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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Important Takeaways:
- As many as a million jobs could vanish from US jobs data in revised numbers released this week.
- Jobs growth in the year through March was likely much lower than initially estimated, top bankers are warning.
- This could refuel concerns that the US economy is not as robust as it has appeared, and that the Federal Reserve is falling behind in its aim to lower interest rates.
- The government will release its first revisions of jobs growth data on Wednesday, and then the final numbers are due early next year.
- Goldman Sachs economists expect jobs growth for the year will be at least 600,000 weaker than current estimates – and the decline could be as much as a million.
- A downward revision of more than 501,000 would be the largest in 15 years, Bloomberg reported, and would suggest the labor market has been cooling for longer than was originally thought.
- The unemployment rate also edged higher to 4.3 percent – the highest level since October 2021.
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Biggest US rail union rejects labor deal, sparking holiday strike concerns
- Train conductors represented by the Sheet Metal, Air, Rail and Transportation Workers-Transportation Division, or SMART-TD, narrowly rejected the proposed deal. The vote drew record turnout among the union’s membership of more than 28,000 conductors and other workers.
- Due to a preexisting agreement to honor respective picket lines, all 12 unions must sign off on the deal to prevent a strike before the current status quo agreement expires on Dec. 8.
- The rail industry’s labor unions are pushing for more lenient attendance policies and upgraded sick leave policies to ease pressure on workers. Rail companies argue expanded policies would force them to bring on more staffers.
- A special board of arbitrators appointed by President Biden outlined the proposed five-year deal, which includes 24% pay raises and a $5,000 bonus for workers.
- A nationwide rail workers strike could cost the US economy more than $2 billion in lost output per day, according to a September analysis by the Association of American Railroads.
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