Demand for labor remained strong as job openings ebbed to 10.4 million in August following a record in July, which was revised upwardly to 11.1 million, according to Labor Department data released on Tuesday. Job hires declined in back-to-back months, to 6.3 million from the recent high of 6.8 million ... READ MORE >
Covid-19
Chart of the day: Commercial paper points to strong corporate recovery
Commercial paper issuance is strong and resembles the robust recovery in corporate activity that took place after the financial crisis. The level of commercial paper outstanding is mirroring the increase in economic activity that began in the fourth quarter of last year. Despite the recent ... READ MORE >
Chart of the day: The ‘real’ unemployment rate is 8.2%
The headline U3 unemployment rate of 4.8% for September is probably an undercount of the number of out-of-work people in the United States. Under the Bureau of Labor Statistics’ methodology, those who are out of work and no longer looking for a job are not counted as unemployed and are not included ... READ MORE >
How $15 an hour became the de-facto minimum wage
It is becoming abundantly clear that the minimum wage has gone the way of buggy whip and that 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 ... READ MORE >
5 things to know in life sciences: Week of October 4
For the first time, artificial intelligence developed by DeepMind, one of the world’s premier AI labs, has been used to significantly advance scientific research. The project, known as AlphaFold, uses AI to predict the configuration of a protein. With an estimated 10300 configurations, the task is highly ... 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. The United States added 194,000 jobs on the month, the Labor Department reported ... READ MORE >
ADP private payrolls report: Strong rebound, but not for middle market firms
An early estimate of nonfarm private employment showed a surprisingly strong rebound in September after a disappointing August, according to data released by ADP on Wednesday. The headline monthly change in employment—published in advance of the Bureau of Labor Statistics' more comprehensive jobs ... 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 gain in total employment of 375,000 and a decline in the unemployment rate to 5.1% when it is released on Friday. The report will most likely reflect a mix of constraints in hiring related to Hurricane Ida and the reopening of ... 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 Services Purchasing Managers’ Index inched up by 0.2 percentage points to 61.9% in September—the 16th consecutive month of expansion, according to data released Tuesday by the Institute for Supply Management. Business activity, new orders ... READ MORE >
Canada’s trade surplus rose in August with global energy demand
Canada’s merchandise trade surplus widened to CAD $1.94 billion in August thanks to rising global demand for energy amid shortages in other countries, Statistics Canada reported on Tuesday. Canada’s merchandise imports fell by 1.4% and merchandise exports rose by 0.8%, helping widen the ... READ MORE >