Tennessee's seasonally adjusted unemployment rate was 9.4 percent in November, the same as the month before and down 1.3 percent from a year ago. Holiday retail hiring led the way, but the business and professional services sector also posted a strong month.
Dec 16, 2010 2:11 PM
The more than 50 economists surveyed by The Wall Street Journal expect the economy to grow 3 percent in 2011, more than they thought it would three months ago. They also see the labor adding an average of 160,000 jobs per month next year, which won't make a meaningful dent in unemployment until late in the year. But we could be in for a positive surprise.
The majority of the respondents also say that there is a better chance the economy in 2011 will outperform their forecasts than that it will underperform. Thirty-five economists said the risks to their forecasts are more to the upside; 14 said the risk was to the downside.
Dec 13, 2010 1:43 PM
Bill Mandel looks a little deeper into labor market statistics and sees that the professional and business services companies gearing up to add significantly to their payrolls — even if current hiring trend suggests nothing of the kind.
This is pretty much the pattern across the whole economy. What is going on here? There are three possibilities: Mismatch, offshoring, and lags. Mismatch says that companies would like to hire, but can’t find the right people. Offshoring says that companies have openings, but they are filling them overseas. Lag would say that companies have openings, but it’s taking them time to pull the trigger, given the overall uncertainty.
Dec 8, 2010 9:15 AM
Following Friday's disappointing jobs report, Larry Kudlow says we need to put economic policy through some shock therapy to help kickstart job growth.
But the Bush tax cuts will not do the job alone. Full-fledged flat-tax reform — of the sort embodied in the best of the Bowles-Simpson fiscal recommendations — will be necessary for full-fledged economic recovery. Lowering the top personal and corporate tax rates will increase after-tax returns for work and investment. That’s the kind of strong new incentive that will be necessary to ignite rapid economic growth in the post-meltdown period. Broaden the tax base and lower marginal rates across-the-board.SEE ALSO: A more upbeat take on the jobs market from Lakshman Achuthan at the Economic Cycle Research Institute, who says now is the time for the unemployed to jump back into the pool.
Dec 6, 2010 7:47 AM
After the encouraging news from earlier this week, this morning's government report that the economy added just 39,000 jobs in November is a bit of a letdown. The unemployment rate rose to 9.8 percent. UPDATE: A CNBC panel shares its perspectives on the numbers, including a prediction that unemployment will soon hit 10 percent again.
Dec 3, 2010 8:55 AM
Just 7 percent of people taking on new jobs last quarter relocated for that position, reports Challenger Gray & Christmas. That's a record low and a function of both the crummy housing market and companies' unwillingness to pay to move folks — and could have implications on the strength of the economy's rebound.
“Right now, demand for new workers is not at a level that would force companies to bring in talent from outside their region. However, as the local talent pool starts to become depleted as the economy improves, companies will be compelled to cast a wider recruiting net. Unfortunately, the immobility of the workforce may mean that some employers will have to delay expansion plans, thus slowing the recovery,” he said.
Oct 28, 2010 10:13 AM
Real estate researchers Reis say third-quarter apartment occupancy numbers rose strongly as renters began to feel more confident in their job prospects.
The only other time Reis recorded a similar plunge in vacancies was in the third quarter of 2005, when owners converted rentals into condominiums during the housing boom. But renters are still price conscious and shunned higher rents in new buildings. About 90 percent of the newly rented units were in existing buildings, Reis said.
Oct 7, 2010 7:01 AM
ADP reports that its monthly payroll survey showed an unexpected drop of 39,000 last month. Economists' median forecast had been for a gain of 20,000.
“It’s more evidence of a lousy labor market,” said Joshua Shapiro, chief U.S. economist at Maria Fiornini Ramirez Inc. in New York. “Here we are, 18 months into a recovery and we’re not doing much on the job front. Until we digest the excesses built up over decades, you’re not going to see sustained gains in jobs or the overall economy.”
Oct 6, 2010 9:35 AM