A new de-facto entry-level wage of $15 per hour is becoming the national standard in the private sector. The shock to the economy unleashed by the pandemic and the response by workers have radically transformed the wage-earning landscape. … READ MORE >
Coronavirus
Canada’s employment is back to pre-pandemic levels
Canada added an encouraging 157,000 jobs in September, bringing its total employment to just over the February 2020 level. … READ MORE >
September U.S. jobs report: One-time factors dampen hiring as unemployment rate falls to 4.8%
Widespread disruption to supply chains, the impact of Hurricane Ida, modest delays in the reopening of schools and day care centers and seasonal noise in the employment data all combined to dampen hiring in September. … READ MORE >
Initial jobless claims fell more than expected as labor market gained momentum
First-time claims for jobless benefits—a proxy for layoffs—posted a significant 10.4% drop for the week ending Oct. 2 to 326,000, in a sign that the labor market continues to be tight. … READ MORE >
In a possible sign of things to come, looming debt-ceiling crisis induces a flight to cash
The front end of the Treasury curve is flashing red because of the possibility of another black swan event—the threat of default on Treasury securities on or around Oct. 18. … READ MORE >
ADP private payrolls report: Strong rebound, but not for middle market firms
Nonfarm private employment showed a surprisingly strong rebound in September after a disappointing August, according to data released by ADP on Wednesday. … READ MORE >
U.S. September jobs preview: Expect a modest gain amid special factors and seasonal adjustments
The U.S. September employment report will most likely feature a net change in total employment of 375,000 and a decline in the unemployment rate to 5.1% when it is released on Friday. … READ MORE >
Services PMI grew faster in September as prices and demand remained elevated
In a sign of the service sector’s continuing strength, the Service Purchasing Managers’ Index inched up by 0.2 percentage points to 61.9% in August – the 16th consecutive month of expansion, according to data released Tuesday by the Institute for Supply Management. … READ MORE >
Chart of the day: U.S. trade deficit reached record high in August
The U.S. trade deficit rose to a record $73.25 billion in August, up from $70.3 billion in July, as both goods and service trade balances declined. … READ MORE >
Global natural gas prices hit record as middle market girds for difficult winter
Global natural gas prices have climbed to record highs amid soaring demand fueled by the reopening economy and tight supplies. As power outages halt manufacturing and threaten climate commitments, businesses and consumers should brace themselves for a difficult winter. … READ MORE >