India  

Unemployment Rate Falls As Job Market Stays Strong

Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
Unemployment Rate Falls As Job Market Stays Strong

Unemployment Rate Falls As Job Market Stays Strong

Unemployment Rate Falls , As Job Market Stays Strong.

In September, job growth fell short of expectations while the unemployment rate declined despite the Federal Reserve's efforts to slow the United States economy.

In September, job growth fell short of expectations while the unemployment rate declined despite the Federal Reserve's efforts to slow the United States economy.

NBC reports that nonfarm payrolls rose 263,000 for the month compared to prior Dow Jones estimates of 275,000.

Meanwhile, unemployment hit 3.5% as the labor force participation rate dropped to 62.3% and the size of the labor force shrunk to 57,000.

.

The payroll figure for September decelerated and tied for the lowest monthly increase since April of last year.

Depending on your view of optimism vs.

Pessimism, on the economy, there’s a little bit of something for everyone in this report, Liz Ann Sonders, chief investment strategist at Charles Schwab, via NBC.

Obviously, the market is not happy, but the market is not happy in general these days, Liz Ann Sonders, chief investment strategist at Charles Schwab, via NBC.

NBC reports that wage numbers saw average hourly earnings rise 0.3% on the month and 5% from a year ago.

The reports comes as the Fed has been making moves to tackle inflation that's currently running close to its highest annual rate in over 40 years.

The reports comes as the Fed has been making moves to tackle inflation that's currently running close to its highest annual rate in over 40 years.

So far, the U.S. central bank has raised rates five times this year and is expected to continue hiking into 2023.

So far, the U.S. central bank has raised rates five times this year and is expected to continue hiking into 2023.

According to officials at the Fed, the central bank is aware that the rake hikes will inflict "some pain" on consumers and the economy


You Might Like


💡 newsR Knowledge: Other News Mentions

NBC NBC American broadcast television network

Crypto Hacks Stole Record $3.8 Billion in 2022, Report Finds [Video]

Crypto Hacks Stole Record $3.8 Billion in 2022, Report Finds

Crypto Hacks Stole , Record $3.8 Billion in 2022, Report Finds. NBC reports that last year was the worst on record for cryptocurrency theft, with hackers taking as much as $3.8 billion. . According to a U.S.-based blockchain analytics firm, hackers linked to North Korea stole a record-breaking amount in 2022. . A report by Chainalysis released on February 1 found that hacking activity had "ebbed and flowed" throughout the year. . The report also found that there were "huge spikes" in both March and October. . The month of October ended up being the biggest single month ever for cryptocurrency hacking with 32 separate attacks resulting in $775.7 million stolen. NBC reports that 2022 was a hard year for cryptocurrencies, with diminishing risk appetite and the collapse of several crypto firms. NBC reports that 2022 was a hard year for cryptocurrencies, with diminishing risk appetite and the collapse of several crypto firms. In the end, investors suffered huge losses, and regulators increased calls to bolster consumer protection. According to the report, North Korea-linked hackers, like the syndicate Lazarus Group, stole an estimated $1.7 billion in multiple 2022 attacks. In 2022, they shattered their own records for theft, Chainalysis report, via NBC. It isn’t a stretch to say that cryptocurrency hacking is a sizable chunk of the nation’s economy, Chainalysis report, via NBC

Credit: Wibbitz Top Stories    Duration: 01:30Published
Bed Bath & Beyond Inches Toward Bankruptcy With More Store Closures on the Way [Video]

Bed Bath & Beyond Inches Toward Bankruptcy With More Store Closures on the Way

Bed Bath & Beyond , Inches Toward Bankruptcy , With More Store Closures on the Way. Bed Bath & Beyond has announced that the company will be closing an additional 87 locations along with all Harmon health and beauty stores. . Bed Bath & Beyond has announced that the company will be closing an additional 87 locations along with all Harmon health and beauty stores. . NBC reports that the news comes as the troubled retailer looks to consolidate assets ahead of a potential bankruptcy filing in the near future. As we work with our advisors to consider multiple paths, we are implementing actions to manage our business as efficiently as possible, Bed Bath & Beyond, via statement. The company added that the decision to close more locations was, "based on a variety of factors.". In the latest announcement, the company said that it would also be closing five buybuy BABY stores. . NBC reports that Bed Bath & Beyond has announced 237 store closures in the past year. On January 31, Reuters reported that the company could potentially file for bankruptcy within the next week. On January 31, Reuters reported that the company could potentially file for bankruptcy within the next week. Last week, Bed Bath & Beyond said that it had defaulted on a loan to JP Morgan Chase and Co. According to a Reuters report, the company is looking to skip additional debt payments due February 1. The outlet reports that missing payments such as this is typically a sign that a distressed company is looking to conserve cash. The turnaround plan put in place last year is not working... Put bluntly, the business is moving at rapid speed in the wrong direction with bankruptcy the most likely destination, Neil Saunders, GlobalData analyst, via Reuters. The turnaround plan put in place last year is not working... Put bluntly, the business is moving at rapid speed in the wrong direction with bankruptcy the most likely destination, Neil Saunders, GlobalData analyst, via Reuters

Credit: Wibbitz Top Stories    Duration: 01:30Published
Half a Million Workers Participate in Massive Strikes Across the UK [Video]

Half a Million Workers Participate in Massive Strikes Across the UK

Half a Million Workers , Participate in Massive Strikes , Across the UK. On February 1, the United Kingdom saw thousands of people participate in the largest strike Britain has experienced in over a decade. NBC reports that the strikes come as unions increase pressure on the government to demand higher wages amid an ongoing cost-of-living crisis. The strikes resulted in thousands of schools closing some or all of their classrooms while train services were brought to a standstill, and delays were expected at airports. . According to the Trades Union Congress, an estimated half a million workers participated in the walkout across the U.K. More strikes are reportedly planned for the coming days and weeks, which will include nurses and ambulance workers. NBC reports that the last time the U.K. saw strikes on this scale was in 2011 when over 1 million public sector workers took part in a dispute over pensions. According to union bosses, wages in the public sector have failed to keep pace with skyrocketing inflation. On February 1, the Trades Union Congress said that the average worker is about $250 a month worse off than they were in 2010. Currently, inflation in the U.K. stands at 10.5%, the highest it's been in 40 years. . NBC reports that while some economists have predicted price increases to slow in 2023, the economic outlook for the U.K. remains grim. . On January 31, the International Monetary Fund forecast Britain to be the only major economy to contract in the year to come.

Credit: Wibbitz Top Stories    Duration: 01:31Published
CBS Announces 'Dr. Phil' Is Coming to an End [Video]

CBS Announces 'Dr. Phil' Is Coming to an End

CBS Announces, 'Dr. Phil' Is, Coming to an End. NBC reports that Phil McGraw will be ending the show's 21-year run in the spring. NBC reports that Phil McGraw will be ending the show's 21-year run in the spring. According to CBS Media Ventures, the show will come to an end after the conclusion of the current season. CBS Media Ventures is a content creator associated with CBS network under the conglomerate Paramount Global. In a statement released on January 31, CBS Media Ventures said that McGraw plans to announce a new "prime-time partnership" set to launch in 2024. In a statement released on January 31, CBS Media Ventures said that McGraw plans to announce a new "prime-time partnership" set to launch in 2024. This has been an incredible chapter of my life and career, but while I’m moving on from daytime, there is so much more I wish to do, Phil McGraw, via statement. This has been an incredible chapter of my life and career, but while I’m moving on from daytime, there is so much more I wish to do, Phil McGraw, via statement. With this show, we have helped thousands of guests and millions of viewers through everything from addiction and marriage to mental wellness and raising children, Phil McGraw, via statement. With this show, we have helped thousands of guests and millions of viewers through everything from addiction and marriage to mental wellness and raising children, Phil McGraw, via statement. Steve LoCascio, the president of CBS Media Ventures, said in a statement that McGraw's transition will keep him in the CBS network. . Steve LoCascio, the president of CBS Media Ventures, said in a statement that McGraw's transition will keep him in the CBS network. . While his show may be ending after 21 years, I’m happy to say our relationship is not, Steve LoCascio, President of CBS Media Ventures, via NBC. NBC reports that following the final season, CBS plans to continue airing reruns of 'Dr. Phil,' potentially with newly-recorded intros. We plan to be in the ‘Dr. Phil’ business with the library for years to come and welcome opportunities to work together in the future, Steve LoCascio, President of CBS Media Ventures, via NBC

Credit: Wibbitz Top Stories    Duration: 01:31Published
Federal Reserve Poised to Announce Latest Interest Rate Hikes Despite Slowing Inflation [Video]

Federal Reserve Poised to Announce Latest Interest Rate Hikes Despite Slowing Inflation

Federal Reserve Poised to Announce , Latest Interest Rate Hikes , Despite Slowing Inflation. On February 1, the Federal Reserve will announce its latest interest rate increase which comes amid the central bank's aggressive campaign to slow inflation. NBC reports that while there are signs that inflation is slowing, some indications suggest the economy is reflating, which could also send prices up. . We expect Fed Chair Powell will insist on the need hold policy at a restrictive level for some time to bring inflation down toward the 2% target, Gregory Daco, chief economist at Ernst & Young’s EY-Parthenon consultancy, via NBC. Powell will also stress that history cautions strongly against prematurely loosening policy, Gregory Daco, chief economist at Ernst & Young’s EY-Parthenon consultancy, via NBC. Powell will also stress that history cautions strongly against prematurely loosening policy, Gregory Daco, chief economist at Ernst & Young’s EY-Parthenon consultancy, via NBC. According to the 'Bloomberg' index, financial conditions have eased to reach the lowest level since last February. These changes can be seen in declining average mortgage rates, which have retreated back to 6.13% after hitting a high of 7.08% in November. NBC reports that the rising price of commodities like oil and the improvement of the stock market have contributed to a sense of cautious optimism regarding the economy. NBC reports that the rising price of commodities like oil and the improvement of the stock market have contributed to a sense of cautious optimism regarding the economy. The positive changes have eased fears of a global recession, yet economists believe that the Fed will continue to clamp down to prevent rapid economic growth. According to Neil Dutta, the head of U.S. economics at Renaissance Macro financial group, the Fed's 0.25% interest rate hike may end up being too small. . The Fed’s story only works if the economy is slowing down. Sorry, but I don’t see it, Neil Dutta, head of U.S. economics at Renaissance Macro financial group, via NBC

Credit: Wibbitz Top Stories    Duration: 01:30Published

Federal Reserve Federal Reserve Central banking system of the United States of America

Interest Rates Likely to Stay High Despite Inflation Cooling [Video]

Interest Rates Likely to Stay High Despite Inflation Cooling

Interest Rates , Likely to Stay High , Despite Inflation Cooling. In December, price growth in the United States cooled, despite the economy continuing to show signs of weakness. NBC reports that inflation ended up at 6.5% compared to the same time in 2021. In line with expectations, month-to-month inflation fell by 0.1% in December. Despite the slowing rate of inflation, the Federal Reserve appears unlikely to pull back from its interest rate hike strategy. According to Federal Reserve Chair Jerome Powell, the central bank will not stop hiking interest rates until inflation gets closer to 2%. . NBC reports that the economy has been buoyed by a strong labor market. . According to the Bureau of Labor Statistics, unemployment has reached a 53-year low, dropping to 3.5%. . However, companies are still facing difficulty in filling positions, as evidenced by the 10.5 million job openings in the U.S. The high number of openings has led to an increase in wages, however the Fed warns that the trend is likely to translate into higher prices for consumers. To be clear, strong wage growth is a good thing. But for wage growth to be sustainable, it needs to be consistent with 2% inflation, Jerome Powell, Federal Reserve Chair, via NBC

Credit: Wibbitz Top Stories    Duration: 01:31Published
Fed Must Be Free of 'Political Control' to Curb Inflation, Powell Says [Video]

Fed Must Be Free of 'Political Control' to Curb Inflation, Powell Says

Fed Must Be Free of 'Political Control', to Curb Inflation, , Powell Says. Federal Reserve Chairman Jerome Powell made the comments on Jan. 10. Powell stated that preventing further price increases might mean the Fed makes decisions that are disliked by either side of the political aisle. Price stability is the bedrock of a healthy economy and provides the public with immeasurable benefits over time. , Jerome Powell, Federal Reserve Chairman, via NBC News. But restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy, Jerome Powell, Federal Reserve Chairman, via NBC News. The absence of direct political control over our decisions allows us to take these necessary measures without considering short-term political factors, Jerome Powell, Federal Reserve Chairman, via NBC News. Powell made the comments as part of a speech focused on the autonomy of a nation's central bank. Powell also responded to calls for the Fed to enact policy that would address climate change. [The Federal Reserve should] stick to our knitting and not wander off to pursue perceived social benefits that are not tightly linked to our statutory goals and authorities, Jerome Powell, Federal Reserve Chairman, via NBC News. The Federal Reserve has directed major banks to take stock of how prepared the institutions would be in the event of a major climate crisis. Decisions about policies to directly address climate change should be made by the elected branches of government and thus reflect the public’s will as expressed through elections, Jerome Powell, Federal Reserve Chairman, via NBC News. But without explicit congressional legislation, it would be inappropriate for us to use our monetary policy ... , Jerome Powell, Federal Reserve Chairman, via NBC News. ... or supervisory tools to promote a greener economy or to achieve other climate-based goals. , Jerome Powell, Federal Reserve Chairman, via NBC News. We are not, and will not be, a ‘climate policymaker.’, Jerome Powell, Federal Reserve Chairman, via NBC News

Credit: Wibbitz Top Stories    Duration: 01:30Published
Latest Fed Rate Outlook Has Mixed Impact on US Stock Markets [Video]

Latest Fed Rate Outlook Has Mixed Impact on US Stock Markets

Latest Fed Rate Outlook , Has Mixed Impact , on US Stock Markets. Business Insider reports that U.S. stocks saw mixed results as investors reacted to the latest Federal Reserve interest rate outlook. Business Insider reports that U.S. stocks saw mixed results as investors reacted to the latest Federal Reserve interest rate outlook. On January 9, San Francisco Fed President Mary Daly, along with Atlanta Fed President Raphael Bostic, said the central bank is likely to raise rates past 5%. On January 9, San Francisco Fed President Mary Daly, along with Atlanta Fed President Raphael Bostic, said the central bank is likely to raise rates past 5%. According to Business Insider, they also said the Fed is expected to keep rates raised as a means of combating record-high inflation. CME FedWatch suggests 80% odds that another 25-basis-point hike is on the way in February. Investors are also eagerly anticipating the December Consumer Price Index report due out on January 12. That report is a key inflation measure that will have an influence on the central bank's upcoming policy decisions. . At the closing bell on January 9, the S&P 500 ended the day down 0.08%, the Dow Jones Industrial Average ended down 0.34% and the Nasdaq Composite went up 0.63%. . Meanwhile, Bank of America has warned that stock valuations remain too high and the market risks dropping by as much as 30%. Meanwhile, Bank of America has warned that stock valuations remain too high and the market risks dropping by as much as 30%. Morgan Stanley has warned that the S&P 500 could slip an additional 22%. . Morgan Stanley has warned that the S&P 500 could slip an additional 22%. . However, according to Moody's economist, the chances of the U.S. avoiding a recession are growing as the number of layoffs has been below expectations.

Credit: Wibbitz Top Stories    Duration: 01:31Published
Goldman Sachs Joins Growing Number of Top Companies to Lay Off Thousands [Video]

Goldman Sachs Joins Growing Number of Top Companies to Lay Off Thousands

Goldman Sachs Joins, Growing Number of Top Companies , to Lay Off Thousands. CNN reports that sources say Goldman Sachs (GS) is getting ready to lay off up to 3,200 employees this week amid an uncertain economic and market climate. . CNN reports that sources say Goldman Sachs (GS) is getting ready to lay off up to 3,200 employees this week amid an uncertain economic and market climate. . According to one source, over a third of the layoffs are expected to be from the bank's trading and banking units. The source also said that hiring for roles in other areas is expected to continue and a new analyst role will start as planned later this year. CNN reports that GS had approximately 49,100 employees as of the end of the third quarter. . Amid the pandemic recovery, the bank added thousands of jobs as the market and investment banking surged. Efforts by the Federal Reserve to reign in skyrocketing inflation has caused companies to conserve cash amid growing fears of a global recession. Efforts by the Federal Reserve to reign in skyrocketing inflation has caused companies to conserve cash amid growing fears of a global recession. As a result, GS saw its revenue drop 12% during the third quarter of 2022. . CNN reports that revenue for investment banking has plummeted 57% compared to 2021. The reported layoffs come as other banks and top companies brace for what is expected to be a chaotic year. Earlier this month, Amazon announced plans to lay off over 18,000 employees. Meanwhile, Morgan Stanley have also started layoffs amid an uncertain business environment.

Credit: Wibbitz Top Stories    Duration: 01:31Published

Dow Jones Industrial Average Dow Jones Industrial Average American stock market index


Related videos from verified sources

US Weekly Jobless Claims Drop [Video]

US Weekly Jobless Claims Drop

US Weekly Jobless Claims Drop. Reuters reports that for the week ending Oct. 15, new unemployment claims fell to 214,000. Economists expected that number to be higher at 230,000. Earlier this..

Credit: Wibbitz Top Stories     Duration: 01:31Published