Trump continues to cause an anemic job creation labor market

[Cypress]

Companies in the U.S. added just 42,000 jobs in October, ADP says​

The ADP private jobs report is one of the only measures of the jobs market available during the government shutdown.

Private companies added just 42,000 jobs October, payroll processor ADP said Wednesday, a fresh datapoint that highlights continued tightness in the labor market but one that is better than some previous months.

The ADP report, which does not include public sector workers and only covers employment at private companies, is one of the few data points available as the government shutdown drags on.

The official national unemployment rate has steadily ticked up this year, from 4% in January to 4.3% in August, as hiring has slowed. The most recent jobs report from the Bureau of Labor Statistics showed that only 22,000 jobs were added in August, and that was after it revised down hiring in June and July by thousands. The BLS said in June the labor market was in contraction, with 13,000 roles being shed.

“Private employers added jobs in October for the first time since July, but hiring was modest relative to what we reported earlier this year,” ADP’s chief economist Nela Richardson said in a statement.

Companies in the U.S. added just 42,000 jobs in October, ADP says

The ADP private jobs report is one of the only measures of the jobs market available during the government shutdown.

www.nbcnews.com

 

[Cypress]

‘No hire’ job market leaves unemployed in limbo as threats to economy multiply​

Before the shutdown, the Labor Department reported that the hiring rate — the number of people hired in a given month, as a percentage of those employed — fell to 3.2% in August, matching the lowest figure outside the pandemic since March 2013.

WASHINGTON (AP) — When Carly Kaprive left a job in Kansas City and moved to Chicago a year ago, she figured it would take three to six months to find a new position. After all, the 32-year old project manager had never been unemployed for longer than three months.

Instead, after 700 applications, she’s still looking, wrapped up in a frustrating and extended job hunt that is much more difficult than when she last looked for work just a couple of years ago. With uncertainty over interest rates, tariffs, immigration, and artificial intelligence roiling much of the economy, some companies she’s interviewed with have abruptly decided not to fill the job at all.

“I have definitely had mid-interview roles be eliminated entirely, that they are not going to move forward with even hiring anybody,” she said.

Kaprive is caught in a historical anomaly: The unemployment rate is low and the economy is still growing, but those out of work face the slowest pace of hiring in more than a decade. Diane Swonk, chief economist at KPMG, calls it a “jobless boom.”

While big corporate layoff announcements typically grab the most attention, it has been the unwillingness of many companies to add workers that has created a more painful job market than the low 4.3% unemployment rate would suggest. It is also more bifurcated: The “low hire, low fire” economy has meant fewer layoffs for those with jobs, while the unemployed struggle to find work.

'No hire' job market leaves unemployed in limbo as threats to economy multiply

The unemployment rate is low and the economy is still growing, but those out of work face the slowest pace of hiring in more than a decade.

apnews.com