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General Motors filed paperwork under the Worker Adjustment and Retraining Notification Act with Michigan's Department of Labor and Economic Opportunity this week, detailing events to come at the automaker's Detroit-Hamtramck Assembly Plant. Starting February 28, 814 salaried and hourly workers at D-Ham, as its called, will be laid off. The 753 workers represented by the UAW will begin receiving offers in January to relocate to facilities in Michigan and Ohio, or buyout offers.
(Bloomberg) -- Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.U.S. job gains roared back in November as unemployment matched a half-century low and wages topped estimates, giving the Federal Reserve more reason to hold interest rates steady after three straight cuts.Payrolls jumped 266,000, the most since January, after an upwardly revised 156,000 advance the prior month, according to a Labor Department release Friday that topped all estimates in a Bloomberg survey calling for 180,000 jobs. It was the first full month that General Motors Co. workers returned to work after a 40-day strike, adding 41,300 to automaker payrolls following a similar drop the prior month.Stocks in the U.S. climbed on the report and headed for their best gain in a month, while Treasuries fell and the dollar rose.The jobless rate dipped to 3.5%, matching the lowest since 1969. Average hourly earnings climbed 3.1% from a year earlier, exceeding projections, and the prior month was revised higher. Private employment jumped by 254,000.The data back the Fed’s view that the labor market remains strong, supporting consumers and continued economic growth. That may give the central bank more room to keep interest rates on hold at their meeting next week amid the uncertainty of President Donald Trump’s prolonged trade talks with China. Wage gains should also support holiday shopping and ease concerns about a slowdown.“It’s a significant surprise because economists were ready to go with the idea that payroll growth was slowing down because the job market had gotten tight,” said Stephen Stanley, chief economist at Amherst Pierpont. “The whole tenor has changed in terms of job growth. We’re back at steady-as-she-goes at a robust pace.”A separate report Friday showed consumer sentiment rose to a seven-month high and buying attitudes for household durables improved, adding to economic cheer as the holiday shopping season gets under way.Larry Kudlow, Trump’s top economic adviser, said in a Bloomberg Television interview that “despite a certain amount of pessimism, the economy is outperforming expectations, economic policies from the president are working.” Revisions added 41,000 jobs for the prior two months, bringing the three-month average to a 10-month high of 205,000.The report adds to recent data pointing to an economy holding up amid headwinds. Jobless claims remain near a half-century low, service-sector activity is expanding and consumer sentiment is within reach of the best levels of the expansion.What Bloomberg’s Economists Say“Bloomberg Economics is lowering its projection of the 2020 year-end unemployment rate to 3.3% from 3.4%. Hiring momentum continues to surpass the growth rate of the labor force, which is closer to 100,000-125,000 per month. On Nov. 3, 2020, as voters head to the polls, they will be facing the lowest election day unemployment rate since Dwight Eisenhower won his first term as president in 1952.”--Carl Riccadonna and Yelena Shulyatyeva. To see the full note, click hereManufacturers rebounded, adding 54,000 jobs after a 43,000 drop the prior month, mostly reflecting GM workers returning to work. Despite the boost, factories have faltered amid weak global demand and U.S.-China trade tensions curbing business expansion plans.Job gains were broad-based across industries, led by a 206,000 gain for private service providers that was the best since January.Fed Chairman Jerome Powell and other policy makers have said the labor market remains strong enough to maintain a stable economy. That’s contributed to expectations the central bank will hold rates through the end of 2021.The participation rate, or share of working-age people in the labor force, fell to 63.2% from a six-year high of 63.3% the prior month.The U-6, or underemployment rate, fell to 6.9%, matching the lowest level since 2000, from 7%; some analysts see this as a more accurate reflection of the labor market as it includes part-time workers who’d prefer a full-time position and those who aren’t actively looking.(Updates with consumer sentiment in seventh paragraph, Kudlow comment in eighth paragraph. An earlier version corrected the prior month’s figure in second paragraph to 156,000 from 128,000.)\--With assistance from Chris Middleton, Sophie Caronello, Alister Bull, Ana Monteiro and Reade Pickert.To contact the reporter on this story: Katia Dmitrieva in Washington at email@example.comTo contact the editors responsible for this story: Scott Lanman at firstname.lastname@example.org, Jeff KearnsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The Dow Jones Industrial Average celebrated the surprisingly strong Friday jobs report, because the Federal Reserve wants higher inflation.
The U.S. added a seasonally adjusted 266,000 jobs in November and unemployment rate fell, according to the Labor Department’s November 2019 Jobs Report.
The economy produced a robust 266,000 new jobs in November and the unemployment rate returned to a 50-year low, reflecting the resilience of a rock-solid U.S. labor market.
U.S. stock index futures jumped on Friday, after data showed domestic job growth rose by the most in 10 months in November, adding to an upbeat mood after President Donald Trump said the trade talks with China were "moving right along". Moments before the data, Dow e-minis were up 55 points, or 0.2%.
U.S. job growth increased by the most in 10 months in November as former striking workers returned to General Motors' GM.N payrolls and the healthcare industry boosted hiring, the strongest sign yet the economy was not in danger of stalling. The Labor Department's closely watched monthly employment report on Friday also showed steady wage gains and the unemployment rate falling back to 3.5%, suggesting consumers will continue to drive the longest economic expansion in history, now in its 11th year. U.S. central bank policymakers are expected to highlight the economy's resilience when they meet on Dec. 10-11, though trade tensions continue to reverberate in the background.
U.S. job growth increased by the most in 10 months in November as former striking workers returned to General Motors' payrolls and the healthcare industry boosted hiring, the strongest sign yet the economy was not in danger of stalling. The Labor Department's closely watched monthly employment report on Friday also showed steady wage gains and the unemployment rate falling back to 3.5%, suggesting consumers will continue to drive the longest economic expansion in history, now in its 11th year. U.S. central bank policymakers are expected to highlight the economy's resilience when they meet on Dec. 10-11, though trade tensions continue to reverberate in the background.
Economists anticipate Friday’s jobs report will show nonfarm payrolls growth of 190,000 for November, a marked pickup from October. Some of gains in November will be thanks to a reversal of the General Motors strike impact.
The November report could show a significant increase in new jobs as well as a historically low unemployment rate during the month, said economists surveyed by The Wall Street Journal. The report could show the November unemployment rate the same as the October figure of 3.6%, according to The Wall Street Journal report. October’s labor force participation rate, at 63.3%, already shows the increased confidence among job seekers in the age group of 16-64, even more so among people in the age group of 25-54, whose participation rate rose to a 10-year high in October.
Soaring employment only partially reflects GM workers returning from a strike as companies add on new positions at a blistering clip, pushing the jobless rate back down to a 50-year low.
Investing.com -- It's payrolls day, and hiring in the U.S. economy is expected to have rebounded in November from October's dip due to the end of the strike at General Motors (NYSE:GM). Elsewhere, OPEC and its allies are set to sign off on a largely symbolic cut in output through March 2021, while Saudi Aramco is now the world's most valuable company after completing its $25.6 billion IPO. Here's what you need to know in financial markets on Friday, 6th December.
U.S. job growth likely accelerated in November as former striking workers returned to General Motors' payrolls, which would confirm that the economy remained on a moderate expansion path despite a prolonged manufacturing slump. The Labor Department's closely watched monthly employment report on Friday is also expected to show steady wage gains and the unemployment rate holding near a 50-year low.
(Bloomberg) -- Economists project nonfarm payrolls climbed by about 183,000 last month, one of the highest estimates this year ahead of a jobs report, while unemployment remained near a half-century low and wage gains stayed solid.Such a figure in Friday’s Labor Department data would reflect a temporary boost from General Motors Co. autoworkers returning from a strike. While gains have broadly moderated from last year’s robust pace, the labor market still isn’t close to signaling recession, a fear that confronted investors earlier this year but has since faded. The data will be released at 8:30 a.m. in Washington.Estimates in Bloomberg’s survey range from 70,000 to 237,000, while the median projection for private payrolls growth is 179,000. The report is expected to show the jobless rate held at 3.6% for a second month while average hourly earnings climbed 0.3% on the month and 3% from year earlier.Read more: Job-Market Strength Gives Trump, Fed a Rare Chance to Be PatientManufacturing payrolls, which tumbled in October by 36,000, the most in a decade, amid the GM strike, are projected to make up lost ground with a 40,000 increase for last month.Here’s what economists are saying, with payroll projections listed from low to high:Goldman Sachs180,000 jobs, 3.6% unemployment, 3.1% annual wage growth“The tight labor market may have pulled forward hiring or reduced layoff activity,” Spencer Hill wrote in a report. “However, temporary factors including the late Thanksgiving holiday and snowstorms in the Midwest will likely weigh on” the job numbers.Morgan Stanley180,000 jobs, 3.5% unemployment, 3.1% annual wage growth“We expect the November payrolls report will show continued solid job growth,” economists led by Ellen Zentner wrote. “Headwinds to our November forecast come from weather, slightly higher jobless claims during the survey week, and mild consumer confidence.”Citigroup 183,000 jobs, 3.6% unemployment, 3.1% annual wage growth“We expect details of the employment report to show continued strength in service-industry employment,” Veronica Clark and Andrew Hollenhorst wrote. “While we expect an overall solid November employment report, markets are now pricing a scenario more in line with our fairly optimistic base case. This implies that market risks tilt to the downside with a stronger reaction to a negative than to a positive surprise.”Wells Fargo190,000 jobs, 3.6% unemployment, 3% annual wage growth“While we look for hiring to finish the year slower than last year, job gains should remain above what is estimated to be necessary to hold the unemployment rate steady,” the firm’s economists wrote. “There were five full weeks, compared to four, between the October and November payroll surveys, which traditionally results in stronger wage growth. These calendar considerations alongside the return of highly-paid GM workers should underpin earnings growth in November.”Bloomberg Economics205,000 jobs, 3.5% unemployment, 3% annual wage growth“Slowing growth is already taking a toll on the pace of hiring,” economists Carl Riccadonna and Yelena Shulyatyeva wrote in a report. “The six-month trailing average of nonfarm payrolls slipped to 156,000 in October compared to 234,000 in January. While slower job creation will weigh on household income generation, a tight labor market will mute the impact by averting a material deceleration in wage pressures.”\--With assistance from Sophie Caronello and Chris Middleton.To contact the reporter on this story: Jeff Kearns in Washington at email@example.comTo contact the editors responsible for this story: Scott Lanman at firstname.lastname@example.org, Sarah McGregorFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The unemployment rate dropped back to a historic low of 3.5 per cent, according to data released by the US Department of Labor on Friday. Hourly earnings increased 3.1 per cent over the past year, also beating estimates for a 3 per cent gain.
General Motors and Korea’s LG Chem have formed a joint venture to build an electric vehicle battery cell factory near Lordstown, Ohio, east of Cleveland.
(Bloomberg) -- More than 100,000 trips have been taken in robotaxis operated by Waymo, the self-driving car unit of Alphabet Inc. Now the service is expanding to iPhone users.On the first anniversary of its pilot program in Chandler, Arizona, Waymo said it will begin offering an iOS app for its robot ride-hailing service for iPhones. It also revealed new details of the pioneering robotaxi service, which has been slow to offer fully autonomous service without human “safety drivers” behind the wheel to take over in an emergency.Waymo, which began a decade ago as Google’s self-driving car project, said its service has 1,500 monthly users and has tripled the number of weekly rides since January. Since late summer, Waymo has ramped up a “rider only” option without human safety drivers to a test group of a few hundred commuters. While those people weren’t always charged initially, they are now paying rates that are competitive with Uber and Lyft ride-hailing services, according to a Waymo spokeswoman.Most Waymo rides occur in the late afternoon and evening, with commuters using the service for everything from getting to work to having a “date night,” Dan Chu, the company’s chief product officer, wrote in a blog post.The service is expanding and will add more riders who will join a wait list by using the new iOS app. The service has been available on Android phones since the spring.Still, John Krafcik, Waymo’s chief executive officer, told reporters in October he is unsure when commercial robotaxis will take off. General Motors Co. has delayed the rollout of its service and Ford Motor Co.’s CEO has said the industry overestimated the arrival of self-driving cars.“It’s an extremely challenging thing to do,” Krafcik told reporters at a dinner in Detroit. “I do share your sense of uncertainty, even in my role. I don’t know precisely when everything is going to be ready, but I know I am supremely confident that it will be.”(Updates with comment from company spokeswoman in third paragraph.)To contact the reporter on this story: Keith Naughton in Southfield, Michigan at email@example.comTo contact the editors responsible for this story: Craig Trudell at firstname.lastname@example.org, Alistair BarrFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Nio saw deliveries of its electric cars go flat, while reports said Chinese Telsa rival is launching a new electric SUV.
Hiring in the U.S. has undoubtedly slowed, but it hasn’t slowed to a crawl. Here’s what to look for in the employment report for November.
Competition is heating up. Alliances are forming in the nascent electric-car wars and the new joint ventures demonstrate that stalwart car companies are preparing for an all-electric future.