The U.S. set another new record for the total number of government jobs in February, even as overall unemployment ticks up, according to data from the Bureau of Labor Statistics (BLS).
The government added 52,000 positions in February, around the average gain per month seen in the last year, totaling 23,180,000, according to the BLS. The U.S. economy added 275,000 nonfarm payroll jobs in February, far higher than expectations of 200,000, but unemployment shot up from 3.7% to 3.9%.
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The U.S. added 275,000 nonfarm payroll jobs in February as the unemployment rate ticked up to 3.9%, according to Bureau of Labor Statistics (BLS) data released Friday.
Economists anticipated that the country would add 200,000 jobs in February compared to the 353,000 that were added in January, and that the unemployment rate would remain at 3.7%, according to Reuters. The job gains were announced two days after Jerome Powell, chair of the Federal Reserve, told the House Financial Services Committee in its semi-annual monetary policy report that he does not believe that there is evidence for a recession, meaning rate cuts could be on the horizon.
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The State of the Union is not strong. Americans are facing a cost-of-living crisis, high crime, and an unsecured southern border as a direct result of Democrats’ failed policies led by perpetrator-in-chief Joe Biden.
Instead of taking accountability for these pressing national challenges, Biden promised more of the same in his State of the Union address Thursday night.
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Layoffs at U.S. companies surged for another month as businesses adjusted to current market conditions, despite huge reported job gains, according to outplacement firm Challenger, Gray & Christmas, Inc.
Job cuts increased to 84,638 in February, 3% higher than in January when layoffs also soared, and 9% higher than February last year, which had 77,770 cuts, according to the report. The layoffs are in spite of strong reported job growth, with the U.S. adding 353,000 nonfarm payroll jobs in January, far higher than expectations of 180,000.
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Just when it seemed impossible for things to get tougher for small businesses, the federal government decided to make things worse.
Small businesses have had a tough run for the last few years. Record inflation, high interest rates, and workforce shortages have led to widespread pessimism among small businesses. The last thing they need is more government interference, but that is exactly what is happening.
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The presumptive heir to the position of president of the Service Employees International Union (SEIU) has had employees under her command complain of union-busting tactics and retaliation, according to a report from the Center for Union Facts.
April Verrett, the current secretary treasurer of the SEIU and the former president of SEIU Local 2015, is a top contender to replace the current outgoing president, Mary Kay Henry, according to the report. In both positions, Verrett was reportedly part of the management that faced off with SEIU employees, who had organized separately from the SEIU, about working conditions and contract negotiations.
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New York Community Bancorp (NYCB) announced on Thursday that it would be getting more than $1 billion from investors to help stabilize the bank, including from a firm run by a former Trump administration Treasury secretary.
The bank will receive $450 million from Mnuchin Liberty Strategic Capital, headed by former Treasury Secretary Steven Mnuchin, as well as a $250 million and $200 million investment from Hudson Bay Capital and Reverence Capital, according to an announcement from the bank. NYCB posted a $252 million loss in the fourth quarter of 2023, sending its stock to the lowest level since 1997 and worrying investors about another potential crisis in the banking sector, accordingto CNN.
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Minimum wage hikes in many states around the country and sky-high inflation are crushing independent restaurants that don’t want to raise prices on their customers, according to the Wall Street Journal.
In January, 22 states raised their minimum wage for hourly workers, according to the WSJ. Around 59 percent of small business owners said that higher labor costs were the biggest source of inflation in January, requiring price hikes to maintain current revenue levels.
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The monthly costs for the thrifty plan for a family of four participating in the Supplemental Nutrition Assistance Program (SNAP) is increasing by 31% over the last three years.
The United States Department of Agriculture stated the food stamp benefit amounts are based every year upon the cost of the Thrifty Food Plan.
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The Biden administration’s choice for zero-emissions operations in America’s ports was boosted Wednesday with the opening of applications for $3 billion from taxpayers in the Clean Ports Program.
Equipment and infrastructure needs can be met that “reduce mobile source emissions at U.S. ports,” a release from the U.S. Environmental Protection Agency says. EPA Administrator Michael Regan was in Wilmington, N.C., alongside Gov. Roy Cooper, whose administration he previously worked in, to make the announcement.
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