The U.S. labor market continues to run hot and exceed expectations with regard to job creation. The Labor Department's Bureau of Labor Statistics (BLS) released data for February 2024 that show the economy created 303,000 nonfarm jobs during the month. The consensus estimate was for a 200,000 job gain for the month. The gain pushed the nation's unemployment rate down to 3.8% despite an increase in the labor force participation rate.
Tag: labor
New Zealand Labor Pool Expansion Slows as Migrant Inflow Peaks (Micro News for January 6, 2024 – January 12, 2024)
New Zealand's flood of migrant workers entering the country slowed during the last two quarters. Statistics estimate that only 24,500 new migrant workers entered the country in the fourth quarter of 2023, which brings the total in the country to almost 4.3 million. The influx increased the demand for housing and prompted the nation's central bank to state that inflation may increase due to the price pressure.
GM and the UAW Come to Tentative Agreement (Micro News for October 28, 2023 – November 3, 2023)
The United Auto Workers (UAW) union and General Motors (GM) tentatively agreed on terms to end the strike after the UAW expanded the strike to a plant in Texas. The strike at the Texas plant alone is estimated to cost GM $130 million per week. To date, the total costs to GM of the UAW strike are over $800 million.
Walmart Cut Starting Pay for Some New Jobs (Micro News for September 16, 2023 – September 22, 2023)
Retail giant Walmart reduced the starting pay for new employees that work filling online orders for delivery or curbside pickup and workers who restock the shelves. Existing employees were not subject to the $1 an hour cut in pay. The move shows that the labor market is cooling off and the firm no longer has to offer higher pay to attract the needed workers.
Pearson Economic News 