Tag: Payroll

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U.S. non-farm payrolls surged by 254,000 in September 2024

U.S. non-farm payroll data

In September 2024, the U.S. economy saw a significant increase in job additions, substantially surpassing expectations and contributing to a robust employment landscape as the unemployment rate declined, according to the U.S. Labor Department’s report issues Friday 4th October 2024.

U.S. Non-farm payroll numbers rose by 254,000 in September 2024, a jump from the revised figure of 159,000 in August and exceeding the forecast of 150,000.

The unemployment rate dropped to 4.1%, a decrease of 0.1 percentage point, while the household employment survey reported a substantial increase of 430,000 jobs.

Average hourly earnings grew by 0.4% for the month and saw a 4% rise compared to the previous year, outpacing the projected estimates.

U.S. Bureau of Labor Statistics

U.S. Bureau of Labor Statistics
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U.S. non-farm payroll job growth comes in at 114,000 in July 2024, much less than expected, as unemployment rate rises to 4.3%

Workers

In July 2024, U.S. job growth decelerated more than anticipated, and the unemployment rate increased slightly, according to a report from the Labor Department on Friday.

Non-farm payrolls expanded by only 114,000 for the month, a decrease from June’s downwardly revised figure of 179,000 and falling short of the Dow Jones prediction of 185,000. The unemployment rate rose to 4.3%, marking the highest level since October 2021.

Average hourly earnings, an indicator of inflation, rose by 0.2% for the month and were up 3.6% from 2023, both measures not meeting the increases of 0.3% and 3.7% expected.

Following the release of the report, stock market futures extended their losses, and Treasury yields saw a significant drop.

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U.S. private payrolls grew by just 150,000 in June 2024, below expectations

Workers

In June 2024, private companies created 150,000 jobs, falling short of the revised figure of 157,000 in May 2024 and the estimate of 160,000.

The leisure and hospitality sector led the way with 63,000 new jobs, marking the largest increase among the categories tracked by the payroll processing firm ADP.

U.S. age growth slowed to 4.9% year-on-year, the smallest rise since August 2021.

Markets generally shrugged off the lacklustre figures as Tech and AI driven indices continued their march to achieve ever higher positions.

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U.S. job gains reached 272,000 in May 2024 – exceeding expectations of 190,000

U.S. jobs

The U.S. economy exceeded job growth expectations in May 2024, alleviating concerns of a labour market downturn but potentially diminishing the Federal Reserve’s motivation to cut interest rates.

Non-farm payrolls surged by 272,000 for the month – a significant increase from April’s 165,000 and surpassing the consensus forecast of 190,000.

Concurrently, the unemployment rate increased to 4%, marking the first instance it has reached this level since January 2022.

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U.S. payrolls increased by 216,000 in December, better than predicted

Work

The U.S. labour market accumulated strong gains as the pace of hiring was greater than expected, dampening the chance of an early rate cut.

December’s jobs report showed that 216,000 jobs were added for the month while the unemployment rate remained steady at 3.7%. Estimates were in the region of 170,000 as analysts were looking for their ‘goldilocks figure.

Job boost from U.S. government

The hiring boost came from a gain of 52,000 in government jobs and another 38,000 in health care-related occupations.

Average hourly earnings rose 0.4% on the month and were up 4.1% from the same period 2023, both higher than the respective estimates for 0.3% and 3.9%.

U.S. unemployment chart Jan 2021 – December 2023

S&P500 and Nasdaq

The S&P500 and Nasdaq recovered some early 2024 losses as the fresh data encouraged the debate and chance of a rate cut again. Later however, the strong U.S. jobs growth dampened the likelihood of rate a cut anytime soon. Yields were on the rise again.

Strong streak

Government hiring drove the gains, which extended one of the strongest streaks of job creation on record. The job growth has confounded forecasters expecting job losses as higher borrowing costs slowed the economy.