Workers are changing jobs, raking in big raises—and keeping inflation high
2 years, 10 months ago

Workers are changing jobs, raking in big raises—and keeping inflation high

Live Mint  

Job-switchers are often reaping double-digit pay increases, a new survey shows, a phenomenon that is demonstrating bargaining power for workers while threatening to keep inflation high. Elevated rates of job switching could continue: Among prime-age workers aged 25 to 54, around 20% anticipate leaving within a year, while another 26% said they see staying one to two years, the survey said. Annual wage growth for the typical worker hit 6% in March, averaged over three months, according to the Federal Reserve Bank of Atlanta’s wage tracker. “But even at current levels, wage growth is incompatible with the Fed’s inflation target," said Mr. Domash, adding that the current rate implies sustained inflation above 5%. Annual wage growth for the typical job-switcher was 7.1% in March, averaged over three months, up from 4% a year earlier and the fastest pace since records began in 1997, Atlanta Fed data show.

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History of this topic

Wages growth outstrips inflation rate as unemployment rate remains steady
1 month, 1 week ago

Wages growth outstrips inflation rate as unemployment rate remains steady

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy UK earnings growth accelerated for …

UK unemployment rate rises but pay growth surges to outstrip inflation
2 months, 1 week ago

UK unemployment rate rises but pay growth surges to outstrip inflation

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The Office for National Statistics said the rate of …

Unemployment rises again in July, reviving worries of a recession
7 months, 4 weeks ago

Unemployment rises again in July, reviving worries of a recession

LA Times  

People visit the California Employment Development Department office in Sacramento. U.S. job growth slowed sharply last month and the unemployment rate rose to a nearly three-year high of 4.3%, the latest sign of a cooling labor market, the government reported Friday. Employers added 114,000 jobs in July, well below economists’ projections and down from an average monthly gain of 215,000 …

Paychecks grew more slowly this spring, a sign inflation may keep cooling
8 months ago

Paychecks grew more slowly this spring, a sign inflation may keep cooling

Associated Press  

WASHINGTON — Pay and benefits for America’s workers grew more slowly in the April-June quarter than in the first three months of the year, a trend that could keep price pressures in check and encourage the inflation-fighters at the Federal Reserve. Compensation as measured by the government’s Employment Cost Index rose 0.9% in the second quarter, down from a 1.2% …

Another month of robust US job growth points to continued economic strength
11 months, 3 weeks ago

Another month of robust US job growth points to continued economic strength

Associated Press  

WASHINGTON — America’s employers delivered another outpouring of jobs in March, adding a sizzling 303,000 workers to their payrolls and bolstering hopes that the economy can vanquish inflation without succumbing to a recession in the face of high interest rates. Last month’s job growth was up from a revised 270,000 in February and was far above the 200,000 jobs that …

US employers add a surprisingly strong 275,000 jobs in sign of continued economic strength
1 year ago

US employers add a surprisingly strong 275,000 jobs in sign of continued economic strength

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy America’s employers delivered another healthy …

Another burst of hiring shows off the resilience of the US job market
1 year ago

Another burst of hiring shows off the resilience of the US job market

Associated Press  

WASHINGTON — America’s employers delivered another healthy month of hiring in February, adding a surprising 275,000 jobs and again showcasing the U.S. economy’s resilience in the face of high interest rates. The latest figures reflected the job market’s sustained ability to withstand the 11 rate hikes the Fed imposed in its drive against inflation, which made borrowing much costlier for …

The U.S. didn’t just avoid a recession — it’s adding hundreds of thousands of new jobs
1 year, 1 month ago

The U.S. didn’t just avoid a recession — it’s adding hundreds of thousands of new jobs

LA Times  

A worker from Portland General Electric replaces a power line as crews work to restore power after a January storm in Oregon. “Today, we saw more proof, with another month of strong wage gains and employment gains of over 350,000 in January, continuing the strong growth from last year.” Business What rising immigration really means for California’s economy New data …

US worker paycheck growth slowed late last year, pointing to cooling in a very strong job market
1 year, 2 months ago

US worker paycheck growth slowed late last year, pointing to cooling in a very strong job market

Associated Press  

WASHINGTON — Pay and benefits for America’s workers grew in the final three months of last year at the slowest pace in two and a half years, a trend that could affect the Federal Reserve’s decision about when to begin cutting interest rates. “Not great news for our pay checks, but good news for inflation and the prospect of meaningful” …

Are wages rising and what does it mean for me and for the economy?
1 year, 2 months ago

Are wages rising and what does it mean for me and for the economy?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Rising wages means workers are better off, but it …

Wages growth may be good news for some workers, but it could also fuel inflation — and lead to further interest rate hikes
1 year, 4 months ago

Wages growth may be good news for some workers, but it could also fuel inflation — and lead to further interest rate hikes

ABC  

Workers' pay packets are now growing at a decent clip. "3.4 per cent real wages fall under them, 1.4 in the numbers today but the second consecutive quarter of real wages growth on our watch, Mr Speaker. "Considering that around 20 per cent of workers got a 6 per cent wage boost in the quarter, the results suggest wage growth …

Wages are rising rapidly – what does this mean?
1 year, 7 months ago

Wages are rising rapidly – what does this mean?

The Independent  

The headline news is that average – there are plenty of variations – pay rose by 7.8 per cent in the second quarter of the year, as compared with the same period last year. Even so, because of still rapid wage growth, mostly unsupported by any improvement in productivity, inflation may take much longer to get from 5 per cent …

US job growth slows in June; unemployment rate falls to 3.6%
1 year, 8 months ago

US job growth slows in June; unemployment rate falls to 3.6%

Al Jazeera  

Despite the lower numbers, the labour market remains resilient, even as Fed predicts more rate hikes. Job growth in the United States slowed more than expected in June after surging in the prior month, but labour market conditions remain tight, with the unemployment rate retreating from a seven-month high and fairly strong wage gains continuing. Though job growth is slowing, …

Inflation stayed high last month, compounding the challenges facing the U.S. economy
1 year, 10 months ago

Inflation stayed high last month, compounding the challenges facing the U.S. economy

NPR  

Inflation stayed high last month, compounding the challenges facing the U.S. economy Enlarge this image toggle caption Justin Sullivan/Getty Images Justin Sullivan/Getty Images Inflation remained stubbornly high last month after more than a year of rising interest rates. "My feeling is that there's a gradual slowdown here, but March seemed a little too good to be true," said Omair Sharif, …

US hiring slows in March as world's largest economy shows signs of cooling as authorities battle inflation
1 year, 11 months ago

US hiring slows in March as world's largest economy shows signs of cooling as authorities battle inflation

Firstpost  

The labour market data is highly followed for its possible influence on the Federal Reserve’s policy choices, but analysts predict the most recent results will not be enough to cause the central bank to suspend its interest rate rises Washington, United States: US employment growth slowed for the second month in a row in March, according to government statistics released …

America adds nearly 236,000 jobs in March as unemployment rate dips to 3.5%
1 year, 11 months ago

America adds nearly 236,000 jobs in March as unemployment rate dips to 3.5%

Firstpost  

Washington: Reflecting a resilient labour market, employers in the United States added a robust 236,000 jobs in March, suggesting that the Federal Reserve would possibly have to continue raising key interest rates to keep inflation under check. Friday’s government report suggested that the economy and the job market remain on solid footing despite nine rate hikes imposed over the past …

An unexpected job surge confounds the Fed’s economic models
2 years, 1 month ago

An unexpected job surge confounds the Fed’s economic models

Associated Press  

WASHINGTON — Does the Federal Reserve have it wrong? “Like $20 bills on the sidewalk and free lunches, falling inflation paired with falling unemployment is the stuff of economics fiction.” In economic models used by the Fed and most mainstream economists, a job market with strong hiring and a low unemployment rate typically fuels higher inflation. Chair Jerome Powell has …

US job openings increase to five-month high, manufacturing slumps
2 years, 2 months ago

US job openings increase to five-month high, manufacturing slumps

Al Jazeera  

Gap between job openings and hiring suggests wage growth could remain high, an indicator that interest rates could rise. Job openings in the United States unexpectedly rose in December, showing demand for labour remains strong despite higher interest rates and mounting fears of a recession, which could keep the Federal Reserve on its policy tightening path. There were 1.9 job …

US wage growth slowed in the final quarter of 2022
2 years, 2 months ago

US wage growth slowed in the final quarter of 2022

Associated Press  

WASHINGTON — Pay and benefits for America’s workers grew at a healthy but more gradual pace in the final three months of 2022, a third straight slowdown, which could help reassure the Federal Reserve that wage gains won’t fuel higher inflation. Powell has said that he sees rapid wage gains, particularly in the labor-intensive service sector, as the biggest impediment …

Even as US job growth was solid in December, signs of cooling
2 years, 2 months ago

Even as US job growth was solid in December, signs of cooling

Al Jazeera  

Hiring in December was smallest in two years, and it extended a hiring slowdown for most of 2022, aiding inflation fight. All told, the December jobs report suggested that the labour market may be cooling in a way that could aid the Fed’s fight against high inflation. Average hourly wage growth was up 4.6 percent in December from 12 months …

U.S. added 223,000 jobs in December, capping off strong 2022
2 years, 3 months ago

U.S. added 223,000 jobs in December, capping off strong 2022

CBS News  

U.S. added 223,000 jobs in December Labor Department says U.S. added 223,000 jobs in December 05:21 The red-hot job market capped off 2022 on a high note, with employers adding 223,000 jobs in December, the Labor Department reported Friday. "It's hard to imagine a jobs report in better balance," said Robert Frick, corporate economist with Navy Federal Credit Union, in …

Wages fall 3.9% - the fastest rate in 13 years - as cost-of-living crisis bites
2 years, 3 months ago

Wages fall 3.9% - the fastest rate in 13 years - as cost-of-living crisis bites

Daily Mail  

Pay is falling at the fastest rate in 13 years as the cost-of-living crisis bites - with older people forced back into the jobs market. As the country is wracked by strikes, official figures showed total wages declining by 3.9 per cent a year in the quarter to October, taking CPI inflation into account. Official figures showed total wages declining …

U.S. employers keep hiring at solid pace, adding 261,000 jobs
2 years, 4 months ago

U.S. employers keep hiring at solid pace, adding 261,000 jobs

LA Times  

A job seeker meets with a recruiter during the Healthcare Academy career and training fair outside of the Chase Center in San Francisco on June 3. America’s employers kept hiring briskly in October, adding a substantial 261,000 positions, a sign that as election day nears, the economy remains a picture of solid job growth and painful inflation. A strong job …

Why aren't wages rising? There are now more job vacancies than unemployed people
2 years, 6 months ago

Why aren't wages rising? There are now more job vacancies than unemployed people

ABC  

There are now more job vacancies than unemployed people. "With job vacancies elevated, we'd expect the labour market to tighten further in the near-term even if filling many of these roles will be difficult," he said. Lauren Ford, head of Labour Statistics at the ABS, said it means 6.5 per cent of all employed people are now holding two or …

Wages growth jumps for new hires, Seek figures on advertised wages show
2 years, 7 months ago

Wages growth jumps for new hires, Seek figures on advertised wages show

ABC  

New data confirms an old adage — the best way to get a big pay rise is probably to go and find a new job. Key points: Figures from Seek show advertised wages are growing much more strongly than the Wage Price Index Design and architecture, IT and trades workers are seeing the biggest pay rises, public sector employees the …

Wages still increasing, but well below inflation
2 years, 7 months ago

Wages still increasing, but well below inflation

NL Times  

The wage increases employers and trade unions set down in collective labor agreements were again relatively high last month. According to figures from AWVN, the most important advisor to Dutch employers in employment conditions, unions and employers concluded 18 collective labor agreements in July. Due to several late notifications of collective labor agreements, the AWVN adjusted June’s monthly average upward. …

US job growth surges, cooling recession fears
2 years, 7 months ago

US job growth surges, cooling recession fears

Al Jazeera  

The United States unemployment rate is at a 50-year low of 3.5 percent, data showed on Friday. US employers added more than double the number of jobs forecast, illustrating rock-solid labor demand that tempers recession fears and suggests the Federal Reserve will press on with steep interest-rate hikes to thwart inflation. Nonfarm payrolls jumped 528,000 in July, a broad advance …

US economy transitions to slower growth as inflation weighs on consumers
2 years, 8 months ago

US economy transitions to slower growth as inflation weighs on consumers

Live Mint  

The U.S. economy is enduring a rocky transition from an exceptionally strong recovery to a steep slowdown as rising inflation and interest rates weigh on consumers and businesses. The Federal Reserve’s preferred inflation gauge rose 6.8% in June from the year before, the sharpest rise since January 1982, the Commerce Department said Friday. Friday’s Labor Department report on wages “is …

Strong job growth points to COVID’s fading grip on economy
3 years ago

Strong job growth points to COVID’s fading grip on economy

Associated Press  

WASHINGTON — In a buoyant sign for the U.S. economy, businesses stepped up their hiring last month as omicron faded and more Americans ventured out to spend at restaurants, shops and hotels despite surging inflation. Yet the February hiring data suggest that two years after COVID-19 sparked a nationwide shutdown and 22 million job losses, the disease is losing its …

Wages growth is starting to pick up, but workers like Linda feel left behind as living costs rise faster
3 years, 1 month ago

Wages growth is starting to pick up, but workers like Linda feel left behind as living costs rise faster

ABC  

The official measure of base pay rates shows they are growing at their fastest pace since the pandemic started, but wages growth varies wildly by industry and occupation and average pay increases are still trailing the rising cost of living. Key points: ABS figures show base pay rose 0.7 per cent in the December quarter and 2.3 per cent over …

U.S. job growth picks up in October
3 years, 4 months ago

U.S. job growth picks up in October

The Hindu  

U.S. employment increased more than expected in October as the headwind from the surge in COVID-19 infections over the summer subsided, offering more evidence that economic activity was regaining momentum early in the fourth quarter. Non-farm payrolls increased by 5,31,000 jobs last month, the Labour Department said in its closely- watched employment report on Friday. Worker shortages persisted, even as …

Reserve Bank sees wage growth hitting fastest pace in years — by 2023
3 years, 4 months ago

Reserve Bank sees wage growth hitting fastest pace in years — by 2023

ABC  

The Reserve Bank says wages growth could pick up to its highest pace in years as the economy recovers from the COVID era. Key points: The Reserve Bank is upbeat about the pace of economic recovery It anticipates wages growing at 3 per cent by late 2023, which would be the fastest pace in a decade It's not too concerned …

US wages jump by the most in records dating back 20 years
3 years, 5 months ago

US wages jump by the most in records dating back 20 years

Associated Press  

WASHINGTON — Wages jumped in the three months ending in September by the most on records dating back 20 years, a stark illustration of the growing ability of workers to demand higher pay from companies that are desperate to fill a near-record number of available jobs. Workers have gained the upper hand in the job market for the first time …

Annual Inflation Back to Highest Increase in 13 Years After 0.4% Rise in Consumer Prices Last Month
3 years, 5 months ago

Annual Inflation Back to Highest Increase in 13 Years After 0.4% Rise in Consumer Prices Last Month

News 18  

Consumer prices rose 0.4 per cent last month, slightly higher than August’s gain and pushing annual inflation back to the highest increase in 13 years. The consumer price index rose 5.4% in September from a year ago, up slightly from August’s gain of 5.3% and matching the increases in June and July. Excluding the volatile food and energy categories, core …

Employers added 850,000 jobs in June as hiring revved up
3 years, 8 months ago

Employers added 850,000 jobs in June as hiring revved up

CBS News  

Hiring surged in June with employers adding a better-than-expected 850,000 jobs, the Labor Department said Friday — the latest sign that the economy is rebounding from the pandemic recession. "The acceleration in employment growth was driven by the sectors most closely affected by the continued return to normalcy," Andrew Hunter, senior U.S. economist at Capital Economics, said in a research …

US workers’ compensation growth slowed a bit in 2019
5 years, 2 months ago

US workers’ compensation growth slowed a bit in 2019

Associated Press  

WASHINGTON — Americans’ pay and benefits rose at a solid pace last year, but at a slower rate than in 2018, the Labor Department said Friday. Total salaries and benefits such as health insurance rose 2.7% in 2019, according to the government’s employment cost index, down from 2.9% in the previous year. In the final three months of last year, …

Job switchers in IT industry lead salary growth
5 years, 8 months ago

Job switchers in IT industry lead salary growth

Live Mint  

Americans switching jobs are getting bigger raises than employees staying put, with companies in technology and construction giving the largest pay hikes to those willing to take new positions amid a historically tight labor market. Workers who switched jobs from one month to next saw average wage growth of 5.3% in June from a year earlier, near the best pace …

Unemployment Drops To 3.6%, 263,000 Jobs Added, Showing Economy Remains Strong
5 years, 10 months ago

Unemployment Drops To 3.6%, 263,000 Jobs Added, Showing Economy Remains Strong

NPR  

Unemployment Drops To 3.6%, 263,000 Jobs Added, Showing Economy Remains Strong Enlarge this image toggle caption Joe Raedle/Getty Images Joe Raedle/Getty Images Updated at 2:15 p.m. ET U.S. employers added a better-than-expected 263,000 jobs in April, as the nearly decade-old economic expansion shows no signs of slowing. "Our outlook and my outlook is a positive one — is a healthy …

US jobs, pay growing at fastest pace in 9 years, unemployment at 18-year low despite Donald Trump Govt's ongoing trade conflicts
6 years, 6 months ago

US jobs, pay growing at fastest pace in 9 years, unemployment at 18-year low despite Donald Trump Govt's ongoing trade conflicts

Firstpost  

The pace of hiring in the United States quickened in August, and wages grew at their fastest pace in nine years — evidence that employers remain confident despite the Donald Trump administration’s ongoing conflicts with its trading partners. Washington: The pace of hiring in the United States quickened in August, and wages grew at their fastest pace in nine years …

Modest Wage Gains In February As Economy Adds Robust 313,000 Jobs
7 years ago

Modest Wage Gains In February As Economy Adds Robust 313,000 Jobs

NPR  

Modest Wage Gains In February As Economy Adds Robust 313,000 Jobs Enlarge this image toggle caption Seth Wenig/AP Seth Wenig/AP Updated at 10:40 a.m. "The gain in average hourly earnings of 2.6 percent over the past year is less-than-stellar for workers, but also helps to calm inflation fears," Mark Hamrick, Bankrate.com's senior economic analyst, said in an email. As Reuters …

U.S. Economy Added 200,000 Jobs In January; Wages Rose
7 years, 1 month ago

U.S. Economy Added 200,000 Jobs In January; Wages Rose

NPR  

U.S. Economy Added 200,000 Jobs In January; Wages Rose The U.S. added 200,000 jobs in January, continuing the trend of steady job growth for another month, the Bureau of Labor Statistics reported on Friday. Average hourly earnings rose by 9 cents to $26.74, with a year-over-year growth of 2.9 percent — the highest rate of growth the BLS recorded since …

Unemployment stays at 5.4pc despite 'stellar' jobs boom in November
7 years, 3 months ago

Unemployment stays at 5.4pc despite 'stellar' jobs boom in November

ABC  

Unemployment is at a four-and-half-year low. Sounds good, except that the unemployment rate is still 5.4 per cent, above what most economists consider a desirable balance — something around 5 or below. Key points: An estimated 61,600 jobs created in November, 41,900 full-time, 19,700 part-time Unemployment steady at 5.4 per cent but underemployment falls to 8.3 per cent Australia's has …

Steady growth in US jobs market continues in February
8 years ago

Steady growth in US jobs market continues in February

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy US employers added jobs at …

U.S. Economy Added 215,000 Jobs In March; Unemployment Rate Rose To 5 Percent
9 years ago

U.S. Economy Added 215,000 Jobs In March; Unemployment Rate Rose To 5 Percent

NPR  

U.S. Economy Added 215,000 Jobs In March; Unemployment Rate Rose To 5 Percent Enlarge this image toggle caption Bloomberg/Bloomberg via Getty Images Bloomberg/Bloomberg via Getty Images The U.S. economy gained 215,000 jobs in March, the Bureau of Labor Statistics says in its monthly report released Friday. "The increase in the unemployment rate came because we had more people looking for …

Unemployment rises to 6pc as nearly 8,000 jobs lost
9 years, 1 month ago

Unemployment rises to 6pc as nearly 8,000 jobs lost

ABC  

Unemployment has risen unexpectedly to 6 per cent after an estimated 7,900 jobs were lost in January. Key points: Unemployment rises from 5.8 to 6 per cent in January ABS estimates 7,900 jobs lost - 40,600 full-time offset by a gain of 32,700 part-time More than 300,000 jobs added over the past 12 months, mostly full-time The result came as …

US jobs growth slows in January, but unemployment rate at 8-year low
9 years, 1 month ago

US jobs growth slows in January, but unemployment rate at 8-year low

Firstpost  

Nonfarm payrolls increased by 151,000 jobs last month and the unemployment rate was at 4.9 percent U.S. employment gains slowed more than expected in January as the boost to hiring from unseasonably mild weather faded, but surging wages and an unemployment rate at an eight-year low suggested the labor market recovery remains firm. Nonfarm payrolls increased by 151,000 jobs last …

Unemployment jumps from 6 to 6.3pc, despite 38,500 extra jobs
9 years, 7 months ago

Unemployment jumps from 6 to 6.3pc, despite 38,500 extra jobs

ABC  

Unemployment has jumped to 6.3 per cent, and passed 800,000 for the first time since 1994, despite the Bureau of Statistics survey estimating the creation of 38,500 jobs in July. The reason why unemployment jumped despite much better-than-expected jobs growth is that the participation rate soared 0.3 percentage points to 65.1 per cent. In another puzzling piece of data, despite …

US job growth is rising solidly, so why isn't pay?
10 years, 5 months ago

US job growth is rising solidly, so why isn't pay?

India TV News  

New Delhi: Employers in the United States are hiring at a brisk pace. Based on the jobs report, more young workers are flooding the job market and are willing to work for less, said Diane Swonk, chief economist at Mesirow Financial. In a speech in August, Fed Chair Janet Yellen floated an intriguing explanation for lackluster wage growth: Employers seldom …

U.S. Economy Adds 192,000 Jobs in March
10 years, 11 months ago

U.S. Economy Adds 192,000 Jobs in March

Slate  

Finally, a jobs report that is free from snow. The U.S. economy added 192,000 jobs in March, the Bureau of Labor Statistics said Friday, indicating that employers had picked up their pace of hiring after the winter slowdown. Unemployment held steady at 6.7 percent, but the employment-population ratio rose to its highest level since August 2009, a sign that more …

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