Similarly, despite a slew of announced layoffs, the actual number of people filing for unemployment benefits - as revealed by states' releases of their weekly claims numbers - remains low for now. JPMorgan economists peg last week's initial claims at 229,000, up a bit from 220,000 the previous week but well within the low range that has prevailed all year.
The Bay Area and California produced only small job gains during August, a new government report released Friday shows - another warning sign that job markets statewide and in this region have begun to stall. California also has the nation's highest unemployment rate among the 50 states and is one of only five states with a jobless rate of 5.0% or greater. The Bay Area added 200 jobs in August, primarily because of a hiring upswing in the San Francisco-San Mateo region and despite a significant loss of jobs in the South Bay, according to reports released by the U.S. Bureau of Labor Statistics.
New figures from the Bureau of Labor Statistics shows that the job market is considerably weaker than initially believed, and has been since April 2024. The revised BLS findings, out Tuesday, showed 911,000 fewer jobs than what was initially reported painting an ugly picture of the U.S. economy over the past year. (BLS) The stats are preliminary, and the final figures will be released early next year, according to the Associated Press.
After vacancies saw their strong annual growth for three years in June, the pendulum swung back in July with roles falling -1.24% month-on-month and a mere uptick of +0.31% year-on-year, according to the latest UK Job Market Report by job matching platform Adzuna. Nevertheless, July marks the fifth consecutive month of positive year-on-year growth, coming after 30 months of declines that lasted till this February.
The official US labor force, which measures the number of working-age Americans actively working or looking for work, is shrinking at a rate normally seen during the depths of economic crises.
Some of the attorneys are resurfacing months later in jobs outside of Big Law, from running for Congress to working at a small firm taking on the Trump administration.
The 30% tariffs imposed by the United States on South African exports pose a serious threat and risk harming key export industries that depend heavily on the U.S. market.
Cesar Mesen, owner of The Pint Public House, indicated that despite receiving a high volume of resumes, he cannot afford to hire more staff due to economic conditions. He stated, "If we post for one position, we maybe get 90, 100 candidates." Mesen's pub typically hires around 40 to 50 people for the summer, but this season's hiring was a fraction of that. He mentioned, "I cannot just hire people because I feel bad for them right now, we don't have a need to hire." Job losses predominantly affected young individuals, particularly those aged 15 to 24.
