U.S. Job Openings Drop to 1-1/2-Year Low

By Reuters – Re-Blogged From IJR

FILE PHOTO: Recruiters and job seekers are seen at a job fair in Golden, Colorado, June 7, 2017. REUTERS/Rick Wilking/File Photo
FILE PHOTO: Recruiters and job seekers are seen at a job fair in Golden, Colorado, June 7, 2017. REUTERS/Rick Wilking/File Photo

U.S. job openings fell to a 1-1/2-year low in August and hiring slipped, suggesting employment growth was slowing mostly because of ebbing demand for labor.

Job openings, a measure of labor demand, dropped by 123,000 to a seasonally adjusted 7.05 million in August, the lowest level since March 2018, the Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS, on Wednesday.

It was the third straight monthly drop in job openings, which have been trending lower this year since scaling an all-time high of 7.6 million in late 2018. The job openings rate fell to 4.4% in August from 4.5% in July.

Hiring decreased by 199,000 jobs to 5.8 million in August, led by declines in the private sector. The hiring rate slipped to 3.8% from 3.9% in July.

Nonfarm payrolls rose by 136,000 jobs in September, down from 168,000 in August, the government reported last Friday. The three-month average gain in private employment fell to 119,000, the smallest since July 2012, from 135,000 in August.

Job growth has averaged 161,000 per month this year, compared to a monthly gain of 223,000 in 2018. Job gains remain above the roughly 100,000 per month needed to keep up with growth in the working-age population. The unemployment rate fell to near a 50-year low of 3.5% in September from 3.7% in August.

CONTINUE READING –>

Advertisements

The Relentless Road to Recession

By David Haggith – Re-Blogged From The Great Recession Blog 

“Show me the data,” demand those who cannot see a recession forming all around them and who keep parroting what they are told about the economy being strong because it is what they want to believe; yet, the data look like an endless march through a long summer down the road to recession.

And that is what you are going to get in this article, a seemingly endless parade of data along the recessionary road. This is for the data hounds.

As we end the summer of our discontent when few would deny that most economic talk turned toward recession and, as we begin the time when I said the stock market appears it may fulfill my prognostication of another October surprise, it’s time to lay out — again — the latest data that support my summer recession prediction. We’ll have to wait until next year for the government to officially declare a recession if one did start in September. (Yes, September is a summer month.) In the meantime, the data stream is a long line of confirmation.

Great Recession 2.0 is Obscured but Here!

US City With Highest Min Wage Signals a ‘Tipping Point,’ Businesses Uncertain on How They’ll ‘Survive It’

The continued hike in the minimum wage in one California city — which has the highest in the U.S. — has local business owners worried.

The city of Emeryville, California, garnered the title of being the highest minimum wage city in the United States when the city saw a minimum wage hike in July from $15 to $16.30, according to The Wall Street Journal. Due to the city’s high cost of living in the Bay Area region, supporters of the wage hike saw it necessary.

Thomas White/Reuters

Continue reading

It’s Been A Great Recession For A Few

By David Haggith – Re-Blogged From Silver Phoenix

This month the economic expansion brought to you by your Federal Reserve and by US government largess becomes the longest expansion in the history of the United States! That’s something, right? Something? Let’s take an honest look at what we now call great.

By “the longest expansion” we mean the longest period in which US GDP has been growing without a recession. Now, that’s something to crow about, right?

Not so fast for many reasons. It’s also been the most anemic expansion on the books, and it’s not too hard to see why it’s been the longest, having nothing at all to do with a great economy. It has cost us far more than any expansion (by an order of magnitude) because we’ve piled up ten times the national debt over any amount we accumulated during previous expansions. (I’ve said before, it’s easy to let the “good times” roll when you are buying it all on the company credit card.) We also quadrupled the size of the Fed’s balance sheet. That didn’t cost anything, but we sure didn’t get much bang for the buck! We actually got less bang than in any previous expansion!

Continue reading

Deutsche Bank Starts Cutting 18,000 Jobs in $8.3 Billion Reinvention

By Thomson Reuters – Re-Blogged From Newsmax

Deutsche Bank laid off staff in Asia on Monday as it began cutting 18,000 jobs as part of a 7.4 billion euro ($8.3 billion) “reinvention” set to tip Germany’s largest lender into yet another annual loss.

In a retreat from a long-held ambition to make its struggling investment bank, which employs 38,000 people, a force on Wall Street, Deutsche Bank said on Sunday it would scrap its global equities operations and cut some in fixed income.

Deutsche Bank Starts Cutting 18,000 Jobs in $8.3 Billion Reinvention

Continue reading

10 Big Steps Down The Road To Recession

By David Haggith – Re-Blogged From Gold Eagle

First, a decline in manufacturing, and then a slump in service industries, now a broad-spectrum inversion of the yield curve hitting its most critical metric this week, unemployment finally starting to rise again, a one-year relentless housing decline across most of the nation and the world, carmageddon pressing car dealers to offer big incentives once again just to hold sales flat, shipping everywhere sinking rapidly, broadly deteriorating general business conditions, plus tariff troubles for the US throughout the world — all of these economic stresses have gotten remarkably worst in just the past month.