Canada lost 200,000 jobs in January as the omicron variant led to tightened restrictions across the country, according to data released by Statistics Canada on Friday. … READ MORE >
Coronavirus
U.S. January jobs report shows strong gains and significant upward revisions
The net increase of 467,000 in total employment on the back of a significant upward revision to the December estimate, from a gain of 199,000 to 510,000, affirms what the household survey has implied for the past two months: The U.S. economy is quickly approaching full employment. … READ MORE >
Chart of the day: Jobless claims fall as omicron crests
Initial jobless claims dropped to 238,000 on a seasonally adjusted basis for the week ending Jan. 29, a decline of 23,000 from a week earlier. … READ MORE >
The Real Economy, Volume 86: How the Fed is managing its dual mandate
In this month’s issue of The Real Economy, our chief economist, Joe Brusuelas, examines how the Fed, with inflation on the rise, is trying to strike a balance between maintaining price stability and full employment. … READ MORE >
Manufacturing slowed in January as labor market remained tight
Manufacturing slowed in January as demand moderated from a recent high in November amid a tight labor market. … READ MORE >
Acceleration of wage increases raises caution flag for policymakers
The wage component of the index has now accelerated from a 2.5% rate of increase in the third quarter of 2020 to 4.2% a year later and, most recently, to 4.5% in the fourth quarter last year on an annualized basis. … READ MORE >
RSM US Manufacturing Outlook Index: Omicron’s dampening effect
The RSM US Manufacturing Outlook Index receded again in January, providing another indication of the direct effect of the omicron variant on the business community and a sign of the eventual moderation of the post-crisis surge in growth. … READ MORE >
U.S. jobs preview: Stick a giant omicron asterisk on the January report
The omicron variant has almost surely created significant distortions in the American workforce that will become evident when the jobs report for January is released on Friday. … READ MORE >
Monetary and fiscal policy in a changing economy: Reflation, and the risks that remain
The last in a series of articles regarding monetary and fiscal policy as the economy restarts within a changing framework of labor force choices, automation and pricing. … READ MORE >
Chart of the day: Consumer confidence falls amid omicron fears
The consumer confidence index inched down to 67.2 in January from 70.6 in December as concerns over the omicron variant’s surge weighed on consumers both now and in the future. … READ MORE >