Despite the rising layoffs, the economy added 223,000 jobs in December, according to a different government report, reflecting the complex forces that seem to be pulling the labor market in competing directions.
Private payrolls increased 235,000 last month, led by small- and medium-sized businesses, according to data from ADP Research Institute in collaboration with Stanford Digital Economy Lab. The figure exceeded all but one forecast in a Bloomberg survey of economists.
The high number of vacancies suggest the Fed will continue raising its benchmark interest rate at its coming meetings to quell inflation. Those higher rates will also raise the cost of mortgages, auto loans and other consumer and business borrowing.
The Perry Township school board voted on Monday to end school choice for elementary students effective next school year to help alleviate a severe bus driver shortage, despite significant opposition from parents.
While the labor market remains tight, evidenced by last month’s better-than-expected increases in both jobs and wages, employers are gaining back some leverage just in time for the tough conversations between bosses and employees to begin.
The Federal Reserve is closely monitoring the figures on job openings and quits for signals about the strength of the job market.
The scaling back of remote-work policies is among the first and most visible signs of a changing job market.
Speaking at an IBJ economic forecast event Monday, a Fifth Third Bank economist said the chance of heading into another recession is “literally a toss-up, a coin flip.”
Musk is expected to proceed with plans to lay off about 50 percent of Twitter’s staff, according to people familiar with the matter.
The list of employees being eliminated includes personnel in management, finance, facilities, recruitment, marketing, technology and strategy.
America’s employers slowed their hiring in September but still added a solid number of jobs, likely keeping the Federal Reserve on pace to keep raising interest rates aggressively to fight persistently high inflation.
The smaller August gain will likely be welcomed by the Federal Reserve, which is rapidly raising interest rates to try to cool hiring and wage growth.
The Indiana Supreme Court found the church-autonomy doctrine prohibits the state from interfering in the Catholic Church’s dispute with a high school teacher who claimed he was fired for being in a same-sex marriage.
The increase that the government reported Tuesday will be a disappointment for Federal Reserve officials, who are seeking to cool hiring by raising short-term interest rates to try to slow borrowing and spending, which tend to fuel inflation.
Legal aid agencies across the state are struggling to find and hire attorneys to fill full-time staff positions. Providers speculate that lower bar passage rates and high demand for lawyers across the legal profession have created a supply issue.
Job openings have been edging lower since April as rising inflation tightens its grip on businesses and crimps consumer spending.
Meanwhile, the state’s labor force participation improved from 62.6% in April and 62.9% in May to 63.1% in June, which was slightly higher than the 62.2% national rate.
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.
The job growth in May was high enough to keep the Federal Reserve on track to pursue what’s likely to be the fastest series of rate hikes in more than 30 years.
The May jobs report the government will issue Friday coincides with inflation near a four-decade high and worries about higher borrowing rates and a potential recession roiling the stock market.
