![]() Still, job gains remain historically strong and job cuts aren’t necessarily spiking but remain higher than they have been in the past decade. Layoffs not spiking, continuing claims rising “If we see more downward revisions, then I think many people will conclude that the labor market is even weaker than it looked initially and is cooling quite rapidly.” “For the last 10 months or so, jobs numbers have been revised downwards by an average of over 30,000,” she said. While a lot of attention, deservedly, will land on Friday’s topline payroll and unemployment numbers as well as wage gain estimates, data revisions could also prove telling, Pollak told CNN. On Wednesday, ADP’s private payrolls report showed a modest net gain of 103,000 jobs and slower wage gains, a smaller total than the 130,000 economists expected. BLS attributed those declines to strike activity: The agency’s strike report for that month counted 25,300 Ford, GM and Stellantis workers on strike.Īdditionally, the BLS strike report for November indicated that strikes ended for 16,000 SAG-AFTRA workers after the actors union and Hollywood studios reached an agreement in the early part of last month.įriday’s report could give more clues about whether the labor market is getting back into a more balanced and steady state, or whether it’s cooling more sharply than previously thought. October’s employment report included 33,200 jobs counted as lost in the motor vehicles and parts industry. ![]() The United Auto Workers union, in an unprecedented and successful action, went on strike against the Big Three automakers of Ford, General Motors and Stellantis from mid-September through the end of October. “Some of the weakness last month may have been illusory, just due to the strikes,” Julia Pollak, chief economist at online job site ZipRecruiter, told CNN. UAW members at Ford and Stellantis approve contract 15 at three locations, has now been expanded to 43 facilities nationwide. automakers continues on Octoin Chicago, Illinois. Workers picket outside of the Ford Assembly plant as the UAW strike against the Big Three U.S. From 2010 to 2019, a period that included a record-setting 100 months of job growth, about 183,000 jobs were added per month on average.Įconomists had anticipated 180,000 jobs last month as well, but the October total fell short of estimates by 30,000 jobs. If November’s job gains come in as expected, that rate of growth would be in line with what was seen during the decade before the pandemic. Workers back from strikes could boost numbers “And if our own data is any predictor, we’re actually thinking that it’s going to be a slightly underwhelming number.” “We’re expecting to see moderate growth,” Karin Kimbrough, LinkedIn’s chief economist, told CNN in an interview. In October, US employers added a net 150,000 jobs, and the unemployment rate inched up to 3.9%, according to the Bureau of Labor Statistics.Ī similar story likely played out last month but with an added boost from striking autoworkers and actors returning to the workforce ( and BLS’ tallies).Įconomists, by consensus, are expecting Friday’s jobs report, set for release at 8:30am ET, to show employment growth of 180,000 positions and for the jobless rate to hold steady at 3.9%, according to Refinitiv. Some of those holding patterns are being reflected in the federal jobs reports that have shown employment growth remaining historically strong but moderating to a mere shadow of the blockbuster gains seen in the early years of the pandemic economic recovery. Employees are sticking around more and not bouncing as readily for better opportunities. ![]() Employers are growing more cautious, pulling down some job postings and reining in hiring.
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