets are closed for a holiday on Monday.Later this week, the U.S. will report inflation data, while China will release its GDP, industrial production and retail sales data. Earnings season also kicks off this week.CurrenciesThe U.S. dollar index, which tracks the greenback against a basket of its peers, was at 107.009.The Japanese yen traded at 136.27 per dollar, weaker than levels seen last week. The yen strengthened on news that former Prime Minister Shinzo Abe had been shot Friday. The Australian dollar changed hands at $0.6848.— CNBC's Jeff Cox contributed to this report.	Unemployment
WASHINGTON – Still testing positive for COVID-19 and barely a week after metrics suggesting the American economy had entered a recession, President Joe Biden donned his trademark Ray-Ban sunglasses Friday to take a victory lap over a strong jobs report.“It’s the lowest unemployment rate in America in the last 50 years: 3.5%. Yes, 3.5%. Today, there are more people working in America than before the pandemic began,” Biden said to a small group of reporters gathered before him on the Blue Room balcony overlooking the South Lawn. “In fact, there are more there are more people working than at any point in American history.”The Labor Department announced early Friday the economy had added 528,000 new jobs in July, a staggering number more than twice what economists were predicting. Previous months’ numbers were revised slightly upward as well.On July 28, a different federal report showed that the country’s gross domestic product had shrunk by 0.9% in the second three months of the year – the second straight quarter of negative growth. That has been the shorthand definition for recessions in the past. But it may not be an accurate indicator following the government’s pandemic response, which involved pumping trillions into the economy to prevent it from collapsing.Biden made no mention of that, instead focusing on the employment situation, which included another large increase in the number of manufacturing jobs.“Today’s jobs report is part of a broader story,” Biden said. He went on to attribute the numbers to his economic policies. He also used the occasion to sell the new agreement among congressional Democrats to pass a scaled-back version of the comprehensive “Build Back Better” agenda he pushed on the campaign trail and in his first year and a half in office.Biden said he understands that many Americans are struggling because of high inflation rates, but that the new compromise legislation – which principal architect Sen. Joe Manchin (D-W.Va) has dubbed the Inflation Reduction Act – will help address that.“This bill is a game-changer for working families in our economy,” he said.Biden tested positive for COVID-19 on July 21. With both initial vaccinations and two booster doses, however, his symptoms were mild, according to the White House. He was also prescribed the new anti-viral Paxlovid, and he has continued working through the entire period.After testing negative on July 26, Biden began testing positive again on Saturday, a common occurrence among those who have taken Paxlovid.	Unemployment
Stocks rose on Friday, cutting losses for the week, as August's jobs report came in about as expected. The data eased fears that a hotter labor market would give the Federal Reserve leeway to get more aggressive with its rate hikes.The Dow Jones Industrial Average rose 304 points, or 1%. The S&P 500 advanced 1.2% and the Nasdaq Composite gained 1.3%.Investors were comforted by the highly anticipated jobs report, which showed the economy added 315,000 jobs for the month, just under the Dow Jones estimate for 318,000. Steve Sosnick, chief strategist at Interactive Brokers, called it a "Goldilocks" report."Not too hot. Not too cold. It's right around expectations. There's nothing in here that takes 75 [basis points] off the table," he said. "A number that is within expectations doesn't change anything. What we're seeing now is a relief rally."The unemployment rate rose to 3.7%, two-tenths of a percentage point higher than expectations. The August report is particularly important because it's one of the last major economic reports the Fed will weigh before it raises rates at its September meeting. This data point could help the central bank determine whether a 75-basis-point hike.The last major economic report of note is August CPI on Sept. 13 and is more likely to determine how aggressive the Fed needs to be in the near term.The Dow and the S&P 500 ended the day higher in the prior session to kick off September, snapping four days of losses. Still, the major averages are set to end the week lower and notch their third negative week in a row, after slumping in the last days of August. The Dow and S&P are set to post a weekly decline of more than 1.5%. The Nasdaq Composite in on pace to fall 2.5% this week.Stocks have been weighed down by hawkish comments from Federal Reserve officials signaling that interest rate hikes aren't going away anytime soon. Now, traders are watching to see if stocks will retest the June lows, especially since September is historically a poor month for the market.Shares of retailer Lululemon jumped nearly 10% after reporting quarterly results that beat Wall Street's expectations.—CNBC's Patti Domm contributed reporting.S&P 500 climbs back up to 4,000The S&P 500 touched the 4,000 level Friday morning, after falling below it on Tuesday for the first time since July and extending declines in the following days.— Tanaya MacheelGoldman Sachs reiterates $2 price target on Bed Bath & Beyond sharesGoldman Sachs believes Bed Bath & Beyond's stock is still headed toward $2 despite the brand's recent efforts to turn around its struggling business. "We reiterate our Sell rating with a 12-month price target of $2 given weak 2Q comp trends, along with ongoing inventory issues and negative consumer sentiment," wrote analyst Kate McShane in a note to clients.The note from Goldman comes after the struggling retailer shared a strategic update earlier this week that included plans to close stores and trim its workforce by 20% in bid to reverse its continued cash burn. — Samantha SubinJuly factory orders show surprise declineNew orders for manufactured goods fell 1% in July, the Census Bureau said Friday, dropping for the first time this year. The decline was a surprise, with economists surveyed by Dow Jones expecting an increase of 0.2%. The fall is a significant change from the revised growth of 1.8% in June.Shipments, which had risen for sixteen straight months, fell 0.9%.— Jesse PoundThree-quarters point fed funds rate boost in September not off the table, investors sayJim Paulsen, chief investment strategist at Leuthold Group, said August's nonfarm payrolls report isn't the final word for the Federal Reserve as to September rate policy."I think we'll have to get through the CPI report. This doesn't take 75 off the table but it leans it more toward 50," Paulsen said.The Fed next meets in three weeks, on Sept. 20-21.Greg Faranello of AmeriVet Securities said the fed funds futures had an 80% chance of a 75-basis point hike for September before the August jobs report. That has now fallen to just under 70%.Ben Jeffery, BMO rate strategist, said the 2-year Treasury yield is moving the most Friday, reflecting lowered expectations for Fed rate hikes. The odds of a 75-basis point rate hike in September shifted slightly lower after the report.August payrolls were "good in terms of the Fed's goals and it was pretty much consensus in terms of what the Street was looking for," Jeffery said. "It should offer a little bit of calm to the market after the volatility this week."— Scott Schnipper and Patti DommStocks open higher after strong August jobs reportStocks popped at the open on Friday, extending gains from the final minutes of the previous session after the August jobs report came in about as expected. The Dow Jones Industrial Average jumped about 140 points, or 0.5%, while the S&P 500 and Nasdaq Composite added 0.6% each.The major averages are still on track to post their third consecutive down week.— Tanaya MacheelU.S. added 315,000 jobs in AugustThe August jobs report showed slowing but still solid employment growth, with the U.S. economy adding 315,000 jobs, the Bureau of Labor Statistics said Friday. Economists surveyed by Dow Jones were expecting growth by 318,000 jobs. The unemployment rate rose to 3.7%, tying its highest level of the year, though that was due in part to an expansion of the labor force participation rate. Stock futures moved higher after the report was released. The rising participation rate, along with a slower pace of wage growth, could be seen as a bullish development for the Federal Reserve's fight against inflation. The jobs growth from the prior two months was revised down by a total of 107,000.— Jesse PoundBroadcom rises on earningsBroadcom shares rose 2% in premarket trading after the chipmaker reported quarterly earnings and revenue that exceeded analyst forecasts and issuing stronger-than-expected revenue guidance for the current quarter. The company's CEO, Hock Tan, also said it's expecting strong demand to continue this quarter.— Tanaya MacheelOil higher, but on track for losing weekOil prices rose on Friday ahead of the upcoming meeting between OPEC and its oil-producing allies, but commodities were still on track to end the week in the red.West Texas Intermediate crude futures, the U.S. oil benchmark, advanced 1.7% to $88.06 per barrel on Friday. Global benchmark Brent crude added 1.5% to trade at $93.77 per barrel.Energy companies were among the premarket winners. Occidental Petroleum and Devon Energy each gained about 2%. Exxon Mobil and ConocoPhillips were more than 1.5% higher.For the week WTI is down 5.5%, while Brent has shed 7.2%. Global growth concerns as well as new lockdowns in China have weighed on prices.— Pippa Stevens, John MelloyDaiwa downgrades Nvidia, says valuation needs a resetDaiwa Capital Markets downgraded shares of Nvidia to neutral, saying in a note to clients that shares are trading too high given the uncertainty for the company going forward."If one assumes that a PE should match somewhat a growth rate, with top and bottom line growth being reduced materially over the next twelve months, and then uncertainty of the go forward normalized growth numbers, a PE of 42x FY23 is just too high," he wrote.CNBC Pro subscribers can read more on the downgrade here.— Samantha SubinOil rises as G-7 finance chiefs reportedly set to advance Russian oil price cap planEuropean markets climb ahead of U.S. jobs reportEuropean markets advanced on Friday to round out a bruising week, as investors await a key U.S. jobs report for indications on the health of the economy.The pan-European Stoxx 600 added 0.7% in early trade, with autos climbing 1.7% to lead gains as almost all sectors and major bourses traded in positive territory.- Elliot SmithCNBC Pro: These outperforming stocks could be safe bets right nowMarket volatility is on the rise, as fears mount that further interest hike rates to tackle inflation could come at the expense of economic growth. And there could be more pain ahead as the stock market now enters into what has traditionally been a "seasonally weak" period for equities.But these low-volatility stocks have outperformed the market this year, and could have further upside ahead, according to analysts.Pro subscribers can read more here.— Zavier OngCNBC Pro: Wall Street pros issue warning on stocks. Here's what they say to buy insteadIt's time to get out of stocks, some analysts have urged this week."We ... now believe the absolute return outlook for equities is outright unattractive in the coming months," Credit Suisse's Global Chief Investment Officer Michael Strobaek said in a note.Here's what the pros say to buy instead, including the "best asset to own" during this stage of the investment cycle, according to Goldman Sachs.Pro subscribers can read the story here.— Weizhen TanMajor averages on track for third negative week in a row Even though the S&P 500 and Dow rose to end Thursday higher, the two averages and the Nasdaq are all on track to notch their third negative week in a row. Through Thursday, the S&P 500 is down 2.24% week to date, and the Dow has shed 1.94% in the same timeframe. This week through Thursday the tech-heavy Nasdaq has slipped 2.94%. If the three major averages do end the week lower, it will be the first negative 3-week streak since mid June. —Carmen ReinickeLululemon surges on earnings beat Shares of active retailer Lululemon surged more than 9% in after hours trading Thursday following the company reporting quarterly earnings that beat Wall Street estimates on the top and bottom lines. The company reported adjusted earnings per share of $2.20 versus expectations of $1.87, according to Refinitiv. It also brought in $1.87 billion in revenue versus an anticipated $1.77 billion.Click here to see what other stocks are moving after hours. —Carmen ReinickeEconomists looking for slowed hiring in August jobs reportThe August jobs report is due Friday morning from the Bureau of Labor statistics, and is the latest piece of economic data investors and the Federal Reserve will have to gauge the strength of the U.S. economy.Economists expect that the economy added 318,000 jobs in August, according to Dow Jones. That's less than the surprisingly strong 528,000 jobs added in July, according to Dow Jones. In addition, the unemployment rate is expected to stay steady at 3.5% and average hourly wages are forecast to rise 0.4%, or 5.3% on the year.The report is an important one as it's one of the last pieces of data the Fed will see before its September meeting, where it is set to raise its benchmark interest rate again.Click here to read more. —Carmen Reinicke, Patti Domm	Unemployment
SHANGHAI/PARIS, Aug 18 (Reuters) - From $300 bucket hats to $900 sneakers and $700 t-shirts, the high-flying luxury sector is fretting over the appetite among financially stretched Gen Z consumers for such "aspirational" purchases.Executives are troubled in particular by a hit to young Chinese shoppers, not only because mainland China has been a major driver of the industry's growth in recent years, but also because high end consumers in the world's second-largest economy are a decade younger than the global average of 38.Young adults around the world have been "a very strong factor of luxury growth over the past decade," said Gregory Boutte, chief client and digital officer at Gucci-owner Kering.Register now for FREE unlimited access to Reuters.comData this week showed China's economy slowed unexpectedly, prompting a central bank rate cut, while macroeconomic trends are disproportionately impacting the extra funds that those born between 1996 and 2012 might use to enter the world of luxury.Whereas in North America and Europe, inflation and a rising cost-of-living are hitting discretionary incomes of young consumers especially hard, China's problem is different."In the U.S., inflation is a huge issue, the major focus of a lot of luxury companies ... In China, it's the youth unemployment rate that's alarming right now," Kenneth Chow, principal at consultancy Oliver Wyman said.Government data for July registers the unemployment rate of China's urban population aged 16 to 24 at a record 19.9%, exacerbated by the impact of COVID-19 lockdowns and a crackdown on big tech firms that traditionally hired droves of graduates."This might be the first time that a lot of young adults (in China) are facing (such an) economic impact, so it will be a testing ground on how these consumers are going to spend on luxury items going forward," Chow said."If a recession happens, then I will 100% buy less or maybe even stop buying altogether," said U.S.-based luxury lifestyle and travel TikToker Jeffrey Huang, 28, who shares his Louis Vuitton shopping trips and hauls with his 150,000 followers.A recent Oliver Wyman study showed that some luxury brands are significantly lowering their sales expectations for the Chinese market in response to current conditions, with 80% of executives questioned not expecting a "v-shaped" recovery this year. Oliver Wyman declined to name the brands it surveyed.Nevertheless, earnings last month from firms including LVMH (LVMH.PA) and Kering (PRTP.PA) painted a picture of resilience in the face of economic headwinds, with luxury players riding a wave of post-COVID spending by their wealthiest clients.And big brands have signaled their intention to grow top end sales of $10,000 handbags and $5,000 coats rather than focus on attracting new entrants onto the bottom rung of the ladder.Chanel, Louis Vuitton and Dior have raised prices on high-margin leather goods several times over the past year, with Chanel planning stores dedicated to VIP consumers. read more Sneakers of Italian high fashion sneaker brand Golden Goose are displayed at its store in Beijing, China September 23, 2020. Picture taken September 23, 2020. REUTERS/Tingshu Wang/File Photo"As the prices are rising, I'm becoming more and more cautious because I feel like I did do a good amount of spending in the last year," said Sara Yogi, a 26-year-old San Francisco, California resident, adding that she may hold off buying a $2,900 Prada bag and one costing $3,200 from Bottega Veneta which are both on her wish list.This shift to focus on core luxury consumers also encompasses a cohort of wealthy Gen Z consumers less likely to be impacted by inflation or unemployment.But the concern is over would-be buyers who were meant to help Gen Z account for a fifth of all spending in the luxury goods sector globally by 2025.And brands such as Burberry have already noted weakness in sales of sneakers and slides, products Gen Z and millennial consumers have traditionally used as their entrée into the world of luxury brands. read more PLAN B FOR GEN Z?One way for luxury players to continue to attract Gen Z consumers may be to offer aspirational options at entry-level price points that can be worn often, said Yi Kejie, a 26-year-old marketing content manager.Luxury branded mobile phone cases, earrings, hair clips and perfumes are all popular among her Gen Z peers in China, Yi said, adding: "These are items with the lowest threshold for (them) to have that logo, that icon".Some luxury labels, including Balenciaga and Dior, are embracing the metaverse to seed interest with teens and young adults, offering affordable ways for them to kit out their virtual identities on gaming platforms such as Roblox.Virtual sneakers from brands like Gucci have already proved wildly popular, with a price point of $17.99.Whether in the real or virtual world, entry-level products call for high levels of creative investment."There is this young crowd of consumers that are entering into the market that requires a lot of creativity at more affordable price points," said Bain partner Claudia D'Arpizio, adding that not all brands are equipped for this.There is good news for brands, however.If they do find the right offering of entry-level products, or if the economic situation of Gen Z consumers improves, the desire for luxury products remains undimmed."Young people in China are enthusiastic about luxury products," Yi said. "Lockdowns, or the temporary unemployment rate won't change their long-term preferences."Register now for FREE unlimited access to Reuters.comReporting by Casey Hall, Doyinsola Oladipo and Mimosa Spencer; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.	Unemployment
There are two ways of looking at the state of Britain’s labour market. In one it is a case of the glass being half full, in the other half empty.If you are a government minister you take the former view. Nadhim Zahawi said the unemployment rate of 3.8% has rarely been lower in decades and the chancellor is right about that.What’s more, the economy continued to create net new jobs in the three months to June, with employment rising by 160,000 over the quarter. Flash estimates suggest the pattern continued into July.With job vacancies at near record levels, the labour market looks in good shape to withstand the recession the Bank of England is forecasting for the UK. The economy contracted slightly in the three months to June, but demand for workers remained strong.That’s the upbeat way of looking at the latest jobs figures from the Office for National Statistics. Ruth Gregory, UK economist at Capital Economics, says “by any metric the labour market is still very tight”.A glass half empty observer sees things differently, and would point to the slower pace of employment growth, evidence that job vacancies are past their peak and the record gap between regular pay (unadjusted for bonuses) and the rate of inflation.Samuel Tombs, chief UK economist at Pantheon Macro, says demand for labour is stabilising just as the supply of workers is picking up. The increase in the size of the workforce is being driven by immigration, he notes, with the number of non-UK nationals either working or looking for a job rising by almost 250,000 in the past year.The domestic labour force is also likely to increase as people try to maintain their living standards at a time when cost of living pressures are intensifying, and this will lead to higher unemployment as a weakening economy leads to fewer job opportunities.Ultimately, the labour market data shows where the economy has been but doesn’t necessarily show where it is heading. Employment growth was healthy as the UK came out of lockdown. Annual regular pay growth has picked up to 4.7% as firms have struggled to find workers.The question is whether those days are now in the past, as the Bank of England certainly thinks. Threadneedle Street sees a protracted recession pushing the unemployment rate to above 6% by 2025. Judging by the most up-to-date evidence, that process has started.	Unemployment
Alev’s experience may seem at odds with headlines from the spring boasting a hot labor market, with plenty of job openings and a low unemployment rate. But with inflation eating at wage growth and recession fears prompting employers to pare back growth plans, recent college graduates like Alev find themselves entering the job market at a tumultuous and strange time.“There still seems to be a fair amount of opportunity, but it depends on what sector you’re going into,” said Kathy Robinson, founder of Boston-based career coaching platform TurningPoint. “It’s like a giant game of musical chairs. The game is still going but the chairs are getting removed, one at a time.”Jennifer Suryadjaja is entering the job market for a second time, with a graduate certificate in digital and marketing management from Northeastern. She began looking for jobs in the spring of 2020 — not so great timing either — after finishing her undergraduate degree from Boston University. After several short internships, she found a full-time position, but eventually decided to return to school.“This isn’t my first rodeo, but unfortunately here I am again after graduating in a job market that was also bleak in the pandemic, and now we’re facing a recession,” said Suryadjaja. “So I’m trying to make the best of what I can get.”Complicating matters, Suryadjaja is Indonesian, here on a student visa. With school done, she can apply for an Optional Practical Training visa, or OPT, which would allow her to work in the United States for one year (beyond that she’d need an employer-sponsored H-1B visa). Once she gets the OPT visa, Suryadjaja has three months to find a job related to her degree. If she can’t, she’ll be deported.She’s noticing more job opportunities compared to 2020, but Suryadjaja is still having a tough time getting her foot in the door. Despite extensive research and networking, competing with other applicants as an international student in the current labor market has been grueling.Jennifer Suryadjaja applied for a job, while sitting in a Boston coffee house.Pat Greenhouse/Globe Staff“It’s definitely frustrating because I have been doing my best,” she said. “I’m doing everything I can to get a job as soon as possible, I think it just takes a little bit more time and patience now.”Graduates are also entering the job market as many employers are rethinking the future of work, and must consider whether they prefer remote or in-person jobs.“It’s an interesting time because many things have returned to in-person,” said Erica Mattison, a private career coach based in Jamaica Plain. “But we’re at an inflection point where many grads are interested in remote or hybrid work.”In May, two days before she graduated from Boston University, Carina Wang secured a job as a marketing coordinator at Dopple, a children’s clothing company based in New York. But the 22-year-old won’t be moving there. She’ll stay in Boston and work remotely. And with inflation driving prices up, Wang’s first priority when job hunting was pay.“Boston rent is so expensive, and only getting higher, so I really cared about that base salary,” said Wang, who added that while New York and Boston both have notoriously high rent, Boston felt slightly more manageable, something that factored into her decision.Whether an employer requires in-person or remote work is “definitely a factor” in Boston University graduate Sofia Barros’s job search, because she knows she works best in a hybrid setting where she can do both. She’s also searching for a salaried position in the entertainment industry somewhere in Los Angeles, factors that have led to a longer job hunt.“Looking for jobs has been a little challenging because I’m searching for something specific,” she said. “The biggest struggle I’ve had is just getting that first interview. I’ve been applying for months, and I just got my first interview for a job yesterday.”And with stocks falling and executives and economists sounding the alarm about a potential recession within the next year, recent graduates are also factoring an economic downturn into their career plans.“I have thought about a recession and it scares me every single day because I’m scared I’ll become jobless and homeless,” said Alev. “I’m 24 and I’m supposed to enjoy life, but I’ve spent my time working without being able to do the things I love because of how bad the economy is.”But career coaches say the job market still offers a fair amount of opportunity for younger workers, and being persistent during a job search despite complex economic factors can increase recent graduates’ chances of success, said Robinson.“Unfortunately, if you pull back [from the job search] because of stress, you’ll miss the hiring that’s happening right now, because this is a peak time to be onboarding recent grads,” she said. “Having a regular, consistent job search habit is really important no matter what’s going on around us in the world.”Despite the gloomy economic outlook, Suryadjaja remains optimistic about her job search. But she can’t help but feel that she just happened to enter the job market at an unlucky time.“If I had graduated five years ago, it would have been a whole different ball game,” she said. “But now, we’re dealing with more cards in the deck that we have to consider, and that makes me a little upset.”Annie Probert can be reached at annie.probert@globe.com.	Unemployment
MoneyWatch August 4, 2022 / 11:08 AM / CBS/AP Jobless claims rise to round out July Weekly jobless claims rise and mortgage rates drop as economic recovery remains in flux 03:19 The number of Americans collecting jobless benefits last week is at its highest level since November, a sign the labor market is cooling as the Federal Reserve tries to lower inflation by slowing economic growth.Applications for jobless aid for the week ending July 30 rose by 6,000 to 260,000, matching an eight-month high set two weeks ago, the Labor Department reported Thursday. First-time applications generally reflect layoffs. The four-week average for claims, which evens out the weekly ups and downs, also rose from the previous week, to nearly 255,000. Jobless claims have been steadily rising since hitting a 50-year low in early April."The direction of filings has changed. from sustained declines to an uptrend, signaling a shift in the labor market. Overall, further interest rate increases will result in a rebalancing in supply and demand for workers, and a further rise in layoffs over coming months," Rubeela Farooqi, chief U.S. economist at High Frequency Economics, said in note. Earlier this week, the government reported that American employers posted fewer job openings in June. Openings fell from 11.3 million in May to a still-robust 10.7 million in June, meaning there are 1.8 open jobs for every unemployed worker. Before l2021, openings never exceeded 8 million in a month."While the labor market may be getting marginally cooler, overall demand for workers continues to exceed the supply," Nancy Vanden Houten, lead U.S. economist at Oxford Economics, said in a research note. "Given that imbalance between the supply and demand for workers, we think employers are more likely to first slow hiring rather than lay off workers as the economy slows." Slowing job growth The Labor Department's jobs report for July, due out Friday, is expected to show that employers tacked on another 250,000 jobs last month, which would be a healthy number in normal times but would be the lowest since December 2020. Economists expect the unemployment rate to hold at 3.6% for the fifth straight month.Though the labor market is still considered strong, there have been some high-profile layoffs announced recently by companies including Carvana, Coinbase, Netflix, Redfin and Tesla. A host of other companies, particularly in the tech sector, have announced hiring freezes.Other indicators point to some weakness in the U.S. economy. The government said last week that the U.S. economy shrank 0.9% in the second quarter, the second straight quarterly contraction.Consumer prices are still soaring, up 9.1% in June compared with a year earlier, the biggest yearly increase in four decades. In response, the Federal Reserve raised its main borrowing rate by another three-quarters of a point last week. That follows June's three-quarter point hike and another half-point increase in May. Higher rates have already sent home sales tumbling, made the prospect of buying a new car more burdensome and pushed credit card rates up.All of those factors paint a divergent and confusing picture of the post-pandemic economy: Inflation is hammering household budgets, forcing consumers to pull back on spending, and growth is weakening, heightening fears the economy could fall into recession. In: Employment jobless claims Economy Unemployment Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue	Unemployment
Having presided over a grand celebration of the party’s centenary and suppressed mass Covid outbreaks last year, China’s president, Xi Jinping, told his countrymen and women in his 2022 New Year address that the Chinese nation was “making confident strides on the path toward the great rejuvenation”.But so far, the Year of the Tiger has been full of stumbling blocks. First, the draconian Covid lockdowns in major cities such as Xi’an and Shanghai, the commercial capital, sparked outcry and disrupted global supply chains. Then the economy showed signs of a serious slowdown, leading to growing unemployment among the young. Xi’s “no limit” partnership with Vladimir Putin also made China a target of western criticism.And in the past fortnight or so, a whirlwind trip by the US House speaker, Nancy Pelosi, caused real fear of a miscalculation over Taiwan, which Beijing has long claimed its own.Last week, shortly before the People’s Liberation Army (PLA) began a series of drills surrounding Taiwan, the Chinese air force reminded the citizens of their role by invoking the memories of Du Fengrui, a PLA pilot who 64 years ago shot down two Kuomingtang jets in the Taiwan Strait but was killed in a subsequent attack.“When it comes to protecting the interests of the motherland, the hero’s blood and pride are always in us,” said Fu Dinghai, a pilot at the Eastern Theatre Command. “As Du’s successors, we are also unafraid of bleeding and sacrificing … [we shall] resolutely complete the tasks given to us by the party and the people.”For a few days, there was a sense of a crisis in the making over the island of Taiwan. The dramatic exercises drew the world’s attention – as well as some condemnation. The exercises eventually wound down on Wednesday. Yet, analysts say the real long-term crisis has just begun.China’s economy has showed signs of a serious slowdown, leading to growing unemployment among the young. Photograph: Mark Schiefelbein/AP“Both the US and China are realising that events last week underscore that we are moving towards a prolonged crisis in Taiwan,” said Jude Blanchette, Freeman Chair in China Studies at the Center for Strategic and International Studies (CSIS) in Washington DC. “For Xi, it’s as much of a challenge to manage the crisis as it is for Biden.”China’s propaganda machine has been on overdrive since Pelosi’s visit, creating a fierce sense of anger and determination. “Pelosi’s sneaky visit [to Taiwan] could help accelerate the unification of the motherland,” one popular WeChat post wrote last week. China’s foreign minister, Wang Yi, also called Taiwan’s leader, Tsai Ing-wen, “unworthy”.In its first white paper in 22 years, Beijing on Wednesday reiterated its preference to unite Taiwan by peaceful means. “But we will not renounce the use of force, and we reserve the option of taking all necessary measures,” it said. The line that Beijing would “not send troops or administrative personnel to be based in Taiwan” after “unification” – which appeared in both 1993 and 2000 white papers – had been removed from the latest version.But despite the heightened rhetoric and unprecedented reaction, Xi does not want a crisis at the moment with the US – at least for now. According to the Wall Street Journal, Xi on 28 July tried to persuade Biden to stop Pelosi going to Taipei, but he also indicated that he had no intention of engaging in a war with the US and stressed the need for “maintaining peace and security”.“In the run up to this year’s party congress, where Xi is expected to win a third term as the supreme leader, his top priority is to manage various risks and ensure stability,” said Prof Dali Yang, a China expert at the University of Chicago. “Xi often talks of stability as the bottom line, but even as powerful as him, it’s pretty difficult to ensure everything is under control with Covid-19.”One of the biggest headaches for Xi and his bureaucrats is the economy, which has been severely affected by repeated lockdowns this year. In May, Premier Li Keqiang called a national meeting to address the dismal job market. He pulled no punches, kicking things off with a stern warning on jobs: the “current employment situation is complex and grim”, he said, urging more support for small and medium businesses.Xi Jinping is expected to seek a third term this year. Photograph: Vernon Yuen/REX/ShutterstockLi’s warning came as China is expected to miss this year’s target of GDP growth of 5.5%, which he set in March. Since Li’s speech China’s economy continues to disappoint. According to figures from the statistics bureau in July youth unemployment had risen to 19.3%, in a trend that was accelerated by the full or partial draconian lockdowns imposed in major centres across China in the spring, including Shanghai. Ironically, though, Xi’s zero-Covid policy is here to stay – at least for the foreseeable future. As Hu Chunhua, the vice premier, articulated in a follow-up speech to Li’s at the May meeting, China should continue to “unswervingly adhere to the general policy of dynamic clearance” he vowed, according to the official readout.Yang said China was in a dilemma in deciding the next stage of its Covid management. “Because of China’s success in containing Covid in 2020 and 2021, Chinese media went into overdrive to emphasise the danger of the virus while China has also made a number of missteps in its vaccination strategy. Now as the world is opening up, China is still stuck in a tough spot.”All of this will set the tone for Xi if he secures a third term later this year. Since presidential term limit was abolished in 2018, a consensus has been formed among Chinese insiders and foreign experts that the 69-year-old leader could continue his rule, in theory, indefinitely – breaking a recent convention. In the next few months, the ruling Communist party is set to hold its 20th party congress, and Xi is expected to be given a renewed mandate.“From Xi’s perspective, he’s achieved a huge amount over his past decade in power, from anti-corruption domestically to making China more assertive internationally,” said Victor Shih, who teaches Chinese elite politics at the University of California, San Diego.“The question for his third term is: whether he’s happy with consolidating the enormous gains he’s made, or he will venture into major gambles in order to achieve additional policy goals, such as ‘unifying’ Taiwan.”	Unemployment
When Lily, a 27-year-old from central China’s Henan province, left her hometown for Hong Kong five years ago, she was full of hope for her future. A Big Four accounting firm had offered her a job in its Hong Kong office, located in a swanky building in the city’s bustling financial district. But the daily grind frequently turned into late nights with no overtime pay. It ate into her weekends, leaving little time for sleep, exercise, dating, or hobbies like painting. Then, the COVID-19 pandemic struck at the same time Lily’s doting grandmother, who had raised her as a child, suffered a stroke. “My lao lao [grandma] was unwell, my parents were getting older and I wasn’t getting happier, just more exhausted,” Lily says. The turn of events prompted her to resign and move back to her mainland China hometown last August, where she thought the pace of life might be slower than Hong Kong and the job search easier because of her English language skills and experience at an international company. She discovered the opposite. Lily sent out at least 100 resumes in a six-month time span, for jobs located nationwide, with no results. “I studied so hard for so many years. I made it to Hong Kong, which is a dream for many young people, and worked so hard. So I decided to just lie flat and let it rot,” she says. Lily’s sentiments echo that of many young Chinese. In recent years, a large number of them have embraced ‘lying flat’ (doing the bare minimum to get by), ‘letting it rot’ (making the best of a bad situation), and ‘involution’ (becoming stagnant rather than evolving). These fatalistic movements epitomize young people’s growing rejection of China’s cutthroat education system and work culture in which rewards in exchange for hard work have become increasingly illusory. The number of university graduates in China has surged, but white-collar jobs haven’t kept up. Nearly 11 million Chinese students will graduate from university this summer, but many of them may not be able to find a job. Now, China faces a ticking time bomb: a generation of disenchanted and unemployed youth amid the biggest economic slowdown the country has seen in years, caused by the global slowdown and COVID lockdowns. Great educational leap forward China’s unprecedented development and urbanization spree of the last four decades included plans for a great educational leap forward. China had become a manufacturing powerhouse, but Beijing needed to educate the millions of new young urbanites to build a sophisticated workforce and advanced economy. The government’s annual public education spending grew from 1.7% of GDP to around 4% in 2021, or $557 billion. China may have been too successful in reaching its educational goals. In 1990, China minted half a million college graduates. This summer, a record 10.8 million will graduate from university—only to enter the worst labor market in decades. Earlier this month, China’s youth unemployment rate hit an all-time high of 19%. China’s job market has fallen behind the number of graduates the country is now producing. “There simply aren’t enough white-collar jobs for white-collar workers,” Zak Dychtwald, founder of Young China Group, a research firm focused on Chinese youth, and author of Young China: How the Restless Generational Will Change Their Country and the World, told Fortune. This imbalance allows “employees [to] treat entry-level applicants like they’re disposable,” he says. Meanwhile, the nation has more manufacturing jobs than it can fill. As China pursues its plan to become a high-tech manufacturing leader, it’ll need 62 million total manufacturing workers by 2025, but will be short 30 million. Young people are shunning manufacturing work and sectors like traditional automobiles and energy, Vivien Zhang, associate director of southern China at recruitment firm Robert Walters, told Fortune. Victor, a 25-year-old master’s student in business from Guangdong, said: “We didn’t study so hard just to work at a factory like the earlier generations.” Social contract The country’s educational gains came with a big sacrifice. Chinese youth face intense pressure to succeed academically and spend years preparing for the ‘gaokao’—the country’s notoriously difficult college entrance exam. After finishing university—if they’re lucky enough to receive admission—young people then graduate into a similarly hyper-competitive job market. In recent years, young, educated workers who held sought-after jobs at China’s most vaunted tech companies began ‘lying flat’ and rejecting the ‘996’—9 a.m. to 9 p.m., six-days-a-week—work culture that Chinese Big Tech espoused. Pinduoduo, a grocery startup with a $73 billion market cap, asked staff in some units to work 300 hours a month, online commentators claimed; standard business hours total 160 hours per month. The app faced scrutiny in 2021 after the deaths of two young employees. But in recent years, the idea of “giving up on fighting tooth and nail” for an increasingly elusive reward has grown in appeal, Eli Friedman, a Chinese labor expert, associate professor at Cornell University and author of The Urbanization of People: The Politics of Development, Labor Markets, and Schooling in the Chinese City, told Fortune. Chinese youth today simply don’t hold the same expectations that they can climb the socioeconomic ladder, in contrast to earlier generations who came of age during the nation’s economic boom, Friedman says. China has reached the “end of the implicit agreement between the state and young people” that promised improvements in material well-being in exchange for keeping quiet about politics, he says. Victor, the college student, worries about his life after graduation. “So many of my peers are struggling to find even their first job. Or if they had one, some quit because they were burnt out,” he says. “Chinese society says you can only be successful if you go to a good school, get a high-paying and high-status job and buy a home. But it seems almost impossible now.” Students celebrate after completing the ‘gaokao’—China’s notoriously difficult college entrance exam—in Changsha, Hunan, China, on June 9, 2022.Chen Sihan—Xinhua via Getty Images Beijing’s recent zero-COVID policies and its crackdown on private companies in a bid for ‘common prosperity’ only exacerbated youth unemployment and disenchantment. In the last two years, the Chinese authorities have hit industries—from technology to education and real estate—with tough, new rules intended to rein in private firms and maintain ‘social harmony.’ The result? Companies lost money and shed jobs. The government last July banned tutoring companies—a $120 billion sector—from making a profit. China’s biggest private education firm alone fired 60,000 employees; one estimate from Beijing Normal University says 3 million related jobs are at risk. The state also ordered video game makers to impose screen time limits for gamers under 18 and halted new game releases for months. The policies decimated the industry: 14,000 gaming companies shut down and Tencent, China’s biggest maker, cut 20% to 30% of its staff in its gaming department last month, alone. Millions of small businesses have shuttered as Beijing continues to rigidly pursue its zero-COVID strategy through harsh lockdowns and mass testing. As a result, alternative career options for China’s young people have diminished “significantly,” Valarie Tan, an analyst at China-EU think tank MERICS, told Fortune. Entrepreneurial careers, like setting up a café or shop, aren’t viable because of zero-COVID. “This is going to be a period of painful adjustment… for China’s youths,” Tan says. The new Chinese dream There’s no blueprint for how to manage China’s brewing storm: a generation of disenchanted and unemployed youth accompanied by a fragile and slowing economy. But Beijing is trying to establish one. In particular, the government looks to quash any dissent ahead of the October Party Congress—the most important meeting on China’s political calendar, where Chinese President Xi Jinping will likely establish his third-term. Mentions of lying flat, letting it rot, and involution are heavily censored on Chinese social media. Xi has urged “everyone to participate… and avoid lying flat and involution. [We must] create opportunities for more people to become rich.” The authorities are encouraging young people to move to the countryside, providing loans and tax benefits for university graduates who start businesses in rural communities, and giving subsidies to local governments and businesses to “absorb college graduates.” Graduates are increasingly turning towards civil service careers and jobs at state-run firms, which are viewed as stable with reasonable hours. Victor understands, but argues that the turn to state companies is akin to lying flat, because state jobs are easy jobs that are often corrupt, inefficient, and lack innovation. China last October also implemented a new vocational training plan to increase enrollment in vocational schools and add to the number of technical workers. Yet it’s unlikely China will see any quick fixes to what are entrenched, long-term problems. In the near-term, the “downward pressure” on young people’s employment and wages will remain, Bruce Pang, head of research and chief economist of Greater China at real estate services firm JLL, told Fortune. Uncertainty about employment in China quickly transforms into weaker business confidence and consumer sentiment, so the country’s “labor market must remain stable to absorb pressure from slower economic growth,” Pang says. There are “strong expectations” from society that the state must step in and fix the labor market pains, Friedman says. Lily, meanwhile, is still hopeful about her future. She’s taken up organic farming and hopes to open a small produce and gardening business soon. “Some people say involuting—moving backwards. But for now, I’m content living a simple and quiet life and looking after my family.” Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.	Unemployment
President Biden touted Friday's job report, saying there are "more people working in America today than any time in American history." The president spoke before signing bipartisan legislation into law to hold accountable those who defrauded the COVID-19 small business relief programs. The president delivered remarks from the Blue Room balcony at the White House. He also tested positive again Friday morning for COVID-19. Employers added 528,000 jobs in July, the Labor Department said in its monthly payroll report released Friday, blowing past the 250,000 jobs forecast by Refinitiv economists. The unemployment rate, meanwhile, edged down to 3.5%, the lowest level since the COVID-19 pandemic began more than two years ago. "Today there are more people working in America than before the pandemic began," Biden said Friday. "In fact, there are more people working in America than any time in American history." US ECONOMY ADDS 528,000 JOBS IN JULY, BLOWING PAST EXPECTATIONS President Biden touted Friday's job report, saying there are "more people working in America today than any time in American history." (AP Photo/Patrick Semansky / AP Images)Biden said one "key driver" in the U.S. economic recovery is "the resurgence of small businesses." The president, reflecting on small business relief programs enacted at the height of the COVID-19 pandemic, said that "too much" of that small business relief funding "ended up in the hands of those who didn't need it or criminal syndicates who outright stole the information." Biden touted his administration's efforts to hold those individuals accountable, criticizing the Trump administration for not keeping close enough watch and stressing that "the watchdogs are back."The president said the bipartisan bills he signed into law Friday "will give federal and local prosecutors more time to hold criminals accountable for defrauding the American people during a once-in-a-century pandemic," by extending the statute of limitations on those crimes. "The American people deserve to know that their taxpayer dollars are being spent as intended," Biden said. "My message to those cheats out there is this: You can't hide," Biden said. "We’re going to find you. We’re going to make you pay back what you stole and hold you accountable under the law." BIDEN TOUTS JOBS NUMBERS, SAYS HE HAS MADE 'SIGNIFICANT PROGRESS' IN EFFORT TO 'REBUILD THE MIDDLE CLASS'The president thanked "members of both parties in the House and Senate for getting these bills to my desk." The president signed H.R. 7352, the Paycheck Protection Program And Bank Fraud Enforcement Harmonization Act; and H.R. 7334, the COVID-19 EIDL Fraud Statute Of Limitations Act. The bills will extend the time period that prosecutors have to hold individuals and criminal syndicates accountable to 10 years if they have committed fraud in receipt of PPP or COVID EIDL loans, the White House said, adding that they are "responsive to the president’s prioritization of and calls for oversight and anti-fraud enforcement in relation to critical emergency programs." CLICK HERE TO READ MORE ON FOX BUSINESS"In the president’s State of the Union, he announced that the Department of Justice would name a chief pandemic prosecutor to crack down on fraud in the PPP, EIDL and other COVID-19 pandemic recovery programs," the White House said. "In the State of the Union fact sheet, the White House called for additional penalties for those who commit fraud on COVID benefits and an executive order on identity theft coordinated by the ARP coordinator and OMB."On June 14, the individual in that chief COVID prosecutor role told Congress that it was 'essential' that the statute of limitations for PPP and EIDL fraud be extended to 10 years — precisely what these bills do."	Unemployment
The unemployment rate for Hispanic workers hit a record low of 3.9% in July, the Bureau of Labor Statistics reported Friday morning. The jobless rate narrowly eclipsed the previous record low of 4% set in September 2019 and is just one of several labor market indicators that is now as good as or better than just before the pandemic struck. ECONOMY SHATTERS EXPECTATIONS IN JULY, ADDS 528,000 JOBS Overall, the economy added 528,000 jobs in July, and the unemployment rate for all workers fell to 3.5%, very strong numbers that should allay fears of a recession. "More people are working than at any point in American history," President Joe Biden said in a statement Friday morning. "That’s millions of families with the dignity and peace of mind that a paycheck provides."Unemployment rates for other racial and ethnic groups have also fallen to near the lowest levels on record in recent months. The jobless rate for white workers in July was 3.1%, just a tenth of a percentage point above the lowest it's ever been, with records going back to 1954. CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER Hispanic unemployment is generally slightly higher than that of white workers, and it exploded to near 19% at the height of the pandemic shutdowns. The 30.3 million-person Hispanic workforce makes up about a fifth of the overall workforce, although it is an even larger share in Southern and Western states.	Unemployment
A sign advertising job openings is seen outside of a Starbucks in Manhattan, New York City, New York, U.S., May 26, 2021. REUTERS/Andrew KellyRegister now for FREE unlimited access to Reuters.comWASHINGTON, Sept 1(Reuters) - The number of Americans filing new claims for unemployment benefits declined further last week, while layoffs dropped in August, consistent with strong demand for workers and tight labor market conditions.Initial claims for state unemployment benefits decreased 5,000 to a seasonally adjusted 232,000 for the week ended Aug. 27, the Labor Department said on Thursday. Data for the prior week was revised to show 6,000 fewer applications filed than previously reported. Economists polled by Reuters had forecast 248,000 applications for the latest week.Despite hefty interest rate increases from the Federal Reserve to tame inflation, which have raised the risk of a recession, there is no sign yet of widespread layoffs.Register now for FREE unlimited access to Reuters.comThe government reported this week that there were 11.2 million job openings at the end of July, with two jobs for every unemployed person. Labor market resilience continues to dispel fears that the economy is in recession after gross domestic product contracted in the first half of the year. The Fed has hiked its policy rate by 225 basis points since March.Claims remained anchored below the 270,000-300,000 range that economists say would signal a material slowdown in the labor market. The number of people receiving benefits after an initial week of aid, a proxy for hiring, increased 26,000 to 1.438 million in the week ending Aug. 20.The claims data has no bearing on August's employment report, scheduled to be released on Friday. According to a Reuters survey of economists, nonfarm payrolls likely increased by 300,000 jobs last month after surging 528,000 in July.While job growth is slowing, labor market conditions remain tight.A separate report from global outplacement firm Challenger, Gray & Christmas on Thursday showed job cuts announced by U.S.-based employers fell 21% to 20,485 in August. Though layoffs rose 30% from a year ago, they were down 27% in the first eight months of this year compared to the same period in 2021."Employment data continue to point to a strong labor market. Job openings are high, layoffs are low, and workers seem to have slowed their resignations," said Andrew Challenger, senior vice president at Challenger, Gray & Christmas. "If a recession is imminent, it's not yet reflected in the labor data."The technology industry accounted for nearly a quarter of the job cuts announced in August. Technology companies have announced 14,408 layoffs so far this year, a 70% surge from the same period last year.Overall, employers announced plans to hire 41,985 workers in August, up 65% from July.Though hiring is down 55% from a year ago, it is up 18% so far in 2022 compared to the same period in 2021.Register now for FREE unlimited access to Reuters.comReporting By Lucia Mutikani; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.	Unemployment
Government job aspirants Rahul Patel, Prem Prakash, Ravi Ranjan and Gupteshwar Kumar take part in a group study as they prepare for examinations for railway jobs in a rented room in Arrah, in the eastern state of Bihar, India, June 25, 2022. REUTERS/Saurabh SharmaRegister now for FREE unlimited access to Reuters.comSummaryIndian government seeks to make armed forces younger, betterReforms include fewer guarantees of employment, benefitsPotential recruits angry over changes, some no longer applyingPM Modi struggles to create enough jobs, faces 2024 electionARRAH, India, July 6 (Reuters) - Prem Prakash has been trying for five years to get a job in India's armed forces, which used to provide employment for 17 years to the lucky few who passed the exams and physical tests.But since the government announced a new recruitment system for the military aimed at making it younger and more efficient, the 22-year-old said he was no longer interested and would focus purely on getting a job in the railways – also a tough ask."It was my dream to be in the army because it is the best way to serve the country and also get settled at a very young age," Prakash said in his tiny rented room filled with books, a mosquito net and cot in Arrah, a town in eastern Bihar state.Register now for FREE unlimited access to Reuters.com"I am not going to appear for the four-years-only service. I have even stopped my physical training."Prakash is one of hundreds of thousands of would-be military recruits disappointed by a proposal to lower the guaranteed tenure for most men in the armed forces to four years. What was a route out of poverty for many has suddenly become less attractive.Violent protests erupted across the country last month because of the proposal. At least one person was killed and more than a dozen injured.Under the new recruitment programme, called Agnipath, or "path of fire" in Hindi, 46,000 cadets will be recruited this year, the government has said. read more The aim is to lower the average age of soldiers to 26 years from 32-33 now and slim down the country's 1.38 million-strong military, which is focused mainly on containing what India sees as potential threats from neighbours China and Pakistan.Analysts say the move will also bring down the Indian military's burgeoning pension bill, potentially allowing the country to spend more on new weapons.The proposals apply only to non-officer cadres of the armed forces. A much smaller number of recruits are admitted into officers' schools each year, where employment is guaranteed until at least the age of 50.The backlash to the change underlines the challenge the government faces to provide enough jobs in a country of 1.35 billion people, where unemployment is stubbornly high.At the same time, there is pressure to reform state institutions like the police, armed forces and railways, which are over-staffed and unwieldy.MORE PROTESTSArrah is in India's poorest state of Bihar, where there are few industries and youngsters flock to various coaching centres that have sprung up to prepare them for government jobs.While Arrah is known mainly for recruiting soldiers, other Bihar towns specialise in other state sectors.The government said a quarter of those who qualify for the military would be kept on for another 15 years or so and enjoy benefits including a pension, while the rest would be helped to find other state employment.Software-to-SUVs conglomerate Mahindra Group has welcomed the "opportunity to recruit such trained, capable young people" after their four years in the armed forces. read more Prakash, however, has shifted focus to the railways, although COVID-19 disruptions and a bungled recruitment process mean he is still waiting to sit his tests for positions that opened in 2019.The disruptions triggered mass protests earlier this year, when tens of thousands of students blocked rail traffic and vandalised trains in Bihar and neighbouring Uttar Pradesh state. read more "People look forward to job security which they get in the public sector," said Amit Basole, an associate professor at the Azim Premji University in Bengaluru and the head of its Centre for Sustainable Employment.To reduce the pressure on the government, "the private sector will also have to come forward and create an equal number of job opportunities", he added.JOBLESS GROWTH?India's unemployment peaked at 23.5% in 2020 in the first full year of COVID-19 and has remained above 7% since, according to data from Mumbai-based the Centre for Monitoring Indian Economy (CMIE), higher than the global average.According to the government, joblessness among those aged 15-29 years was 12.9% in the fiscal year ending March 31. The age group accounted for an estimated 27.3% of India's population as of last year, higher than 26.6% in 1991, a sign that the pressure to create more jobs has increased.Prime Minister Narendra Modi stormed to power in 2014 promising to create millions of jobs, but the economy has not grown fast enough to accommodate some 12 million people joining the labour force each year, a number that is rising. read more Modi, who faces re-election in 2024, told officials last month to ensure that 1 million people were given government employment in the next 18 months, raising hopes among Arrah residents who have toiled at coaching centres for years.Gupteshwar Kumar, 21, his elder brother and cousins left their village for Arrah years ago to try to land government jobs and leave farming, the family's main source of income.Kumar is now focusing on the railways and police departments in Bihar and neighbouring West Bengal because the age of entry is higher than for the army and employment duration much longer.Another 21-year-old, Ravi Ranjan Kumar, said he desperately needed a job, as his father's pay as a private security guard near New Delhi was barely enough."Despite getting de-motivated by the Agnipath scheme, I will be appearing for it because I need a job," he said.Register now for FREE unlimited access to Reuters.comWriting by Krishna N. Das; Editing by Mike Collett-White and Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.	Unemployment
Halfpoint Images \| Moment \| Getty Images1. Take a financial inventoryAmong the first things to do if you lose your job is take stock of financial resources at your disposal, according to financial advisors.Those may include other streams of income such as a partner's salary, as well as emergency savings, company stock and financial accounts including a 401(k) or individual retirement account (more on this in a bit).Your resources may also include company benefits like severance pay or cashing out unused leave like vacation and sick days. Workers should also check to see if they can continue receiving benefits like company-sponsored health and life insurance.Households should also update their budgets to get a sense of current spending and how that could be adjusted without your paycheck."You want to get clarity," said financial advisor Winnie Sun, co-founder of Sun Group Wealth Partners in Irvine, California, and a member of CNBC's Advisor Council. "We all think we don't spend that much. "But most of us probably do."These factors — your budget and money stash — will help dictate your timeline for finding a new job.2. Apply for unemployment insuranceUnemployment insurance may also factor into your cash flow.Benefit amount and duration vary widely among states and also depend on factors like your earnings and work history. The average person collected about $363 a week over the 12 months through April 2022, according to the U.S. Department of Labor.Workers should apply right away (generally online or by phone) after a layoff, even if they think they're not eligible, Nightingale said.Applicants generally submit a claim for benefits in the state where they worked, according to the Labor Department. You can consult the DOL's state directory or CareerOneStop.org for agency contact and application information.Further, be prepared with relevant information like employment records for about the past two years, Nightingale said."Don't just pick up the phone and say, 'I was working at XYZ Company,' because you need more than that to apply," she said.You may not be immediately eligible for unemployment insurance if you're receiving severance pay. But you may be eligible for full or partial benefits depending on your individual circumstance and state rules. If you're deemed ineligible, file a new claim once severance pay stops.3. Negotiate your exitThere may be some wiggle room to negotiate on severance and other company benefits, Sun said. (Not all businesses offer severance, though.)If you are in good standing with your company, ask your manager if you can get a few extra months of severance pay, and an associated extension to medical and dental benefits.Or, similarly, ask if you can extend your employment (and delay the layoff) by a few months. This becomes especially important if you're close to being — but aren't yet — fully vested in benefits like a 401(k) match or company stock, Sun said.Typically, those who try get something.Winnie Sunco-founder of Sun Group Wealth PartnersThere may also be room to negotiate staying on part-time or as a freelancer — which may be particularly important for workers closer to retirement age who aren't confident they'll be able to find another job quickly, Sun said."At this point, what's the worst thing that'll happen to you?" Sun said. "Typically, those who try get something."4. Figure out which assets to tap, in what orderKnowing where to draw money from can be a delicate balancing act, due to potential tax consequences.If you need to pull from financial accounts, cash from an emergency fund — if you have one — will generally be your first choice, according to financial advisors.Savers with Roth IRAs can typically withdraw their account contributions tax- and penalty-free. (That's not true of investment earnings, though. Some limitations may also apply to pre-tax IRA contributions that were subsequently converted to Roth IRA funds.)Roth 401(k) accountholders can also pull out money tax- and penalty-free, under two conditions: The owner must be over 59½ years old and made a contribution at least five tax years ago.Those with long-term investments (held for more than a year) in taxable brokerage accounts can sell them for income at a preferential tax rate.Tax-deferred accounts like a pre-tax 401(k) or IRA should generally be a last resort, according to Ivory Johnson, a certified financial planner and founder of Delancey Wealth Management, based in Washington.Workers would owe income tax on that distribution, and those under age 59½ would pay an additional penalty. One exception: The "Rule of 55" allows a laid-off worker who's at least 55 years old to withdraw 401(k) funds without that 10% early-withdrawal penalty."You may be someone who always said, 'I'll never withdraw those retirement contributions,'" said Kevin Mahoney, CFP, founder and CEO of Illumint, based in Washington. "But under certain circumstances, that's the most prudent move to make."5. Network and build job skills10'000 Hours \| Digitalvision \| Getty ImagesIt's a given you should update your resume when looking for a new job. But make sure you have different versions depending on the type of job you want, since targeting will help you stand out, Nightingale said.Leverage your personal and professional networks to find opportunities — perhaps a union membership, professional association, business contacts, former colleagues, and friends and relatives. Connect with people on LinkedIn and ask for public endorsements, Sun said.Further, local job services offices offer free employment and training resources. There are about 2,500 offices around the country, Nightingale said. You can find a local office and other job resources at CareerOneStop.org.Those with free time may wish to get a certificate or acquire a new professional skill, said Johnson, a member of CNBC's Advisor Council."Use your time wisely," he said. "It shows employers you weren't just sitting around, you were trying to get better."6. Take a deep breathLastly, don't be too hard on yourself. Recognize that layoffs are often due to factors beyond an individual's control instead of a personal failure.Take a deep breath. Use your available time to step back and reflect on your career — what's important to you? Would you like to try something new?"Life is a long-term race, not a sprint," Johnson said. "Sometimes it's really a blessing to get laid off" even though it may not seem that way right now, he added.	Unemployment
The US added 528,000 jobs in July as the jobs market returned to pre-pandemic levels.The US has now added 22m jobs since reaching a low in April 2020. The unemployment rate dipped to 3.5% in July, a half-century low and equal to its rate in February 2020 before the Covid-19 pandemic hit the US.The far stronger than expected report comes a month after the labor department announced the economy added 398,000 jobs in June, 26,000 more than its first estimate.Economists had been expecting jobs growth to slow in July and the latest figures from the labor department were far stronger than the average 388,000 jobs gained over the last four months.Job growth was widespread, led by gains in leisure and hospitality, professional and business services, and healthcare.Economists said the news was likely to spur the Federal Reserve’s determination to raise rates and cool the economy as it struggles to tame soaring inflation.“The unexpected acceleration in non-farm payroll growth in July, together with the further decline in the unemployment rate and the renewed pick-up in wage pressures, suggests the economy is still a long way from recession,” said Michael Pearce, senior US economist at Capital Economics. “All the details support continued aggressive rate hikes from the Fed.”While the US economy has slowed this year, reporting two quarters of negative growth in the first six months, the jobs market has remained buoyant. But there have been signs that it too is losing steam.Friday’s jobs report comes days after the government reported that the number of job vacancies across the US had dropped by 605,000 to 10.7m by the end of June, a decline of 5.4%. Job openings hit a record high of 11.5m on the last day of March. But even with the latest fall, there are still 1.8 jobs open for every available worker.There are other signs that the jobs market is weakening. On Thursday the labor department said the number of people filing for unemployment benefits rose to 260,000 last week, up from 254,000 the previous week.The figure, known as initial jobless claims, is seen as a proxy for layoffs, and is now close to its 2022 peak and higher than the weekly average of 218,000 experienced before the pandemic. Employers including Walmart, Robinhood, Twitter and Ford have all recently announced layoff plans as economic conditions have tightened.	Unemployment
Thaler, the 2017 recipient of the Nobel Memorial Prize in Economic Sciences, is best known for his work in behavioral economics.Scott Olson \| Getty ImagesNobel Prize-winning economist Richard Thaler says the U.S. may have recorded two successive quarters of economic contraction, but it's "just funny" to describe it as being a recession. "I don't see anything that resembles a recession. We have record low unemployment, record high vacancies. That looks like a strong economy," Thaler told CNBC's Julianna Tatelbaum on Wednesday."The economy is growing, it's just growing slightly less fast than prices. And that means real GDP fell a little bit, but I think it's just funny to call that a recession," he said. "It's not like any recession we've seen in my rather long lifetime."U.S. gross domestic product, or GDP, fell by 0.9% year-on-year in the second quarter, following a 1.6% decline in the first quarter. Two consecutive falls in GDP growth meet the traditional definition of a recession. Officially, the National Bureau of Economic Research declares recessions and expansions, and likely won't make a judgment on the period in question for months.Thaler, the 2017 recipient of the Nobel Memorial Prize in Economic Sciences, is best known for his work in behavioral economics — and for explaining the so-called "hot hand" fallacy alongside singer Selena Gomez in the 2015 film "The Big Short." His work looks at how people make decisions that are seemingly irrational according to economic theory, and his co-written book, "Nudge: Improving Decisions About Health, Wealth, and Happiness," describes how this can be used to create better public policy solutions and "nudge" human behavior. Inflation outlookAsked about U.S. inflation, which rose 8.5% year-on-year in July, Thaler said, "There was this long debate about whether inflation was transitory or not, and team permanent seems to be winning, though I think they may be declaring victory a little too quickly."Inflation is the rate of change in prices as opposed to high prices, he noted."At least some of the high prices we're observing are caused directly either by the war in Ukraine or by supply chain problems from China. And we hope that both of those factors are temporary," he said."Maybe a year from now there will still be fighting in Ukraine and there will still be Covid in China, but we hope that that's not the case, and if one or both of those problems is mitigated then I could see some prices going down."Thaler also addressed U.S. wages, which have stagnated against productivity since the 1970s but recorded sharp rises in the two most recent quarters amid a tight labor market, reportedly spooking the Federal Reserve over the potential for a wage-price spiral."If I was the head of a union, I would certainly be asking for a big raise next year to compensate my workers for the higher prices they're facing," Thaler said."I would say if that happens once, personally I would applaud that, because people who are getting wages, what we're calling wages, are the people who have been lagging behind the 1% in terms of how much money they're making," he continued."Certainly everywhere I go you see signs of a shortage of labor, and supply and demand says wages should go up. I can't go into a restaurant in the U.S. that doesn't have a 'help wanted' sign in the door. So wages are going to go up, and I think that's good." —CNBC's Jeff Cox contributed to this article.	Unemployment
The home affairs minister, Clare O’Neil, has vowed Labor “will always prioritise jobs for Australians” as the government eyes increasing the migration cap potentially to 200,000 places per year.A boost from the current annual migration intake of 160,000 will be on the table at the federal government’s jobs and skills summit next month.About 100 business, union and political leaders will attend the summit from 1-2 September in Canberra. The Greens leader, Adam Bandt, has confirmed he will attend, joining the prime minister, Anthony Albanese, and the Nationals leader, David Littleproud. Peter Dutton could therefore be the only major party leader to not accept a seat at the table.Business groups have raised concerns about a shortfall of skilled workers in critical industries such as health, trades, manufacturing and tech, amid historically low unemployment rates. Nine newspapers on Sunday reported the migration number could be increased to between 180,000 and 200,000 a year to attract more skilled foreign workers.The government would not confirm that number on Sunday, with a spokesperson for O’Neil, who has carriage over immigration, saying no final decision had been made.“We will be considering a range of options as we listen to unions and business make their arguments at the jobs summit,” the spokesperson said. “We will always prioritise jobs for Australians, and our migration intake will be considered alongside our significant commitments on skills and training.”The skills and training minister, Brendan O’Connor, said the jobs summit was geared to ensure the economy was “not held back by skills shortages”, flagging the need to boost both skilled migration and better equipping Australian workers.“One of the biggest challenges facing businesses is they are struggling to find workers with the skills for the jobs available,” he said in a statement.“The answer is not a binary choice between skilled migration and training the local workforce – both are needed. Owing to a decade of inaction, the challenges have grown, as has the need for planning and a coordinated national response to skills and labour shortages.”The federal treasurer, Jim Chalmers, last week told ABC radio “it’s pretty clear that we need a bigger workforce”.“Training is obviously a hugely important part of that – skills and education, they’ll be a key focus at the summit,” he said. “There’s a role for migration to play too, but not as a substitute for those other two things.”The federal Coalition backed expanding migration numbers but said Australian workers must be “first in the queue” for new jobs.“Immigration was a key driver of our economic growth before Covid and it must be central to our post-Covid economic recovery,” a spokesperson said. “The Labor government must ensure its immigration policy benefits the Australian community.”The opposition also called on the government to adopt its policy to allow older Australians to work more hours before it affects their pension entitlements.The Labor state government in Victoria and the Coalition in New South Wales backed increasing the nation’s skilled migration intake.The Victorian premier, Daniel Andrews, noted his government was making large investments in vocational training. He said both migration plus proper funding of schools and training were critical.“I’m all for lifting that and for more and more people coming and making their home in Melbourne, Victoria, the rest of the country,” he told a press conference on Sunday.“It’s not like this [skilled migration] has taken the place of a really assertive and confident investment in Tafe ... you’ve got to have both.”Andrews on Sunday said Victoria had recruited over 700 international healthcare workers over the past year as part of a hiring blitz to attract 2,000 international employees to the sector by the middle of next year.The NSW skills minister, Alister Henskens, said critical workforce shortages plaguing multiple sectors were a “handbrake” on the state’s economy.“This labour shortage is not unique to NSW but it is apparent this can only be fixed by an increase in targeted skilled migration and the commonwealth government holds the policy levers to make that happen,” he said.“Businesses are screaming out for workers and only a significant acceleration of skilled migration will ease pressure in industries like hospitality, healthcare and traditional trades”The Australian Council of Trade Unions president, Michele O’Neil, supported permanent migration but not short-term visas. She said temporary visas had been used as a “quick fix” rather than addressing the structural issues such as low pay and insecure work.“Too many employers claim skill shortages when what’s really going on is a shortage of jobs with fair pay and conditions. They look first to bringing in visa workers instead of providing skills and training to workers in Australia,” she said.Andrew McKellar, the chief executive Australian Chamber of Commerce and Industry, said increasing the migration cap was essential to tackle unmet labour demand and ensure the nation was not left behind in the “global race” to attract skilled workers.“Businesses of every size in every sector reporting significant barriers to getting the skilled workforce they need, forcing them to operate below capacity or close their doors entirely,” he said.“Greater resourcing is needed to reduce protracted visa processing wait times. The current delays just aren’t good enough when so many businesses are left without staff and therefore can’t afford to stay open.”	Unemployment
U.S. Dollar banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/IllustrationRegister now for FREE unlimited access to Reuters.comSINGAPORE, Aug 5 (Reuters) - The dollar struggled to gain a footing on Friday after falling by its sharpest pace in two weeks, as investors remained on tenterhooks ahead of the widely anticipated U.S. jobs data and amid growing worries about a recession.The U.S. dollar index , which measures the greenback against a basket of currencies, fell 0.68% overnight, the largest fall since July 19, and last traded 105.79.Investors await the key U.S. nonfarm payrolls report due at 1230 GMT, which will provide hints of how the U.S. economy is faring. Economists expect an increase of 250,000 jobs for the month of July, after 372,000 were added in June. read more Register now for FREE unlimited access to Reuters.com"Payrolls just clearly seems to be on everyone's mind for tonight, so I think that's keeping things relatively subdued," said Ray Attrill, head of FX strategy at National Australia Bank.However, signs of softening in the labour market could already be underway, as overnight data showed that the number of Americans filing new claims for unemployment benefits increased last week. read more Against the weaker greenback, the euro surged 0.8% overnight and last traded $1.0238, though reprieve is likely short-lived as concerns about an energy crisis remain.A stand-off over the return of a turbine that Russia says is holding back gas supplies to Europe showed no sign of being resolved on Thursday, as Moscow said it needed documentation to confirm the equipment was not subject to sanctions. read more "We still expect EUR/USD to trade below parity, more than just briefly, over the next few weeks," said Joseph Capurso, head of international economics at Commonwealth Bank of Australia.Meanwhile, sterling held steady at around $1.2157 in the early Asia trade on Friday, recouping most of its losses following a grim signal from the Bank of England. The pound is down about 0.3% for the week, reversing gains made the previous two weeks.On Thursday, the BoE raised its benchmark rate by half a percentage-point to 1.75%, the highest since late 2008, but warned about a long recession ahead in Britain. read more "Beyond the knee-jerk reaction to the very pessimistic Bank of England view of the economy - which I think was what really drove the pound down initially - there's been no follow through effectively, and I don't think anybody wants to take a view on whether that rebound is appropriate or not, until (we) see how the U.S. dollar behaves tonight," said NAB's Attrill.Elsewhere, the dollar tumbled 0.69% against the yen overnight and is on track for a third straight weekly loss. It last traded 132.9 yen per dollar.Similarly, the risk-sensitive Aussie and kiwi stood at $0.6956 and $0.6290, respectively, after rising about 0.2% and 0.3% overnight.Register now for FREE unlimited access to Reuters.comReporting by Rae Wee; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.	Unemployment
FILE – Hiring sign is displayed outside of a retail store in Vernon Hills, Ill., on Nov. 13, 2021. Fewer Americans applied for jobless aid last week with the number of Americans collecting unemployment at historically low levels. Applications for unemployment benefits fell by 11,000 to 200,000 for the week ending May 28, the Labor Department reported Thursday, June 2, 2022. First-time applications generally track the number of layoffs. (AP Photo/Nam Y. Huh, File) New applications for jobless aid fell slightly last week as the U.S. job market shows few signs of a slowdown despite rising interest rates. In the week ending June 18, initial claims for unemployment insurance totaled 229,000 after adjustments for season factors, a decrease of 2,000 from the previous week, the Labor Department reported Thursday. The department also revised the previous week’s total up by 2,000 claims to 231,000. The labor market has remained historically strong even as the Federal Reserve raises interest rates at a rapid pace to help cool inflation. Higher interest rates usually slow job growth as businesses facing higher borrowing costs and slower sales pull back job openings and lay off employees. “The steady weekly data suggests that the impact of the Federal Reserve’s interest rate increases has yet to show up in earnest as monetary policies often take months to make their way through the economy,” wrote Tuan Nguyen, economist at RSM, in a Thursday analysis. Companies within the technology and housing industries have begun shedding jobs in the wake of the Fed’s recent rate hikes, which have walloped tech stocks, boosted mortgage rates and slowed housing sales. Both industries expanded rapidly over the past two years as low Fed interest rates, pandemic-related consumer spending changes and stimulus fueled a massive rise in tech investment and housing sales. Jobless claims on the whole, however, are just slightly above the 60-year lows seen earlier in the year before the Fed began hiking rates. “The increase in layoffs in recent weeks, however, does not seem to match the number of layoff announcements, especially from the technology sector,” Ngyuen wrote. “That suggests that the level of labor demand remains quite strong, despite the signs of a slowdown, and that many laid-off workers can quickly find new jobs without the need to apply for unemployment benefits.” The Fed’s goal is to slow the economy enough to reduce inflation without forcing Americans out of their jobs or stalling the growth altogether. But inflation has continued to surge despite several rapid rate hikes, and economists fear it may not come down until the Fed raises rates to a high enough level to slow the economy into recession.	Unemployment
Britain is facing a summer of discontent with more workers set to be balloted on strike action, the head of the RMT has warned, as a series of walkouts is set to cripple the rail network.RMT general secretary Mick Lynch has predicted that industrial action could spread to other sectors. He told Sophy Ridge On Sunday: "I think there are going to be many unions balloting across the country, because people can't take it anymore."We have got people who doing full time jobs who are having to take state benefits and use food banks. That is a national disgrace."It comes as he was accused by Transport Secretary Grants Shapps of "gunning" for strikes. Mr Lynch has confirmed his union confirmed it will press ahead with walkouts over pay, conditions and job losses. The strikes will take place on Tuesday 21, Thursday 23 and Saturday 25 June. More on Cost Of Living Cost of living crisis: Thousands demand action over bills in central London march Cost of living crisis: Britons cannot expect pay rises to keep up with inflation, Treasury warns Tesco sales fall amid 'incredibly challenging' cost of living crisis Explainer: Here's all the detail you need to know to get through the disruptionBut Network Rail has said the industrial action will cause six days of disruption because services will be affected on the days in between.It threatens to be the start of a summer of discontent, amid widespread concern over the cost of living crisis as inflation is forecast to top 11% later this year. Please use Chrome browser for a more accessible video player Is 'modernisation' just code for job cuts? Mr Lynch added: "We don't want to be the cause of disruption in people's lives. We want a settlement to this dispute but we are facing a crisis for our members."If we don't play our hand thousands of my members will lose their jobs, railway services will be cut back , the safety regime that has been in place for a good deal of time will be cut back."We have to fight this this."Because we haven't had any pay rises we are faced with thousands of job cuts and they want to rip out terms and conditions in a form of fire and rehire that's internal to the railway It's just as ruthless as P&O really."We are available to negotiate."He also said claims by the transport secretary that the union refused to attend talks on Saturday was "an entire fabrication"."He's making it up. What he's saying is untrue. There were no negotiations scheduled."If there's not a settlement we will continue our campaign."Mr Shapps told Ridge: "They are gunning for this strike action I am afraid and i's going to inconvenience millions of Britons."	Unemployment
Graeme Jennings / Washington Examiner Contractors are struggling to find construction workers as demand for projects picks up following the passage of the $1 trillion bipartisan infrastructure spending legislation. While labor shortages have existed across the country and in a wide array of industries for more than a year, the sting of trying to hire and retain workers has been particularly painful for the construction industry, which was already suffering from long-running structural problems with its workforce before the pandemic. The shortage of construction workers is an even more glaring concern considering President Joe Biden signed the bipartisan Infrastructure Investment and Jobs Act into law in November after passing through the Senate 69-30, with $600 billion of the legislation for transportation-specific funding. Ken Simonson, chief economist with the Associated General Contractors of America, told the Washington Examiner that the industry is in a complicated position. He said there is a record number of job openings in the construction industry and that it’s been that way for several months. However, he pointed out that while the sector has hiked wages, there is still a big shortage of workers for projects across the country. “Workers who might otherwise choose construction seem to be heading elsewhere. So I don’t see any short-term fix except the most dire one, that the demand for projects drops off,” Simonson said, adding that while demand for homebuilding is likely heading down, nonresidential construction, such as infrastructure projects, appears to be strong. He said the construction worker shortage has “gotten worse for the right reason” because there are more construction projects than there have previously been. The infrastructure spending bill has produced more demand for the industry. Transportation Secretary Pete Buttigieg even acknowledged the strange situation in which the industry now finds itself. He said that instead of constraints related to funding, having a suitable workforce to match the infusion of funding is now the goal. “A lot of my lifetime, the big constraint on infrastructure work has been just a lack of funding and a failure to invest,” Buttigieg said. “We got the funding. Now we have got to make sure that we have the raw materials, the technical capacity, and the workforce to actually get it done.” As a result of the labor shortage, many of the infrastructure projects tied to the legislation may end up being delayed and not completed according to schedule. Moody's Analytics predicted that the Infrastructure Investment and Jobs Act’s impact on the labor market will peak in 2025 and bring nearly 900,000 more jobs, more than half of which will be in the construction industry. The fact that the impact of the infrastructure plan is expected to peak further down the line rather than right now could be positive because, given rising mortgage rates and a slowing economy, it means that other types of construction, including residential, will tamp down and workers may be more plentiful for projects related to the infrastructure plan. Anirban Basu, chief economist for Associated Builders and Contractors, told the Washington Examiner that a factor other than wages that is also behind the labor shortage is age. It has gotten harder to recruit and retain younger talent in the labor force because many high school students have been persuaded that the pathway to wealth is through a four-year degree. The preferences of those recently graduating have been trending toward working in controlled indoor settings as opposed to outdoor environments such as construction, according to Basu. “Those younger generations have not tended to look at construction as a first or second option in terms of their vocations, so we have these structural shortfalls in the number of construction workers,” Basu said. The pandemic worsened labor problems, particularly with aging construction workers, Basu explained. He noted that older people comprise many of the most experienced construction workers and are more susceptible to COVID-19. In addition, some experienced employees retired earlier than anticipated for several reasons, including fear of getting infected. Meanwhile, as older workers retired and younger people gravitated toward other work, demand for construction work skyrocketed. After the Federal Reserve slashed interest rates to ultralow levels for a sustained period and the country saw an incredibly rapid economic recovery from the pandemic, the construction market boomed, resulting in red-hot demand for workers. Overall, inflation and supply chain problems have continued to make construction more expensive. Consumer prices rose 8.6% in the 12 months ending in May, the fastest clip since 1981. Another contributing factor to the shortage is slowed legal immigration, Basu said. While people born in the U.S. might be inclined to snag a job in a different industry, immigrants looking for work may be more willing than those who aren't immigrants to choose a job on a construction site. In addition to attracting up-and-coming younger workers, Simonson said construction firms have also been trying to attract women, minority workers, and people who might not have blemish-free criminal records to work for them. “But none of this is a quick fix. It’s all going to take a while,” Simonson said. In the end, taxpayers are set to get less bang for their buck than was initially expected from the infrastructure spending legislation. High inflation, rising wages, and longer timetables for projects due to a lack of workers will all contribute to less work getting done with the funds that Congress allocated.	Unemployment
A "now hiring" sign is displayed outside Taylor Party and Equipment Rentals in Somerville, Massachusetts, U.S., September 1, 2022. REUTERS/Brian SnyderRegister now for FREE unlimited access to Reuters.comSummaryNonfarm payrolls forecast to increase by 300,000 in AugustUnemployment rate expected unchanged at 3.5%Average hourly earnings expected to rise 0.4%WASHINGTON, Sept 2 (Reuters) - U.S. employers likely continued to hire workers at a strong clip in August while steadily raising wages, signs of persistent labor market strength that could encourage the Federal Reserve to deliver a third 75 basis point interest rate hike this month.The Labor Department's closely watched employment report on Friday would come a week after Fed Chair Jerome Powell warned Americans of a painful period of slow economic growth and possibly rising unemployment as the U.S. central bank aggressively tightens monetary policy to quell inflation.The anticipated solid job growth last month would be further evidence the economy continues to expand even as gross domestic product contracted in the first half of the year. It is also a sign the Fed still needs to cool the labor market despite the front loading of rate hikes.Register now for FREE unlimited access to Reuters.com"If we're still talking about job growth of 300,000, and an unemployment rate of around three-and-a-half, or 3.6%, I think the Fed really thinks that the labor market can absorb more aggressive tightening," said Will Compernolle, a senior economist at FHN Financial in New York. "We're pretty far from any pain as far as the labor market is concerned."Nonfarm payrolls likely increased by 300,000 jobs last month after surging 528,000 in July, according to a Reuters survey of economists. That would mark the 20th straight month of job growth. While that would be the smallest increase in 16 months, it would still be way above the pre-pandemic average.Estimates for payrolls growth ranged from as low as 75,000 to as high 450,000. The unemployment rate was forecast unchanged at a pre-pandemic low of 3.5%.Despite the uncertain economic outlook, demand for labor remains strong. There were 11.2 million job openings on the last day of July, with two job openings for every unemployed person.First-time applications for unemployment benefits remain low and the Institute for Supply Management's measure of factory employment rebounded in August after three straight monthly declines. Comments from factories surveyed by ISM showed they "continued to hire at strong rates in August, with few indications of layoffs, hiring freezes or head-count reductions through attrition."WORKER HOARDINGBut the response rate to the Labor Department's establishment survey, from which the nonfarm payrolls count is derived, has historically tended to be low in August, resulting in initial job gains arriving below expectations."Over the past five years the average upward revision between the first and third estimates is nearly 120,000," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania."Another factor is that July job growth got juiced by an additional week between payroll reference periods. Therefore, some hiring that would normally have occurred in late July or early August may have been pulled forward."The government surveys businesses for payrolls during the week that includes the 12th of the month. The Fed has twice raised its policy rate by three-quarters of a percentage point, in June and July. Since March, it has lifted that rate from near zero to its current range of 2.25% to 2.50%.Financial markets are pricing a roughly 78% probability of a 75 basis point increase at the Fed's Sept. 20-21 policy meeting. August consumer price data due mid-month will also be a major factor in determining the next rate increase.The labor market has continued to charge ahead, with economists attributing the resilience to businesses hoarding workers after experiencing difficulties in the past year as the pandemic forced some people out of the workforce in part because of prolonged illness caused by the disease.There is also pent-up demand for workers in service industries like restaurants and airlines. The labor force participation rate, or the proportion of working-age Americans who have a job or are looking for one, remains 1.3 percentage points below its pre-pandemic level.Other economists said while layoffs by major companies were getting media attention, small companies were hiring. They also argued strong hiring in the services sector, which was hugely affected by the pandemic, was needed to fight inflation."We're still catching up and this is where I am completely a contrarian," said Brian Bethune, an economics professor at Boston College. "The more people that businesses can hire, the more services they can provide, which means more production and that will reduce inflation. That's what is critical now."Falling commodity prices have slowed the pace of inflation, with the annual consumer price index rising 8.5% in August. But rising wages are likely to keep inflation elevated for a while.Average hourly earnings are forecast rising 0.4% after a solid 0.5% increase in July. That would lift the annual increase in wages to 5.3% from 5.2% in July. Strong wage gains are keeping the income side of the economic growth ledger expanding, though at a moderate pace, and a recession at bay for now."If there is a recession, it's going to be mild," said Christopher Kayes, a professor of management at the George Washington University School of Business in Washington. "It will be a recession with almost full employment. We haven't seen that in our lifetime."Register now for FREE unlimited access to Reuters.comReporting by Lucia Mutikani; Editing by Josie Kao and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.	Unemployment
U.S. Dollar banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/IllustrationRegister now for FREE unlimited access to Reuters.comLONDON, Aug 5 (Reuters) - The U.S. dollar edged higher on Friday, attempting to recoup some losses after its sharpest daily drop in more than two weeks, as traders turned their attention to U.S. jobs data for further clues about the strength of the economy.The U.S. dollar index , which measures the greenback against a basket of currencies, was up 0.21% to 105.92, after sliding 0.68% on Thursday, the largest fall since July 19. It remains around 3% below its mid-July high.Investors await the key U.S. nonfarm payrolls report due at 1230 GMT, which will provide hints of how the U.S. economy is faring. Economists expect an increase of 250,000 jobs for the month of July, after 372,000 were added in June. read more Register now for FREE unlimited access to Reuters.comHowever, signs of softening in the labour market could already be underway, as data on Thursday showed that the number of Americans filing new claims for unemployment benefits increased last week. read more "A far stronger than expected jobs report together with a considerable upside surprise in the average hourly earnings data in particular could see the USD broadly stronger," said John Hardy, head of FX strategy at Saxo Bank.The euro was down 0.17% against the greenback to $1.02285, within in its relatively narrow range of $1.01-$1.03 that its been trading in since July 19, as concerns about an European energy crisis are offset by fears of a slowing U.S. economy.A stand-off over the return of a turbine that Russia says is holding back gas supplies to Europe showed no sign of being resolved on Thursday, as Moscow said it needed documentation to confirm the equipment was not subject to sanctions. read more Meanwhile, sterling was little changed at $1.2156, a day after the Bank of England (BoE) raised rates by the most in 27 years to fight surging inflation, but warned a long recession was coming, beginning in the fourth quarter of this year. read more "Ultimately, that's one of the most dovish 50 basis point hikes I've seen," said Justin McQueen, FX strategist at DailyFX."The BoE said we're going to have a recession for five quarters, it highlights the bleak outlook for the UK economy and the pound."Elsewhere, the U.S. dollar rose 0.24% against the Japanese yen to 133.27 per dollar , after tumbling 0.69% on Thursday.The risk-sensitive Aussie and kiwi remained little changed at $0.69605 and $0.6299, respectively.In cryptocurrencies, bitcoin was up 2.9% to $23,272.80.Register now for FREE unlimited access to Reuters.comReporting by Samuel Indyk in London and Rae Wee in Singapore, editing by Ros RussellOur Standards: The Thomson Reuters Trust Principles.	Unemployment
Jay Mallin/ ZUMA Press Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.As union activity continues to make headlines, more Americans are coming around to the idea that protecting workers’ rights is a good thing—maybe even a great thing. A new Gallup poll shows that public support for unions is now at a whopping 71 percent, the highest the research firm has seen since 1965. According to Gallup, union support has been steadily rising since 2009 but saw a significant uptick during the pandemic when the lack of labor protections for workers suddenly labeled as “essential” came into sharp focus, shifting the dynamic between bosses and their staff. Now amid increased bargaining power, unions are experiencing something of a golden moment. “The low unemployment rate that developed during the pandemic altered the balance of power between employers and employees, creating an environment fostering union membership that has resulted in the formation of unions at several high-profile companies,” Gallup concluded. Since the pandemic started, the conversation around workers’ rights has gained traction. From fast food to retail, employees at companies like Amazon and Starbucks have been organizing to unionize distribution centers and individual storefronts across the country, with mixed results. (You can read our series on how workers got fed up and started fighting here.) Riding on the national momentum, fast food workers in California just had a major breakthrough after the state Senate this week passed the Fast Food Accountability and Standards Recovery Act. The legislation, which now heads to Gov. Gavin Newsom’s desk, would create a statewide council of workers, union advocates, industry representatives, and state officials to be responsible for raising wages and standardizing working conditions for more than 500,000 fast food workers in the state. Still, while support for unions may be rising, union participation remains low. According to Gallup, 84 percent of Americans live in a household without union members; only 11 percent of those polled said they were “extremely interested” in union membership.	Unemployment
The chief executives of Alphabet and Meta Platforms, the parent companies of Google and Facebook and major heavy hitters in the tech world, are warning under-performing employees to step it up, drawing concern for potential layoffs amid the continued economic downturn. The U.S. economy shrank from April through June for a second straight quarter, raising fears about an economic recession. Consecutive quarters of falling gross domestic product (GDP) constitute one traditional measure, though not definitive, of a recession. "Any time there is a recession or warning of a recession, companies start looking inward and saying, how can we get ahead of this?" Julie Bauke, founder and chief career strategist with The Bauke Group, told FOX Business. IS THE UNITED STATES ENTERING A RECESSION? Bauke is one of many industry experts who told FOX Business that these warnings are indicators of a softening job market — including layoffs. Following a disappointing fiscal quarter, Meta CEO Mark Zuckerberg and Alphabet CEO Sundar Pichai both told staffers they have productivity concerns and are "turning up the heat" on managing staff performance. Meta Platforms is considering reducing the money it gives news organizations as it reevaluates the partnerships it struck over the past few years. ((AP Photo/Tony Avelar, File) / AP Newsroom)According to audio obtained by Reuters, Zuckerberg, whose company suffered its first revenue decline in history, told staffers last week that his hope is to raise expectations and have more aggressive goals.FED PREPARES ANOTHER MEGA-SIZED RATE HIKE, RISKING DEEPER DOWNTURN"Just kind of turning up the heat a little bit," Zuckerberg was quoted as saying. "I think some of you might decide that this place isn't for you, and that self-selection is OK with me." Meanwhile, Pichai issued similar concerns. Pichai reportedly told staffers last week that there are "real concerns that our productivity as a whole is not where it needs to be for the head count we have." The comments were first reported by CNBC. Google’s revenue growth during the past quarter decelerated to its slowest pace in two years as advertisers reined in their spending amid intensifying fears of an economic recession. Second quarter revenue rose 13% this year compared to 62% in last year's comparable quarter. Google CEO Sundar Pichai speaks during signing ceremony committing Google to help expand information technology education at El Centro College in Dallas, Texas, October 3, 2019. (REUTERS/Brandon Wade / Reuters Photos)These notices are signals of potential layoffs, which could lead to greater unemployment, fewer available jobs, lower wage growth and fewer job opportunities at startups, according to economist and Thru the Cycle President John Lonski. US ECONOMY ENTERS TECHNICAL RECESSION AFTER GROWTH TUMBLES 0.9% IN THE SECOND QUARTER"If there are a large number of these warnings of underperformance, it probably will be followed by a reduction in staff unless there is some unexpected revitalization of the economy," Lonski said, adding that if employees are warned of underperformance, they should brace for a possible layoff. Gross domestic product — the broadest gauge of the economy — contracted at a 0.9% annual pace from April through June. The decline, reported by the Commerce Department, came just after there was a 1.6% annual drop in GDP from January through March. It's a far cry from the 5.7% growth the economy achieved last year. "There’s no denying payrolls are going to be growing much more slowly if at all as the reality of the economic growth of less than 1.5% on average through 2023 takes hold," Lonski added. The first thing companies will do is close out any open or unfilled positions which will reduce the number of open jobs facing the market, according to Bauke. The next thing companies will do, is ask leaders to identify the lowest performers to prepare for a possible layoff. Ticker Security Last Change Change % META META PLATFORMS INC. 159.93 +0.83 +0.52%GOOGL ALPHABET INC. 114.86 -1.46 -1.26% "If all of the low performers are let go and they still need to cut, generally, they look at departments where they can live without people," Bauke said, adding that it will depend on the department. Not all industries will be impacted the same because certain roles are hard to fill. People with particular skills, such as accountants or engineers, who are decent performers have nothing to worry about, according to Bauke. "If they do get laid off, they will be scooped up in a heartbeat because demand outstrips supply and will for a long time," she added. GET FOX BUSINESS ON THE GO BY CLICKING HEREHowever, these warnings will also be a sign for employees to reassess if they even like where they are working — especially if they are not giving it their all, Bauke added. Robyn Duda, event strategist and founder of Robynduda.com, agrees. Duda said these warnings are also being used as a trick to "weed out those that don't truly want to be there or that can't take that pressure and it's an easier way than having to lay people off."The Associated Press contributed to this report.	Unemployment
SummaryCompaniesThis content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine.IZHEVSK, Russia, Aug 25 (Reuters) - Russia's record employment signals a surprisingly smooth decoupling from the West. Its rapid replacement of McDonald's and Starbucks says business as usual. Yet pressures are building inside its economic machine.Six months into the Ukraine conflict, the strategies and struggles of Russia's biggest automaker offers an insight into the contrasting fortunes of a country striving to withstand what Vladimir Putin calls an economic "blitzkrieg" by the West.Avtovaz restarted production of its Lada brand this summer after it was halted in March in the face of Western sanctions, supply shortages and the loss of its French partner Renault. It has not formally laid off any of its 42,000 workers.Register now for FREE unlimited access to Reuters.comNonetheless, the company's feeling the heat, and it's shrinking.The bulk of the 3,200 workers at its factory in the industrial city of Izhevsk - where car production has not resumed - have been furloughed since March, with the company paying two-thirds of their wages, although some staff have been given temporary work around the factory on reduced hours.This month, the automaker offered all Izhevsk workers one-off payments to quit as it looks to focus more production on its primary plant in Togliatti, 600 km away."It's a choice between bad and terrible," said Alexander Knyazev, referring to the dilemma over whether to take a 200,000 rouble ($3,400) severance payment or stay in his job in the Izhevsk's stamped body parts workshop.Last week he chose to walk away from the factory, which had paid him over 45,000 roubles per month."They don't need so many technicians anymore."Asked how many workers had chosen to accept the severance, Avtovaz told Reuters it would disclose the final number after this month, adding that those workers on reduced hours would go back to a five-day week at the plant from Aug. 29.The company did not elaborate on its plans for Izhevsk, though it said earlier this month it remained committed to the plant, which it said would be retooled to make the first Russian-made electric car, the Lada e-Largus, and would retain service and support functions."In the current situation of sanctions pressure and a growing number of variables, we are taking comprehensive measures to maintain employment," Avtovaz President Maxim Sokolov said at the time.Ruben Enkipolov, a professor of economics at Moscow's New Economic School, said the auto sector's struggles were being masked by "hidden unemployment", where workers were not laid off but instead placed on indefinite furlough.He said he expected unemployment to rise towards the end of the year, when he said it would likely become clear that sanctions were unlikely to be lifted in the near future."In Russia, economic crises don't tend to produce mass unemployment because of the specifics of the Russian labour market like the furlough practice," Enkipolov said.The Russian economy ministry declined to comment for this article. This month, Economy Minister Maxim Reshetnikov dismissed any talk of a dramatic rise in joblessness, which official data pegged at a record low of 3.9% in June."I think that in autumn, we will move away from these record low numbers but let's not over dramatize, the situation is under control," he told a conference in Yekaterinburg.In another sign of official optimism, amid high oil prices and popular policies to cushion the impact of inflation, latest government forecasts indicate the depth of Russia's economic contraction will be less severe than previously feared this year.SYMBOL OF SUCCESSAutos is not the only Russian industry taking a hit from the showdown with the West.In total, 236,000 Russian workers were either on furlough or reduced hours as of the end of July, according to Deputy Prime Minister Tatiana Golikova. They are not part of officially 3 million people registered as unemployed in Russia.About half of all air traffic controllers, or 14,000 people, have been furloughed or put on part-time work, for example. Several foreign companies leaving Russia, from Swedish furniture giant Ikea to Spanish fashion chain Zara, have also furloughed staff. read more Yet the auto sector has suffered more than most, with passenger car output dropping 62% in the first half of the year versus the same stretch in 2021, according to the state statistics agency.Global carmakers including Volkswagen, Nissan, Hyundai Stellantis, Mitusubshi and Volvo, suspended their Russian operations and furloughed workers on the statutory two-thirds pay after Moscow launched its military campaign in Ukraine on Feb. 24.That foreign exodus put more than 14,000 Russian auto workers on leave, according to a Reuters review of the industry.The future of many of these workers is looking precarious as the conflict continues, a steep reversal for an industry that's been a symbol of Russian success for decades, attracting foreign players and becoming one of the country's largest employers.An auto slump could have far-reaching economic consequences; the industry employed around 400,000 people in 2020, with around 10 times as many workers depending indirectly on the sector, according to government data.JOBS AT KALASHNIKOVAvtovaz has sought to adapt since Western sanctions severed Russia from many global supply chains and export markets, launching a series of simplified models with fewer hard-to-source foreign components.In June, the company began production of a new, stripped-down Lada Granta, which comes without features such as remote keyless control or air conditioning, which rely on imported components.Nevertheless, sales volumes have fallen by 63% in the first seven months of the year, to 85,000 vehicles, with production of the Lada Vesta, Lada X-Ray and Lada Largus models halted altogether, according to Avtovaz data.In some places such as Izhevsk, other sectors may be picking up the slack.Knyazev, who quit Avtovaz in Izhevsk, hopes to get a job at gunmaker Kalashnikov's factory in the city, the capital of the Udmurtia region, about 1,300 km east of Moscow. Though even then, he said, he would likely be paid a lower wage than at the carmaker.More than 100 former Avtovaz employees have already been hired by Kalashnikov, according to Tatyana Churakova, deputy prime minister of Udmurtia."We are working to do everything possible to arrange for all the employees who may leave the car plant to transfer to our other plants," Churakova told Reuters.'NO ONE KNOWS ANYTHING'Despite such efforts, half a year after launched its Russia's "special military operation", many people in this industrial city are contemplating an uncertain economic future.Sergei, 58, a manager at the Avtovaz Izhevsk plant who declined to provide his last name, said he himself had decided not to take the severance payment."They don't kick anyone out, whoever wants to stay stays. Many do want to stay," he said at the at the factory's exit gate. "No one knows anything at the moment. No big decisions have been made yet. Everyone is waiting."Avtovaz has said it plans to restart production of the Lada Vesta - halted at Izhevsk - at its main assembly plant in Togliatti in spring next year. It did not specify how it plans to secure supplies of parts currently unavailable from abroad due to the sanctions.Register now for FREE unlimited access to Reuters.comReporting by Reuters; Writing by Felix Light; Editing by Pravin CharOur Standards: The Thomson Reuters Trust Principles.	Unemployment
Topline The U.S. economy unexpectedly shrank for a second quarter in a row this year, according to data released Wednesday, signaling the start of a technical recession even as economists predict signs of a slowdown will only grow in the coming quarters, likely prompting the government to officially declare the economy has entered a recession. "It doesn't make sense that the economy would be in recession," Fed Chair Powell said on Wednesday, ... [+] even as other experts say it's likely only a matter of time until the government officially recognizes it. AFP via Getty Images Key Facts The U.S. economy shrank at an annual rate of 0.9% in the second quarter despite average expectations calling for a 0.3% increase—marking the second consecutive quarter of negative gross domestic product growth and thereby signaling the economy has entered a technical recession, the Bureau of Economic Analysis reported in a first estimate released Thursday. The government blamed the worse-than-expected figure on declines in residential investments (or home-buying), federal government spending and business inventories, but said an uptick in exports and spending helped economic activity improve from last quarter's decline of 1.6%. Two consecutive quarters of negative GDP growth comprise one working definition of recession, says Wells Fargo senior economist Tim Quinlan—but it's not the official one: Instead, the definitive call is up to the National Bureau of Economic Research, which defines a recession as "a significant decline in economic activity" lasting "more than a few months." Quinlan points out four of the six factors the NBER relies on to declare a recession—production, income, employment and spending—continued to signal expansion through May, but he notes production appears to be "losing steam" and income gains are struggling to keep up with inflation, all while unemployment claims rise and consumers start spending less. Like other economists, Quinlan isn't convinced economic indicators last quarter were indicative of a current recession, but he warns the economy is slowing and "it is starting to feel like [entering one] is only a matter of time." The data comes one day after Federal Reserve Chair Jerome Powell downplayed the significance of early GDP figures, which can be revised "significantly,” and said "it doesn't make sense that the economy would be in recession" given the labor market's strength in the first half of the year, with some 2.7 million people hired and unemployment remaining near pre-pandemic lows. Crucial Quote "We do not think the economy is in recession at present, but if our forecast is correct, this is not so much of a head-fake as it is a harbinger of worse to come as we are forecasting the economy to enter a mild recession early next year," says Quinlan. What To Watch For The government will update its estimate, based on more complete data, on August 25. A third and final figure will then be released in September. This is a developing story. Please check back for updates. Further Reading Fed Raises Interest Rates By 75 Basis Points Again As Investors Brace For Recession (Forbes) IMF Warns Of ‘Gloomy Outlook’ For Global Economy, Slashing Growth Estimates (Forbes) U.S. Will Fall Into Recession This Year As 'Worrisome' Forces Grow, Bank Of America Warns (Forbes) Follow me on Twitter or LinkedIn. Send me a secure tip.	Unemployment
Wang Wei stands next to his coffee bar that he installed in the back of his car at a car boot fair in Beijing, China, August 13, 2022. REUTERS/Thomas PeterRegister now for FREE unlimited access to Reuters.comBEIJING, Aug 24 (Reuters) - When the COVID-19 pandemic forced Wang Wei to shut his tourism company, the Tianjin native poured his life-savings of 80,000 yuan ($11,785) into selling coffee from the back of his green Suzuki micro van in the Chinese capital Beijing.Since June, Wang has driven his mobile coffee booth from car boot fair to car boot fair, offering hand-brewed coffee steeped in an assortment of liqueurs.Once considered too low-status for many, peddling wares on the street has made a comeback as people who lost their jobs or closed down their businesses seek new ways to make a living and work around China's relentless anti-COVID policies.Register now for FREE unlimited access to Reuters.comHospitality, tourism and after-school tutoring have been particularly hard hit.Wang, 40, gave up a bricks-and-mortar coffee shop in Tianjin in 2020 when the pandemic first hit. Overseas group tours he used to organise also took a blow that year, with a lucrative trip to see the aurora borealis cancelled, costing him hundreds of thousands of yuan in lost earnings.This year, the spread of the Omicron variant across China was the final nail in the coffin, making his group tours to the Chinese backcountry impossible.Wang started running his mobile coffee booth this summer, after car boot fairs emerged in big southern cities like Chengdu, Chongqing and Guangzhou.Under a canopy extending from Wang's van, customers relax in camping chairs, with soft lights in the evening completing the glamping experience."The rising popularity of this car boot sale market has helped me tide over the most difficult of times," said Wang, who reckons he earns about 1,000 yuan a day.JOBLESS YOUTHChina's economy barely grew in April-June. Youth unemployment has remained high, reaching a record 19.9% in July, the fourth month in which the rate had broken records. read more Pan, 25, closed his bar in Shenzhen after a COVID outbreak in March, saddling him with over 100,000 yuan in debts."I was pretty down, and one night, my fiancée Annie, wanting to cheer me up, took me to a watering hole in a quiet area with warm, faint lights and soft music," he said.That was when he saw a couple selling liquor at an outdoor stall, inspiring him to do the same - but from his Tesla."My best friend lent me 3,000 yuan, which became the initial investment for our pop-up liquor shop," Pan said.Pan and Annie ran out of money in their first week, but their determination paid off, with daily revenues since climbing as high as 7,800 yuan."In the future, we plan to travel the country with our Tesla and sell liquor from the boot of our car in cities we enjoy the most," said Pan.'PENNILESS'Policymakers, in tacit admittance jobs are harder to come by, have encouraged "flexible" employment in the informal economy.Even Beijing, which has long regarded makeshift market-places as beneath the capital, is closing an eye to car boot sales.Liu, 30, used to make a living teaching Beijing kids how to solve the Rubik's Cube, but after in person learning was shuttered due to COVID-19, she became "penniless".She now sells coffee from the back of her small van and hopes her small business will pull her out of her financial straits."We are still losing money at this stage, I get less than 100 yuan a day most of the time - not enough for meals and transportation," she said. "But I'm happy just being occupied."($1 = 6.7879 Chinese yuan renminbi)Register now for FREE unlimited access to Reuters.comReporting by Ella Cao and Ryan Woo; Editing by Lincoln Feast.Our Standards: The Thomson Reuters Trust Principles.	Unemployment
U.S. Treasury Secretary Janet Yellen attends a meeting with South Korean Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho at Lotte Hotel, in Seoul, South Korea July 19, 2022. Chung Sung-Jun/Pool via REUTERS/File PhotoRegister now for FREE unlimited access to Reuters.comWASHINGTON, July 28 (Reuters) - The U.S. economy's contraction for a second consecutive quarter will make it more difficult for Treasury Secretary Janet Yellen to portray an image of economic health at a news conference later on Thursday.The Commerce Department reported earlier on Thursday that U.S. gross domestic product shrank 0.9% in the second quarter. The drop, coming on top of a 1.6% contraction in the first quarter, quickly fueled debate among economists and politicians as to whether the United States is or soon will be in recession. read more Yellen is due to hold a news conference at 1:30 p.m. EDT (1730 GMT) at which she is expected to stay firmly in the "not a recession" camp. She has been saying in recent weeks that the traditional short-hand definition of a recession - two consecutive quarters of GDP contraction - does not apply in this case, largely because of a strong U.S. job market. read more Register now for FREE unlimited access to Reuters.comA Treasury media advisory on Tuesday said Yellen in brief remarks "will underscore America's historic recovery over the last 18 months from the depths of the pandemic, with over nine million jobs created, the biggest single-year decline in unemployment on record, and the fastest year of economic growth in 2021 in almost four decades."Yellen also will highlight global challenges to the U.S. economy, including inflation driven by the war in Ukraine and ongoing pandemic-related supply disruptions, the advisory said, and discuss "the resilience of America's workers, businesses and economy in the face of these international headwinds."The Treasury chief last year had argued that inflation would be "transitory," receding as supply-chain disruptions eased. But inflation has proven more persistent - consumer prices rose at a 9.1% annual pace in June - and she admitted in late May that she was "wrong" about the path inflation would take. read more FOOD INFLATIONThe argument that the United States may be able to escape recession as the Federal Reserve tightens monetary policy to bring inflation back down to the central bank's 2% target may be harder to make amid signs that consumer spending and the housing market are slowing precipitously.Thursday's GDP report showed consumer spending grew just 1% last quarter, down sharply from 1.8% in the prior period. Residential investment plunged at a rate of 14% - the biggest housing drag on GDP in 14 years.Retail giant Walmart (WMT.N) on Monday warned that it would have to slash prices to clear bloated inventories as high food and gasoline costs were prompting consumers to cut back discretionary spending. read more Indeed, food inflation was a major drag on second-quarter GDP. While nominal spending on food for consumption at home was up by $5.9 billion, Americans' "real" food consumption adjusted for the highest inflation in four decades tumbled by $33.5 billion from a quarter earlier, creating its largest drag on the economy in nearly half a century.Reuters Graphics Reuters GraphicsReacting to the data, some economists and market analysts were already starting to declare a "technical" recession."These are disappointing numbers, obviously, and the first quarter was revised lower," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. "The market has been forecasting a recession. From a textbook viewpoint, this is a recession and a mild one."Art Hogan, chief market strategist at B. Riley Wealth Management in New York, said it was "easy to get caught up in the semantics" over recession terminology, but the economy feels weak."I think the economy feels the way it feels to you, and if you feel like the economy is lousy because you know you're being pinched by higher prices then you know you're in a recession. Just the word 'recession' means that we're receding and economic growth is obviously receding."Register now for FREE unlimited access to Reuters.comReporting by David Lawder; Additional reporting by Stephen Culp and Aniruddha Ghosh; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.	Unemployment
“Bubble Watch” digs into trends that may indicate economic and/or housing market troubles ahead. Buzz: The stock market is officially in a bear market downturn, and that’s rarely good news for California’s economy. Source: Using the definition of a bear market as a 20% drop in the S&P 500 stock index, my trusty spreadsheet looked at what followed the start of the five such Wall Street downturns before the pandemic. To gauge the fallout, I looked at California’s economy in terms of the 12-month change in unemployment, jobs, total statewide personal income, home prices (FHFA index) and 30-year mortgage rates. The Trend Wall Street’s latest bear market officially started in January. In the past, California’s economy typically reacted lethargically, at best. In the year following the start of these five deep market dives, California’s unemployment rose on average to 7.6% from 6.1%. Meanwhile, growth cooled for jobs (to 0.2% from 2.1%), income (2.1% from 7.7%) and home prices (0.9% from 5.1%). With a backdrop of weakness spreading from Wall Street as far as the Pacific Coast Highway, borrowing costs fell. Mortgage rates dipped on average by 1.3 percentage points in a year. The dissection Ponder these five bear markets and how they played out in California. November 1980 through August 1982, 27% stock losses: Geopolitical turmoil, notably an Arab oil embargo, a change in presidents (from Jimmy Carter to Ronald Reagan), and inflation-bashing double-digit interest rates sent stocks into a dive. Wall Street’s pain certainly foreshadowed brewing economic distress in California. A year after this bear market started, California unemployment rose to 11% from 8.2% as the jobs count morphed from 0.7% growth to a 2.2% decline. Statewide income growth went from 9.9% to a near standstill at 0.7%. Home prices that at this bear market’s start were rising 8.4% shifting to a 1.4% loss 12 months later. And that fall came despite mortgage rates falling to 14% from 17.7%. August 1987 through December 1987, 34% stock losses: The rebound out of the dark days of the early 1980s ended abruptly seven years later, highlighted by the Black Monday stock crash in October. Curiously, the California economy was largely spared any fallout in the year after this bear market started. Unemployment fell to 5.3% from 5.6% as job growth quickened to 3.8% from 3.4%. Income growth did cool — 3.4% from 7.3% — but stock losses were likely part of that chill. Homes looked like a haven from these stock gyrations. Annual appreciation ballooned to 16.3% from 11% as mortgage rates flattened at what seemed to be a bargain those days — 10.5%. July 1990 through October 1990, 20% stock losses: The economy may have ignored the stock drama of 1987 and 1989, but the Golden State business machine eventually ran out of steam in the early 1990s recession. This brief and modest bear market was definitely felt in California in the year following and beyond. Unemployment jumped to 7.9% from 5.9% and 2.5% job growth became a dip of 1.3% a year. Income growth chilled, too, to 2.5% from 7.8%. And this was also the beginning of the 1990s housing malaise. Home prices gains of 5.6% became 1.3% losses 12 months after the market stall. Falling rates — 9.3% from 10.1% in the year after the bear market started couldn’t prevent six more years of home-price declines that followed. March 2000 through October 2002, 49% stock losses: Wall Street dusted off the early 1990s downturn far quicker and more robustly than California’s economy. Investors flocked to technology’s “dot-com” stocks with a bubbly fervor. When that error was corrected, a swift and deep bear market emerged. Yet California’s broad economy suffered just modest damage from this Wall Street debacle. This disconnect is especially curiously considering the bear market was heavily tied to the crashing shares of many of the state’s technology companies. A year after the bear market started, statewide unemployment dipped to 4.8% from 5%. However, there was a chill in job growth, slipping to 3.1% from 3.4% and income growth, which fell to 3.4% from 9.6%. Home prices again flourished amid uncertainty with 10.9% gains growing to 13.6%. Falling mortgage rates helped, too, dropping to 7% from 8.3% a year later. October 2007 through March 2009, 57% stock losses: Housing’s escape from the dot-com stock rout oddly may have helped create the foundation for the giant stock and economic tumble into the Great Recession. The overindulgence of tech stocks switched to an unhealthy passion for housing. A giant real estate bubble superheated the entire economy. Well, until this irrational exuberance collapsed into a global downturn. In the year after the bear market started, California unemployment went to 8.8% from 5.7%. Job growth of 0.6% turned into a 2.6% yearly loss. Income growth of 4% all but evaporated to 0.6%. Please note that housing was a mess before stocks officially were in bear market status. California home depreciation exploded into 22.7% losses from 10.4% a year later despite rates falling to 5.8% from 6.2%. How bubbly? On a scale of zero bubbles (no bubble here) to five bubbles (five-alarm warning) … FIVE BUBBLES! There’s a mistaken notion that stocks are somehow removed from broad economic realities. These days, we watch them around the clock, and their volatility can make it feel like a casino. But you cannot ignore Wall Street’s dips. Sinking stocks typically trim investors’ appetite for risk. That hurts California businesses, which happen to thrive on risk-taking. Bear markets also unnerve C-suite types whose anxieties often morph into layoff-minded thinking. Those kinds of reactions also damage consumer spending habits along with shrinking portfolios. It’s a recipe for a chilly California business climate. Remember, this state’s economy was smacked as Wall Street was bitten by three of the last five bear markets. And I’d argue after the two other stock fiascos — 1987 and 2000 — California’s economy was very lucky. The real estate bubbles of those eras simply delayed the eventual economic pain. Sounds a bit like 2022? Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com	Unemployment
People shop in a supermarket as inflation affected consumer prices in Manhattan, New York City, U.S., June 10, 2022. REUTERS/Andrew KellyRegister now for FREE unlimited access to Reuters.comSummaryCompaniesNonfarm payrolls forecast to increase by 268,000 in JuneUnemployment rate seen unchanged at 3.6%Average hourly earnings expected to gain 0.3%WASHINGTON, July 8 (Reuters) - U.S. employers likely hired the fewest workers in 14 months in June, but the jobless rate probably remained near pre-pandemic lows, underscoring labor market tightness that could encourage the Federal Reserve to deliver another 75-basis-point interest rate increase later this month.Despite the anticipated slowdown in job growth last month, the Labor Department's closely watched employment report on Friday could ease fears of a recession that have mounted in recent days following a raft of tepid economic data, ranging from consumer spending to manufacturing.While demand for labor is cooling in the interest rate-sensitive goods-producing sector of the economy, businesses in the vast services industry are scrambling for workers. There were 11.3 million job openings at the end of May, with 1.9 jobs for every unemployed person. read more Register now for FREE unlimited access to Reuters.com"It's very, very difficult to get a recession with so many job openings," said Jonathan Golub, chief U.S. equity strategist at Credit Suisse in New York. "In reality, a recession, more than anything else, is a collapse in the labor market, a spike in the unemployment rate, and right now, we're not seeing anything that looks like that at all."Nonfarm payrolls likely increased by 268,000 jobs last month after rising by 390,000 in May, according to a Reuters survey of economists. That would be the smallest gain since April 2021 and just more than half of the monthly average of 488,000 jobs this year. Estimates ranged from as low as 90,000 to as high 400,000.Still, the pace would be well above the average that prevailed before the COVID-19 crisis and would leave employment about 554,000 jobs below the pre-pandemic level.Most industries with the exception of leisure and hospitality, manufacturing, healthcare, wholesale trade and local government education have recouped all the jobs lost during the pandemic. The unemployment rate is forecast to be unchanged at 3.6% for a fourth straight month.The Fed wants to cool demand for labor to help bring inflation down to its 2% target.The U.S. central bank's aggressive monetary policy posture has heightened recession worries which were amplified by modest growth in consumer spending in May as well as soft housing starts, building permits and manufacturing production.In June, it raised its benchmark overnight interest rate by three-quarters of a percentage point, its biggest hike since 1994. Markets overwhelmingly expect the Fed, which has increased its policy rate by 150 basis points since March, to unveil another 75-basis-point hike at its meeting later this month.The release next Wednesday of inflation data for June, which is expected to show consumer prices accelerating, is also seen giving policymakers ammunition to raise borrowing costs further.TIGHT LABOR MARKET"We still have a very tight labor market, which argues for the Fed to move policy to restrictive territory," said James Knightley, chief international economist at ING in New York."Coupled with elevated and still rising inflation, this gives the Fed the excuse to push ahead and indeed tighten by 75 basis points."The June payrolls could surprise on the downside because of issues with the seasonal factors, the model that the government uses to strip out seasonal fluctuation from the data, following the upheaval caused by the pandemic.Unadjusted payrolls increased by the most on record in June 2020 as the economy emerged from the first wave of COVID-19, a feat that is unlikely to be repeated."But the June 2021 seasonal factor was more 'aggressive' than normal in terms of anticipating job growth, and we think the June 2022 seasonal factor may also end up being 'stronger than normal,' which could bias the seasonally adjusted data lower," said Daniel Silver, an economist at JPMorgan in New York.Job growth last month was likely led by the leisure and hospitality sector. That, together with gains elsewhere, would help the private sector to recoup all the jobs lost during the pandemic, even as leisure and hospitality employment remains in a hole. Construction payrolls likely declined as surging mortgage rates curbed homebuilding.Financial sector employment is also expected to have decreased, reflecting a softening in real estate hiring amid slowing home sales.Manufacturing payrolls are seen increasing despite a move by technology giant and electric vehicle manufacturer Tesla (TSLA.O) to lay off hundreds of its American workers.With the labor market still tight, employers likely continued to raise wages at a steady clip last month.Average hourly earnings are forecast to have increased 0.3% for a third straight month. That would lower the year-on-year increase to 5.0% from 5.2% in May.While annual wage growth has decelerated from 5.7% in January, wage pressures remain robust. Labor costs surged in the first quarter and the Atlanta Fed's wage growth tracker continues to run strong.The average workweek in June is seen holding at 34.6 hours for a fourth straight month."If businesses start cutting hours, that would be a bad omen," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania.Register now for FREE unlimited access to Reuters.comReporting by Lucia Mutikani Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.	Unemployment
Published August 19, 2022 3:33PM Texas adds 72,000 new jobs in July Texas has added more jobs this year than any year since 1990. But the types of jobs people are attracted to post-pandemic appear to be changing. DALLAS - There’s a lot to celebrate in the latest Texas jobs report. July marks the eleventh straight month with new record levels of employment in the Lone Star State. Job creation is way up and unemployment is down. What's interesting is when you delve deeper into employee trends. Data shows many want to continue to work from home. Some are pushing for a hybrid model. It’s putting employers in a tough spot. Texas Workforce Commission Chairman Bryan Daniel touted the employment stats during a virtual media briefing Friday. "We have added 72,000 more jobs to the Texas economy effective July," he said. "My top takeaway is just our record streak of job growth." Texas has added more jobs this year than any year since 1990. But the types of jobs people are attracted to post-pandemic appear to be changing. Jason Parma is a jobs expert at talent solutions and business consulting firm, Robert Half. "The first thing that we're seeing is the continuation of this movement towards a hybrid or remote work model," he said. A 'help wanted' sign is posted in front of restaurant on February 4, 2022 in Los Angeles, California. - (Photo by Frederic J. BROWN / AFP) (Photo by FREDERIC J. BROWN/AFP via Getty Images) Parma says their research found some 41% of managers have lost employees because of return-to-office requirements. About 50% of workers surveyed say they would quit if required to return to the office full time. "They're wanting to be able to know that they can balance their priorities, their children, along with whatever employee requirements that they have," he said. People are looking for more flexibility from their employers after getting used to working from home for so long. But there are, of course, some jobs that just don't work working from home. Nathan Price is a mechanic. "I like going in because all of the tools I need to work at my level is at the facility," he said. To keep these kinds of employees put, Parma says employers may need to look at other options like pay raises. "There are some instances where on-site is important," he said. With all of the job openings out there, it seems there's something for everyone.	Unemployment
MoneyWatch September 2, 2022 / 10:57 AM / CBS/AP U.S. added fewer jobs in August than in July U.S. added fewer jobs in August than in July 03:41 Stocks are up on Wall Street after a solid report on the jobs market last month that didn't come in too hot. The government reported that hiring slowed last month, which is exactly what policymakers want to happen in order to cool off inflation. The S&P climbed 51 points to 4,018, gaining 1.3% as of 10:44 a.m. Eastern time, while the Dow rose 332 points, or 1.1% to 31,998. The heavy-tech Nasdaq was up 1.4% after a slight dip earlier.Investors awaited figures on August hiring for an update on how the economy is responding to four earlier interest-rate hikes to cool inflation that is near a four-decade high. A strong reading would have given ammunition to Fed officials who say higher interest rates are needed to slow economic activity and reduce upward pressure on consumer prices. But employers added 315,000 jobs, down from about 520,000 last month and in line with economists' expectations — a thankful lack of surprises that investors found reassuring. The unemployment rate ticked up to 3.7% from 3.5% as more people came off the sidelines to look for work and were counted as unemployed."The downtick in employment growth in August may be a sign that the Federal Reserve's policies are starting to have an impact," Lisa Sturtevant, chief economist at Bright MLS, said in a note. The benchmark ended August with a 4.2% loss after surging the previous month on expectations the Fed might ease off rate hikes due to signs U.S. economic activity was cooling and inflation might be leveling off. Markets cautious after Fed chair's remarks on inflation, rate hikes 04:23 Those hopes were dashed last week when Chair Jerome Powell said the Fed needs to keep rates elevated enough "for some time" to slow the economy. The only question for many investors is how much and when the next hike will be.On Thursday, the Labor Department reported unemployment claims fell last week in another sign of a strong job market. It said earlier this week there were two jobs for every unemployed person in July.The Dow finished up 0.5% on Thursday, while the Nasdaq slid 0.3%. China on Thursday ordered most residents of Chengdu, a western city of 21 million people, to stay home following a fresh coronavirus outbreak. The area is recovering from power rationing after a drought depleted reservoirs for hydroelectric dams, but economists said earlier that the national economic impact should be limited because the region's industrial output is a small part of China's total.In energy markets, benchmark U.S. crude rose $1.47 to $88.08 per barrel in electronic trading on the New York Mercantile Exchange. In: Employment Jerome Powell Economy Stock Market Gas Prices Inflation Asia Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue	Unemployment
The job market is holding strong despite ongoing concerns of a recession.There were 11.3 million job openings in May, or roughly two jobs for every unemployed worker, according to the latest Job Openings and Labor Turnover Survey. Some 6.5 million people were hired into new jobs, and 4.3 million people quit for a new one. May marked six straight months of more than 11 million job openings, and 12 straight months of more than 4 million people voluntarily leaving their job.The strong labor market stands in stark contrast against growing recession fears — 70% of Americans believe an economic downturn is on its way, driven by concerns over high inflation, rising housing prices and a volatile stock market, according to one MagnifyMoney survey.So is it a good time or a bad time to change jobs? Here's what economists say.There's still an 'insatiable demand to hire'It's still a job-seeker's market and employers have an "insatiable demand to hire," says Andrew Flowers, a labor economist at Appcast and research director at Recruitonomics. As of June, he says Appcast, which helps businesses with recruiting efforts, hasn't seen a slowdown in employers' intent to hire through the end of the year.Current job postings are 61% higher than they were pre-Covid, according to Bureau of Labor Statistics data.Flowers expects jobs in leisure and hospitality to remain strong as people continue to travel, go to events, dine at restaurants and shop, even as inflation has ratcheted up in recent months.But some jobs may be more sensitive to the rising interest rate, including in construction and manufacturing, which could see a drop-off in openings.As for people who are seeing opportunities in their field right now, Flowers says to "strike while the iron is hot."But job-seekers should be cautious and preparedStill, others warn that growing uncertainty is a reminder to be "cautious" about changing jobs, and to make sure you have a new one lined up before you quit."It doesn't mean workers can no longer look for better opportunities, but I would hesitate to leave a job if I had no immediate prospects," says Stephanie Aaronson, vice president and director of the Economic Studies program at the Brookings Institution.The best thing you can do, she says, is to do some "on-the-job" searching to "make the exchange without a spell of unemployment. Your odds of finding a new job are still quite high, and there's still a potential payoff to doing that."In the first quarter of 2022, job-switchers saw their pay grow by 8.7% year-over-year, while wages for job-holders went up by 6%, according to ADP data.Aaronson adds that job-seekers should "be prepared" to put in the effort in interviews, more so than you might expect given stories of hiring managers fighting for talent in the last year.If hiring cools, it won't be "enough to show up and be available to work," she says. "Firms are going to be hiring a lot fewer people, so there's going to be more competition, and you'll have to make yourself a more attractive candidate."Some firms (particularly in the crypto space) have gone to the extreme in recent months by rescinding job offers days before new hires are set to start.However, the move is "highly unusual" and primarily coming from hyper-growth tech companies focused on nixing early-career jobs, says Sid Upadhyay, co-founder and CEO of the hiring platform WizeHire. Still, it's another reminder that job-seekers should assess their risk tolerance for changing jobs given their financial circumstances, and do their due diligence about a prospective company.A recession may not have a big impact on the job marketSome experts warn that if the U.S. enters a recession, recent hires could be the first to be fired if the company undergoes layoffs.Others say if we do enter a recession, the market could be slower to respond due to today's sheer demand for labor. Many employers haven't been able to staff up during the Covid recovery, and "you can't lay off what you don't have," says Ron Hetrick, a senior economist at the labor market analytics firm Lightcast.Overall, Flowers says the most likely immediate change in the job market is that workers will lose some negotiating power, "but that doesn't mean layoffs are coming en masse."Why you should pay attention to the quitting rate	Unemployment
As crypto crashes and tech layoffs make the news, the specter of unemployment may be haunting Americans again, although the unemployment rate has remained at 3.6% for the past few months, its lowest point since the start of the COVID-19 pandemic.Despite that low percentage number, however, for the week ending June 25, there were 231,000 weekly new unemployment claims and 1,328,000 continued claims, or repeated claims for unemployment benefits after an initial claim. That's a lot of people.Today's rising gas and grocery prices and more expensive debt due to higher interest rates make losing a job extra painful, so it's good to know what to do in case you're laid off. Learn how unemployment insurance works, how to see if you are eligible, how to apply for unemployment benefits and how much money you might expect to receive if you qualify for unemployment compensation.What is unemployment insurance?If you lose your job, money from unemployment insurance can help you stay afloat until you can find a new place to work. Compensation usually comes in the form of weekly payments, either as paper checks, direct deposits or state-issued debit cards. The money for unemployment insurance payments comes from state and federal taxes on employers.Who qualifies for unemployment benefits?As always, the eligibility requirements for unemployment benefits vary from state to state, and you'll need to check your state's unemployment office to determine your eligibility. Here are phone numbers and websites for state unemployment insurance offices. All states require claimants for unemployment insurance to have a minimum amount of wages earned or months worked during a base period of time, according to the National Academy of Social Insurance.The current unemployment rate is far lower than peaks in 2010 and 2020. Freddie Mac and St. Louis Fed In general, if you lost your job through no fault of your own and have a recent work history of 12 to 18 months or greater, you should qualify for at least some form of unemployment compensation. If you were fired for misconduct, you're out of luck. If you were fired for other reasons, your eligibility will depend on many factors, including the state you live in, so you're best off filing a claim. The federal CARES Act that was passed in March 2020 at the start of the COVID-19 pandemic extended unemployment benefits to gig workers and self-employed people, but those protections expired in September 2021.How much do employment benefits pay?Statistics for average unemployment payments are not worth much, since your payment will depend heavily on the state where you live. For example, Washington has a $929 maximum weekly unemployment insurance payment, and Massachusetts goes even farther with a possible $974 per week.On the other end of the spectrum, Mississippi has a maximum weekly benefit of $235, while Arizona's maximum is $240. States have their own methods for calculating unemployment compensation, and usually explain them in detail on their unemployment websites. See the list of state links below to find your own.Unemployment insurance payments are federally taxed, and you must report any money you receive from unemployment when you file your yearly tax return. The IRS excluded $10,200 in unemployment benefits for the tax year 2020 due to the COVID-19 pandemic, but the exclusion was limited to only that year. According to the IRS, you can ask for 10% of your unemployment benefits be withheld from your payments to avoid a tax surprise.When should I apply for unemployment benefits?Immediately. As soon as you learn that you're being laid off, look up your state's unemployment website and learn what you need to do to apply. Several states require "waiting weeks," or a one-week period without pay, for your unemployment benefit payments to start.How do I apply for unemployment benefits?Each state has its own process for deciding who's eligible for unemployment benefits and how to apply. State requirements can change based on new legislation, so the best place to start is always the website of your state's labor department, which might also be called a workforce or employment department. CareerOneStop, a career education website sponsored by the US Department of Labor, hosts an unemployment benefits finder for all 50 US states, the District of Columbia, Puerto Rico and the US Virgin Islands.Or file an application for unemployment using your own state's link from the list below: Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin WyomingHow soon will I start receiving unemployment benefits?The Department of Labor says that it should take about two to three weeks after filing an initial claim to start receiving your unemployment benefits, if you've been determined eligible but your state.The spike in unemployment at the start of the COVID-19 pandemic slowed down processing of claims considerably, but the recent low unemployment rate has made it easier for states to keep up.How long can I receive unemployment benefits?Most US states provide 26 weeks, or half a year, of unemployment benefits, according to the Center on Budget and Policy Priorities. Massachusetts (30 weeks) and Montana (28 weeks) provide slightly more time.Eight other states provide less than 26 weeks of unemployment benefits: Idaho: 21 weeksMissouri: 20 weeksSouth Carolina: 20 weeksArkansas: 16 weeksKansas: 16 weeksAlabama: 14 weeksFlorida: 12 weeksNorth Carolina: 12 weeksThe federal Extended Benefits program, established by the Federal-State Extended Unemployment Compensation Act of 1970, provides up to 13 more weeks of unemployment benefits to states suffering from high levels of employment.No states are currently experiencing those levels now, however. Extended federal unemployment payments from the CARES Act expired with the protections for self-employed people in September 2021.For more, learn about which states are offering inflation relief to residents and seven timely moves to make after losing a job.	Unemployment
American employers posted fewer job openings in June as the economy contends with raging inflation and rising interest rates.Job openings fell to a still-high 10.7 million in June from 11.3 million in May, the Labor Department said Tuesday.In its monthly Job Openings and Labor Turnover Survey, the Labor Department said that the number of Americans quitting their jobs fell slightly in June while layoffs fell.Hiring sign is displayed at a restaurant in Highland Park, Ill., Thursday, July 14, 2022. American employers posted fewer job openings in June as the economy contends with raging inflation and rising interest rates. Job openings fell to a still-high 10.7 million in June from 11.3 million in May, the Labor Department said Tuesday, Aug. 2. (Nam Y. Huh/AP)The job market has been resilient so far this year: Employers have added an average of 457,000 a jobs a month in 2022; and unemployment is near a 50-year low. That is one reason many economists believe the economy is not yet in an recession even though gross domestic product, the broadest measure of economic output, has contracted for two quarters in a row — one rule of thumb for the onset of a downturn.The Labor Department’s jobs report for July, out Friday, is expected to show that employers tacked on another 250,000 jobs last month, which would be a healthy number in normal times but would be the lowest since December 2020. Economists also expect that unemployment stayed at 3.6% for the fifth straight month, according to a survey by the data firm FactSet.	Unemployment
The US added another 315,000 jobs in August as the jobs market remained strong amid signs of a worsening economy.The US jobs market lost 22m jobs in early 2020 at the start of the pandemic but roared back after the Covid lockdowns ended. It has remained strong despite four-decade high rates of inflation and slowing economic growth. In July, the US unexpectedly added 528,000 new jobs, restoring employment to pre-pandemic levels.The unemployment rate ticked up to 3.7% in August from 3.5% in July but is still close to a 50-year low.The remarkable strength of the jobs market has spurred the Federal Reserve to sharply increase interest rates in the hopes of cooling the economy and bringing down prices.Last week the Fed chair, Jerome Powell, made clear the Fed intends to keep raising rates sharply as the central bank struggles to tamp down inflation. His speech triggered a meltdown on Wall Street, with the Dow Jones index losing 1,000 points. The latest jobs report is the last to be released before the Fed meets again in September.Earlier this week the White House press secretary, Karine Jean-Pierre, told reporters that the White House was “expecting job numbers to cool off a bit” as the economy transitions from the “historic economic growth that we saw last year to a more stable and steady growth”.There are mixed signals about the health of the job market. Major employers including Ford and Walmart have announced plans for large layoffs, and 50% of businesses surveyed by PriceWaterhouseCoopers last month said they were reducing their headcount or planning to.At the same time, the government reported this week there were 11.2m open job positions in July – two openings for every unemployed person. New claims for jobless benefits – seen as a proxy for layoffs – fell last week to a two-month low. The government’s latest job report follows the monthly survey of private employers from ADP, the US’s largest payroll supplier. Private employers added only 132,000 jobs in August – less than half the number ADP calculates were added in July.“Our data suggests a shift toward a more conservative pace of hiring, possibly as companies try to decipher the economy’s conflicting signals,” said Nela Richardson, chief economist at ADP. “We could be at an inflection point, from supercharged job gains to something more normal.”	Unemployment
A trader walks on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Monday, June 27, 2022.Michael Nagle \| Bloomberg \| Getty ImagesStock futures slipped in overnight trading following a rally on Wall Street as investors await a key jobs report Friday.Futures tied to the Dow Jones Industrial Average fell 31 points or 0.10% to 31,336.00. S&P 500 futures were down 0.10%, and Nasdaq 100 futures slumped 0.14%.Shares of Levi Strauss gained more than 3% after the bell when the retailer reported quarterly earnings that exceeded expectations and boosted its dividend.GameStop fell about 5% in after-hours trading when the company fired its chief financial officer and said it would lay off employees as part of a turnaround plan. The stock notched a 15% gain in the regular session, a day after the video game retailer announced that its board approved a 4-for-1 stock split.The action in futures followed a winning session Thursday in which the S&P 500 posted a four-day positive streak, matching its longest of the year thus far, according to Bespoke Investment Group. The index is now down about 19% from its all-time high in January.Energy stocks led gains during regular trading, as the price of oil reversed from a recent dip. Exxon Mobile climbed nearly 3.2%, while Occidental Petroleum added close to 4%. Chipmakers boosted the tech sector after strong earnings from Samsung."You just don't see the capitulation just yet, I think there's a little bit more that needs to happen between now and the July Fed meeting," Mark Newton, head of technical strategy at Fundstrat, said on CNBC's "Closing Bell: Overtime" on Thursday. He added that stocks could pull back as early as Friday's session.The June employment report due on Friday is expected to show another month of strong hiring as the labor market bucks any signs of an impending recession or economic slowdown. Economists expect that the U.S. economy added 250,000 jobs last month and that the unemployment rate will remain flat at 3.6%, according to Dow Jones.In May, employers added 390,000 jobs, which was better than economists expected.The S&P 500 is up about 2% during this holiday-shortened week, and it's on pace for its second positive week in the last three.The Dow Jones Industrial Average and the tech-heavy Nasdaq Composite are up 0.92% and 4.4% this week, respectively. Both indexes are also on track for their second positive week in the last three.	Unemployment
A hiring sign is seen in a restaurant as the U.S. Labor Department released its July employment report, in Manhattan, New York City, U.S., August 5, 2022. REUTERS/Andrew KellyRegister now for FREE unlimited access to Reuters.comAug 11 (Reuters) - The number of Americans filing new claims for unemployment benefits rose for the second straight week, indicating further softening in the labor market despite still tight conditions as the Federal Reserve tries to slow demand to help tame inflation.Initial claims for state unemployment benefits rose 14,000 to a seasonally adjusted 262,000 for the week ended Aug. 6, the Labor Department said on Thursday. Economists polled by Reuters had forecast 263,000 applications for the latest week.That's still below the 270,000-300,000 range that economists say would signal a material slowdown in the labor market.Register now for FREE unlimited access to Reuters.comThe number of people receiving benefits after an initial week of aid increased 8,000 to 1.428 million during the week ending July 30. The so-called continuing claims are a proxy for hiring.The U.S. economy unexpectedly contracted in the second quarter, with consumer spending growing at its slowest pace in two years and business spending declining. The second straight quarterly decline in gross domestic product largely reflected a more moderate pace of inventory accumulation by businesses as job gains overall have stayed strong.The economy created an unexpectedly robust 528,000 jobs in July, the unemployment rate fell back to its pre-pandemic low, and wage gains surprised to the upside, the Labor Department announced last Friday in a monthly employment report that makes it harder for the Fed to bring the economy into balance soon.There were 10.7 million job openings at the end of June, with 1.8 openings for every unemployed worker.The U.S. central bank last month raised its policy rate by another three-quarters of a percentage point as part of its effort to quash high inflation. The Fed has now hiked that rate by 225 basis points since March.Register now for FREE unlimited access to Reuters.comReporting by Lindsay Dunsmuir; Editing by Paul Simao and Mark PorterOur Standards: The Thomson Reuters Trust Principles.	Unemployment
Investors are gearing up for a busy week of jobs data with the May JOLTs report on Wednesday morning and the June jobs report on Friday. According to consensus estimates from Trading Economics, Wall Street is expecting a total of 11 million job openings as of the end of May, down from 11.4 million job openings the prior month.Meanwhile, economists surveyed by Refinitiv are expecting the Labor Department to say that the U.S. economy added 268,000 new nonfarm jobs in June, down from the stronger-than-expected 390,000 in May.UPCOMING JOBS REPORT WILL BE ‘BIG MARKET MOVER’: INVESTMENT EXPERT Thru the Cycle president John Lonski predicts that the total number job openings will fall to 10.8 million in May and that the U.S. economy will add 240,000 jobs in June. His estimates reflect an anticipated slowdown in hiring activity due to higher costs driven by inflation and businesses being more cautious about their hiring plans given the increased risk of a potential recession. "Anecdotal evidence strongly suggests that we will have significantly fewer job openings compared to the prior month in June and likewise will see smaller additions to payrolls," he told FOX Business. "It could very well be that payrolls growth has peaked for the current cycle." Meanwhile, First Trust Advisors deputy chief economist Bob Stein told FOX Business that the firm is expecting a nonfarm payroll increase of 275,000. "That’s slower than the trend so far this year and would be the weakest job growth in 14 months," he says. "However, it should also be consistent with continued economic growth, not a recession. We think a recession is headed for the US economy but is unlikely to hit this year." CLICK HERE TO READ MORE ON FOX BUSINESSAccord to Lonski, jobs growth during previous recessions has been roughly equivalent to an average increase of 100,000 jobs or fewer per month, a level he refers to as "the danger zone." "If this report is such that the gain in payrolls is 100,000 or fewer, that would definitely ring a very loud recession alarm," he explained. "A weak enough employment report might prompt the Fed to rethink their current projection as to where the Fed funds rate ends the year. It also may prompt the Fed to rethink their planned passive reduction in their holdings of U.S. Treasury bonds and mortgage-backed securities."Last month, the Federal Reserve raised its benchmark interest rate by 75 basis points for the first time in nearly three decades in an effort to tame scorching-hot inflation. The move puts the key benchmark federal funds rate at a range between 1.50% to 1.75%, the highest since the pandemic began two years ago.Officials also laid out an aggressive path of rate increases for the remainder of the year. Economic projections released after the Fed's two-day meeting showed policymakers expect interest rates to hit 3.4% by the end of 2022, which would be the highest level since 2008.Fed Chairman Jerome Powell told reporters at a press conference following the meeting that another increase of 75 basis points or 50 basis points is on the table for its July meeting. Goldman Sachs, Bank of America and Deutsche Bank have all raised the odds of a downturn in 2022 or 2023.	Unemployment
The Texas Squeeze: A series examining the high cost of high growth in North Texas.The economy may be facing headwinds from inflation and higher interest rates, but the labor market is still on fire in North Texas.Dallas-Fort Worth added 294,700 jobs in the 12 months ended in May, roughly three times more than the typical annual gains before the pandemic, the U.S. Bureau of Labor Statistics reported on Wednesday.Only the New York and Los Angeles metro areas added more workers in the past year, and they have much larger employment bases.Among metros with over 1 million people, D-FW ranked second in job growth rate – up 7.7% in May, behind only Las Vegas.At the same time, the local unemployment rate remained low: 3.3% in May compared with 5.1% a year earlier, not seasonally adjusted.“We’re still gonna see strong growth for a while,” said Adam Perdue, an economist with the Texas Real Estate Research Center at Texas A&M University. “It’s been primarily driven by the migration of companies and people. A lot of what happened during COVID seems to have supercharged the underlying growth in Texas. "D-FW includes two metropolitan divisions, and the largest, Dallas-Plano-Irving, has been setting the pace. It accounted for over three-quarters of the region’s job gains in the past year.In May, Dallas-Plano-Irving gained 21,400 jobs, seasonally adjusted. That was a slight decline from April but was higher than earlier months this year. And May’s gain was over three times greater than the monthly average in 2019, the last full year before the pandemic.There have been signs of a slowdown in some parts of the economy, with Plano-based First Guaranty Mortgage Corp. laying off most of its workers. In addition, Texas manufacturers are tapping the brakes – some in anticipation of a potential recession.Nearly a quarter of manufacturing executives said they cut production in June, a sharp increase from May, according to a recent survey from the Federal Reserve Bank of Dallas. Over 30% said new orders had declined and their company outlook had worsened – reflecting the most negative sentiments since the early months of the pandemic.Despite those concerns, they’re continuing to hire, and more often than not, manufacturers and services companies said they expect to beef up employee rolls in six months, too.“D-FW is a truly diversified market, and that’s a big reason hiring is still so hot here,” said Thomas Vick, Dallas-Fort Worth regional director of Robert Half, a major staffing firm.Employment in Dallas-Plano-Irving surged 8.2% in the year ended in May, far ahead of historical trends. The growth rate was even faster than perennial leader Austin, which was up 6.7%.And Dallas-Plano-Irving’s 12-month increase was the highest among 38 metropolitan divisions tracked by the BLS.North Texas is the state’s leader in financial activities and professional and business services, Perdue said. Those sectors accounted for much of the outsized growth, as they have throughout the pandemic.Over the past year, jobs in professional and business services grew 11.2% in Dallas-Plano-Irving. Since last May, the sector added over 61,000 net hires, and it’s had 14 consecutive months of double-digit, year-over-year gains.Financial activities grew 9.5%, and transportation, warehousing and utilities rose 12.5%.Restaurants and bars, among the hardest hit by the pandemic, continued a strong recovery. They added 6,600 positions for a 12-month gain of nearly 32,000. Since May 2021, local jobs in the industry are up nearly 16%.“Eventually, this will slow down,” Perdue said, noting that such job increases cannot continue indefinitely. “But there’s still a lot of steam” left.He expects growth to continue, just not at the same breakneck pace. In housing, there are already signs of a slowdown. Inventories of homes for sale in D-FW have roughly doubled since early this year, but they’re still far short of the traditional level, he said.As a result, he expects housing prices to grow, just closer to historical norms – not the high double-digit increases of the past year.“Since we have migration into Texas and we’re still relatively short of supply, we’re still seeing the pricing pressure, even in the face of increasing mortgage rates,” Perdue said.Dallas-Plano-Irving added nearly as many jobs as Los Angeles-Long Beach despite the L.A. metro division having 1.5 million more workers.Migrants from California, along with New York and Illinois, have helped fuel the faster growth here. Texas has been attracting companies and workers from higher-cost states for decades, and those trends accelerated during the pandemic.That was partly because more employees had the option to work remotely, and many opted for here.“On a daily basis, we’re hearing from candidates looking to relocate to Texas,” Vick said.In a late May survey, Robert Half asked workers about their job searching plans, and 46% said they were limiting the job hunt to their home cities. Among Dallas-Fort Worth respondents, 60% said they wouldn’t go beyond the area.“Most people don’t want to leave D-FW,” Vick said. “They see companies and people moving here, and other good signs – like rising home prices.“If they’re gonna look for another job, they believe there are more opportunities here.”Related:Texas manufacturers raise recession fears amid falling demand, slower outputRelated:Dallas vs. Chicago? On jobs, population and housing, the growth story isn’t even close	Unemployment
Economy Jul 21, 2022 9:54 AM EDT WASHINGTON (AP) — The number of Americans applying for unemployment benefits last week rose to the highest level in more than eight months in what may be a sign that the labor market is weakening. Applications for jobless aid for the week ending July 16 rose by 7,000 to 251,000, up from the previous week’s 244,000, the Labor Department reported Thursday. That’s the most since Nov. 13, 2021 when 265,000 Americans applied for benefits. READ MORE: Why the U.S. inflation surge is accelerating, and when it may ease Analysts surveyed by the data firm FactSet expected the number to come in at 242,000. First-time applications generally reflect layoffs. The four-week average for claims, which smooths out some of the week-to-week volatility, rose by 4,500 from the previous week, to 240,500. The total number of Americans collecting jobless benefits for the week ending July 9 rose by 51,000 from the previous week, to 1,384,000. That figure has been near 50-year lows for months. Earlier this month, the Labor Department reported that employers added 372,000 jobs in June, a surprisingly robust gain and similar to the pace of the previous two months. Economists had expected job growth to slow sharply last month given the broader signs of economic weakness. The unemployment rate remained 3.6% for a fourth straight month, matching a near-50-year low that was reached before the pandemic struck in early 2020. The government also reported earlier in July that U.S. employers advertised fewer jobs in May amid signs that the economy is weakening, though the overall demand for workers remained strong. There are nearly two job openings for every unemployed person. Consumer prices are still soaring, up 9.1% in June compared with a year earlier, the biggest yearly increase since 1981, the government reported last week. READ MORE: Long lines return to U.S. food banks as inflation hits high The number of Americans applying for unemployment benefits last week hit its highest level in nearly 8 months, but the total number of those collecting benefits fell. The Labor Department also reported last week that inflation at the wholesale level climbed 11.3% in June from a year earlier. All of those figures paint a divergent picture of the post-pandemic economy: Inflation is hammering household budgets, forcing consumers to pull back on spending, and growth is weakening, heightening fears the economy could fall into recession. In an effort to combat the worst inflation in more than four decades, the Federal Reserve raised rates by a half-point in May and another rare three-quarter point increase last month. Most economists expect the Federal Reserve to jack up its borrowing rate another half-to-three-quarters of a point when it meets later this month. Though the labor market is still strong, there have been some high-profile layoffs announced recently by Tesla, Netflix, Carvana, Redfin and Coinbase. Left: A pedestrian passes a "Help Wanted" sign in the door of a hardware store in Cambridge, Massachusetts, U.S., July 8, 2022. Brian Snyder/Reuters	Unemployment
Topline New applications for unemployment benefits hit an 8-month high last week, though overall jobless claims remain low, according to a report released by the Labor Department on Thursday, as some companies begin to announce cutbacks amid fears of a recession and rising inflation. A job seeker looks at a job listing board. Getty Images Key Facts Applications for unemployment benefits for the week ending July 9 rose by 9,000 to 244,000, up from 235,000 the week before. The claims—which rose for the second week in a row—were the highest since mid-November 2021. But continuing claims for state benefits for the week ending July 2—which are reported with a one week delay—fell by 41,000 to 1.3 million, the biggest decline since April. Despite the uptick in new claims, the number of Americans applying for unemployment benefits is “still low,” Bill Adams, Chief Economist for Comerica Bank said in a statement, adding the U.S. has the lowest share of workers claiming continued unemployment benefits “since comparable records began in 1971.” Big Number 372,000. That’s how many jobs employers added in June, the Labor Department reported last week, a strong gain and on pace with the two months before, while the unemployment rate remained at 3.6% in June for the fourth month in a row. Key Background The report comes after the Labor Department Wednesday said inflation hit a 40-year high of 9.1% in the 12 months ending in June—fueled by surging gasoline, shelter and food prices—with overall prices rising 1.3% from May, as fears of a recession continue to mount. Wholesale inflation also rose 11.3% from a year ago, the Labor Department said on Thursday, a near high since a record 11.6% surge in March. In an attempt to address skyrocketing inflation, the Federal Reserve hiked interest rates by half a point in May followed by a three-quarter increase in June. Though the labor market remains tight, some major companies, including Tesla, Netflix and Microsoft have announced layoffs in recent weeks. Further Reading U.S. Weekly Jobless Claims Hit 8-Month High; Producer Prices Come in Hot (Reuters) Wholesale prices shoot up near-record 11.3% in June on surge in energy costs (CNBC)	Unemployment
Economy Jul 28, 2022 2:13 PM EDT WASHINGTON (AP) — Fewer Americans applied for jobless benefits last week, but the previous week’s number was revised upward significantly, with claims breaching the 250,000 level in back-to-back weeks for the first time in more than eight months. Applications for jobless aid for the week ending July 23 declined by 5,000 to 256,000 from the previous week’s 261,000, the Labor Department reported Thursday. The number of claims for the week of July 16 was revised upward by 10,000 from the previous estimate of 251,000. READ MORE: Consumers confidence slides for third straight month First-time applications generally reflect layoffs. The four-week average for claims, which smooths out some of the week-to-week volatility, rose by 6,250 from the previous week, to 249,500. That number is also at its highest level since November of last year. The total number of Americans collecting jobless benefits for the week ending July 16 fell by 25,000 from the previous week, to 1,359,000. That figure has been near 50-year lows for months. Earlier this month, the Labor Department reported that employers added 372,000 jobs in June, a surprisingly robust gain and similar to the pace of the previous two months. Economists had expected job growth to slow sharply last month given the broader signs of economic weakness. The unemployment rate remained 3.6% for a fourth straight month, matching a near-50-year low that was reached before the pandemic struck in early 2020. Earlier in July the government reported that U.S. employers advertised fewer jobs in May amid signs that the economy is weakening, though the overall demand for workers remained strong. There are nearly two job openings for every unemployed person. Though the labor market is still considered strong, other indicators are pointing to some weakness in the U.S. economy. The government said Thursday that the U.S. economy shrank 0.9% in the second quarter, the second straight quarterly contraction. READ MORE: U.S. economy shrinks for 2nd straight quarter Consumer prices are still soaring, up 9.1% in June compared with a year earlier, the biggest yearly increase in four decades. In response, the Federal Reserve raised its main borrowing rate by another three-quarters of a point on Wednesday. That follows last month’s three-quarter point hike and a half-point increase in May. Those higher rates have already sent home sales tumbling, made the prospect of buying a new car more burdensome and pushed credit card rates up. All of those factors paint a divergent and confusing picture of the post-pandemic economy: Inflation is hammering household budgets, forcing consumers to pull back on spending, and growth is weakening, heightening fears the economy could fall into recession. Though the labor market is still strong, there have been some high-profile layoffs announced recently by Tesla, Netflix, Carvana, Redfin and Coinbase. Left: FILE PHOTO: A sign that reads "Now Hiring!" in the window of a PetSmart in Muhlenberg, Pennsylvania. Photo by Ben Hasty/MediaNews Group/Reading Eagle via Getty Images	Unemployment
MoneyWatch Updated on: September 2, 2022 / 9:01 AM / MoneyWatch Fewer Americans found jobs in August, signaling the labor market may finally be slowing along with the rest of the economy. Employers added 351,000 jobs, down from over 528,000 last month and in line with economists' expectations. The unemployment rate ticked up to 3.7% from 3.5% as more people entered the labor force and were counted as unemployed."The August jobs report came in significantly lower than the July report. However, the economy is still adding jobs at a rate higher than the long-term average, and the job total is now 240,000 higher than the pre-pandemic level," Lisa Sturtevant, chief economist at Bright MLS, said in a note. "The Fed had been hoping to see a slower pace of job growth after the very strong July jobs report. The downtick in employment growth in August may be a sign that the Federal Reserve's policies are starting to have an impact," she added.The Federal Reserve has been hiking interest rates to weaken the job market as it tries to tackle soaring inflation. Hiring has been one bright spot in a slowing economy: While the government estimates the economy shrank in the first six months of this year — an informal definition of a recession — employers have added an average of 440,000 jobs per month over the past three months, a blockbuster figure. This is a developing story. In: Employment Unemployment Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue	Unemployment
\| August 17, 2022 04:05 PM Figuratively and literally, Chinese President Xi Jinping is feeling the heat. Looking toward his coronation for a third term as Chinese Communist Party general secretary later this year, Xi wants to show that he's winning at home and abroad. Time is of the essence. Securing his third term, the leader may also receive a new honorific that sees him ordained as the new Mao Zedong, China's leader of destiny for the 21st century. Xi's real-world destiny is on increasingly shaky ground. First off, there's the foreign policy front. The recent trip of House Speaker Nancy Pelosi (D-CA) to Taiwan has further undermined China's effort to intimidate that island democracy and its foreign supporters. Visiting Taiwan in rejection of Chinese threats to the contrary, Pelosi has made Xi look unsure. Xi has been forced to escalate in response, even as he would prefer to focus on other concerns. A G-7 condemnation of China's ensuing military exercises around Taiwan appears to have shocked and alarmed Beijing, evincing a growing lack of respect for China's claims that Taiwan entails a solely internal problem. Making matters worse, Beijing's threat to withhold cooperation on climate change as a response to Pelosi's visit has only underlined Xi's lack of genuine sincerity. This week only brought more bad news on the foreign policy front. The United Nations special rapporteur on contemporary forms of slavery found that it is "reasonable to conclude" that China is using the Uyghur people for forced labor. This is a significant embarrassment for Xi, who has long denied his genocide against the Uyghurs as a U.S.-invented conspiracy. Moreover, he hoped that the U.N. would provide a reliable and credible diplomatic backstop against escalating U.S.-led efforts to align world powers against China's human rights abuses. Evincing Beijing's concern over the U.N. announcement, a Chinese Foreign Affairs Ministry spokesman offered a splurge of furious hyperbole on Wednesday. The U.N. rapporteur, the spokesman said, "chooses to believe in lies and disinformation about Xinjiang spread by the United States and some other Western countries and anti-China forces, abuse his authority, blatantly violate the code of conduct of the special procedure, malignly smear and denigrate China and serve as a political tool for anti-China forces. ... Their scheme will never succeed." The spokesman said the rapporteur must "immediately change course, respect plain facts ... stop using lies to stoke confrontation and create division, stop politicizing and instrumentalizing human rights issues, and stop serving certain countries’ political scheme to suppress and contain China by abusing the U.N. platform." Phew. China's simultaneous announcement on Wednesday that it will join a major Russian military exercise is also likely to court controversy in Europe. After all, Beijing's enjoining that exercise lends political support to Moscow as it wages a war on the European nation of Ukraine. Not something that is likely to make many Europeans happy. Xi is also feeling the heat on the domestic front. A heat wave is causing havoc on already stretched power supplies, frying crops and forcing a suspension of major industrial operations. Xi's signature "zero-COVID" policy is also under new fire. International businesses are frustrated by the Chinese Communist Party's refusal to do what the rest of the world is doing and learn to live with COVID-19. For foreigners and Chinese alike, the specter of recurrent lockdowns and associated shortages of sanitary products, food, and medicine has become extremely tiresome. Of critical concern to the regime, the Chinese are increasingly willing to protest lockdown measures and the party officials who enforce them. Take the video of Shanghai shoppers resisting a snap lockdown at an Ikea store this week. Even if the legions of party censors can restrain news of these protests, they prove that the party's "we serve the people" narrative isn't always winning hearts and minds. Then there's the economy. Beset by sluggish growth and international investor skepticism, Xi's economy is facing tough headwinds. Unemployment rates for graduates are rising, risking fueling frustration on the part of the educated and aspirational classes — rarely a good thing for an authoritarian regime. Reflecting this concern, Xi and his deputy Li Keqiang are spending this week visiting industry and calling for new developments to bolster the economy. What Xi will not do, however, is abandon his delusional belief that central planning can best deliver economic gains. The only benefit of this strategy rests in its enabling of the Chinese intelligence apparatus' voracious theft of foreign intellectual property. But as China's cataclysmic demographic crisis worsens, the party will have an ever-increasing need for an economy that can sustain high growth and productivity rates. Unfortunately for Xi, it's not happening. A miserable summer indeed.	Unemployment
A woman is reflected in a puddle as she passes a Bank of America branch in New York's Times Square.Brendan McDermid \| ReutersFederal regulators fined Bank of America $225 million for "botching the disbursement of state unemployment benefits at the height of the pandemic," the subject of a CNBC investigation last year. The Consumer Financial Protection Bureau fined the firm $100 million and, in a separate order, the Office of the Comptroller of the Currency is fining the bank $125 million. The order requires Bank of America to engage in a process that will provide restitution for consumers whose accounts were frozen over what the CFPB called a "faulty fraud detection program."Both fines were announced on Thursday. "The bank failed these prepaid cardholders by denying them access to their mandated unemployment funds during the height of the pandemic, and leaving these vulnerable consumers without an effective way to remedy the situation," said Acting Comptroller of the Currency Michael Hsu. "Banks must pay attention to the financial health of their customers and conduct their activities in accordance with all consumer protection laws." Bank of America had contracts with about 12 state agencies to deliver unemployment and benefit payments through prepaid debit cards. It now has just one, California, which recently extended the relationship. When the pandemic hit and the unemployment rate surged in 2020, these cards were the target of a great deal of fraud. In a statement to CNBC, the bank said that, "the states were responsible for reviewing and approving applications and directing [BofA] to issue payments." As such, Bank of America said it helped the government to "successfully issue more than $250 billion in pandemic unemployment benefits to more than 14 million people and overall distributed more pandemic relief to Americans than any other bank." "This action arose despite the government's own acknowledgement that the unemployment expansion during the pandemic created unprecedented criminal activity where illegal applicants were able to get states to approve tens of billions of dollars in payments," Bank of America said, adding that it "partnered with our state clients to identify and fight fraud throughout the pandemic." As part of its investigation, CNBC profiled three victims, who were receiving unemployment insurance in California during the pandemic and said they initially found no recourse from the bank when their accounts were frozen. One single mother said she had to crack open her child's piggy bank to survive. Another victim choked up when telling CNBC how she left a grocery store empty-handed when her prepaid card was denied. A musician said he had to live in his car for a few weeks after his funds were stolen from his account. Ultimately, the bank credited all three for their missing funds.CNBC's investigation found that states like California and Nevada saw an outsized share of so-called transaction fraud during the pandemic because, with few exceptions, their unemployment insurance was distributed through debit cards without chips, meaning there was a lower level of security. Card experts told CNBC that prepaid government cards typically lack chips because they can be more expensive to produce. The CFPB said in its release today that under the Electronic Fund Transfer Act, a financial institution must conduct a "prompt, reasonable, and timely investigation" when there's been an error related to transferring money, including prepaid cards."Taxpayers relied on banks to distribute needed funds to families and small businesses to rescue the economy from collapse when the pandemic hit, said CFPB Director Rohit Chopra. "Bank of America failed to live up to its legal obligations. And when it got overwhelmed, instead of stepping up, it stepped back."	Unemployment
Signage for a job fair is seen on 5th Avenue after the release of the jobs report in Manhattan, New York City, U.S., September 3, 2021. REUTERS/Andrew KellyRegister now for FREE unlimited access to Reuters.comWASHINGTON, July 7 (Reuters) - The number of Americans filing new claims for unemployment benefits unexpectedly rose last week and demand for labor is slowing, with layoffs surging to a 16-month high in June as aggressive monetary policy tightening from the Federal Reserve stokes recession fears.Initial claims for state unemployment benefits increased 4,000 to a seasonally adjusted 235,000 for the week ended July 2, the Labor Department said on Thursday. Economists polled by Reuters had forecast 230,000 applications for the latest week.Claims have been bouncing around the 230,000 level since the beginning of June, underscoring the labor market's strength even as some companies in the housing and technology sectors have been cutting jobs. Tesla (TSLA.O) has laid off hundreds of workers in the United States.Register now for FREE unlimited access to Reuters.comThe claims data could become volatile in the weeks ahead.Automobile manufacturers typically close assembly plants for annual retooling after the July 4 Independence Day holiday, which is anticipated by the seasonal factors, the model that the government uses to strip out seasonal fluctuations from the data. But a global semiconductor shortage has forced manufacturers to adjust their schedules.This could lead to fewer temporary layoffs and result in lower seasonally adjusted claims.The U.S. central bank in June raised its policy rate by three-quarters of a percentage point, its biggest hike since 1994, as it fights inflation. Another similar-sized rate hike is expected this month. The Fed has increased its benchmark overnight interest rate by 150 basis points since March.Demand for labor is gradually cooling. A separate report from global outplacement firm Challenger, Gray & Christmas on Thursday showed layoffs announced by U.S.-based employers jumped 57% to 32,517 in June, the highest since February 2021.Job cuts increased 39% to 77,515 in the second quarter from the January-March period. But layoffs in the first half of the year were the lowest since 1993."Employers are beginning to respond to financial pressures and slowing demand by cutting costs," said Andrew Challenger, senior vice president at Challenger, Gray & Christmas. "While the labor market is still tight, that tightness may begin to ease in the next few months."Job cuts surged in the automotive, consumer products, entertainment, financial and real estate industries.Register now for FREE unlimited access to Reuters.comReporting by Lucia Mutikani; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.	Unemployment
SummaryCompaniesThis content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine.IZHEVSK, Russia, Aug 25 (Reuters) - Russia's record employment signals a surprisingly smooth decoupling from the West. Its rapid replacement of McDonald's and Starbucks says business as usual. Yet pressures are building inside its economic machine.Six months into the Ukraine conflict, the strategies and struggles of Russia's biggest automaker offer an insight into the contrasting fortunes of a country striving to withstand what Vladimir Putin calls an economic "blitzkrieg" by the West.Avtovaz restarted production of its Lada brand this summer after it was halted in March in the face of Western sanctions, supply shortages and the loss of its French partner Renault. It has not formally laid off any of its 42,000 workers.Register now for FREE unlimited access to Reuters.comNonetheless, the company's feeling the heat, and it's shrinking.The bulk of the 3,200 workers at its factory in the industrial city of Izhevsk - where car production has not resumed - have been furloughed since March, with the company paying two-thirds of their wages, although some staff have been given temporary work around the factory on reduced hours.This month, the automaker offered all Izhevsk workers one-off payments to quit as it looks to focus more production on its primary plant in Togliatti, 600 km away."It's a choice between bad and terrible," said Alexander Knyazev, referring to the dilemma over whether to take a 200,000 rouble ($3,400) severance payment or stay in his job in the Izhevsk's stamped body parts workshop.Last week he chose to walk away from the factory, which had paid him over 45,000 roubles per month."They don't need so many technicians anymore."Asked how many workers had chosen to accept the severance, Avtovaz told Reuters it would disclose the final number after this month, adding that those workers on reduced hours would go back to a five-day week at the plant from Aug. 29.The company did not elaborate on its plans for Izhevsk, though it said earlier this month it remained committed to the plant, which it said would be retooled to make the first Russian-made electric car, the Lada e-Largus, and would retain service and support functions."In the current situation of sanctions pressure and a growing number of variables, we are taking comprehensive measures to maintain employment," Avtovaz President Maxim Sokolov said at the time.Ruben Enikolopov, a professor of economics at Moscow's New Economic School, said the auto sector's struggles were being masked by "hidden unemployment", where workers were not laid off but instead placed on indefinite furlough.He said he expected unemployment to rise towards the end of the year, when he said it would likely become clear that sanctions were unlikely to be lifted in the near future."In Russia, economic crises don't tend to produce mass unemployment because of the specifics of the Russian labour market like the furlough practice," Enikolopov said.The Russian economy ministry declined to comment for this article. This month, Economy Minister Maxim Reshetnikov dismissed any talk of a dramatic rise in joblessness, which official data pegged at a record low of 3.9% in June."I think that in autumn, we will move away from these record low numbers but let's not over dramatize, the situation is under control," he told a conference in Yekaterinburg.In another sign of official optimism, amid high oil prices and popular policies to cushion the impact of inflation, latest government forecasts indicate the depth of Russia's economic contraction will be less severe than previously feared this year.SYMBOL OF SUCCESSAutos is not the only Russian industry taking a hit from the showdown with the West.A general view of Lada Izhevsk automobile manufacturing plant, which is part of Russian car manufacturer AvtoVAZ, in the city of Izhevsk, Russia August 19, 2022. REUTERS/Alexey MalgavkoIn total, 236,000 Russian workers were either on furlough or reduced hours as of the end of July, according to Deputy Prime Minister Tatiana Golikova. They are not part of officially 3 million people registered as unemployed in Russia.About half of all air traffic controllers, or 14,000 people, have been furloughed or put on part-time work, for example. Several foreign companies leaving Russia, from Swedish furniture giant Ikea to Spanish fashion chain Zara, have also furloughed staff. read more Yet the auto sector has suffered more than most, with passenger car output dropping 62% in the first half of the year versus the same stretch in 2021, according to the state statistics agency.Global carmakers including Volkswagen, Nissan, Hyundai Stellantis, Mitusubshi and Volvo, suspended their Russian operations and furloughed workers on the statutory two-thirds pay after Moscow launched its military campaign in Ukraine on Feb. 24.That foreign exodus put more than 14,000 Russian auto workers on leave, according to a Reuters review of the industry.The future of many of these workers is looking precarious as the conflict continues, a steep reversal for an industry that's been a symbol of Russian success for decades, attracting foreign players and becoming one of the country's largest employers.An auto slump could have far-reaching economic consequences; the industry employed around 400,000 people in 2020, with around 10 times as many workers depending indirectly on the sector, according to government data.JOBS AT KALASHNIKOVAvtovaz has sought to adapt since Western sanctions severed Russia from many global supply chains and export markets, launching a series of simplified models with fewer hard-to-source foreign components.In June, the company began production of a new, stripped-down Lada Granta, which comes without features such as remote keyless control or air conditioning, which rely on imported components.Nevertheless, sales volumes have fallen by 63% in the first seven months of the year, to 85,000 vehicles, with production of the Lada Vesta, Lada X-Ray and Lada Largus models halted altogether, according to Avtovaz data.In some places such as Izhevsk, other sectors may be picking up the slack.Knyazev, who quit Avtovaz in Izhevsk, hopes to get a job at gunmaker Kalashnikov's factory in the city, the capital of the Udmurtia region, about 1,300 km east of Moscow. Though even then, he said, he would likely be paid a lower wage than at the carmaker.More than 100 former Avtovaz employees have already been hired by Kalashnikov, according to Tatyana Churakova, deputy prime minister of Udmurtia."We are working to do everything possible to arrange for all the employees who may leave the car plant to transfer to our other plants," Churakova told Reuters.'NO ONE KNOWS ANYTHING'Despite such efforts, half a year after launched its Russia's "special military operation", many people in this industrial city are contemplating an uncertain economic future.Sergei, 58, a manager at the Avtovaz Izhevsk plant who declined to provide his last name, said he himself had decided not to take the severance payment."They don't kick anyone out, whoever wants to stay stays. Many do want to stay," he said at the at the factory's exit gate. "No one knows anything at the moment. No big decisions have been made yet. Everyone is waiting."Avtovaz has said it plans to restart production of the Lada Vesta - halted at Izhevsk - at its main assembly plant in Togliatti in spring next year. It did not specify how it plans to secure supplies of parts currently unavailable from abroad due to the sanctions.Register now for FREE unlimited access to Reuters.comReporting by Reuters; Writing by Felix Light; Editing by Pravin CharOur Standards: The Thomson Reuters Trust Principles.	Unemployment
The United Nations is warning that Lebanon is in a state of crisis, with millions of people out of work, and suffering from shortages of food, medicine, fuel, and other essential needs. The United Nations says soaring food prices are forcing 90% of Lebanese families to consume less expensive food, skimp on meals, and reduce portion sizes. It warns spiking crude oil prices threaten to tip thousands of families over the edge, worsening food insecurity, malnutrition, and hunger. A recent survey finds almost a third of Lebanon’s labor force is unemployed, with youth unemployment at nearly 50%. U.N. resident coordinator for Lebanon Najat Rochdi said 2.2 million Lebanese, 86,000 migrants, and 200,000 Palestine refugees need emergency aid, an increase of 46% over last year. She said the outlook for the country’s financial stability is not good. She notes the World Bank projects Lebanon’s gross domestic product will contract by a further 6.5% this year, with inflation expected to reach devastating new heights. “The socioeconomic meltdown in Lebanon has been further exacerbated by the impact of course of the Ukrainian crisis on the country, which is mainly reflected in the depletion of wheat reserves and the soaring prices of fuel items that are leading to drastic increases in bread prices and threatening food security in Lebanon," she said. Rochdi said the health sector in Lebanon is on the verge of collapse at a time when needs are increasing significantly. She said hospitals are suffering from an acute shortage of medical supplies and power shortages, affecting patients’ care and lives. She said nearly 4 million people are at immediate risk of being denied access to safe water because of severe electricity shortages in Lebanon. She said these crises are affecting everyone across the country, with women bearing the brunt of this multifaceted disaster. “Alarmingly, gender-based violence and sexual exploitation and abuse are on the rise. We have received widespread reports of women and children feeling unsafe in public spaces such as streets, markets, or when using public transport … The crisis is also having a dramatic impact on children’s living conditions,” she said. Rochdi said young people see no future for themselves and are leaving Lebanon in droves. She warns this brain drain is depriving the country of the brightest, skilled people needed to boost its economy and development.	Unemployment
WASHINGTON — Slightly fewer Americans applied for unemployment benefits last week, reflecting a robust job market despite rising job cuts in some sectors of the economy that have cooled in recent months.Applications for jobless aid for the week ending June 25 ticked down to 231,000, a decline of 2,000 from the previous week, the Labor Department reported Thursday. First-time applications generally represent the number of layoffs.The four-week average for claims, which evens out some of the week-to-week volatility, rose by 7,250 from the previous week, to 231,750.The total number of Americans collecting jobless benefits for the week ending June 18 was 1,328,000, down 3,000 from the previous week. That figure has hovered near 50-year lows for months.In Massachusetts, about 7,502 individuals filed new claims for unemployment benefits last week, up 3,152 from the week prior, according to the Labor Department.Much of the recent job security and wage gains that Americans have enjoyed recently have been gobbled up by inflation levels not seen in four decades.Get Innovation BeatBoston Globe tech reporters tell the story of the region's technology and innovation industry, highlighting key players, trends, and why they matter.Earlier in June, the Labor Department reported that consumer prices surged 8.6 percent last month from a year earlier. The Federal Reserve responded by raising its main borrowing rate — its main tool for fighting rising prices — by three-quarters of a point. That increase is on top of a half-point increase in early May.Meanwhile, a cyberattack on a software company has disrupted unemployment benefits and job seeking assistance for thousands of people in several states.In Tennessee, the website for unemployment benefits remained down Thursday morning after the vendor, Geographic Solutions Inc., told the state Sunday that service would be interrupted. Some 12,000 Tennesseans rely on the unemployment program, and for now, they’re not getting their payments.The company said that it expects Tennessee’s system to be back online before July 4.In Louisiana, people seeking to file unemployment online are directed instead to use a call center instead. The website to file claims in Nebraska was taken offline and the state said it did not have an exact timeline for when it would be back up.“Individuals cannot file for unemployment until the system is back online,’’ Nebraska Department of Labor spokeswoman Grace Johnson said in an email.It’s still unclear if it was a ransomware attack or some other type of cyber incident that affected Geographic Solutions. Nor it is clear how many states are affected.The government reported that US employers added 390,000 jobs in May, extending a streak of solid hiring that has bolstered an economy under pressure. Though the job growth in May was healthy, it was the lowest monthly gain in a year and there have been signs that more layoffs could be coming, at least in some sectors.Jobless claims applications the past few weeks, though still relatively low, have been the highest since the first weeks of 2022 as some highly visible companies have announced job cuts.The CEO of electric car maker Tesla, Elon Musk, acknowledged that the company was cutting about 10 percent of its salaried workforce, or 3.5 percent of its total headcount. Musk has described the electric automaker’s factories in Austin and Berlin as “money furnaces” that were losing billions of dollars because supply chain breakdowns were limiting the number of cars they can produce.Netflix laid off 150 employees in May and another 300 in June after the streaming entertainment giant reported losing subscribers for the first time in more than a decade.Online automotive retailer Carvana said last month that it’s letting about 2,500 workers go, roughly 12 percent of its workforce.Online real estate broker Redfin, under pressure from a housing market that’s cooled due to higher interest rates, is laying off 8 percent of its workers. Another real estate company, Compass, is letting go of 450 employees.Those cuts have extended to companies in the cryptocurrency sector with prices for bitcoin and other digital assets cratering in recent months.Crypto trading platform Coinbase Global is cutting about 1,100 jobs, about 18 percent of its global workforce, as part of a restructuring in order to help manage its operating expenses in response to current market conditions.Diti Kohli of the Globe staff contributed to this report.	Unemployment
Warnings about a looming recession have reached a fever pitch. Inflation continues to soar, causing chaos in the stock market, and companies are starting to prepare for the worst with layoffs, hiring freezes and, in some extreme cases, rescinding job offers. The sudden shift in labor market dynamics — after months of strong job prospects and rising wages for employees — has left many working Americans scratching their heads. "Job prospects are going to get much worse" in the next few months, Laurence Ball, an economics professor at Johns Hopkins University, tells CNBC Make It. "The question is: 'How much worse?'" If you're thinking of changing roles soon, you should know that while no job is completely recession-proof, certain industries tend to fare worse than others during a downturn.During the Great Recession, which lasted from 2007 to 2009, the construction and manufacturing sectors experienced sizable dips in employment, according to data from the Bureau of Labor Statistics.That's because during an economic downturn, people usually limit their discretionary spending and delay big purchases, including cars and new homes, says Karen Dynan, an economics professor at Harvard University and former chief economist at the U.S. Treasury. She predicts that these industries will see similar patterns if a recession were to occur soon.Ball and Dynan say the most "recession-proof" industries that offer strong job security during economic downturns include:health caregovernmentcomputers and information technologyeducationThe common thread between these industries, Ball explains, is that they are less sensitive to changes in interest rates, and people depend on these services "whether the economy is booming or in a recession."Even though schools have struggled to hire and retain staff in the wake of the Covid-19 pandemic, education can be a stable sector in hard times, Ball says. He expects there will be increased demand for staff at colleges and universities throughout the U.S. if a recession hits, as more people may look to higher education "as a way to gain new skills and improve their job prospects."Stock picks and investing trends from CNBC Pro:"People are more apt to go to college if the job market is bad," he says. "And if you're graduating from college, and the job market still looks bleak, graduate school becomes much more attractive."Whether you're seeking a new job or not, Dynan stresses the importance of honing your professional skills so you can be a more competitive, valuable worker. Check out which skills appear most often in the job postings you're interested in and start practicing them, or ask your boss if your company offers any professional development courses or webinars."There's not a lot you can do above and beyond your normal job responsibilities," she says. "But learning what skills employers are looking for, and being able to perform those skills well, is your best insurance."Check out:Do these 3 things to stand out in a new job and impress your boss, IBM's top HR exec saysJim Cramer: Make this smart investment in times of inflation and 'economic chaos'The top 10 companies employees don't want to leaveSign up now: Get smarter about your money and career with our weekly newsletter	Unemployment
Technical analysis from the veteran chartist Ralph Vince indicates the stock market should be able to keep trending higher in the near term, CNBC's Jim Cramer said Tuesday."The charts, as interpreted by ... Ralph Vince, suggest that this market can keep drifting higher for the next few months as long as employment stays strong," the "Mad Money" host said before cautioning: "Please don't get too complacent as there are signs that not all is well as we go into the final third of the year."One reason for Vince's current outlook is his model focused on continuing unemployment claims, which are part of the Labor Department's weekly jobs reports. Cramer said the technician looks at that piece of jobs data for insights into the health of the economy and, by extension, whether it makes sense to be invested in the S&P 500. Strong labor markets are correlated with ascending stock markets, Cramer said, while recessions tend to be bad news.Technical analysis Ralph Vince has a model that uses continuing jobless claims to identify risk-on and risk-off periods for the S&P 500.Mad Money with Jim Cramer"Right now, Vince says the continuing claims data remains in bull mode. Even though we're very worried about a Fed-mandated recession, we've got an insanely strong labor market here," Cramer said. "That's good news for the broader economy, even if it makes the Fed more likely to raise rates aggressively down the road. But this stubbornly resilient job market also offsets some of the damage from those rate hikes.""Of course, employment is not the be-all end-all," Cramer cautioned. "You've also got to keep an eye on earnings and dividends and the market's overall valuation.For more analysis on those factors, watch the full video of Cramer's explanation below.Jim Cramer's Guide to InvestingClick here to download Jim Cramer's Guide to Investing at no cost to help you build long-term wealth and invest smarter.	Unemployment
Facing a potentially grim report this week on the economy's overall health, President Joe Biden wants to convince a skeptical public that the U.S. is not, in fact, heading into a recession.The Commerce Department on Thursday will release new gross domestic product figures. Top forecasts such as the Atlanta Federal Reserve’s GDPNow are predicting that the figure will be negative for the second straight quarter — an informal signal that the country is stuck in a downturn. That's political chum for Republicans in an election year.The Biden administration is pre-emptively telling voters not to judge the economy by GDP or inflation alone. It says people should look at job gains, industrial output and other measures that point toward continued growth, even as Americans are downbeat in polls on the economy and Biden. The president maintains the economy is just cooling off after a sharp recovery from the 2020 recession caused by the coronavirus pandemic.“We’re not going to be in a recession, in my view,” Biden said Monday. “My hope is we go from this rapid growth to steady growth."The specter of a recession could worsen what already appears to a bleak round of midterm elections this November, in which Biden's Democrats could possibly lose control of the House and Senate. Biden's team gave technical arguments in a report issued last week about how recessions depend on a dashboard of indicators and that only the non-governmental National Bureau of Economic Research can formally say when a downturn begins.Republicans warn that the GDP report could show an economy in collapse, noting that Biden was also wrong on inflation as the consumer price index has jumped to a 40-year high despite assurances that the price increases would fade as the country moved past the pandemic.“The White House published a whole explanation insisting that even if the new data suggest that our country is in recession, we actually won’t be," Senate Republican Leader Mitch McConnell said in Monday in a speech to the Senate.“The same people who said inflation wouldn’t happen," he continued, “are now insisting we aren’t headed into a recession. Draw your own conclusions.”The GDP report will likely be a “choose your own economy” kind of messaging in which voters will decide which numbers resonate with them the most. It's GOP bluntness against Democratic nuance.“You’ll have Republicans saying two consecutive quarters of negative growth — that’s a recession,” said Michael Strain, director of economic policy studies at the center-right American Enterprise Institute. “And you’ll have Democrats making this kind of hard to follow argument that we’re not in recession, but, yes, we are slowing down. If I had to bet, I would bet that the Republican argument gets more traction.”Not only is the likely GOP message more direct, it also leans into how many Americans feel right now.A July poll from The Associated Press-NORC Center for Public Affairs Research found that 83% believe the U.S. is going in the wrong direction. That's a sharp reversal from May of 2021 when 54% said the country was headed in the right direction, a level of approval that overlapped with an increase in vaccinations against COVID-19 and payments flowing from Biden's $1.9 trillion pandemic relief package.Separately, the University of Michigan's index of consumer sentiment is lower now than it was during the worst months of the 2008 financial crisis, an epic recession that involved the crash of the housing and stock markets and required a burst of government aid.The negativity has left the Biden administration trying to make the case that things are better than people think. Their argument starts with the torrid pace of hiring, with an average of 375,000 jobs being added monthly during the second quarter. Unemployment has held at 3.6% since March.An alternative measure of the overall economy called gross domestic income contradicts GDP, showing that there was growth during the first three months of the year instead of decline. And gasoline prices, a core vulnerability for Biden, have fallen more than 60 cents a gallon since the middle of June, evidence that some inflationary pressures are easing.Both publicly and privately, administration officials say the GDP report won't tell the whole story.“When you’re creating almost 400,000 jobs a month, that is not a recession,” Treasury Secretary Janet Yellen said Sunday on NBC's “Meet the Press.”Still, inflation has undermined the robust job market. Wage gains have failed to keep pace with price increases, meaning many people are effectively earning less money. There are also economic threats from abroad as China and many European economies are slowing down in ways that could spill over to the U.S. as the Federal Reserve is focused on raising interest rates in order to lower inflation.But so long as hiring continues, liberal economists believe that public opinion will change and fears of a recession will fade. The White House analyses are “grounded in data,” said Heidi Shierholz, president of the liberal Economic Policy Institute.“People will understand that if we continue to have extremely low unemployment that the idea we’re in a recession just doesn’t make a lot of sense,” she said.	Unemployment
\| August 05, 2022 08:31 AM The economy defied expectations and added 528,000 jobs in July, an encouraging sign of the labor market’s resiliency that will allay fears the country is in a recession. The unemployment rate fell to 3.5%, the Bureau of Labor Statistics reported Friday morning, tied for the lowest level in more than a half-century and matching its ultralow level prior to the pandemic. The jobless rate for Hispanic workers hit an all-time low of 3.9%. JOBLESS CLAIMS TICK UP TO 260,000 AMID RECESSION FEARS Friday's report shows that the jobs market is red hot and will boost President Joe Biden, whose approval ratings have suffered as historic inflation cuts deeply into the paychecks of people across the country. It will allow him to make a strong case that the economy is not in recession since it is still providing job opportunities and wage gains for workers. The strong job gains will also prompt the Federal Reserve to proceed more confidently with large interest rate hikes to curb inflation without fearing that the monetary policy tightening will spur layoffs. “Most economists were way off, expecting a more pessimistic report,” Victor Claar, an economics professor at Florida Gulf Coast University, told the Washington Examiner. “This report will only increase the debate over whether we are in a recession since in a typical recession layoffs accompany the downturn in GDP.” “This report will also embolden the Fed to continue its interest rate increases since the job market appears OK for now,” he added. The encouraging jobs numbers stand in contrast to the latest statistics on GDP, which contracted in the first two quarters of the year, the first such back-to-back contractions since the Great Recession. Two consecutive quarters of GDP decline are typically indicative of a recession, although the White House and some economists are pushing back on that notion and highlighting the still-strong labor market. The National Bureau of Economic Research, which is regarded by the government and economists as the authority on declaring recessions, defines a recession as “a significant decline in economic activity that is spread across the economy and that lasts more than a few months.” A concerning sign in Friday's report, though, is evidence that wage gains are slipping further behind inflation. Average hourly earnings were up 5.2% for the year ending in June and were 0.5% in that month alone. Consumer prices are not expected to have slowed too significantly in July from June’s 9.1%, meaning that real purchasing power is falling off very quickly for many consumers. Labor force participation remained nearly the same as the month before, at 62.1%. Friday’s numbers come as the Federal Reserve keeps jacking up interest rates aggressively and tightening its monetary policy to combat explosive inflation. The central bank raised rates by half a percentage point in May and then took the even more aggressive step of hiking rates by three-fourths of a percentage point in June — the most ambitious upward hike since 1994. The Fed then conducted another massive hike of 75 basis points following its July meeting, which means that the central bank has essentially hiked rates six times on a conventional basis in just the past two months alone. The Fed’s action is designed to slow spending and eventually drive down prices, although it is becoming increasingly clear that the trade-off might be the economy tumbling into a recession. Business fixed investment cratered at nearly a 4% rate in the second quarter, according to the preliminary estimate, a sign that the rising interest rates are taking a toll on investment and growth. Republicans have begun saying that the economy is already in a recession, and some economists have said that is likely the case or that the economy is heading in that direction. CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER Still, Fed Chairman Jerome Powell has pushed back on the notion that the economy is now in a recession. Speaking after the Federal Open Market Committee decided to conduct another aggressive interest rate hike in July, Powell was asked about the state of the economy. “I do not think the U.S. is currently in a recession,” Powell said. “And the reason is there are just too many areas of the economy that are performing too well.”	Unemployment
Salespeople, food servers, postal workers -- "Help Wanted" ads are proliferating across the United States, as companies struggle to deal with a worker shortage caused by the pandemic, a rash of early retirements and restrictive immigration laws. More than 10 million openings went unfilled in June, according to government data, while fewer than 6 million people were seeking work, even as employers desperately try to boost hiring amid a frenzy of consumer spending. "We have a lot of jobs, but not enough workers to fill them," the U.S. Chamber of Commerce, which represents American companies, said in a statement. Many of those who stopped working as COVID-19 first ravaged the U.S. economy in early 2020 have never returned. "There would be 3.4 million more workers today if labor force participation" -- the percentage of the working-age population currently employed or actively seeking work -- was at the pre-pandemic rate, the Chamber calculated. It has slipped from 63.4% to 62.1%. And where have all these people gone? Many simply took early retirement. "Part of that is just the US population continues to age," Nick Bunker, a labor-market specialist with jobs website Indeed, told AFP. Too few immigrants The huge cohort of baby boomers had already begun leaving the labor market, but there has been an "acceleration in retirements" since the pandemic struck, Diane Swonk, chief economist at KPMG, told AFP. FILE - A worker carries a board at a home construction site June 29, 2021, in Piedmont, Okla. Millions of people opted for early retirement, concerned for their health and with sufficient assets -- thanks to a then-buoyant stock market and high real-estate prices -- to leave the workplace. In the short term, Bunker said, "We're unlikely to get back to exactly the pre-pandemic level of labor-force participation because of the aging of the population." Adding to this, said Swonk, "We haven't had immigration at the pace to replace the baby boomers." Restrictions imposed under President Donald Trump, plus the impact of COVID, steeply reduced the number of foreigners entering the country. "It has rebounded a little bit, but still not at the levels we were seeing several years ago," Bunker said. The Chamber of Commerce also underscored the impact of generous government assistance during the pandemic, which "bolstered people's economic stability -- allowing them to continue sitting out of the labor force." Long COVID Large numbers of women quit their jobs in 2020, in part because extended school closings required many to stay home to care for children. Those who wanted to place children in day care were often frustrated, as labor shortages hit the day care sector as well. FILE - An employer holds flyers for hospitality employment during a Zislis Group job fair at The Brew Hall in Torrance, Calif., June 23. 2021. Swonk noted that not only COVID infections but also the debilitating effects of long COVID have had a serious impact. It's "really one of the most underestimated and misunderstood issues" keeping workers sidelined, she said. To lure workers back, many employers have boosted pay and benefits. And if Americans' buying frenzy slows, analysts say, companies will need fewer workers. The labor shortage is expected to ease a bit as the Federal Reserve continues aggressively raising interest rates in its effort to combat inflation. In the meantime, wage earners have profited. Over the past year, millions have changed jobs, often lured elsewhere by higher wages and better working conditions. This "Great Resignation" has resulted in higher hourly wages. The private sector average is now $32.27, up 5.2% in a year, adding to inflationary pressures. The US labor market showed new signs of vitality in July. The 22 million jobs lost due to COVID-19 have returned, and the unemployment rate is a historically low 3.5%.	Unemployment
The number of new applications for unemployment benefits increased by 4,000 last week to 235,000, the highest in months. Last week marked the highest number of weekly claims since January, a sign that the labor market may be facing some turbulence, although the figure is still quite low historically speaking. JOB OPENINGS FALL FOR SECOND STRAIGHT MONTH The level of weekly jobless claims, reported Thursday by the Department of Labor, indicates that layoffs continue to be infrequent as employers work to hold on to employees, fearful of having to find replacements. Weekly claims began declining after new cases of COVID-19 peaked in mid-January and have hovered at the low levels they are at now since mid-February. Around this time in July of 2021, new claims were averaging over 400,000 per week. The lowest number of recent jobless claims was the 166,000 tallied in mid-March. That represents the lowest number of new weekly claims since 1968. "While we think the risk is for further increases in claims as economic growth slows, we don't anticipate a sharp rise in new claims," said economists from Oxford Economics. Another sign of tightness in the labor market came on Wednesday when the Bureau of Labor Statistics released a report that showed there is still a high supply of job openings across all sectors of the economy — 11.3 million total. Layoffs were at 1.4 million, well below the pre-pandemic rates of about 1.7 million to 1.9 million a month, which shows employers are still quite desperate to hold on to workers in the tight labor market. Inflation has been the biggest economic detriment this year, with consumer prices increasing by a blistering 8.6% annually for the month of May. In order to tamp down prices, the Federal Reserve is working to raise interest rates and slow down demand, a move that could lead to a recession. The Fed has hiked its interest rate target three times this year, although two of those hikes were more aggressive than the typical rate increases of a quarter of a percentage point. Last month, the central bank announced it would hike its interest rate target by three-quarters of a percentage point, to a range of 1.5% to 1.75%. The move was akin to three rate hikes at once, the first time it has taken such an aggressive upward move since 1994. CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER Fed Chairman Jerome Powell said during a recent panel that moving the economy through the rate-hiking cycle without inducing a recession will be “quite challenging.” “We think that there are pathways for us to achieve the path back to 2% inflation while still retaining a strong labor market. We believe we can do that,” Powell said, adding, “There’s no guarantee that we can do that.”	Unemployment
SummarySecond-quarter GDP contraction revised to 0.6% from 0.9%Gross domestic income rises at 1.4% rate in Q2Average of GDP and GDI climbs at 0.4% paceWeekly jobless claims drop 2,000 to 243,000WASHINGTON, Aug 25 (Reuters) - The U.S. economy contracted at a more moderate pace than initially thought in the second quarter as consumer spending blunted some of the drag from a sharp slowdown in inventory accumulation, dispelling fears that a recession was underway.That was underscored by details of the report from the Commerce Department on Thursday, showing the economy growing steadily last quarter when measured from the income side. The underlying economic strength fits in with recent upbeat readings on the labor market, retail sales and industrial production."We have had a tremendous recovery, this is a mid-cycle slowdown and not a recession," said Brian Bethune, an economics professor at Boston College. "Employment is still growing, which means basically, production is still growing, but there are these supply chain problems."Register now for FREE unlimited access to Reuters.comGross domestic product shrank at a 0.6% annualized rate last quarter, the government said in its second estimate of GDP. That was an upward revision from the previously estimated 0.9% pace of decline. The economy contracted at a 1.6% rate in the first quarter. Economists polled by Reuters had expected GDP would be revised slightly up to show output falling at a 0.8% rate.The two straight quarterly decreases in GDP meet the standard definition of a technical recession. But in the case of the U.S. economy, the contraction in GDP is misleading, given the large role played by inventories.Supply chain disruptions have left unfinished products on factory floors or at shipping docks. These products cannot be included in GDP until they go into inventories.Inventories rose at a $83.9 billion rate last quarter after increasing at a $188.5 billion pace in the first quarter. They subtracted 1.83 percentage points from GDP. Consumer spending grew at a 1.5% pace, revised up from the previously reported 1.0% rate. Shortages and the resulting higher prices have crimped spending.An alternative measure of growth, gross domestic income, or GDI, increased at a 1.4% rate in the second quarter. GDI, which measures the economy's performance from the income side, grew at a 1.8% pace in the first quarter. It is calculated using corporate profits, compensation and proprietors income data.While GDI and GDP can diverge from one quarter to the other, there has been no convergence since the end of 2020, leaving a huge gap of 3.9 percentage points. Over the long run GDP tends to converge toward GDI, though that is not a golden rule."Hopefully at some point we will have fewer supply chain disruptions and production will catch up," said Bethune. "Production will be higher than income, but we are a long way from that."The average of GDP and GDI, also referred to as gross domestic output and considered a better measure of economic activity, increased at a 0.4% rate in the April-June period, up from a 0.1% growth pace in the first quarter.Stocks on Wall Street were trading higher. The dollar fell against a basket of currencies. U.S. Treasury prices rose.RESILIENT LABOR MARKETThe income side of the growth ledger was boosted by strong profits as well as wage gains amid a tight labor market.National after-tax profits without inventory valuation and capital consumption adjustments, conceptually most similar to S&P 500 profits, increased $284.9 billion, or at a 10.4% pace, accelerating from the 1.0% growth pace in the January-March period. They were boosted by gains in the energy sector as oil prices soared because of the Russia-Ukraine war.Profits were 11.9% higher from a year ago.The National Bureau of Economic Research, the official arbiter of recessions in the United States, defines a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income, and other indicators."The underlying economic strength is a double-edged sword. While it shows no recession, it gives the Federal Reserve ammunition to maintain its aggressive monetary policy tightening campaign, increasing the risk of a downturn.The U.S. central bank has hiked its policy rate 225 basis points since March. Fed Chair Jerome Powell's address on Friday at the annual Jackson Hole global central banking conference in Wyoming could shed more light on whether the Fed can engineer an economic slowdown without triggering a recession.The labor market is a key piece of that puzzle. Though interest rate-sensitive industries like housing and technology are laying off workers, broad-based job cuts have yet to materialize, leaving the overall labor market tight.A separate report from the Labor Department on Thursday showed initial claims for state unemployment benefits fell 2,000 to a seasonally adjusted 243,000 for the week ended Aug. 20. Claims have been bouncing around the 250,000 level since hitting an eight-month high of 261,000 in mid-July.The number of people receiving benefits after an initial week of aid dropped 19,000 to 1.415 million during the week ending Aug. 13. The so-called continuing claims, a proxy for hiring, covered the week during which the government surveyed households for August's unemployment rate.Reuters GraphicsThe jobless rate fell to a pre-pandemic low of 3.5% in July from 3.6% in June. There were 10.7 million job openings at the end of June, with 1.8 openings for every unemployed worker."The jobs machine will continue to churn, though higher costs, shakier demand and lower profitability will weigh on labor market conditions," said Oren Klachkin, Lead US Economist at Oxford Economics in New York."However, persistently scant labor supply will prevent a spike in jobless claims as employers will be concerned about how long it might take to fill open positions."Register now for FREE unlimited access to Reuters.comReporting by Lucia Mutikani; Editing by Paul Simao and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.	Unemployment
NEWYou can now listen to Fox News articles! The U.S. Army is expecting to cut the size of its forces in the coming years due to recruiting difficulties, which has already left them 10,000 soldiers short of their goal for this year.The problems are due to a number of factors including competing with private companies to attract candidates, low unemployment, as well as spending much of the past two years during the coronavirus pandemic unable to hold face-to-face meetings with potential recruits at schools or fairs, which they had typically relied upon."We’ve got unprecedented challenges with both a post-COVID-19 environment and labor market, but also competition with private companies that have changed their incentives over time," Army Vice Chief of Staff Gen. Joseph Martin told the House Armed Services Committee at a Tuesday hearing.U.S. Army Secretary Christine Wormuth backed this up, telling The Associated Press that they are "facing our most challenging recruiting environment since the inception of the all-volunteer force."FEDERAL JUDGE PAUSES DISMISSAL OF AIR FORCE MEMBERS WHO REFUSE VACCINATIONWormuth said that the problem is not expected to go away in the near future, and so the best way to address this is to reduce the size of the military, rather than lower standards."We are facing a very fundamental question," she said. "Do we lower standards to meet end strength, or do we lower end strength to maintain a quality, professional force? We believe the answer is obvious — quality is more important than quantity." The main gate at the U.S. Army post at Fort Hood, Texas is pictured in this undated photograph, obtained on Nov. 5, 2009. REUTERS/III Corps Public Affairs/U.S. Army/Handout (REUTERS/III Corps Public Affairs/U.S. Army/Handout)Each branch of the military is having difficulty finding young people with the physical, mental, and character qualifications necessary to serve, but the Army's recruiting woes have been the most severe.This year, the Army started offering $50,000 enlistment bonuses to highly skilled recruits who make six-year commitments.SENATE REPUBLICANS PRESS PENTAGON FOR EVIDENCE TO BACK CLAIM ABORTION RULING MAY IMPACT MILITARY ‘READINESS’ Asked by Rep. Mike Johnson, R-La., about whether the Army will have to make changes to its force structure, Gen. Martin said not yet, but it could happen."We don’t need to do that immediately," he said, but warned that if the Army does not "arrest the decline that we’re seeing right now" it may be a "possibility in the future."CLICK HERE TO GET THE FOX NEWS APPIn the immediate future, Martin said, the Army will "prioritize formations that have missions or preparation for missions and those missions will be prioritized to be manned."The Associated Press contributed to this report	Unemployment
A worker welds a bicycle steel rim at a factory manufacturing sports equipment in Hangzhou, Zhejiang province, China September 2, 2019. China Daily via REUTERS/File Photo Register now for FREE unlimited access to Reuters.comSummaryKey indicators slowed from June, missed forecastsYouth unemployment hit record high in JulyProperty investment, sales tumble, home price decline deepensPBOC cuts key rates to revive credit demandBEIJING/SHANGHAI, Aug 15 (Reuters) - China's central bank cut key lending rates in a surprise move on Monday to revive demand as data showed the economy unexpectedly slowing in July, with factory and retail activity squeezed by Beijing's zero-COVID policy and a property crisis.The grim set of figures indicate the world's second-largest economy is struggling to shake off the June quarter's hit to growth from strict COVID restrictions, prompting some economists to downgrade their projections.Industrial output grew 3.8% in July from a year earlier, according to the National Bureau of Statistics (NBS), below the 3.9% expansion in June and a 4.6% increase expected by analysts in a Reuters poll.Register now for FREE unlimited access to Reuters.comRetail sales, which only just returned to growth in June, rose 2.7% from a year ago, missing forecasts for 5.0% growth and the 3.1% growth seen in June."The July data suggest that the post-lockdown recovery lost steam as the one-off boost from reopening fizzled out and mortgage boycotts triggered a renewed deterioration in the property sector," said Julian Evans-Pritchard, senior China economist at Capital Economics."The People's Bank of China is already responding to these headwinds by stepping up support... But with credit growth proving less responsive to policy loosening than in the past, this probably won't be sufficient to prevent further economic weakness."Local shares gave up earlier gains after the data while the yuan weakened to a one-week low against the dollar and the Australian and New Zealand currencies pulled back from their recent two-month highs.China's economy narrowly escaped a contraction in the June quarter, hobbled by the lockdown of the commercial hub of Shanghai, a deepening downturn in the property market and persistently soft consumer spending.Risks still abound as many Chinese cities, including manufacturing hubs and popular tourist spots, imposed lockdown measures in July after fresh outbreaks of the more transmissible Omicron variant were found. read more The property sector, which has been further rocked by a mortgage boycott that weighed on buyer sentiment, deteriorated in July. Property investment tumbled 12.3% in July, the fastest rate this year, while the drop in new sales deepened to 28.9%.Nie Wen, Shanghai-based economist at Hwabao Trust, lowered his forecast for the third-quarter gross domestic product growth by 1 percentage point to 4-4.5%, after the weaker-than-expected data. "Now it is looking increasingly challenging to even achieve the 5-5.5% growth in the second half."BALANCING ACTIn order to prop up growth, the central bank on Monday unexpectedly lowered interest rates on key lending facilities for the second time this year. read more Chinese policymakers are trying balance the need to shore up a fragile recovery and eradicate new COVID clusters. As a result, the economy is expected to miss its official growth target this year - set at around 5.5% - for the first time since 2015. read more Fu Linghui, NBS spokesman, attributed the July weakness to sporadic COVID outbreaks and heatwaves in southern China that affected activity, against the backdrop of slowing global economic recovery and high inflation.In eastern Zhejiang province, the city of Yiwu , a key global supplier of small and cheap products, has been wrestling with COVID-related disruptions on and off since July. Many parts of the city have been thrown into an extended lockdown since Aug. 11."We've halted factory production since the city imposed a 'quiet mode'," said a sales manager at an Yiwu factory that makes consumer goods.Fixed asset investment, which Beijing hopes will compensate for slower exports in the second half, grew 5.7% in the first seven months of the year from the same period a year earlier, versus a forecast 6.2% rise and down from a 6.1% jump in January-June.The employment situation remained fragile. The nationwide survey-based jobless rate eased slightly to 5.4% in July from 5.5% in June, although youth unemployment stayed stubbornly high, reaching a record 19.9% in July.The rate cut and weak activity data comes after official figures on Friday showed new yuan loans tumbled by more than expected in July as companies and consumers stayed wary of taking on debt.However, Wang Jun, director at China Chief Economist Forum, sees limits to further stimulus and believes authorities will instead focus on implementing existing policies even as economic weakness persists."We are now facing a typical liquidity trap problem. No matter how loose the credit supply is, companies and consumers are cautious in taking on more debt," Wang said. "Some of them are now even paying back their debt in advance. This may herald a recession."Register now for FREE unlimited access to Reuters.comReporting by Kevin Yao, Stella Qiu, Ellen Zhang, Winni Zhou and Beijing Newsroom; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.	Unemployment
The Deputy Prime Minister has weighed in on Victoria's looming critical worker shortage, which is set to hit 400,000, as pressure on the Albanese Government to expedite visas grows ahead of the Jobs and Skills Summit.Deputy Prime Minister Richard Marles has admitted that Australia is facing a “skills crisis” as Victoria's shortage alone is anticipated to grow to almost 400,000 workers within three years.A report by Victoria’s new Skills Authority warned the state would not have enough suitable workers across a range of key industries as increased job vacancies coincide with the lowest unemployment in almost 50 years.Victoria faces a shortage of 373,000 workers by 2025 which is anticipated to be a key issue raised as the federal government meets with industries next week for the Jobs and Skills Summit.Industries affected by the shortage include 90,000 service workers, 65,000 health and aged and disability care workers, 41,000 teaching staff, 34,000 construction workers and 64,000 financial services and IT professionals.Mr Marles told Sky News Australia on Tuesday the nation faces a “skills crisis” as a result of not training enough workers on Australian soil.“What we want to see is the level of immigration flows get back to where they were prior to the pandemic… but the lesson we have to learn from the pandemic is that we are not training enough of our own people,” he said.“If we want to address a skills crisis - and that’s fundamentally what we face - then we’ve got to be re-investing in skills.”Mr Marles said the Albanese Government’s pledge to reinvest in skills - by making certain Tafe courses free and offering new university placements - is only the beginning, as Labor seeks advice from industry at the Jobs and Skills Summit next week.Business groups and unions are aligned with the deputy leader, as they highlighted that all industries are lacking quality workers as well as facing acute quantity shortfalls in health, teaching, construction and hospitality.Figures released by the Australian Bureau of Statistics (ABS) last week showed Victoria’s unemployment rate dropped to just 3.1 per cent in July, the lowest since 1974.However, nationwide the participation rate - showing the amount of people working or looking for work - also decreased by 0.3 per cent.The numbers demonstrate that almost everyone ready or able to work is already in a job, leading to calls to expedite visas and allow skilled immigrants to bridge the gap.On Monday NSW Treasurer Matt Kean added to the pressure for the government to fast track visas to provide businesses with foreign workers to address the chronic shortage nationwide."It is natural that unions will seek to limit immigrant worker numbers, but the most important voices are those of small business owners who are crying out for staff," Mr Kean wrote.Immigration Minister Andrew Giles said that immigration - which had been neglected under the previous government - was only part of the challenge for bringing workers to Australia.“Immigration has to be seen as part of a nation building role. It has been neglected… And that has created some of the challenges that we’re responding to as a government,” Mr Giles told Sky News Australia. “We’ve got to recognise that we are in a global competition for talent. One of my focuses is to make sure we are as attractive as possible to those high demand skill workers.”As the Albanese government puts extra resources on processing visas, Mr Giles said the Jobs and Skills Summit would provide invaluable insight for the nation's workers.“We’ve got to make sure we get the right number to meet the challenges of the moment but also to set us up for the future,” he said. The Albanese Labor Government's Jobs and Skills Summit will be held at Parliament House in Canberra on 1–2 September.	Unemployment
SummaryUK businesses unable to hire low-paid EU workers after BrexitBetter pay, perks and training offered to attract local staffMost skilled-work visas go to non-EU applicantsUK healthcare jobs are a major draw for non-EU workersMost newly registered UK doctors qualified outside UK or EUTELFORD, England, July 4 (Reuters) - British manufacturing firm Corbetts the Galvanizers used to rely on a stream of workers from Poland and Romania to fill its shop floor, where steel is dipped into a long vat of molten zinc at temperatures of around 450°C (842°F).But after Brexit and COVID-19, it is resorting to everything from 500-pound ($602) starting bonuses to free fish and chips to entice local workers who shy away from the often gruelling work.Britain's labour shortages, and the pressure they are putting on pay, are a major worry for employers and for the Bank of England as it tries to contain the biggest surge in inflation in 40 years.Register now for FREE unlimited access to Reuters.comHowever while there are losers, there are also winners from the shake-up in immigration rules following Britain's departure from the European Union, which halted free movement of workers from the bloc after 2020.Last year saw a record inflow of foreign medics, and more work visas were issued to people from Zimbabwe than France.Corbetts, located in Telford in central England, close to the birthplace of the industrial revolution, is typical of firms now rethinking their recruitment practices.Galvanising staff mostly earn less than the 25,600 pounds a year generally needed for an employer to sponsor a visa.Before Brexit, the 162-year-old company could count on migrant workers - mostly Polish or Romanian - recruited mostly by word of mouth.But in the last year, finding staff has become a struggle, according to managing director Sophie Williams."It's boiling hot in summer and it's freezing cold in winter, and it can get really dirty and dusty and a bit smoky. It's not the job for everybody," she said.Williams employs 52 galvanisers and wants to recruit 40 more before reopening a second facility that was mothballed during the pandemic.Its Telford plant currently galvanises 35,000 tonnes of steel a year in all shapes and sizes - from lamp posts to chassis for horse trailers. That means automation is not an option.To attract and keep staff while Britain's unemployment rate is at its lowest since 1974 and cost-of-living pressures are pushing up private sector pay, Corbetts has offered a range of incentives.As well as 500 pounds for new hires who stay six months - a bonus extended to existing staff - workers received 100 pounds to mark Queen Elizabeth's 70 years on the throne, chocolate Easter eggs, supermarket vouchers at Christmas and occasional perks such as free fish and chips.It also recently raised its minimum starting rate of pay by 6.4% to at least 9.84 pounds an hour.The firm is more flexible about who it hires, including workers aged under 21 who team up with an older employee, and its first female galvaniser.A new, longer-term programme aimed at improving staff retention will sponsor workers to get skills to operate cranes, forklift trucks and delivery lorries, and ultimately external management training.Mike Fiddler, 27, who lost his job in construction during the pandemic, now works in Corbetts delivery yard while training to become a truck driver."It's a lot faster, it's a lot dirtier, a lot more hands-on. But it's fun," Fiddler said.However Williams still doesn't know if she can find enough staff to expand the business, which is aiming for 13 million pounds of sales in 2022.WIDESPREAD SHORTAGESBritish employers had a record 1.3 million job vacancies in the three months to the end of May - equivalent to 4.3 per 100 jobs, a similar picture to Germany. Vacancy rates are even higher in the Netherlands, Belgium and the United States.However, Britain's vacancy rate is much higher than the overall EU average of 2.9.With official data showing 188,000 fewer EU workers in Britain than two years ago, businesses are in no doubt that Brexit is partly to blame."The barriers to entry in terms of employers hiring from Europe are much higher now," said Neil Carberry, chief executive of the Recruitment and Employment Confederation.Sectors which once relied heavily on EU workers - such as construction, cleaning and hospitality - saw the greatest shortages and faster pay rises between 2019 and 2021, according to research from recruitment website Indeed. read more Conversely, it is now easier for workers from outside the EU to move to Britain, as employers no longer have to show they had no qualified British or EU applicants. Over the past two years the number of non-EU workers in Britain has risen by 220,000.During the year to the end of March, Britain issued 182,153 skilled work visas, almost half to Indian nationals. The top five countries for skilled work visas were all outside the EU.Zimbabweans' 5,549 skilled work visas - five times more than two years ago - exceeded the 5,239 work permits, skilled and otherwise, granted to French nationals.HEALTHY DEMANDIT and professional and financial services companies are among the commonest sponsors of work visas.But Britain's growing reliance on foreigners to provide health and social care is another driver of the surge in non-EU migrant workers, said Indeed economist Jack Kennedy.More non-EU medical graduates registered to practise as doctors in Britain last year than British and EU medical graduates combined, according to figures from Britain's General Medical Council.Overall around 10% of interest in British health and social care roles is from overseas, up from under 2% in 2019."That's higher, a lot higher, than what we saw in any of the EU countries," Kennedy said.($1 = 0.8307 pounds)Register now for FREE unlimited access to Reuters.comReporting by David Milliken Editing by William Schomberg and Catherine EvansOur Standards: The Thomson Reuters Trust Principles.	Unemployment
The Texas Squeeze: A series examining the high cost of high growth in North Texas.Dallas-Fort Worth has recovered from the pandemic recession faster than most large metros, and that bodes well for its economic prospects, according to a new Brookings Institution report that compares communities throughout the country.Two years after COVID-19 arrived, D-FW employment had grown 4.3%, ranking second in job growth among 53 metros with populations over 1 million, the report said.D-FW also generated strong growth in job listings and home prices, and Brookings gave a shout-out to D-FW, Atlanta, Raleigh, N.C., and the Utah area that includes Salt Lake City, Provo and Ogden.All those regions have rebounded quickly, the report said, “while remaining somewhat more affordable.” As a result, they “could yet become more prominent drivers of national prosperity in the pandemic’s wake,” the report said.In contrast, several so-called superstar metros — Boston, New York, San Francisco, Seattle and Washington — have yet to overcome pandemic headwinds.They have not posted strong job recoveries, office workers have not returned in large numbers and rental markets have softened considerably, according to the report.“The numbers we see for the D-FW economy wouldn’t be a surprise to most local folks, right?” said Alan Berube, co-author of the report and deputy director at Brookings Metro. “D-FW has bounced back quite strongly. That’s been the trend, not just over the last couple of years but over the longer term.“Dallas remains one of the strongest large markets for job growth,” he said.Most metros have not recovered jobs lost during the pandemic. Among the 53 largest metros, just 16 had more nonfarm workers two years after COVID-19, according to the report. D-FW is easily the largest to fully recover, and its high percentage gain is notable given the size of its workforce — now topping 4.2 million.“D-FW has a very diversified economy,” Berube said. “If one sector takes a hit, there are a lot of other opportunities locally.”While prices for housing and apartments have grown sharply here, the gains were relatively moderate compared with price spikes in Austin, Las Vegas, Nashville and Miami.Austin was the only large metro to add jobs faster than D-FW. But Brookings didn’t include Austin in the handful of metros that could become “more prominent drivers of national prosperity.”“They flunked on affordability,” Berube said.The median price of home listings in Austin rose 61% in the first two years of the pandemic, roughly 2.5 times faster than D-FW’s 24% gain: “The Dallas metro seems to be doing a somewhat better job of accommodating that housing growth,” Berube said.Dallas’ weakest score in the rankings was its unemployment rate. In March, the rate remained 0.9 percentage points higher than before the pandemic, and that was the number used in the Brookings report.D-FW’s jobless rate improved in April but still stands out. Before and after the pandemic, D-FW had a lower unemployment rate than the nation, often about half a percentage point lower. Those lines crossed in November 2021, and D-FW’s unemployment rate has remained slightly higher since.Last week, when Texas released May job numbers, the Federal Reserve Bank of Dallas reported a small increase in the seasonally adjusted unemployment rates for Dallas-Plano-Irving and Fort Worth-Arlington. With the national rate unchanged, that means North Texas has posted seven consecutive months of slightly higher unemployment.Is that a problem? Not necessarily.Low unemployment is better than high unemployment, of course. But the supply of workers heavily influences the measure.The unemployment rate can grow simply because more workers move into an area, which is hardly a negative for a local economy. And the rate can fall because more people move away, which isn’t a positive.Many metros growing slowly before the pandemic — in the Great Lakes, Appalachia and Northeast — continue to grow slowly today, the Brookings report said. And “their unemployment rates remain low, mainly because they are losing working-age residents.”Metros in Indiana, Minnesota and Ohio had declines in jobless rates, the report said, “because their labor forces grew more slowly — or in many cases, shrank — likely due to a mix of retirements, out-migration and people dealing with sickness (such as long COVID).”In contrast, “Texas metro areas were gaining working-age residents even as jobs increased, slowing the decline in local unemployment,” the report said.That sounds like a good economic trade-off, and D-FW stands far apart from its peers in a measure that wasn’t included in the Brookings report: growth in the civilian labor force.Among the 11 most populous metros, just four had an increase in the labor force from February 2020 to April 2022, according to data from the U.S. Bureau of Labor Statistics. D-FW leads the pack with a gain of 233,000 workers, which is more than the gains of the next three metros combined — Phoenix, Atlanta and Houston.In the other largest metros, the labor force has declined by tens of thousands, even hundreds of thousands.Having an ample workforce is vital to a growing economy, especially in today’s tight labor market. Job openings nationwide have been near historical highs for roughly a year, topping 11 million every month since December. In addition, over 4 million a month have been quitting their jobs, adding to the challenge for employers.D-FW’s expanding labor force could be the foundation of an even stronger economy “provided the growth continues,” Berube said.That’s uncertain now because the Federal Reserve is acting so aggressively to reduce inflation. If a recession emerges, D-FW’s surplus labor — now a strength — could become a burden.“Is the market going to remain strong enough to pick up that slack over the next few months?” Berube said “Or if growth slows suddenly, will a lot more folks end up on the sidelines? That’s a question we can’t answer yet.”Related:Restaurants led Dallas’ job growth in April. So why are they still looking for help?Related:Dallas vs. Chicago? On jobs, population and housing, the growth story isn’t even closeRelated:‘We’re in trouble’: Electric rates in Texas have surged over 70% as summer kicks in	Unemployment
Register now for FREE unlimited access to Reuters.comSummaryNonfarm payrolls increase 372,000 in JunePrivate sector employment back above pre-pandemic levelUnemployment rate holds steady at 3.6%Average hourly earnings rise 0.3%; up 5.1% year-on-yearWASHINGTON, July 8 (Reuters) - U.S. employers hired far more workers than expected in June and continued to raise wages at a steady clip, signs of persistent labor market strength that give the Federal Reserve ammunition to deliver another 75-basis-point interest rate hike this month.The Labor Department's closely watched employment report on Friday also showed no indication that companies were reducing hours for workers. The number of people working part time for economic reasons fell to its lowest level in nearly 21 years.Strong job growth allayed fears of an imminent recession and offered hope that any downturn would be mild.Register now for FREE unlimited access to Reuters.com"If you're looking at this report for signs we're already in a recession, you're likely to come up blank," said Nick Bunker, an economist at Indeed in Washington. "For now, employers continue to hire a considerable number of workers at higher wages. That's something to celebrate."The survey of establishments showed nonfarm payrolls increased by 372,000 jobs last month. It was the fourth straight month of job gains in excess of 350,000 and left employment 524,000 jobs below its pre-pandemic level. The private sector has recouped all the jobs lost during the COVID-19 pandemic and employment is 140,000 higher than in February 2020. Government employment remains in the hole by 664,000.Economists polled by Reuters had forecast 268,000 jobs added, with estimates ranging from as low as 90,000 to as high 400,000. June's broad increase was led by the professional and business services industry, which added 74,000 jobs. Leisure and hospitality payrolls rose by 67,000 jobs. But employment in the industry remains down by 1.3 million since February 2020.There were also strong payrolls gains in the healthcare, information as well as transportation and warehousing industries. Manufacturing added 29,000 jobs and has recouped all the jobs lost during the pandemic. Construction payrolls increased by 13,000 jobs.The economy created 2.74 million jobs in the first half. President Joe Biden welcomed the strong employment gains."No country is better positioned than America to bring down inflation, without giving up all of the economic gains we have made over the last 18 months," Biden said in a statement.Stocks on Wall Street fell. The dollar slipped against a basket of currencies. U.S. Treasury yields rose.A job seeker leaves the job fair for airport related employment at Logan International Airport in Boston, Massachusetts, U.S., December 7, 2021. REUTERS/Brian SnyderA DIFFERENT RECESSION The labor market is strong despite gross domestic product contracting in the January-March quarter. A raft of tepid reports ranging from May consumer spending to housing and manufacturing have left most economists expecting that GDP declined again in the second quarter.With the labor market tight, however, a second straight quarterly GDP contraction would not mean a recession."But if the U.S. economy is in or about to enter a recession, it would be a recession of a vastly different nature than that of other historical downturns," said Noah Williams, an adjunct fellow at the Manhattan Institute."Recessions have largely been characterized by declines in employment, typically starting with slowed hiring by businesses. Such slowing has yet to happen on a broad scale."The Fed wants to cool demand for labor to help bring inflation down to its 2% target. The U.S. central bank in June raised its benchmark overnight interest rate by three-quarters of a percentage point, its biggest hike since 1994. Markets overwhelmingly expect the Fed, which has increased its policy rate by 150 basis points since March, to unveil another 75-basis-point hike at its meeting later this month.Inflation data for June next Wednesday, which is expected to show consumer prices accelerating, is also seen giving policymakers more cover to raise borrowing costs further.Average hourly earnings increased 0.3% in June after gaining 0.4% in May. That lowered the year-on-year increase to 5.1% from 5.3% in May. Despite the deceleration, wage pressures remain robust, with average hourly earnings for production workers increasing a solid 0.5%. They were up 6.4% year-on-year.With 11.3 million job openings at the end of May and nearly two jobs for every unemployed person, wages will continue their march higher. read more The average workweek held steady at 34.5 hours. Details of the household survey from which the unemployment is derived were mixed. The unemployment rate was unchanged at 3.6% for a fourth straight month as 353,000 people left the labor force, nearly half of them women. As a result, the labor force participation rate, or the proportion of working-age Americans who have a job or are looking for one, edged down to 62.2% from 62.3% in May.Household employment declined by 315,000 jobs. But the number of people working part time for economic reasons fell by 707,000 to 3.6 million, the lowest since August 2001.A broader measure of unemployment, which includes people who want to work but have given up searching and those working part-time because they cannot find full-time employment, dropped to 6.7%. That was the lowest since the government started tracking series in 1994 and was down from 7.1% in May.Register now for FREE unlimited access to Reuters.comReporting by Lucia Mutikani Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.	Unemployment
A pedestrian passes a "Help Wanted" sign in the door of a hardware store in Cambridge, Massachusetts, U.S., July 8, 2022. REUTERS/Brian Snyder/Register now for FREE unlimited access to Reuters.comSummaryCompaniesNonfarm payrolls forecast to increase by 250,000 in JulyUnemployment rate seen unchanged at 3.6%Average hourly earnings expected to rise 0.3%WASHINGTON, Aug 5 (Reuters) - U.S. job growth likely slowed in July, but the pace was probably strong enough to keep the unemployment rate at 3.6% for a fifth straight month, offering the strongest evidence yet that the economy was not in recession.The Labor Department's closely watched employment report on Friday is expected to paint a picture of an economy muddling through despite back-to-back quarters of contraction in gross domestic product, the broadest measure of U.S. economic activity. Though demand for labor has eased in sectors like housing and retail that are sensitive to the higher interest rates being engineered by the Federal Reserve in its battle against inflation, industries like airlines and restaurants cannot find enough workers."The labor market is no longer tinder box hot," said Sung Won Sohn, professor of finance and economics at Loyola Marymount University in Los Angeles. "But it remains pretty healthy and does not meet the National Bureau of Economic Research's broad definition of a contraction in the economy."Register now for FREE unlimited access to Reuters.comThe NBER, the official arbiter of recessions in the United States defines a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income, and other indicators."Still, government data last week showing a second straight quarter of negative GDP - which meets a popular rule-of-thumb definition for recessions - has fanned widespread debate over whether the U.S. economy is in fact in a downturn and has brought the employment report for July into even sharper relief for consumers, investors and policymakers.Reuters GraphicsNonfarm payrolls likely increased by 250,000 jobs last month after rising by 372,000 in June, according to a Reuters survey of economists. That would mark the 19th straight month of payrolls expansion but would be the smallest increase in that span and below the first half monthly average of 457,000 jobs. Estimates ranged from as low as 75,000 to as high 325,000.The cooling in job growth could ease pressure on the Fed to deliver a third straight three-quarters of a percentage point interest rate increase at its next meeting in September, though much depends on inflation and employment readings in the run up to that gathering.The U.S. central bank last week raised its policy rate by 75 basis points and officials have pledged more hikes are coming as it tries to rein in inflation running at four-decade highs. Since March, it has lifted rates from near zero to their current range of 2.25% to 2.50%."A slowdown in job growth should be welcome news for Fed officials, but a more material loosening of labor market conditions will be needed to take the heat off wage inflation," said Lydia Boussour, lead U.S. economist at Oxford Economics in New York.The economy contracted 1.3% in the first half of 2022, largely because of big swings in inventories and the trade deficit tied to snarled global supply chains. Still, momentum has cooled.Hours worked, levels of temporary workers and the breadth of job growth will be closely watched for clues on how soon the anticipated recession might begin. The average workweek has been hovering at 34.5 hours.BROAD SLOWDOWNThe moderation in hiring was likely across the board last month. But government employment, which remained in the hole by 664,000 jobs in June, is a wild card as state and local government education has not followed typical seasonal patterns because of COVID-19 disruptions.This could throw off the model that the government uses to strip seasonal fluctuations from the data."Normally, July state and local government education employment falls by 1 million," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania. "This may not have occurred this year, and a smaller than normal decline will cause the seasonal adjustment factors to inflate the adjusted data."Reuters GraphicsEconomists are also eyeballing a possible drop in retail employment. High inflation - last measured at 9.1% year-on-year in June's Consumer Price Index - is forcing Americans to spend more on low-margin food products instead of apparel and other general merchandise, leaving retailers like Walmart Inc (WMT.N) carrying excess inventory and issuing profit warnings.But the rising cost of living and fears of a recession are forcing some retirees and others who had left the labor market to search for work. That has increased the supply of workers somewhat, keeping the unemployment rate steady near its pre-pandemic lows. Given 10.7 million job openings at the end of June and 1.8 openings for every unemployed person, economists do not expect a sharp deceleration in payrolls growth this year.With the labor market still tight, average hourly earnings are forecast rising 0.3%, matching June's gain. That would lower the year-on-year increase to 4.9% - the lowest since December - from 5.1% in June. Though wage growth appears to have peaked, pressures remain.Data last week showed annual wage growth in the second quarter was the fastest since 2001. read more Economists will also keep an eye on employment levels reported in the report's more-volatile household survey, which had dropped by 315,000 jobs in June. The number of people working part time for economic reasons, will also be under scrutiny after plunging to the lowest since 2001 in June.Register now for FREE unlimited access to Reuters.comReporting by Lucia Mutikani; Editing by Dan BurnsOur Standards: The Thomson Reuters Trust Principles.	Unemployment
Labor unions reached their highest level of approval in the U.S. since 1965, according to a new Gallup poll.Seventy-one percent of poll respondents said they approve of such organizations, up from 68% last year. Prior to the pandemic, 64% of poll respondents said they approved of unions.Support for unions peaked in the 1950s, when three in four Americans said they approved of unions, Gallup data showed.The increase in support for labor unions arrives amid a surge of labor activity nationwide. Petitions for union elections increased 57% over the first six months of fiscal year 2022, which ended on March 31, compared with the same six-month period a year prior, the National Labor Relations Board said in April.Union victories at high-profile companies like Starbucks and Amazon in recent months have drawn heightened public attention to labor campaigns.Since an initial union drive at a Starbucks store in Buffalo, New York, in December, 232 additional company locations have voted to unionize, the NLRB said on Monday. Over that period, 47 stores have voted against a union, the agency said.Meanwhile, in April, a worker-led labor organization won the first-ever U.S. union at a 6,000-employee Amazon warehouse on Staten Island, New York.Employees protest against what they perceive to be union busting tactics, outside a Starbucks in Great Neck, N.Y., on Aug. 15, 2022. Thomas A. Ferrara/Newsday RM via Getty ImagesEven as approval for unions has increased in recent years, the union membership rate has dropped to a historic low.Last year, the union membership rate fell to 10.3%, which amounted to 14 million members, according to data released by the Bureau of Labor Statistics. The rate had dropped from 10.8% in 2020, the BLS found.By comparison, the union membership rate stood at 20.1% in 1983, the first year for which comparable data was collected, the BLS said. That membership rate amounted to 17.7 million workers who belonged to a union.The Gallup poll released on Tuesday reinforced the finding that the vast majority of Americans have foregone union membership. Eighty-four percent of respondents said they do not belong to unions, the poll showed.There appears to be an opportunity for union growth, however. Roughly one in 10 nonunion workers said they're "extremely interested" in joining a union, according to a separate Gallup poll conducted in June.Fifty-eight percent of respondents, however, said they're not interested at all in joining a union.Some economists have attributed a surge in union activity in recent months to a tight labor market in which employers are eager to hire, thereby affording leverage to workers.The U.S. economy added a robust 528,000 jobs last month, while the unemployment rate fell to 3.5%, matching its lowest level in 50 years.	Unemployment
WASHINGTON (AP) — Inflation is raging. The stock market is tumbling and interest rates rising. American consumers are depressed and angry. Economists warn of potentially dark times ahead.But employers? They just keep hiring.The Labor Department reported Friday that America’s dinged and dented economy managed to add a vigorous 372,000 jobs in June, well above the 275,000 that economists had expected. And the unemployment rate remained at 3.6%, just a tick above the 50-year low that was recorded just before the coronavirus pandemic flattened the economy in early 2020.“The labor market’s continued strength is simply astonishing, despite all the headwinds new hiring faces,″ said Christopher Rupkey, chief economist at the research firm FWDBONDS LLC, dismissing concerns that the economy might headed for a downturn sometime soon. “This isn’t what a recession looks like.″The American job market has staged a remarkable comeback from the depths of the COVID-19 recession in the spring of 2020: In March and April that year, the United States lost a staggering 22 million jobs. But the government’s vast infusions of spending, including expanded unemployment benefits and relief checks to most households and ultra-low interest rates set by the Federal Reserve, fueled a propulsive recovery. Employers added a record 6.7 million jobs last year. And they’ve been tacking on an average of 457,000 a month more so far in 2022. The nation is now just 524,00 jobs short of the number it had in February 2020, just before COVID erupted. Counting last month’s hiring, in fact, the private sector has regained all the jobs it lost to the pandemic recession. The remaining shortfall resides entirely on government payrolls.The strong recovery does have a downside: It has fueled the hottest inflation in 40 years. And the Fed will likely see June’s hiring spree as another reason to keep aggressively raising its benchmark short-term interest rate as it did in March, May and June to try to tame inflation. Higher rates will probably weaken the economy because they will make loans steadily more expensive for consumers and businesses. Here are five takeaways from the June jobs report:HIRING: STRONG BUT SLOWING“The recent numbers usually would be consistent with a raging economic boom,″ noted Ian Shepherdson, chief economist at Pantheon Macroeconomics. But hiring has lost some momentum. From April through June, employers added an average 375,000 jobs a month, down from an average of 539,000 in the first three months of 2022 and a monthly average of 562,000 last year. What’s more, in its employment report Friday, the government said hiring was weaker during the spring than it had originally estimated. Its revisions lopped a combined 74,000 jobs from April and May payrolls.PAY RAISES ARE GETTING SMALLERAverage hourly wages rose 0.3% from May to June and 5.1% over the past year. The year-over-year gain was the lowest since December. And it wasn’t nearly enough to keep up with the 12-month jump in consumer prices, which reached a 40-year high of 8.6% in May. Economists Sarah House and Michael Pugliesi of Wells Fargo said the Fed’s policymakers would likely welcome “the tepid rise in earnings″ because it might ease concerns that rising pay would fuel ever-higher prices, far above the central bank’s 2% target. At the same time, the economists cautioned that decelerating pay gains are “another blow to households grapping with the highest inflation in more than a generation.″ And as households lose purchasing power to higher prices, they may slash their spending, which typically accounts for about 70% of the economy’s output.MANUFACTURING JOBS ARE BACKAmerican factories added 29,000 jobs last month, restoring manufacturing payrolls to nearly 12.8 million, just above pre-pandemic levels. Locked in at home during the pandemic and sitting on savings from relief checks and in some cases lower commuting costs, consumers have been eagerly buying up manufactured goods — everything from appliances to lawn furniture to cars. The Institute for Supply Management, a trade group of purchasing managers, says its manufacturing index has signaled growth for 25 straight months, although it dipped in June. But factory boom may not last. Higher interest rates are raising borrowing costs. More expensive loans, in turn, could slow demand for factory goods and drive up the value of the U.S. dollar, which makes American-made products more expensive in foreign markets.HELP WANTED AT RESTAURANTS, BARS AND HOTELSAs the COVID-19 threat recedes — or seems to — consumers have been shifting their spending away from manufactured goods and toward the services they had to forgo while hunkered down at home. Restaurants, bars and hotels, devastated in the early days of the pandemic, are now on a hiring spree. Eating and drinking establishments added nearly 41,000 jobs last month. Hotels tacked on nearly 15,000. Payrolls in both businesses, though, remain well below pre-pandemic levels.Leisure and hospitality companies, including hotels, restaurants and bars, raised hourly wages 9.1% last month from a year ago, staying ahead of inflation, and 1% from May — three times the average month-over-month private-sector pay hike.BLACK UNEMPLOYMENT DIPSThe unemployment rate for Black Americans dropped to 5.8% last month from 6.2% in May. At 21.2 million, the number of Black Americans in the labor force — which includes those either working or looking for work — tops pre-pandemic levels, though the figure dipped from May. The number of whites in the labor force is 1.4 million short of where it stood in February 2020. White unemployment ticked up to 3.3% from 3.2% in May. Hispanic joblessness was unchanged at 4.3%.In June, the percentage of Black Americans who either had a job or were looking for one — the so-called labor force participation rate — was 62.2%, down from 63% in May but exceeded the participation rate for whites (61.9% in June) for a third straight month.	Unemployment
Register now for FREE unlimited access to Reuters.comSummaryCompaniesRuto declared president-elect on MondayOpposition leader Odinga to contest the decision in courtKenya faces mounting economic, unemployment, debt crisesNAIROBI, Aug 17 (Reuters) - Kenya's president-elect William Ruto said on Wednesday there was no time to waste in tackling an economic crisis, as defeated rival Raila Odinga prepared a legal challenge to overturn his loss in Aug. 9's election.Ruto was declared president-elect on Monday by Kenya's election commission chairman after a closely fought race to lead East Africa's richest country, but four of the seven election commissioners have challenged the results.Odinga has said he will contest the decision in court, calling it a "travesty". read more Register now for FREE unlimited access to Reuters.comRuto nevertheless said he was forging ahead with creating an administration, promising that no Kenyan would be excluded, whatever their political or ethnic affiliation."I really want us to know that the expectations of the people of Kenya are huge. We don't have the luxury of wasting time," Ruto, currently deputy president, said after meeting elected officials from his alliance at his official residence.The 55-year-old did not directly address Odinga's plan to challenge his victory, but said: "If there will be court processes, we will engage because we adhere to the rule of law."The election was seen as a test of stability for a close Western ally that hosts regional headquarters of multinational firms such as Alphabet Inc (GOOGL.O). The United Nations Environment Programme is headquartered in Nairobi.At a separate meeting in the capital, elected officials from Odinga's alliance met to chart their next steps in what could be a bruising legal battle.Odinga did not speak at the event but his running mate, Martha Karua, a former justice minister, said: "Ours is victory deferred."Odinga later tweeted: "We are confident that we shall overcome the chicanery and reclaim our victory in due course."Odinga, 77, a former prime minister who was making his fifth run for the presidency, has until Monday to file a petition at the Supreme Court.Election commission chairman Wafula Chebukati rejected claims by the four dissenting commissioners that the tallying process was opaque.Kenya's Deputy President William Ruto and presidential candidate for the United Democratic Alliance (UDA) and Kenya Kwanza political coalition, speaks after being declared the winner of Kenya's presidential election, at the IEBC National Tallying Centre at the Bomas of Kenya, in Nairobi, Kenya August 15, 2022. REUTERS/Thomas MukoyaIn a statement, he accused them of demanding prior to the official declaration that he "moderates the results for purpose of forcing an election re-run"."This is tantamount to subverting the constitution and the sovereign will of the people of Kenya," Chebukati said.Contacted by Reuters, commission vice-chairwoman Juliana Cherera, who has been the dissenters' main spokesperson, declined to respond.The Supreme Court said on Wednesday it was ready to handle any petition and was making preparations just in case.'NO MONEY'President Uhuru Kenyatta's successor will have to tackle a surge in food and fuel prices triggered by the war in Ukraine, rising unemployment, and a mountain of debt used to finance development through Kenyatta's 10 years in office.Kenyatta, who backed Odinga and criticised his deputy as unreliable, has said borrowing built infrastructure and spurred growth. The economy has doubled in size over the past decade.Critics say the government left many vulnerable people behind while it focused on roads and railways.Ruto's campaign to become Kenya's fifth president focused on uplifting low-income "hustlers" but policy analysts see little fiscal room for him to deliver quick relief."There isn't the money," Robert Shaw, an independent economic policy analyst, said. "The government already has huge domestic debt, has hardly enough revenue to pay wages."With high debt limiting scope for any subsidies, Aly-Khan Satchu, the CEO of investment adviser Rich Management, advocated giving priority to food staples."If it was the devil's choice, I would maintain the unga (flour) subsidy over everything else."($1 = 119.4000 Kenyan shillings)Register now for FREE unlimited access to Reuters.comReporting by George Obulutsa; Additional reporting by Ayenat Mersie; Writing by James Macharia Chege and Aaron Ross; Editing by Catherine Evans and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.	Unemployment
WASHINGTON -- The number of Americans applying for unemployment benefits last week hit its highest level in nearly 8 months, but the total number of those collecting benefits fell.Applications for jobless aid for the week ending July 9 rose by 9,000 to 244,000, up from the previous week's 235,000, the Labor Department reported Thursday. First-time applications generally reflect layoffs. Analysts had expected the number to remain flat from the previous week.The four-week average for claims, which evens out some of the week-to-week volatility, rose by 3,250 from the previous week, to 235,750.The total number of Americans collecting jobless benefits for the week ending July 2 fell by 41,000 from the previous week, to 1,331,000. That figure has hovered near 50-year lows for months.Last week, the Labor Department reported that employers added 372,000 jobs in June, a surprisingly robust gain and in line with the pace of the previous two months. Economists had expected job growth to slow sharply last month given the broader signs of economic weakness.The unemployment rate remained 3.6% for a fourth straight month, matching a near-50-year low that was reached before the pandemic struck in early 2020.The government also reported last week that U.S. employers advertised fewer jobs in May amid signs that the economy is weakening, though the overall demand for workers remained strong. There are nearly two job openings for every unemployed person. On Wednesday, the government said that consumer prices soared 9.1% compared with a year earlier, the biggest yearly increase since 1981. From May to June, prices rose 1.3%, another huge increase, after prices had surged 1% from April to May.The Labor Department reported Thursday that inflation at the wholesale level climbed 11.3% in June from a year earlier.All of those figures reflect the unusual nature of the post-pandemic economy: Inflation is hammering household budgets, forcing consumers to pull back on spending, and growth is weakening, heightening fears the economy could fall into recession. In an effort to combat the worst inflation in more than four decades, the Federal Reserve raised rates by a half-point in May and another rare three-quarter point increase last month. Most economists expect the Federal Reserve to jack up its borrowing rate another half-to-three-quarters of a point when it meets later this month. Besides carving up the average American's income, those rate increases also raise borrowing costs, rents and mortgage payments for corporations, which cuts into profits. Investors have responded by bailing from the equity market and piling into the bond market. Since the beginning of the year, the S&P 500 has declined about 20%, the Dow Jones industrials have fallen about 15% and the Nasdaq is down more than 28%.Though the labor market is still strong, there have been some high-profile layoffs announced recently by Tesla, Netflix, Carvana, Redfin and Coinbase.	Unemployment
A worker polishes a bicycle steel rim at a factory manufacturing sports equipment in Hangzhou, Zhejiang province, China September 2, 2019. China Daily via REUTERS Register now for FREE unlimited access to Reuters.comSummaryChina factory, services PMIs above 50 for first time since FebRecovery seen as COVID restrictions partially ease2022 GDP growth target still seen as ambitiousBEIJING, June 30 (Reuters) - China's factory and service sectors snapped three months of activity decline in June, business surveys showed on Thursday, as authorities lifted a strict COVID lockdown in Shanghai, reviving output and consumer spending.The official manufacturing purchasing managers' index (PMI) rose to 50.2 in June from 49.6 in May, the National Bureau of Statistics (NBS) said.That slightly missed the forecast for 50.5 in a Reuters poll but rose above the 50-point mark that separates contraction from growth for the first time since February.Register now for FREE unlimited access to Reuters.comWhile activity has sped up since various COVID lockdowns imposed since March have been rolled back, headwinds persist, including a still subdued property market, soft consumer spending and fear of any recurring waves of infections."Today's NBS numbers were encouraging to see, even if manufacturing slightly underwhelmed and expectations were for an improvement given the easing of lockdown restrictions," said Matt Simpson, senior market analyst at City Index.Investors cheered the signs of economic recovery with China's major stock indices rallying more than 1% and set for their biggest monthly rise in nearly two years.A sub-index for production stood at 52.8, the highest since March 2021, while new orders also returned to expansionary territory for the first time in four months, although growth remained weak."Even though the manufacturing sector continued to recover this month, 49.3% of the companies reported orders were insufficient," said Zhu Hong, senior statistician at NBS. "Soft market demand is still the main problem facing the manufacturing industry.""Some firms have faced a squeeze in their profit margins, and relatively huge operating difficulties," Zhu added.The factory hub of Shenzhen was shut for a week in March while Shanghai, located at the heart of the Yangtze River Delta manufacturing area, was put under a strict lockdown for about two months before curbs were lifted on June 1.An Amcham China survey showed on Thursday supply chains received some relief in June, with fewer companies reporting COVID disruptions but an overwhelming 98% of firms in the poll still experiencing a negative impact from COVID on their business.Analysts expect further improvement in economic conditions in the third quarter, although the official GDP target of around 5.5% for this year will be hard to achieve unless the government abandons the zero-COVID strategy."This surge of economic activities will likely keep the momentum into July, as further relaxation of mobility restriction takes place," said Zhang Zhiwei, chief economist at Pinpoint Asset Management."Nonetheless, China is sticking to the zero-COVID policy stance. I think this means the economic growth will likely stay below its potential before the policy is further relaxed."The government said this week that it would slash COVID-19 quarantine requirements for international travellers and removed an indication of travel through COVID-hit cities on a state-mandated mobile app for its citizens, paving way for greater exchanges of people and goods. read more However, President Xi Jinping defended the zero-COVID policy on Tuesday, saying China is willing to accept some temporary impact on economic development over harm to people's health. read more STRONG SERVICES REBOUNDThe official non-manufacturing PMI in June improved to 54.7 from 47.8 in May.The services industry staged an impressive rebound, the fastest in 13 months, with sectors that were hard hit by COVID curbs such as retail and road transport catching up with previously depressed demand.However, social distancing rules such as those on restaurant dining were still in place in Shanghai throughout June.A index for construction activity also rose to 56.6 from 52.2.In order to stabilise growth and rein in unemployment, China's State Council recently announced a broad package of economic support measures and Premier Li Keqiang vowed to achieve reasonable economic growth in the second quarter.China's official composite PMI, which includes both manufacturing and services activity, stood at 54.1, compared with 48.4 in May.However, some analysts doubt the momentum can be sustained over the medium to long-term."The PMI employment indices continue to point to weakness in the labour market, suggesting that household finances and consumer confidence remain fragile," said Julian Evans-Pritchard, senior China economist at Capital Economics."Once the reopening boost fades, this will weigh on any further recovery. And compared to 2020, the economy will benefit from fewer tailwinds from export demand and policy stimulus."Register now for FREE unlimited access to Reuters.comReporting by Stella Qiu, Ellen Zhang, Ella Cao and Ryan Woo; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.	Unemployment
Strippers banned in Edinburgh – unless they keep their clothes on! Labour councillor says clubs 'disempower women' as dancers are left on the brink of unemployment100 dancers in Edinburgh face unemployment after the council shut strip clubs United Sex Workers organisation has raised £20,000 to fight the decision Georgie, a dancer from Edinburgh, said: ‘work is work and stripping is real work'Deputy leader of the Council says the women can dance with their clothes onIf the venues’ action is unsuccessful, it could end Edinburgh’s ‘pubic triangle’ Published: 17:04 EDT, 22 July 2022 \| Updated: 17:40 EDT, 22 July 2022 Taking your clothes off would seem to be an essential part of your job if you work as a stripper.But in an extraordinary ruling, those employed in the industry in Scotland have been told they can stay on in their jobs – as long as they cover up.Around 100 dancers in Edinburgh have been left facing unemployment after the council used new powers to shut down all four strip clubs in the Scottish capital. Mandy Watt, deputy leader of the Labour-run City of Edinburgh Council, says the adult venues can remain open as long as the women dance with their clothes on, saying: 'They are not helpful for the view society has of women and their place in the world. I want to see women being treated with respect.’In protest, the United Sex Workers organisation has raised £20,000 to fight the decision under equality laws.But Mandy Watt, deputy leader of the Labour-run City of Edinburgh Council, says the adult venues can remain open as long as the women dance with their clothes on. She said: ‘I understand concerns about people losing jobs but the venues could apply to stay open. All they need to do is not insist on women dancing naked. They don’t need to do that to operate.‘I wouldn’t go to these venues to meet them because that would be inappropriate for a councillor. I believe the ban was the right decision because these clubs disempower women. They are not helpful for the view society has of women and their place in the world. I want to see women being treated with respect.’But Georgie, a dancer from Edinburgh, said: ‘I say this to feminists such as Mandy Watt... work is work and stripping is real work. Many people do labour for the sole purpose of being able to pay rent and buy food. Stripping is no different.’‘I ask Mandy and the SWERFS [sex worker exclusionary radical feminists] to directly find me an equal and matched opportunity.‘A job with the same flexibility and pay, the same autonomy and freedom,’ she said. ‘Something that I can live off comfortably with a 12 hour work week. Something that is not for a trans-national corporation, profiteering off other’s labour and adding to climate change.’ Around 100 dancers in Edinburgh face unemployment after the council shut down all four strip clubs in the Scottish capital‘Because until she ensures that every single dancer that will be affected by the loss of Edinburgh’s strip clubs, has this same equal and matched opportunity for work, in an industry of their choosing, she is doing nothing but pushing women into poverty and taking away their freedom of choice.‘She may believe she is doing the right thing, but she is at best misguided and at worst using personal bias and morality to speak over the lived experience of women.’The city’s council voted to set the maximum number of SEVs to zero, which are defined as places with live performances for profit and ‘for the sole purpose of sexual stimulation of the audience’.Councillors rejected plans to set the limit of SEVs at four, which would mean the existing clubs could continue operating but no new clubs could open.If the venues’ legal action against the proposals is unsuccessful, it could spell the end of Edinburgh’s ‘pubic triangle’.Nicola Sturgeon’s government classified stripping as a ‘form of violence against women and girls’ and allowed Scottish councils to set a minimum number of SEVs.Miss Sturgeon supported councils in banning the clubs, saying that ‘the dignity and treatment of women’ must be respected. Advertisement	Unemployment
People line up outside a career center for in-person appointments in Louisville, U.S., April 15, 2021. REUTERS/Amira Karaoud/File PhotoRegister now for FREE unlimited access to Reuters.comSummaryWeekly jobless claims fall 2,000 to 250,000Claims for week ended Aug. 6 revised sharply downContinuing claims increase 7,000 to 1.437 millionExisting home sales drop 5.9% to 4.81 million in JulyWASHINGTON, Aug 18 (Reuters) - The number of Americans filing new claims for unemployment benefits fell last week and the prior period's data was revised sharply lower, suggesting labor market conditions remain tight despite a slowdown in momentum due to higher interest rates.The weekly unemployment claims report from the Labor Department on Thursday combined with strong industrial production in July and underlying retail sales growth to allay fears that the economy was in recession. The claims report, the most timely data on the economy's health, could give the Federal Reserve more ammunition to deliver another hefty rate hike next month."Fears of broad-based layoffs have yet to materialize," said Mahir Rasheed, a U.S. economist at Oxford Economics in New York. "Still, we doubt claims will accelerate sharply as labor demand remains well ahead of labor supply, while the outlook for the economy remains relatively positive despite elevated uncertainty regarding inflation and growth."Register now for FREE unlimited access to Reuters.comInitial claims for state unemployment benefits slipped 2,000 to a seasonally adjusted 250,000 for the week ended Aug. 13. Data for the prior week was revised to show 10,000 fewer claims filed than previously reported. Economists polled by Reuters had forecast 265,000 applications for the latest week.The hefty revision and last week's modest decline pulled claims well below the 270,000-300,000 range that economists say would signal a material slowdown in the labor market.Unadjusted claims fell 4,536 to 191,834 last week. A surge in applications in Massachusetts was offset by notable declines in California, Ohio, Texas and Georgia.Companies in the interest rate-sensitive housing and technology industries have been laying off workers in response to slowing demand caused by the Fed's aggressive monetary tightening campaign to tame inflation. But elsewhere, businesses are hungry for workers. There were 10.7 million job openings at the end of June, with 1.8 openings for every unemployed worker.Strong demand for labor was underscored by a separate report from the Philadelphia Fed on Thursday showing a measure of employment at factories in the Mid-Atlantic region surged in August and businesses were optimistic about the jobs market over the next six months.As a result, the Philadelphia Fed's manufacturing index rebounded to a reading of 6.2 this month from -12.3 in July. A reading above zero indicates expansion in the region's manufacturing, which covers eastern Pennsylvania, southern New Jersey and Delaware. read more The rebound was in stark contrast with a collapse in a gauge of factory activity in New York state reported by the New York Fed early this week.Stocks on Wall Street were trading largely higher. The dollar gained versus a basket of currencies. U.S. Treasury prices rose.TIGHT LABOR MARKET"Labor markets are still tight and underlying economic production is still resilient," said Isfar Munir, an economist at Citigroup in New York. "This pushes back on the narrative of a weakening economy in the near term and should help push the Fed towards maintaining a hawkish stance."But recession risks remain. The Conference Board's leading indicator fell for a fifth consecutive month in July, though the pace moderated.The U.S. central bank is expected to raise its policy rate by 50 or 75 basis points next month. The Fed has hiked this rate by 225 basis points since March.Minutes of the July 26-27 policy meeting published on Wednesday showed that though Fed officials "observed that the labor market remained strong," many also noted "there were some tentative signs of a softening outlook for the labor market." read more Last week's claims data covered the period during which the government surveyed businesses for the nonfarm payrolls portion of August's employment report. Claims fell between the July and August survey periods. The economy created 528,000 jobs in July.Data next week on the number of people receiving benefits after an initial week of aid will shed more light on job growth prospects for August.The so-called continuing claims, a proxy for hiring, increased 7,000 to 1.437 million in the week ending Aug. 6.While the labor market remains resilient, the housing market is wilting. A fourth report from the National Association of Realtors showed existing home sales dropped 5.9% to a seasonally adjusted annual rate of 4.81 million units in July, the lowest level since May 2020 during the COVID-19 lockdowns.Outside the pandemic, sales were the slowest since November 2015. July marked the sixth straight monthly decline, the longest such stretch since 2013. The sales drop occurred across all four regions and followed on the heels of news this week that single-family homebuilding hit a two-year low in July. read more Though higher borrowing costs are weighing on housing, an outright collapse is unlikely because single-family homes for sale remain scarce, keeping prices elevated. Eighty-two percent of homes sold in July were on the market for less than a month.The median existing house price increased 10.8% from a year earlier to $403,800 in July. While that was the smallest gain in two years, prices typically retreat in July after surging in June. With fewer homes being built, prices could remain high even as demand softens, presenting a challenge for the Fed."A meaningful price drop is unlikely," said Nicole Bachaud, senior economist at Zillow. "Falling prices should bring demand back to the market and put pressure on prices to go right back up, especially as inventory is stabilizing at a much lower level than the pre-pandemic norm."Register now for FREE unlimited access to Reuters.comReporting by Lucia Mutikani; Editing by Mark Porter and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.	Unemployment
MoneyWatch July 7, 2022 / 12:22 PM / AP Recession fears and employment trends Recession fears plague Americans as Labor Department releases latest jobs report 06:18 More Americans applied for unemployment benefits last week and while layoffs remain low, it was the fifth consecutive week that claims topped the 230,000 mark and the highest number in almost six months.Applications for jobless aid for the week ending July 2 rose to 235,000, up 4,000 from the previous week and the most since mid-January, the Labor Department reported Thursday. First-time applications generally track with the number of layoffs. Until early June, claims hadn't eclipsed 220,000 since January and have often been below 200,000 this year.The total number of Americans collecting jobless benefits for the week ending June 25 rose by 51,000 from the previous week, to 1,375,000. That figure has hovered near 50-year lows for months. The numbers indicate that a historically tight job market is easing up as companies let go of workers amid economic uncertainty."The labor market seems to be in a state of flux," Peter C. Earle, research fellow at the American Institute for Economic Research, an academic think tank, said in a research note. "The decisions of the Federal Reserve over the next six months will determine whether there is a gentle slope or a cliff ahead for economic growth and employment over the rest of 2022 and 2023," he said.All eyes on Fed, jobs as economy slowsOn Wednesday, the Labor Department reported that U.S. employers advertised fewer jobs in May amid signs that the economy is weakening, though the overall demand for workers remained strong. Employers posted 11.3 million job openings at the end of May, down from nearly 11.7 million in April. Job openings reached 11.9 million in March, the highest level on records dating back more than 20 years. There are nearly two job openings for every unemployed person. The figures reflect the unusual nature of the post-pandemic economy: Inflation is hammering household budgets, forcing consumers to pull back on spending, and growth is weakening, heightening fears the economy could fall into recession. Yet companies are still scrambling to add workers. Demand has been particularly strong in travel- and entertainment-related services. The Labor Department releases its May jobs report on Friday and analysts expect that employers filled more than 276,000 jobs. Though not an unhealthy number, it would be the lowest monthly figure in more than a year."The open question is whether job growth will merely slow to a more sustainable pace, consistent with labor force growth, or if the economy will fall into recession and there will be outright job losses," PNC Chief Economist Gus Faucher said in a research note. Jamie Cox, managing partner for Harris Financial Group, said the layoff figures were "moving in the Fed's direction." "It's never a good thing to see layoffs, but the pressure on wages may have now peaked," Cox said in a note. "A few more weeks of these types of numbers and maybe, just maybe, financial conditions are tight enough to allow the Fed to throttle back on the scale of rate increases," Cox said.More layoffs in tech fieldsSome highly visible companies, many in tech, have announced layoffs recently.The CEO of electric car maker Tesla, Elon Musk, acknowledged that the company was cutting about 10% of its salaried workforce, or 3.5% of its total headcount.Tech companies rocked by layoffs as industry faces biggest downturn in two decadesNetflix lays off 300 employees in second round of mass job cutsCoinbase to cut workforce by 18% amid wide crypto sell-offNetflix laid off 150 employees in May and another 300 in June after the streaming entertainment giant reported losing subscribers for the first time in more than a decade. Online automotive retailer Carvana is letting go about 2,500 workers, roughly 12% of its workforce. Online real estate broker Redfin, under pressure from a housing market that's cooled due to higher interest rates, is laying off 8% of its workers. Another real estate company, Compass, is shedding 450 employees.Crypto trading platform Coinbase Global is cutting about 1,100 jobs, about 18% of its global workforce, in the wake of collapsing cryptocurrency prices. In: Employment Elon Musk jobless claims Economy Unemployment Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue	Unemployment
The U.S. economy is cooling off considerably and will likely slide into a recession before the end of the year, The Conference Board warned this week. The non-profit business organization on Thursday said that its leading economic index — which tracks 10 indicators designed to measure the health of the economy — dropped by 0.4% in July, on top of a 0.7% decline in June. The gauge has now fallen for five consecutive months, "suggesting recession risks are rising in the near term," said Ataman Ozyildirim, the senior director of economics at The Conference Board. "Consumer pessimism and equity market volatility as well as slowing labor markets, housing construction, and manufacturing new orders suggest that economic weakness will intensify and spread more broadly throughout the U.S. economy," Ozyildirim said. "The Conference Board projects the U.S. economy will not expand in the third quarter and could tip into a short but mild recession by the end of the year or early 2023." IS THE UNITED STATES ENTERING A RECESSION? Gas prices listed at a petrol station in Los Angeles on July 19, 2022. (FREDERIC J. BROWN/AFP via Getty Images / Getty Images)The index foreshadows economic developments by about seven months. Gross domestic product (GDP), the broadest measure of goods and services produced in the country, also fell for two straight quarters, with the economy shrinking by 1.6% from January to March and falling by another 0.9% in the period from April to June. Recessions are technically defined by two consecutive quarters of negative economic growth and are characterized by high unemployment, low or negative GDP growth, falling income and slowing retail sales, according to the National Bureau of Economic Research (NBER), which tracks downturns.The decline in economic growth in the second quarter meets the technical, but unofficial, criteria for a recession, which requires a "significant decline in economic activity that is spread across the economy and that lasts more than a few months." Still, the NBER — the semi-official arbiter — may not confirm it immediately as it typically waits up to a year to call it. The NBER has also stressed that it relies on more data than GDP in determining whether there's a recession, such as unemployment and consumer spending, which remained strong in the first six months of the year. It also takes into consideration the depth of any decline in economic activity. The Federal Reserve approved a second, 75-basis-point interest rate hike in July — triple the usual size — and have indicated that another super-sized rate hike is on the table in September. (Al Drago/Bloomberg via Getty Images / Getty Images)There are conflicting signs about the economy's health, fueling debate over the state of the economy: The number of Americans filing for unemployment benefits has gradually increased, companies have announced layoffs or hiring freezes, and the housing market is softening. At the same time, unemployment fell to a near-historic low of 3.5% in July, and consumers are still spending heavily, despite scorching-hot inflation. Economists remain divided over whether the economy is officially in a recession or not, but they largely agree that avoiding a downturn in the near future will be nearly impossible as the Federal Reserve tries to bring inflation under control by cooling consumer demand. Policymakers approved a second, 75-basis-point interest rate hike in July — triple the usual size — and have indicated that another super-sized rate hike is on the table in September, depending on forthcoming economic data. Hiking interest rates tends to create higher consumer and business loan rates, which slows the economy by forcing employers to cut back on spending. Mortgage rates have nearly doubled from one year ago, while some credit card issuers have ratcheted up their rates to 20%. Federal Reserve Board Chairman Jerome Powell speaks during a news conference in Washington on July 27, 2022. (MANDEL NGAN/AFP via Getty Images / Getty Images)Fed Chairman Jerome Powell has said that tackling inflation remains the central bank's No. 1 priority, even if it means risking a downturn — though he stressed last month that he does not believe the U.S. is currently in a recession.CLICK HERE TO READ MORE ON FOX BUSINESS"We think it’s necessary to have growth slow down," Powell said in July. "We actually think we need a period of growth below potential in order to create some slack so that the supply side can catch up."	Unemployment
If you are a good worker with marketable skills, you have never been as much in demand as you are right now.With 5 million more job openings in the U.S. than there are workers to fill them, companies are desperately seeking talent. And increasingly, they are willing to go where the workers are."Workforce is always the single most important factor, regardless of whether it's a manufacturing facility, a corporate office, or something that's creative in the arts," said Tom Stringer, managing director in charge of the national site selection practice at BDO in New York.In the latest survey of the CNBC CFO Council, respondents overwhelmingly listed workforce as the most important factor in deciding where to locate or expand operations. It is also the most cited selling point among states seeking to attract companies, according to CNBC's 2022 America's Top States for Business study. So, under our methodology, it carries the most weight in our overall rankings.To determine which states have the best workforces, we look at a variety of factors including the percentage of workers with college degrees, the concentration of high-tech workers, as well as workers with associate degrees and industry-recognized certificates. We also consider right to work laws protecting employees who decline to join a union, as well state worker training programs, and net migration of college-educated workers."Everyone is looking for an edge," said Cara Christopher, a senior vice president at Lightcast, a labor market data firm that supplied some data on talent attraction for CNBC's study. "Communities that are doing it right are looking at both attraction and development efforts."In 2022, these ten states are winning the war for talent.10. MarylandGenesis Fuentes, PhD student, watches a simulated encounter at the Lab for Applied Social Science Research at the University of Maryland, where they are developing Virtual Reality in police de-escalation training, in College Park, MD.Bill O'Leary \| The Washington Post \| Getty ImagesThe Old Line State has a line on tech talent, with the second largest concentration of science, technology, engineering and math (STEM) workers after Washington, according to the U.S. Bureau of Labor Statistics. The state is seeking to build on that success with Maryland STEM Connect, linking parents, students and educators with the many federal agencies and military bases in the area.2022 Workforce Score: 257 out of 410 points (Top States Grade: B+)Net Migration Rank: No. 28Adults with Bachelor's Degree or Higher: 40.9%Career Education Credential: 13.4%STEM Workers: 10.1%Right to Work State? No9. OregonUniversity of Oregon Lillis Business Complex building on campus in Eugene Oregon.Don & Melinda Crawford \| Education Images \| Universal Images Group \| Getty ImagesWith American workers on the move, The Beaver State is a big beneficiary. The Census Bureau estimates that college educated workers moving to the state outnumber those leaving by nearly two to one. WorkSource Oregon is a statewide partnership between the Oregon Employment Department and state and local nonprofit agencies aimed at retraining workers and connecting them with employers.2022 Workforce Score: 259 out of 410 points (Top States Grade: B+)Net Migration Rank: No. 8Adults with Bachelor's Degree or Higher: 34.4%Career Education Credential: 15.8%STEM Workers: 7.5%Right to Work State? No8. UtahA man walks past the Salt Lake Temple, a temple of The Church of Jesus Christ of Latter-day Saints, at Temple Square, in Salt Lake City.Rick Bowmer \| APThe Beehive State gets its nickname from the industriousness of its workers, and that trait is really paying off these days. The vibrant tech scene in the growing Silicon Slopes region near Salt Lake City is attracting lots of STEM workers. But Utah is also big in career education, with a robust community college system. The state slips in the rankings this year because of its unemployment rate — the second lowest in the nation — which limits the pool of available workers.2022 Workforce Score: 269 out of 410 points (Top State Grade: A-)Net Migration Rank: No. 33Adults with Bachelor's Degree or Higher: 34.7%Career Education Credential: 20.5%STEM Workers: 7.6%Right to Work State? Yes7. ArizonaThe historic Route 66. This route originally ran from Chicago (Illinois) to Los Angeles (California) between 1926 and 1985. The highway no longer has an official existence but remains one of the most famous roads in America.Andia \| Universal Images Group \| Getty ImagesEducated workers are flocking to The Grand Canyon State, and that is making Arizona's workforce smarter. Labor market data firm Lightcast says average educational attainment in the state jumped 16% in the past five years, one of the biggest increases in the nation. The state also has a ready pool of workers with two-year degrees and certificates. But Arizona's workforce development program, known as Arizona@Work, has had mixed results getting participants back into the workforce.2022 Workforce Score: 273 out of 410 points (Top State Grade: A-)Net Migration Rank: No. 3Adults with Bachelor's Degree or Higher: 30.3%Career Education Credential: 23.8%STEM Workers: 6.5%Right to Work State? Yes6. FloridaStudents walking outside the Chemistry and Physics Building at Florida International University.Jeff Greenberg \| Universal Images Group \| Getty ImagesThe Census Bureau estimates some 200,000 college graduates moved to Florida over the past five years, while only around half that amount left. On a percentage basis, it is the strongest migration level in the nation. The state makes up for a relative lack of tech workers by offering a ready supply of employees with industry-recognized certificates. "They are focused. They have a strong workforce development program," said Lightcast's Cara Christopher, who praised the state's partnerships with colleges and universities.2022 Workforce Score: 274 out of 410 points (Top State Grade: A-)Net Migration Rank: No. 1Adults with Bachelor's Degree or Higher: 30.5%Career Education Credential: 21.4%STEM Workers: 5%Right to Work State? Yes5. DelawareBottling station at the Dogfish Head Brewery in Milton, Delaware.Loop Images \| Universal Images Group \| Getty ImagesDelaware workers are among the nation's most productive, accounting for about $140,218 in economic output per job last year. That is according to U.S. Bureau of Labor Statistics and U.S. Department of Commerce data. The state offers strong worker training programs. And with unemployment above the national average, there are plenty of people here to hire.2022 Workforce Score: 277 out of 410 points (Top State Grade: A-)Net Migration Rank: No. 23Adults with Bachelor's Degree or Higher: 32.7%Career Education Credential: 13.3%STEM Workers: 7.2%Right to Work State? No4. WashingtonThe Visitor's Center at Microsoft Headquarters campus in Redmond, Washington.Stephen Brashear \| Getty ImagesNo state offers a greater concentration of STEM employees than Washington does. It is a longstanding priority in The Evergreen State. In 2013, the state legislature established the Washington State STEM Education Innovation Alliance. Under the direction of the governor's office, the alliance brings together labor, education, government and non-profit leaders to advance STEM education beginning in kindergarten.2022 Workforce Score: 282 out of 410 points (Top State Grade: A)Net Migration Rank: No. 2Adults with Bachelor's Degree or Higher: 36.7%Career Education Credential: 21.7%STEM Workers: 10.2%Right to Work State? No3. GeorgiaDowntown Atlanta skyline, photographed from the Jackson Street bridge in Atlanta, Georgia.Raymond Boyd \| Michael Ochs Archives \| Getty ImagesThe Peach State is a leader in worker training. The state's workforce development program, WorkSource Georgia, is a network of 19 local WorkSource offices overseen by the state's technical college system. The localized focus is a key aspect of the state's effort to align its workforce with the needs of business, and it seems to be working. According to U.S. Department of Labor data, Georgia ranks No. 4 in a key measure of workforce development: moving adults from training to employment.2022 Workforce Score: 297 out of 410 points (Top State Grade: A+)Net Migration Rank: No. 7Adults with Bachelor's Degree or Higher: 32.2%Career Education Credential: 21.4%STEM Workers: 6%Right to Work State? Yes2. TexasA giant cowboy boot is on display outside the Tesla Giga Texas manufacturing facility during the "Cyber Rodeo" grand opening party on April 7, 2022 in Austin, Texas.Suzanne Cordeiro \| AFP \| Getty ImagesSkilled workers are heading to the Lone Star State in droves. And when they get there, they are working hard. Texas is in the top ten for workforce productivity, with $139,549 in economic output per job last year. With unemployment holding above the national average, employers have plenty of those industrious workers to choose from.2022 Workforce Score: 299 out of 410 points (Top State Grade: A+)Net Migration Rank: No. 3Adults with Bachelor's Degree or Higher: 30.7%Career Education Credential: 16.3%STEM Workers: 6.6%Right to Work State? Yes1. ColoradoNow Hiring sign of Denver Public School placed in front of Bromwell Elementary School in Denver, Colorado on Tuesday, December 7, 2021.Hyoung Chang \| Denver Post \| Getty ImagesThe Centennial State has the second most educated workforce in the nation behind Massachusetts. And those smart workers are staying put. While some other states suffer a brain drain, Colorado is only losing about 10,000 college educated workers per year, far fewer than are migrating there. While not technically a right to work state in which employees cannot be fired for refusing to join a union, the state offers some protections to non-union workers under what it calls a "hybrid" system.2022 Workforce Score: 302 out of 410 points (Top State Grade: A+)Net Migration Rank: No. 11Adults with Bachelor's Degree or Higher: 36.7%Career Education Credential: 41.6%STEM Workers: 9.2%Right to Work State? Hybrid	Unemployment
A pedestrian passes a "Help Wanted" sign in the door of a hardware store in Cambridge, Massachusetts, U.S., July 8, 2022. REUTERS/Brian SnyderRegister now for FREE unlimited access to Reuters.comNEW YORK, July 8 (Reuters) - A better-than-expected U.S. jobs report eased some worries about an imminent recession but also bolstered the case for the Federal Reserve to continue aggressively hiking rates, threatening more turbulence for asset prices this year.Hopes that a weakening economy could push the Fed to slow or stop its rate hikes earlier than previously expected have bolstered stocks and bonds in recent days. The S&P 500 rebounded 6% from its June lows while the 10-year U.S. Treasury yield, which moves inversely to prices, hit a low of 2.75% this week.That view took a hit on Friday, as traders bet on bigger Fed rate hikes after the report, which showed U.S. employers hiring far more workers than expected in June. Rate futures contracts now reflect a base-case view that the Fed's policy rate will be in the 3.5%-3.75% range by year end, higher than Fed policymakers themselves predicted three weeks ago. read more Register now for FREE unlimited access to Reuters.comTo some investors, that means the volatility that has rocked markets in the first half of the year should continue as uncertainty over how restrictive Fed policy will need to be threatens risk appetite across Wall Street."We don't know if inflation peaked, we don't know if Fed hawkishness has peaked," said Phil Orlando, chief equity market strategist at Federated Hermes. "The combination of uncertainty about inflation, Fed policy and earnings trends suggest that stocks should go lower."Immediate reaction to the report was muted in stocks, with the S&P 500 recently down 0.1%. Treasury yields shot higher, with the 10-year recently at nearly 3.1%.Investors now turn to the monthly U.S. consumer price index report for a gauge on inflation, due next week, as well as to the start of a second-quarter earnings season that investors fear will come in weaker than forecast.Stocks and bonds reeled last month after data showed inflation running at its hottest pace in more than four decades, prompting a 75-basis-point interest rate increase by the Fed, its biggest hike since 1994.“June’s US Employment Report lends support to our forecast that the Federal Reserve will raise interest rates by more than is currently discounted in markets, pushing up Treasury yields this year,” analysts at Capital Economics wrote.“Although we think a US recession will be avoided, we still expect US equities to be weighed down by both rising discount rates and disappointing growth in corporate earnings.”Meanwhile, OANDA’s Edward Moya wrote that "Wall Street should get used to a choppy stock market for the rest of the summer as the Fed tries to navigate a soft landing.”Friday's report found that nonfarm payrolls increased by 372,000 jobs last month, while economists polled by Reuters had forecast 268,000 jobs were added last month. The unemployment rate was unchanged at 3.6% for a fourth straight month.Other recent numbers have been more ominous, however, and some investors believe it’s only a matter of time before the Fed’s rate hikes are broadly reflected in economic data.Data on Thursday showed the number of Americans filing new claims for unemployment benefits unexpectedly rose last week, while another report last week showed U.S. manufacturing activity slowed more than expected in June.“Jobs reports are lagging economic indicators that are often strong entering a downturn,” said Richard Flynn, managing director at Charles Schwab in the UK. “Despite today’s good news, stocks are likely to continue to feel the weight of monetary tightening, shrinking liquidity, and slower economic growth.”Register now for FREE unlimited access to Reuters.comReporting by Lewis Krauskopf, Sinéad Carew and Herbert Lash in New York and Sujata Rao in London; Editing by Ira Iosebashvili and David GregorioOur Standards: The Thomson Reuters Trust Principles.	Unemployment
Increasing the jobseeker rate should take priority over other welfare reforms including allowing aged pensioners to work more without having their payments reduced, peak unemployment bodies say.A private member’s bill introduced by independent MP Rebekha Sharkie on Monday would increase the income test threshold for pensioners, permitting older Australians to work more hours before their payments were docked.Sharkie argues getting seniors back to work could be key to alleviating major workforce shortages, including in the farming and manufacturing sectors.But Edwina MacDonald, the chief executive of the Australian Council of Social Services, said while she supported measures to help more Australians access paid work, the “vast majority” of people facing substantial barriers to getting a job were under pension age.Under current rules, pensioners can earn up to $480 a fortnight without reducing their pension payment. Pensioners who earn more than that are placed on a part-pension and have their payments docked $0.50 for every dollar earned above $480.People who receive jobseeker payments can only earn up to $150 a fortnight before their payment is tapered by 50 cents for every dollar, rising to 60 cents for every dollar if they earn more than $256 a fortnight.MacDonald said lifting jobseeker payments to at least $70 a day was the priority and should be implemented before pursuing further social security reform. Labor has not committed to the increase.The full aged pension is $987.60 a fortnight; jobseeker is $642 a fortnight. “There are more than 430,000 people aged 45 to 67 on the $46-a-day JobSeeker payment,” MacDonald said.“Most in this cohort are women. Lifting income support would help people looking for paid work retrain, reskill and put their best foot forward when applying for jobs.”Jessica, who asked to go by her first name, told Guardian Australia she often goes “months” without receiving any money from Centrelink because she has surpassed the income threshold.The 21-year-old Sydney woman said surviving on the meagre payments while trying to keep her minimal savings was almost impossible.“It’s nowhere near enough to live on, so obviously you’re going to try to work as well,” she said. Sign up to receive an email with the top stories from Guardian Australia every morning Sign up to receive an email with the top stories from Guardian Australia every morningAntipoverty Centre spokesperson Kristin O’Connell said rolling out changes for pensioners without doing the same for people receiving jobseeker payments was “completely around the wrong way”.“Such a high proportion of people on jobseeker payments either do have a job or are disabled or are facing discrimination because of their age,” she said.“Nobody begrudges pensioners making more money but these payments should be enough for people to live on without having to work.“People fortunate enough to get paid work should be able to live a bit more comfortably. Instead, we have a system that applies punishment to do so.”Current rules allow people on jobseeker to earn $75 a week without getting their payments reduced – the equivalent of one three-hour shift, capped at $25 an hour.The national minimum wage is $21.38 an hour, plus a 25% casual loading for casual employees.“You cannot legally work without your payment being affected if you’re casually employed,” O’Connell said.“It’s extraordinary. Nobody is choosing to try and survive on these payments, yet you lose 50 to 60% of the dollar you work.Greens social and government services spokesperson, Janet Rice, said the party was in favour of increasing access to work for all income support payments, including the aged pension.Advocacy group EveryAGE Counts said providing a financial incentive for older Australians to enter the workforce would be ineffective if it wasn’t accompanied by efforts to mitigate employer ageism.“Around half of Australian businesses say they’re reluctant to recruit workers over a certain age – and for most of that group the certain age is over 50,” campaign director Marlene Krasovitsky said.“If you’re 65 in a job interview, your chances of getting a fair go are relatively slim … if we really want to encourage older Australians who want to contribute back into the workforce, we need to make sure they’re competing on a level playing field.”The federal government has indicated it will consider Sharkie’s proposal at the upcoming jobs and skills summit.	Unemployment
WASHINGTON — U.S. employers advertised fewer jobs in May amid signs that the economy is weakening, though the overall demand for workers remained strong.Employers posted 11.3 million job openings at the end of May, the Labor Department said Wednesday, down from nearly 11.7 million in April. Job openings reached 11.9 million in March, the highest level on records dating back more than 20 years. There are nearly two job openings for every unemployed person, a sharp reversal from the historic pattern: Before the pandemic, there were always more unemployed people than available jobs.The figures reflect the unusual nature of the post-pandemic economy: Inflation is hammering household budgets, forcing consumers to pull back on spending, and growth is weakening. Yet companies are still scrambling to add workers. Demand has been particularly strong in travel- and entertainment-related services.Economists are closely monitoring the jobs opening figures for signs the labor market is cooling, which could bring down inflation. With companies posting so many available positions, they have also been raising pay and offering more benefits to attract and keep workers. Higher labor costs have, in turn, contributed to pushing up prices, with inflation now at 40-year highs.The Federal Reserve has targeted the nearly record-high job openings as evidence that the economy has overheated, and is rapidly lifting the short-term interest rate it controls to cool consumer and business spending. Fed Chair Jerome Powell hopes that weaker spending will reduce demand for workers, lower job openings and wage increases, and bring down inflation.For now, labor demand remains strong. Last month, the government said that employers added 390,000 jobs in May, a healthy increase, while the unemployment rate stayed at 3.6%, near a 50-year low.Wednesday’s report, known as the Job Openings and Labor Turnover Survey, or JOLTS, provides overall data for hiring, job postings, and the number of people quitting their jobs. On Friday, the government will release its monthly jobs report, which includes net job gains and the unemployment rate.There are signs that hiring and the demand for labor may cool in the coming months. On Friday, the June jobs report is expected to show that employers added 275,000 jobs, which would be a solid increase but the smallest in more than a year.And Homebase, a company that provides payroll and hiring software for small businesses, says it has seen a 16% drop in new job postings by its customers in June compared with May. A separate survey of 400 of its clients finds that while most plan to add jobs this year, the proportion who say they won’t add jobs has doubled to 8% in June compared with January of this year. And the proportion who plan to add more than 11 workers has fallen sharply, to nearly 19%, down from 30% in January.“We see some anticipation of softness and a weakening need for expanding employment,” said Jason Greenberg, head economist at Homebase.	Unemployment
WASHINGTON — Fewer Americans applied for jobless benefits last week, but the previous week’s number was revised upward significantly, with claims breaching the 250,000 level in back-to-back weeks for the first time in more than eight months.Applications for jobless aid for the week ending July 23 declined by 5,000 to 256,000 from the previous week’s 261,000, the Labor Department reported Thursday. The number of claims for the week of July 16 was revised upward by 10,000 from the previous estimate of 251,000.First-time applications generally reflect layoffs.The four-week average for claims, which smooths out some of the week-to-week volatility, rose by 6,250 from the previous week, to 249,500. That number is also at its highest level since November of last year.The total number of Americans collecting jobless benefits for the week ending July 16 fell by 25,000 from the previous week, to 1,359,000. That figure has been near 50-year lows for months.Get Innovation BeatBoston Globe tech reporters tell the story of the region's technology and innovation industry, highlighting key players, trends, and why they matter.In Massachusetts, about 15,509 individuals filed new claims for unemployment benefits last week, down 7,563 from the week prior, according to the Labor Department.Earlier this month, the Labor Department reported that employers added 372,000 jobs in June, a surprisingly robust gain and similar to the pace of the previous two months. Economists had expected job growth to slow sharply last month given the broader signs of economic weakness.The unemployment rate remained 3.6 percent for a fourth straight month, matching a near-50-year low that was reached before the pandemic struck in early 2020.Earlier in July, the government reported that US employers advertised fewer jobs in May amid signs that the economy is weakening, though the overall demand for workers remained strong. There are nearly two job openings for every unemployed person.Though the labor market is still considered strong, other indicators are pointing to some weakness in the US economy. The government said Thursday that the US economy shrank 0.9 percent in the second quarter, the second straight quarterly contraction.Consumer prices are still soaring, up 9.1 percent in June compared with a year earlier, the biggest yearly increase in four decades. In response, the Federal Reserve raised its main borrowing rate by another three-quarters of a point on Wednesday. That follows last month’s three-quarter point hike and a half-point increase in May.Those higher rates have already sent home sales tumbling, made the prospect of buying a new car more burdensome, and pushed credit card rates up.All of those factors paint a divergent and confusing picture of the post-pandemic economy: Inflation is hammering household budgets, forcing consumers to pull back on spending, and growth is weakening, heightening fears the economy could fall into recession.Though the labor market is still strong, there have been some high-profile layoffs announced recently by Tesla, Netflix, Carvana, Redfin, and Coinbase.Diti Kohli of the Globe staff contributed to this report.	Unemployment
Register now for FREE unlimited access to Reuters.comLONDON, June 27 (Reuters) - Russia may have defaulted for the first time on foreign bonds since the Bolsheviks refused to pay on a vast debt pile after the 1917 Revolution, but its $1.8 trillion economy is showing no sign of sinking just yet. read more The sanctions imposed by the West over Russia's invasion of Ukraine delivered the biggest external shock to Russia's economy since the 1991 fall of the Soviet Union, but the economy has - so far - been remarkably resilient.Russia's 2022 "default", announced by the United States on Monday but rejected by the Kremlin, is very different to debt crises of previous years: in 1918 the Bolsheviks didn't want to pay and in 1998 Russia could not pay its domestic debts.Register now for FREE unlimited access to Reuters.comThis time, Moscow can pay and says it is ready to but the West is preventing it.Following are five signs that the Russian economy is still resilient:* The strongest currency in the world: The rouble, which for decades even Russians shunned because it was so weak and volatile, is by far the world's top performing currency against the U.S. dollar year-to-date. http://fingfx.thomsonreuters.com/gfx/rngs/GLOBAL-CURRENCIES-PERFORMANCE/0100301V041/index.htmlThe rouble has been driven higher by proceeds from commodity exports, a drop in imports and capital controls which have shielded the currency from a broader sell off.The rouble hit a 7-year high against the dollar and euro on June 22. read more Russia ran a current account surplus of $110.3 billion in the first five months of 2022, up from $32.1 billion in the same period last year, central bank data showed.* Oil - The lifeblood of Russia's economy has been trading above $100 a barrel since Russia invaded Ukraine. Brent crude oil was trading at $112.99 on Monday.With high oil prices, Russia, the world's second largest oil exporter after Saudi Arabia and world largest exporter of natural gas, has a trillion-dollar-a-year cushion against sanctions.A view shows Russian rouble coins in this illustration picture taken March 25, 2021. REUTERS/Maxim Shemetov/Illustration/File PhotoFor sure, Russia's Urals blend of crude sells at a discount to Brent but is still high.Western sanctions have forced Russia to sell its oil at large discounts up to $40 a barrel to China and India. But U.S. officials have said Moscow was still earning more money from its energy exports today than before the war.* Rates - Russia's central bank cut its key interest rates to the pre-crisis level of 9.5% on June 10 - and has kept the door open to a further easing as inflation slowed.Just after the invasion, Russia hiked rates to 20%.But that is still far below the astronomical rates of 150% imposed just before the August 1998 devaluation.* Food and no panic - There is still food in the shops of Moscow and few signs of panic.Immediately after the invasion, there was some panic buying of things like sugar. But that has subsided: there is ample food in the shops of Moscow and no run on the banks.That is a sharp contrast to the panic buying which accompanied the 1998 devaluation and the food shortages which accompanied the 1991 fall of the Soviet Union.Back in 1990, to alleviate Russian food shortages, the United States started supplying chicken legs to Russia that became known as "nozhki Busha" - or Bush legs - after President George H. W. Bush who signed the deal with Mikhail Gorbachev.* Unemployment - just 4%, a record low, in April.Some fear unemployment could be understated as big companies have yet to cut staff but for now at least, just 3.0 million are without a job. A new reading for May is due shortly.Register now for FREE unlimited access to Reuters.comReporting by Guy Faulconbridge; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.	Unemployment
Key events:43m agoIntroduction: UK jobs market loses steamShow key events onlyPlease turn on JavaScript to use this featureThe jobs market isn’t the only part of the economy slowing. Consumers are cutting spending in the shops as high inflation and the cost of living squeeze hits their budgets.The BDO High Street Sales Tracker shows that retail sales have grown at their lowest rate since February 2021, with like-for-like sales in June increased by 8.4% compared with a year ago.An 8.8% drop in homeware sales suggests that consumers are postponing large purchases.Lifestyle sales through online channels fell for the eighth consecutive month, as consumers cut their discretionary spending in the sector (which has seen its lockdown boost fade).Sophie Michael, head of retail and wholesale at BDO, says retailers face a concerning outlook:With consumer confidence at historically low levels, real wages falling to a 20-year low and interest rates set to rise further, there are few signs of encouragement for retailers.All four English regions monitored by KPMG and REC saw a slowdown in permanent job placements, with the North of England only seeing a fractional upturn.London saw the sharpest increase in temporary jobs in June, while the softest expansion was registered in the Midlands.Starting salary inflation eased to the softest since August 2021, while temp wage growth edged down to a 12-month low. Photograph: Graeme Wearden/KPMG/RECStarting salaries continued to climb last month, KPMG and the REC’s UK jobs report shows.The shortages of skilled candidates forced firms to lift their starting pay -- good news for workers looking for help in the cost of living squeeze.Pay pressures did moderate slightly, though, with starting salary inflation edging down to a ten-month low. That could ease the Bank of England’s worries of a wage-price spiral breaking out.The report says:The ongoing imbalance between the supply and demand for workers drove further steep increases in rates of starting pay during June. Though sharp and well above the series average, the rate of starting salary inflation eased to the softest since August 2021, while temp wage growth edged down to a 12-month low. Introduction: UK jobs market loses steamGood morning, and welcome to our rolling coverage of business, the world economy, the financial markets and the cost of living crisis.The UK’s employment market is losing steam, in a sign of the challenge that will face the next government to strengthen the struggling economy.British employers slowed their hiring through recruitment agencies again in June, with vacancies rising at the weakest rate in over a year.The slowdown is due to rising economic uncertainty, spiralling costs, and a shortages of candidates, according to UK Report on Jobs, from KPMG and the REC (Recruitment & Employment Confederation). The survey shows that permanent staff appointments and temporary positions both expanded at the softest rates for 16 months in June, as the labour market lost some strength.UK jobs report Photograph: KPMG and RECRecruiters also reported another steep fall in overall candidate availability.That’s partly due to a drop in foreign candidates.... and a reluctance to switch jobs in the current climate, as the so-called Great Resignation fizzles.Recruitment consultancies often attributed lower candidate numbers to a generally low unemployment rate, fewer foreign workers, robust demand for staff and hesitancy to switch roles in the increasingly uncertain economic climate. The report follows a slowdown in May........and shows we are past the peak of the “post-pandemic hiring spree”, as Neil Carberry, chief executive of the REC, explains:That pace of growth was always going to be temporary – the big question now is the effect that inflation has on pay and consumer demand over the course of the rest of the year. Whether we will see the market settle at close to normal levels, or see a slowdown, is unpredictable at this point. “Part of the reason for unpredictability in the market is a slower economy accompanied by severe labour and skills shortages. These are already proving a constraint on growth in many firms. The government should be thinking about how to ensure all its departments enable greater labour market participation and encourage business investment funds to help address this.Also coming up todayAfter recovering on Thursday, the pound is hovering around $1.20 as the City waits to see who will emerge to succeed Boris Johnson as Prime Minister (a process which could take a few months).There could be paralysis in the aftermath of yesterday’s dramatic resignation announcement, with Johnson promising no major policies, tax decisions or other changes of direction during his caretakership.Daniele Antonucci, chief economist & macro strategist at Quintet Private Bank, says:A Conservative leadership election is likely to begin within days. While his resignation could add to near-term uncertainty, so far the market response has been fairly muted. Looking further out (past the current loss of growth momentum), the UK economy and its financial markets could perhaps benefit from more certainty. Eleswhere, Britain’s competition watchdog, the Competition and Markets Authority, should be releasing its report into the fuel retail market today, following a request by Business Secretary Kwasi Kwarteng.The latest US jobs report, June’s non-farm payroll, is expected to show that job creation slowed last month. Economists predict the NFP will rise by 268k, down on the 390k US jobs created in May. A weak reading could lead to more worries about a possible US recession.Strong odds for an economic data surprise tomorrow from non-farm payrolls. Consensus expects 0.17% monthly growth in payrolls, while the yearly and quarterly trends are running above this estimate. Our positioning runs the risk of a surprise here, so important to watch: pic.twitter.com/v8KLQ0IJUq— Prometheus Research (@prometheusmacro) July 7, 2022 GOLDMAN SACHS: "We estimate nonfarm payrolls rose 250k in June, somewhat below consensus of +268k ... We estimate an unchanged unemployment rate at 3.6%—in line with consensus—reflecting a solid rise in household employment offset by a 0.1pp rise in labor force participation"— James Pethokoukis (@JimPethokoukis) July 8, 2022 European stock markets rallied yesterday, but are on track for a subdued open today.The agenda Morning: CMA expected to release report on UK motor fuel market 9am BST: Italian industrial production for June 12.55pm: ECB president Christine Lagarde takes part in a session at the Les Rencontres Economiques event in Aix-en-Provence, Franc 1.30pm BST: US non-farm payroll jobs report for June	Unemployment
The U.S. economy added many more jobs than expected last month, and there was an appetite for workers particularly in the service sector, which has been grappling with labor shortages.The leisure and hospitality sector saw the most jobs growth with 96,000 payrolls added in July, led by strong expansion in food and drinking places, according to the U.S. Bureau of Labor Statistics.Restaurants and airlines have been scrambling to repopulate their ranks ever since the economy started to reopen. Covid-triggered lockdowns in 2020 had led to massive layoffs and furloughs for cooks and waitstaff and other service staff.Meanwhile, employment in professional and business services continued to grow, with an increase of 89,000 in July. Within the industry, job growth was widespread in management of companies and enterprises, architectural and engineering services as well as scientific research and development."It's not just a strong total number that highlights the health of the job market — growth was across the board and not limited to one or two sectors," said Mike Loewengart, managing director of investment strategy at E-Trade.The health-care industry also experienced robust jobs growth last month, with 70,000 adds. Goods-producing industries also posted solid gains, with construction up 32,000 and manufacturing adding 30,000.The unemployment rate dipped back to its pre-pandemic level of 3.5% in July, below a Dow Jones estimate of 3.6% and tied for the lowest since 1969."The economy is clearly firing on all cylinders as this morning's job report showed growth across all sector," said Peter Essele, head of portfolio management at Commonwealth Financial Network. "Strong jobs growth and moderating price inflation should help extend the current relief rally through the end of the year."	Unemployment
A labourer works at a construction site in Seoul, South Korea, May 30, 2016. REUTERS/Kim Hong-JiRegister now for FREE unlimited access to Reuters.comSEOUL, Aug 16 (Reuters) - When Hwang Kwang-jo's factory in Seoul faced a staffing crunch earlier this year after the departure of Nepalese workers and younger locals, he hired a 61-year-old to pick up some of the work.While the job, which involves handling heavy alloy bars, is less than ideal for workers close to retirement, the pandemic has diminished South Korea's pool of foreign labour, forcing firms to widen the net.Compounding that challenge is younger Koreans' reluctance to take up blue-collar jobs.Register now for FREE unlimited access to Reuters.com"It's incredibly difficult to fill vacancies, I never received any resumes from those in their 20s," said Hwang, chief executive at Iljin Enterprise, an aluminium moulding plant that usually employs about 35 people. "We were able to find Mr. Oh in April after the two Nepalese had to leave the country due to visa issues."The scramble for labour in South Korea, where unemployment hit a near-record low of 2.9% in July, has led to a surge in the number of elderly people in the workforce with 58% of the job increases driven by people aged 60 and older.But even that hasn't been enough to ease staff shortages across the industrial and farming sectors in Asia's fourth-largest economy, setting up new price pressures with inflation already running at a 24-year high. read more In South Korea, the world's fastest ageing society, 33.1% of people aged between 70-74 are still working, topping the OECD's scale measuring the employment for the age group and far higher than the OECD average of 15.2%.Central bank data shows over 230,000 of those aged 60 or over have found jobs at factories and construction sites since early 2020, while younger people have been leaving those sectors.While South Korea's foreign worker contingent, at 848,000, is relatively small compared with other industrialised economies, migrants make an important contribution to the factory sector.Since early 2020, the monthly inflow of new foreign workers is about 35% of what the country had in 2019, before the pandemic, government data showed.Japan is experiencing a similar problem, with strict pandemic controls keeping migrant labour out, prompting an even greater reliance on the elderly population to fill vacancies.Hwang at Iljin Enterprise says while the physical demands of work at his factory make it better suited for younger foreign and local workers, he doesn't have much choice."If I can't get any younger folks or foreign workers, it would be my bottom choice but I might need to hire more older folks," said Hwang, who recently gave all his crew a raise on top of the 700,000 won monthly bonuses he gave his foreign staff.The government said last week it plans to loosen visa restrictions and cut red tape for foreign workers to help fill vacancies.For Kim Ji-hwang, a land developer in Danyang, two-and-a-half hours south of Seoul, a staff shortage prompted him to hire 64-year-old Park Jang-young.Park's new job requires him to clean trucks and equipment at the development site and earns him about 3.7 million won ($2,844.18) a month, significantly more than his previous job at a parking lot."I know my boss prefers to find younger folks but young people go to Seoul after graduation - even foreign workers are picky, they have a good network and community to share information about pay, working conditions," Park said. "I will stick to this job unless I get fired - it's good pay I think for my age."Register now for FREE unlimited access to Reuters.comReporting by Cynthia Kim; Additional reporting by Choonsik Yoo, Kantaro Komiya; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.	Unemployment