Tag Archives: Economic Uncertainty

Good news for the month of March as US economy adds more jobs

Important Takeaways:

  • The U.S. economy continued to add jobs in March and the pace of job gains picked up at a faster pace than a month ago despite economic uncertainty.
  • The Labor Department on Friday announced that employers added 228,000 jobs in March, above the estimate of LSEG economists, who anticipated 135,000 jobs gained.
  • The unemployment rate was 4.2%, slightly higher than a month ago and above economists’ expectations. The number of jobs added in the prior two months were both revised, with job creation in January revised down by 14,000 from a gain of 125,000 to 111,000; while February was revised down by 34,000 from a gain of 151,000 to 117,000.
  • Taken together, the revisions reduce previously reported employment by 48,000 jobs.
  • Private sector payrolls added 209,000 jobs in March, well above the 127,000 projected by LSEG economists.
  • Government payrolls added 19,000 jobs in March. Within the sector, federal employment declined by 4,000 jobs in March after a decline of 11,000 jobs in January.
  • Manufacturing added 1,000 jobs last month, coming in below the 4,000 jobs LSEG economists anticipated the sector would add.
  • Healthcare added 53,600 jobs in March, trending close to the average monthly gain of 52,000 over the past 12 months. Employment rose in ambulatory healthcare services (+19,800), hospitals (+17,100), and nursing and residential care facilities (+16,700).
  • Social assistance roles added 24,200 jobs in March…
  • Retail added 23,700 jobs in March…
  • Transportation and warehousing added 22,900 jobs in March…

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Inflation impacting Big Tech industry

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Important Takeaways:

  • Bidenomics Hits Tech: Silicon Valley Salaries Plummet amid Layoffs and Economic Uncertainty
  • The Mercury News reports that Silicon Valley, long known as the epicenter of innovation and high-paying tech jobs, is facing a harsh reality as companies tighten their belts and slash jobs and salaries. According to recent research by Women Impact Tech, a tech advocacy organization, Silicon Valley has experienced the biggest drop in pay compared to other tech hubs, falling 15 percent from 2022 to 2023.
  • The impact of these layoffs and salary cuts is felt by many, including Krista DeWeese, a 47-year-old marketing professional from Fremont. DeWeese has been laid off four times in the last eight years and is currently working as a contract worker at a health science company. Despite her education and experience, she struggles to find secure work that pays enough to keep up with the high cost of living in the Bay Area.
  • Fresh graduates are also feeling the pinch. Genevieve Richards, a San Jose native who graduated from Cornell University in 2022, applied to 300 jobs after her internship ended, only to be offered progressively lower salaries. She decided to pursue a graduate degree abroad in Dublin, Ireland, where she found a better work-life balance and more affordable living conditions.

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