Initial jobless claims rose by 231,000, the highest level since August, for the week ending May. 4 partly because of a one-time surge in New York as school vacations began. At the same time, new filings rose in many other states as well in a sign of rising layoffs and a cooling labor market. But the ... READ MORE >
USA
Senior Loan Officer Survey: Progress halts as inflation rebounds in Q1
Progress toward normalization in lending practices generally halted in the first quarter as the Federal Reserve turned more hawkish amid the rebound in inflation, according to data in a Fed report released on Monday. The Senior Loan Officer Opinion Survey on Bank Lending Practices showed that demand ... READ MORE >
Robust jobs growth continues in health care
Despite recent headlines highlighting cybersecurity challenges and the departure of major retailers from specific health care segments, the industry continues to demonstrate robust jobs growth. Health care jobs gains remain strong, according to the U.S. monthly report on April numbers, with a three-month ... READ MORE >
U.S. monthly employment report: Hiring cools in April
Hiring cooled in April from the torrid pace of 269,000 jobs on average during the first three months of 2024, as the economy generated an average increase of 175,000 positions in total employment and enters the second quarter of the year, according to data released on Friday from the Bureau of Labor ... READ MORE >
5 things to know in life sciences: Week of April 29, 2024
Each week we highlight five things affecting the life sciences industry. Here's the latest. FDA releases final rule on laboratory developed tests On April 29, the U.S. Food and Drug Administration issued a final rule regarding regulation of laboratory developed tests, following a proposed rule in ... READ MORE >
Labor data shows economic strength as inflation concerns linger
Despite a slowdown in productivity and rising labor unit costs, the economy continues to show strength with initial jobless claims staying near recent lows and factory orders posting solid growth. Initial jobless claims were unchanged last week at 208,000, according to the Bureau of Labor Statistics, ... READ MORE >
Fed holds rates steady as rebound in inflation hampers progress
Citing a lack of progress in reducing inflation, the Federal Reserve kept its policy rate unchanged at 5.5% at its meeting on Wednesday, the same rate it has had since July. The policy rate continues to be highly restrictive and will keep the economy cool in the coming quarters. In the statement ... READ MORE >
Job openings fall to a three-year low as manufacturing softens
Job openings in March plunged to 8.49 million, the lowest level in three years, according to the Bureau of Labor Statistics on Wednesday. The drop was in line with our forecast that pointed to a cooling labor market where the imbalance between labor demand and supply is narrowing. Our two preferred ... READ MORE >
Key takeaways for life sciences on laboratory developed tests final rule
The U.S. Food and Drug Administration released a final rule yesterday regarding the regulation of laboratory developed tests, also known as LDTs. This final rule follows a proposed rule that was released last fall. While the final rule closely follows the proposed rule released late last year, there are ... READ MORE >
Labor costs rise, complicating Fed’s decision on rate cuts
The employment cost index accelerated above expectations in the first quarter, complicating the Federal Reserve's decision of when to start cutting its policy rate. The index, a closely watched indicator of labor costs by the Fed, will almost certainly guarantee a more hawkish tone from the central ... READ MORE >