Tag:

Labor Market

Hartford, CT
Schools
Record Student Loan Borrowers Face Default As Collections Resume, Grads Enter Weak Job Market Record Student Loan Borrowers Face Default As Collections Resume, Grads Enter Weak Job Market
Record Student Loan Borrowers Face Default As Collections Resume, Grads Enter Weak Job Market A record number of federal student loan borrowers are seriously delinquent as debt collections resume after a five-year pause, while new college graduates face tough employment prospects. The Education Department restarted collecting defaulted federal student loan debt on Monday, May 5. Collections were paused at the beginning of the COVID-19 pandemic. The move threatens to seize tax refunds and garnish paychecks from millions of Americans in default on their loans. The Education Department said about 42.7 million people owe more than $1.6 trillion in student loan d…

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by Chris Spiker
Arlington, VA
Business
Job Growth Beats Forecasts Despite Stalling Labor Market, Shrinking GDP Under Trump Job Growth Beats Forecasts Despite Stalling Labor Market, Shrinking GDP Under Trump
Job Growth Beats Forecasts Despite Stalling Labor Market, Shrinking GDP Under Trump Job growth moderately beat expectations in April, but was slightly down from the month before, as recession worries loom due to President Donald Trump's trade agenda. The US economy added 177,000 jobs in April, according to Bureau of Labor Statistics data released on Friday, May 2. The national unemployment rate held steady at 4.2%, despite initial unemployment claims jumping to 241,000 for the week ending Monday, April 26. The job gains were higher than the 133,000 forecasted by the Dow Jones, CNBC reported. April's numbers declined from March's total of 185,000, which …

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by Chris Spiker
New Rochelle, NY
News
Inflation Fears Hit 44-Year High As Trump Tariffs, Market Crash Sink Consumer Sentiment: Survey Inflation Fears Hit 44-Year High As Trump Tariffs, Market Crash Sink Consumer Sentiment: Survey
Inflation Fears Hit 44-Year High As Trump Tariffs, Market Crash Sink Consumer Sentiment: Survey Concerns about inflation have spiked to their highest level in nearly 45 years, while consumer confidence plunged for the fourth straight month as Americans grow increasingly anxious about the economy, a new survey said. Americans now expect prices to climb 6.7% over the next year, the University of Michigan's Surveys of Consumers said on Friday, April 11. That's the highest inflation expectation reading since 1981 for the closely watched survey. While inflation cooled slightly in March, the latest federal numbers came before President Donald Trump announced his "liberat…

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by Chris Spiker
Hartford, CT
Business
Consumer Confidence Crashes To 12-Year Low As Trump Tariffs, Rising Prices Fuel Economic Gloom Consumer Confidence Crashes To 12-Year Low As Trump Tariffs, Rising Prices Fuel Economic Gloom
Consumer Confidence Crashes To 12-Year Low As Trump Tariffs, Rising Prices Fuel Economic Gloom Consumer confidence continued its freefall in March, tumbling to its lowest level since the early 2010s as inflation fears, President Donald Trump's rapidly changing tariff threats, and stock market pessimism weighed heavily on Americans. The Conference Board's Consumer Confidence Index fell 7.2 points in March to 92.9, the nonprofit said in a news release on Tuesday, Mar. 25. That was the lowest reading since late 2022 and well below the threshold that typically signals a looming recession. The steepest drop came in the Expectations Index, which fell 9.6 points to 65.2 — marking its l…

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by Chris Spiker
Hartford, CT
Business
Consumer Confidence Falls To 2022 Lows Amid Tariff Worries, Affordability Crisis: Survey Consumer Confidence Falls To 2022 Lows Amid Tariff Worries, Affordability Crisis: Survey
Consumer Confidence Falls To 2022 Lows Amid Tariff Worries, Affordability Crisis: Survey Consumer confidence plunged in March, hitting its lowest level since 2022 as lingering inflation, a slowing job market, and economic uncertainty weigh on Americans. The preliminary consumer sentiment index dropped to 57.9 in March, down 10.5 percent from February, a survey from the University of Michigan said on Friday, Mar. 14. It marks the lowest reading since November 2022 and 27.1 percent lower than March 2024. The decline marks the third consecutive month of falling confidence, with all age groups, income levels, and political backgrounds reporting a more negative outlook. "…

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by Chris Spiker
Arlington, VA
Business
Inflation Cools Slightly In February As Tariffs, Slowing Labor Market Fuel Economic Concerns Inflation Cools Slightly In February As Tariffs, Slowing Labor Market Fuel Economic Concerns
Inflation Cools Slightly In February As Tariffs, Slowing Labor Market Fuel Economic Concerns Consumer prices rose slightly less than expected in February, but President Donald Trump's escalating trade wars and a declining labor market are keeping economic uncertainty high. Inflation increased 0.2 percent in February and 2.8 percent over the past year, according to new Bureau of Labor Statistics data released on Wednesday, Mar. 12. The yearly inflation number remained well above the Federal Reserve's two-percent target. The monthly increase was smaller than January's jump of 0.5 percent. February's figures were also a little lower than Dow Jones expectations, CNBC reported. Co…

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by Chris Spiker
Arlington, VA
Business
February Job Growth Disappoints, Fueling Economic Fears From Rising Costs, Tariff Confusion February Job Growth Disappoints, Fueling Economic Fears From Rising Costs, Tariff Confusion
February Job Growth Disappoints, Fueling Economic Fears From Rising Costs, Tariff Confusion The US labor market fell short of expectations in February, adding to growing economic uncertainty from trade disputes, a hiring slowdown, and ongoing federal job cuts. The nation's economy added 151,000 jobs in February, according to data from the Bureau of Labor Statistics released on Friday, Mar. 7. That number was lower than the Dow Jones consensus forecast of 170,000, CNBC reported. Job growth lagged behind the 12-month average of 168,000, signaling a labor market slowdown. Healthcare led with 52,000 new positions, followed by financial activities (+21,000), transpo…

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by Chris Spiker
Arlington, VA
News
Jobless Claims Hit Four-Month High, Adding To Inflation And Recession Fears Jobless Claims Hit Four-Month High, Adding To Inflation And Recession Fears
Jobless Claims Hit Four-Month High, Adding To Inflation And Recession Fears Unemployment claims have surged to their highest level since October 2024, adding to growing concerns over job security and the broader economy. Initial jobless claims jumped by 22,000 to 242,000 for the week ending on Saturday, Feb. 22, the Bureau of Labor Statistics said in data released on Thursday, Feb. 27. The previous week's total was revised up slightly to 220,000. The rise in claims comes as consumer confidence took its steepest monthly dive since August 2021 amid concerns over inflation, tariffs, and the labor market. The Conference Board's Consumer Confidence Index fell …

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by Chris Spiker
Franklin Township, NJ
Business
LabCorp Layoffs: 300+ Employees Let Go In Central Jersey, WARN Filing Shows LabCorp Layoffs: 300+ Employees Let Go In Central Jersey, WARN Filing Shows
LabCorp Layoffs: 300+ Employees Let Go In Central Jersey, Warn Filing Shows Labcorp, one of the largest clinical labs in the world, is laying off more than 300 employees at one New Jersey location, according to recent filings. The company in a Worker Adjustment and Retraining Notification (WARN) notice last August announced 78 employees at Somerset's Labcorp Early Development Laboratories Inc., will be let go between Nov. 17 and Dec. 23. This month, LabCorp said an additional 239 employees will be laid off in April 2025. Somerset appears to have only one LabCorp outpost, located at 77 Veronica Ave. The cause of the layoffs was not immediately clear.…

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by Cecilia Levine
Egg Harbor Township, NJ
News
Rising Costs Force Closure Of Popular Mexican Eatery In Atlantic City, Hundreds Express Sadness Rising Costs Force Closure Of Popular Mexican Eatery In Atlantic City, Hundreds Express Sadness
Rising Costs Force Closure Of Popular Mexican Eatery In Atlantic City, Hundreds Express Sadness Labor, food and rising fuel costs have forced the closure of a popular Mexican restaurant in Atlantic City. Los Amigos announced plans to close its doors in this Facebook post last week. The restaurant had been in business for 46 years.  Los Amigos, located at 1926 Atlantic Ave., originally opened in West Berlin in 1976, before moving to Atlantic City two years later. “We are sorry to say Los Amigos will be closing its doors until further notice due to the poor labor market, exorbitant food costs, and fuel and energy costs,” the Facebook post said. “We would like to thank all our custome…

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by Jon Craig
Worcester, MA
Business
COVID-19: Some Companies Exploring If Four-Day Work Week Could Increase Productivity COVID-19: Some Companies Exploring If Four-Day Work Week Could Increase Productivity
Covid-19: Some Companies Exploring If Four-Day Work Week Could Increase Productivity Some companies in the United States have begun exploring the possibility of switching to a four-day workweek as the COVID-19 pandemic has caused changes in the way many Americans work. One of the companies planning to pilot a four-day workweek is Kickstarter. The company announced that next year it plans to pilot the shorter workweek while keeping pay the same for employees, according to the Wall Street Journal. The chief executive of the company said he hopes staff will remain just as productive while having more time to focus on their life outside of work. A study in Iceland found that c…

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by Nicole Valinote
Brentwood, NY
Business
Robots May Be Coming After White Collar Jobs Like 'Phil In Accounting,' New Report Says Robots May Be Coming After White Collar Jobs Like 'Phil In Accounting,' New Report Says
Robots May Be Coming After White Collar Jobs Like 'Phil In Accounting,' New Report Says In the past, when people thought about “computers taking jobs away from real people” most pictured manufacturing processes and call centers becoming robotized. While we have seen that, it’s not the only way robots are replacing people at work. Less visible are the robotics and artificial intelligence taking over white-collar jobs in fields like accounting and human resources, The New York Times just reported in an analysis of the workplace. In some studies, algorithms outperform lawyers and doctors. “The trend — quietly building for years, but accelerating to warp speed since the pan…

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by Kristin Palpini
New Canaan, CT
Business
And We're Off: First-Ever $1 Trillion Holiday Shopping Season Expected And We're Off: First-Ever $1 Trillion Holiday Shopping Season Expected
And We're Off: First-Ever $1 Trillion Holiday Shopping Season Expected Black Friday is here and this holiday shopping season is expected to be one for the books. The spending forecast is above $1 trillion for the first time, with e-commerce sales comprising an estimated $123.7 billion, according to eMarketer. There are a number of ‘macroeconomic indicators’ that hint at this spike in shopping season sales; a positive labor market, increased consumer confidence, and overall GDP growth and lower unemployment. If estimates are correct, the total increase in spending will be 5.8% higher than last year’s sales and spending numbers.

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by Valerie Musson