In the survey, nearly four in 10 companies said they are likely to have layoffs in 2024, prompting increased fears of a recession around the corner. More than half of companies also said they plan to implement a hiring freeze in 2024.
When asked why the companies were engaging in the layoffs, half said the anticipation of a recession was a reason. Meanwhile, a little less, four in 10 said they are going to lay off employees and replace workers with artificial intelligence (AI).
The news comes as Google is reportedly gearing up to lay off 30,000 employees in its ad sales units in favor of AI ad tech.
In 2023, 65 percent of business leaders said their companies already had layoffs, with 25 percent saying they laid off 30 percent or more of the workforce.
More than a year ago, it seemed all but certain that the labor market would feel the effects of — and potentially be reeling from — the Federal Reserve’s aggressive rate-hiking campaign.
But 11 hikes and four pauses later, the US job market is registering one of the longest periods of expansion this century!
- CNN
The stronger-than-expected tally should not knock the Fed off its current path, with officials having telegraphed a trio of rate cuts to occur this year, Joe Brusuelas, chief economist and principal at RSM US, told CNN Business.
- CNN
Incredibly, Bidenomics' unemployment rate stayed at just 3.7%!!!
EdAMaCatE YoUrSElVes.... pixie dust.....fugazi....fairytales....
This. Is. Not. Organic.
Civilian Labor force keeps dropping, 900K drop in past 2 months, now at July 2023 levels. Meanwhile another new high in government employees.
https://twitter.com/NorthmanTrader/status/1753420240057229715
US worker productivity grew 3.2% in the fourth quarter, surpassing expectations for a 2.1% gain, according to a Bureau of Labor Statistics report released Thursday.
That's a key piece of data, since productivity growth can help reduce inflationary pressures.
Did you also see the article that claims that the jobs reports are skewed and overstated...as most of those reports are....coming from someone that creates these reports and files to the Fed/State, the data is not without flaw and most employers push through it without verifying or validating the data....it's more of a get through it and move on versus trying to provide accurate reporting...the strains that are put on the employer to provide this data are astounding along with other required reporting that this data should be held with low standards....
Nothing that can be done about it but I can tell you that reporting is a bare and tiring when it adds no value to anyone running their business...just keep that in mind as anyone gloats are discredits how the economy is shaping up with these numbers that are definitely not fully accurate and now there are reports bringing this to light which is good....we have a Dept of Labor Rep that contacts me every month for his report even when it is not due yet...they want the numbers but the numbers for some businesses are difficult to obtain in the fashion they are looking for which then causes the business to put together figures that could be misleading....whether that is intentional or just based on what they can get as an output from their system and report so they can move on...
Just be weary of these figures that's all...they are crap
This is information I receive from a Staffing industry report site:
The US added 353,000 nonfarm jobs in January, including 3,900 temp jobs, based on US Bureau of Labor Statistics seasonally adjusted data released today. The increase in nonfarm employment was above economists’ estimates and higher than the average monthly gain of 255,000 last year. The monthly rise in temp employment was the first since March 2022. However, today’s numbers reflect changes in the bureau’s seasonal adjustment factors.
“While the headline employment numbers are surprisingly strong, with near record low unemployment, there are some indicators of softening in hours worked and pay,” SIA Chief Analyst Barry Asin said.
“As for temporary staffing, the data suggests signs of stabilization, and the last several months of revisions have yielded improvement in declines on a month-over-month basis,” Asin said. “We caution that January’s numbers also include significant revisions due to the BLS annual benchmark process.”
Economists estimated nonfarm jobs would rise by only 185,000, Yahoo Finance reported.
January’s temporary penetration rate — temp jobs as a percentage of total employment — remained at 1.76% in January, unchanged from December 2023. Temp employment totaled nearly 2.8 million in January, while nonfarm employment totaled 157.7 million.
Temp employment also remains down by 408,000 since its peak in March 2022, according to the bureau.
In addition, it noted that with revisions, total nonfarm employment for November and December 2023 is 126,000 higher than previously reported.
Meanwhile, January’s unemployment rate of 3.7% was unchanged from December. Also, the college-level unemployment rate of 2.1% in January was unchanged from the previous month.
Industries adding jobs included healthcare, which saw an increase of 70,000 in January. Manufacturing added 23,000 jobs and “information” added 15,000.
Average hourly earnings for all employees on private nonfarm payrolls rose by 18 cents to $34.55. For production and nonsupervisory employees, average hourly earnings rose by 13 cents to $29.66.
Employment in the US private sector rose by 107,000 jobs in January, according to the ADP National Employment Report released today. However, CNBC reported the figure is lower than the downwardly revised 158,000 in December 2023 and falls below the Dow Jones estimate for 150,000, indicating a potential slowdown in the US labor market for the year.
ADP noted that the hiring slowdown observed in 2023 continued into January.
Pay growth also continued to shrink, according to the report. It found the median change in annual pay for those changing jobs was 7.2%, the smallest annual gain since May 2021.
For those staying in their jobs, the median change in annual pay was 5.2% in January, down from 5.4% in December 2023.
“Progress on inflation has brightened the economic picture despite a slowdown in hiring and pay,” Nela Richardson, chief economist at ADP, said in a press release. “Wages adjusted for inflation have improved over the past six months, and the economy looks like it’s headed toward a soft landing in the US and globally.”
The report also found that small businesses gained 25,000 jobs in January, while midsize and large establishments added 61,000 and 31,000 jobs, respectively.
Here are the estimates of employment growth by industry:
Total private-sector employment in the US was nearly 131.3 million in January, according to the report.
The ADP National Employment Report, produced by the ADP Research Institute in collaboration with the Stanford Digital Economy Lab, uses ADP’s anonymized and aggregated payroll data of more than 25 million US employees to provide a representative picture of the labor market. The report details the current month’s total private employment change and weekly job data from the previous month.
24 consecutive months !!!!!!!!!!!!!
@KellyM_1964
Right! Hasn't been even close to this good since another Democrat president got the ball rolling over a half century ago!!
Surely you jest, right...you have anything to support such a claim
Hiring accelerated from December, which itself had far stronger employment growth than previously estimated!
December’s job gains were revised higher by 117,000 positions to total 333,000 for the month!!!
November was revised up as well, by 9,000 jobs, to a 182,000 net job gain!!
Employment data is but one indicator.
There are others to choose from!
The S&P 500, the stock index that tracks
the largest publicly traded companies,
has been on a record-setting tear,
strengthening the balances of many people’s 401(k)s!
Established in 1995,
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