JUST IN: U.S. economy added just 194,000 jobs in September, as a critical shortage of workers continues to hamper the nation's economic growth.
, the U.S. economy added a meager 194,000 jobs in September, as a critical shortage of workers continues to hamper the nation's economic growth.
For most of the pandemic-recession recovery, metrics around earnings and wage growth have been volatile. The dramatic collapse of the leisure and hospitality sector skewed earnings data as millions of low-wage, service-sector workers lost their jobs due to Covid-triggered shutdowns — and some argued that the big miss in August could have been a function of flat leisure and hospitality jobs, which until that point had contributed an average of 350,000 new jobs per month over the past six months.
“Inside manufacturing, companies are 100 percent seeing the need and reacting to the need to raise wages at all levels,” said Ethan Karp, president and CEO of the Manufacturing Advocacy and Growth Network. “They still can't find people no matter what they do.” “The supplies are there, it's just a problem of getting them out into the economy,” she said — a function of the worker shortage that has port operators, trucking companies and delivery services all running short-handed.
“The wage inflation is the sticky one — that's the one that’s going to create longer-lasting inflation,” Horneman said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock futures are flat ahead of key employment reportU.S. stock index futures were flat during overnight trading on Thursday ahead of September's hotly anticipated jobs report.
Read more »
US jobless claims fall to 326,000, first drop in four weeksBREAKING: The number of Americans applying for unemployment benefits fell last week, another sign that the U.S. job market and economy continue their steady recovery. The Labor Department said unemployment claims were down by 38,000 to 326,000.
Read more »
5 things to know before the stock market opens FridayU.S. stock futures and bond yields rose Friday morning ahead of the government's September employment report.
Read more »
U.S. pledges to help end political discord in Haiti as migration continuesBetween September 19 and October 3, the U.S. sent more than 7,000 Haitian migrants back to Haiti, according to the U.S. Department of Homeland Security.
Read more »
How a U.S. steel shortage created a market bubbleThe pandemic threw supply chains into chaos, and steel — an essential metal used in everything from dishwashers to cars — was not immune to these disruptions.
Read more »
Ford to suspend production for two days at Mexico plant on material shortage -unionU.S. automaker Ford will temporarily suspend production from Oct. 11-12 at its Hermosillo plant inMexico because of a shortage of material, the plant's labor union said on Thursday.
Read more »