Latest news with #BureauofLaborStatistics
CNBC
10 hours ago
- Business
- CNBC
What Wall Street has to say about the horrid June private payrolls report
ADP's latest surprise report was not on anyone's bingo card. Private payrolls fell by 33,000 in June , the company said Wednesday. Economists polled by Dow Jones expected an increase of 100,000. The report marks the first time since March 2023 that ADP reported a contraction in private payrolls. The data took the wind out of the market's sails in early morning trading. S & P 500 futures gave up their slight gains and were slightly lower following the release. Nasdaq-100 futures were also down 0.3%. To be sure, ADP's track record for predicting the U.S. government's monthly jobs report isn't great — giving investors hope that Thursday's June nonfarm numbers payrolls from the Bureau of Labor Statistics won't be as bad as ADP's figures released Wednesday. The economy is expected to have added 110,000 nonfarm payrolls, according to economists polled by Dow Jones. Here's what some Wall Street investors and strategists had to say about Wednesday's ADP figures: Ian Lyngen, head of U.S. rates at BMO: "The negative print was a clear downside surprise versus the +98k consensus. This is the first negative print since March 2023, and second negative print since the early stages of the pandemic. Overall, it was a disappointing jobs proxy that sets up tomorrow's BLS release as a major wildcard." Peter Boockvar, chief investment officer at Bleakley Financial: "I wasn't planning on writing this week but felt the need right now after seeing the ADP private sector jobs report … I'll say again, a blanket 10% tariff on all incoming imports of goods just loaded about $330b of fresh taxes on American importers (yes, some are absorbed by the exporter) which has the effective impact of raising the corporate income tax rate to 34% from 21%." Liz Ann Sonders, chief investment strategist at Charles Schwab: "Ouch: June @ADP payrolls -33k vs. +98k est. & +29k prior (rev down from +37k) … first monthly decline since March 2023 ." Peter Berezin, chief global strategist at BCA Research: "Remember: ADP is a bad predictor of nonfarm payrolls … mainly because nonfarm payrolls are a bad predictor of what is actually happening to payrolls." Guy LeBas, chief fixed income strategist at Janney: "Your monthly reminder: surprises in the ADP employment change are uncorrelated with surprises in NFPs. But this doesn't look great ." — CNBC's Alex Harring and Yun Li contributed reporting.
Yahoo
10 hours ago
- Business
- Yahoo
This Was the Salary Required To Be Upper Middle Class in 2015
Many people aspire to join the upper middle class and make enough money to cover their expenses while keeping up with regular monthly investments. The bar has steadily gotten higher due to inflation, and it's a testament to how fiat currencies lose purchasing power over time. Explore More: Read Next: For instance, data from Pew Research suggests that you had to earn more than $169,800 per year in 2022 to be a part of the upper middle class. That's $194,149.55 in today's dollars using the CPI Inflation Calculator provided by the U.S. Bureau of Labor Statistics. We can use this same calculator to determine how much people had to earn each year to be a part of the upper middle class in 2015. The CPI Inflation Calculator indicates that a $142,622.89 salary was enough to be considered a member of the upper middle class in 2015. That comes to $11,968.57 per month. Expenses are always lower if you look back a few years due to regular money printing. That's why a salary that was good enough a decade ago may no longer be sufficient. However, it's important to note that the pandemic resulted in record money printing, which led to significantly higher inflation for a short period of time. Check Out: Inflation wasn't too bad before the pandemic, as it mostly hovered between 2% and 3% each year. However, 2021 to 2023 made living costs significantly higher. Here's the breakdown of how much buying power $169,800 in 2022 had in the following years: 2015: $142,622.89 2016: $145,086.87 (reasonable inflation growth rate) 2017: $147,807.07 2018: $151,947.17 2019: $154,667.37 2020: $154,849.76 (notably low inflation due to lockdowns reducing how much we spent, but this is an anomaly) 2021: $162,580.96 2022: $169,800 (the original figure used in this calculation) 2023: $183,678.22 (substantial increase) 2024: $189,682.72 (still a big increase that starts to moderate) 2025: $194,149.55 (further moderation in the growth rate) Higher living costs have been the norm for decades. The best way to deal with inflation is by investing in assets that grow at a faster rate than inflation. Other strategies involve working harder and smarter, which require short-term and maybe even long-term sacrifices, depending on your financial situation. Some people may have to work longer hours or consider weekend shifts. Developing career skills that can help you get a higher-paying job can help you earn more money while working less. A side hustle may also be necessary. You can eventually turn some side hustles into full-time career opportunities if you stick with them. It may also be worth job hopping. You can get a higher salary with a different company, and if you like your current company, you can use a new job offer as leverage to get a higher salary. Cutting costs is another great strategy, but there are limits to how much you can cut. Focusing on income growth is the best way to combat rising inflation. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 6 Hybrid Vehicles To Stay Away From in Retirement 8 Common Mistakes Retirees Make With Their Social Security Checks This article originally appeared on This Was the Salary Required To Be Upper Middle Class in 2015
Yahoo
a day ago
- Business
- Yahoo
Job Openings Rise Again in May As Trade Tensions Cool
Job openings increased to 7.8 million in May, marking the second straight month that employers have sought to expand their payrolls. The rise surprised economists, who have been watching for any impact from President Donald Trump's tariff policies. Employers may be moving beyond uncertainty and hiring anyway, economists said, especially as trade tensions with China job market continued to surprise forecasters, as new data for May showed employers again added more job openings and laid off fewer workers. After several months of uncertainty surrounding President Donald Trump's tariffs, employers may be tired of waiting and are moving to add to payrolls. Job openings increased for a second straight month in May to reach 7.8 million, according to data from the Bureau of Labor Statistics. Economists surveyed by The Wall Street Journal and Dow Jones Newswires expected the Job Openings and Labor Turnover Survey (JOLTS) to register a slight decline from the April report, which found employers had 7.4 million open positions. Additionally, employers reported fewer layoffs in May, though hiring also slowed slightly. Economists have been watching for a slowdown in the labor market, pointing to continuing jobless claims and other recent data that indicates a weakening employment landscape. They are also looking for signs that tariffs are having an impact, but so far, the labor market is holding up. Employment data for June is set to be released Thursday. 'Without a clear picture of what may happen if and when the current tariff pause ends, employers may just be making decisions based on what they see today rather than trying to anticipate what happens tomorrow,' said Indeed Hiring Lab economist Allison Shrivastava. The data also showed that cooling trade tensions with China in May helped employers with their hiring decisions, especially in industries like transportation, warehousing and manufacturing that are more directly impacted by tariffs. 'The trade détente helped reinvigorate small business confidence over the month and may have contributed to the better-than-expected increase in job openings,' wrote Wells Fargo economists Sarah House and Nicole Cervi. Read the original article on Investopedia Sign in to access your portfolio
Yahoo
a day ago
- Business
- Yahoo
Job openings unexpectedly increased in May
The US labor market continues to show signs of life, with the number of available jobs rising unexpectedly in May to a six-month high, according to Bureau of Labor Statistics data released Tuesday. Job openings, which serve as a closely watched measure of labor market demand, totaled an estimated 7.77 million at the end May, rising from 7.4 million in April, according to the BLS' latest Job Openings and Labor Turnover Survey. Economists were expecting the number of available jobs to retreat after unexpectedly bouncing higher in April. Consensus estimates were for job openings to total 7.3 million last month, according to FactSet. Instead, they rose for the second month in a row. Some of the most substantial increases in job postings were at restaurants and hotels, which saw a surge (+314,000) in advance of summer travel season after openings in that sector hit a low-water mark in April. The finance and insurance industry also saw a sizeable upswing in job openings, Tuesday's data showed. While overall hiring activity remained fairly tepid in May, the accommodation and food services sector filled open jobs at a pace last seen in the summer of 2023, indicating potential optimism for continued consumer spending despite broadening economic uncertainty. President Donald Trump's sweeping (and frequently shifting) trade policy, as well as heightened geopolitical tension, have injected incredible uncertainty into the US economy, sending markets on a roller coaster ride, rattling consumers and freezing some business decisions. Tuesday's data is the first in a series of critically important economic metrics released this week about the labor market, culminating with the June jobs report that's due out on Thursday morning. This story is developing and will be updated.
CNN
a day ago
- Business
- CNN
Job openings unexpectedly increased in May
The US labor market continues to show signs of life, with the number of available jobs rising unexpectedly in May to a six-month high, according to Bureau of Labor Statistics data released Tuesday. Job openings, which serve as a closely watched measure of labor market demand, totaled an estimated 7.77 million at the end May, rising from 7.4 million in April, according to the BLS' latest Job Openings and Labor Turnover Survey. Economists were expecting the number of available jobs to retreat after unexpectedly bouncing higher in April. Consensus estimates were for job openings to total 7.3 million last month, according to FactSet. Instead, they rose for the second month in a row. Some of the most substantial increases in job postings were at restaurants and hotels, which saw a surge (+314,000) in advance of summer travel season after openings in that sector hit a low-water mark in April. The finance and insurance industry also saw a sizeable upswing in job openings, Tuesday's data showed. While overall hiring activity remained fairly tepid in May, the accommodation and food services sector filled open jobs at a pace last seen in the summer of 2023, indicating potential optimism for continued consumer spending despite broadening economic uncertainty. President Donald Trump's sweeping (and frequently shifting) trade policy, as well as heightened geopolitical tension, have injected incredible uncertainty into the US economy, sending markets on a roller coaster ride, rattling consumers and freezing some business decisions. Tuesday's data is the first in a series of critically important economic metrics released this week about the labor market, culminating with the June jobs report that's due out on Thursday morning. This story is developing and will be updated.
