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Earlier today the Bureau of Labor and Statistics (BLS) revised the annual jobs report to remove 818,000 previously recorded jobs. […] “The Bureau of Labor Statistics revised down its total tally of jobs created in the year through March by 818,000 as part of its preliminary annual benchmark review of payroll data. That suggests the economy added an average of 174,000 jobs per month during that time period — below the previous 242,000 estimate. On a monthly basis, that amounts to about 68,000 fewer jobs. It marks the largest downward revision since 2009.” (read more) When asked about the troubling...

US job growth during much of the past year was significantly weaker than initially estimated, according to new data released Wednesday. The Bureau of Labor Statistics’ preliminary annual benchmark review of employment data suggests that there were 818,000 fewer jobs in March of this year than were initially reported

s many as a million jobs could vanish from US jobs data in revised numbers released this week. Jobs growth in the year through March was likely much lower than initially estimated, top bankers are warning. This could refuel concerns that the US economy is not as robust as it has appeared, and that the Federal Reserve is falling behind in its aim to lower interest rates. symbol 00:04 02:24 Read More The government will release its first revisions of jobs growth data on Wednesday, and then the final numbers are due early next year. Goldman Sachs economists expect jobs...

President Biden claims that he inherited the worst economy since the Great Depression, but this isn’t close to true. The economy in January 2021 was fast recovering from the pandemic as vaccines rolled out and state lockdowns eased. GDP grew 34.8% in the third quarter of 2020, 4.2% in the fourth, and 5.2% in the first quarter of 2021. By the end of that first quarter, real GDP had returned to its pre-pandemic high. All Mr. Biden had to do was let the recovery unfold. Instead, Democrats in March 2021 used Covid relief as a pretext to pass $1.9 trillion...

TSMC's struggles vis-a-vis its flagship American chip fabrication unit in Arizona are common knowledge by now, reinforced by a steady trickle of leaks and expert commentary over the past few months. Two factors purportedly lie at the heart of the Arizona fab's inability to takeoff: a difference in the American and Taiwanese work culture and TSMC's proclivity to skimp on wages. TSMC has realized that Taiwan's workaholic culture is not applicable in the US, at least without hefty modifications to create a more balanced work-life equation. After all, the company has scaled back on meetings and tried to reduce the...

Aug 9 (Reuters) - Cisco (CSCO.O), opens new tab will cut thousands of jobs in a second round of layoffs this year as the U.S. networking equipment maker shifts focus to higher-growth areas, including cybersecurity and AI, people familiar with the matter said. The number of people affected could be similar to or slightly higher than the 4,000 employees Cisco laid off in February, and will likely be announced as early as Wednesday with the company's fourth-quarter results, said the sources, who were not authorized to speak publicly. Reuters exclusively reported the job cut that San Jose, California-based Cisco announced...

In a sure sign that a stable hand is at the wheel, Intel CEO Pat Gelsinger is tweeting out inspirational Bible verses. Intel’s stock plummeted at the end of last week. Sunday afternoon, Gelsinger quoted Proverbs—the New International Version translation. The bit of poetry came amidst a collapsing stock price at Intel following the news that the company had missed quarterly targets and would cut thousands of jobs. “Let your eyes look straight ahead; fix your gaze directly before you. Give careful thought to the paths for your feet and be steadfast in all your ways,” Gelsinger posted, quoting Proverbs...

Well, ladies and gentlemen: the chips are down — literally and figuratively. Two years ago, Joe Biden and Kamala Harris touted their “Chips Act” to bring the semiconductor industry back home from Taiwan, China and Singapore. The price tag on the bill: a cool $280 billion of corporate handouts. It was arguably the largest corporate welfare bill in American history. Intel, Micron, Global Foundries, Polar Semiconductor, Taiwan Semiconductor Manufacturing Company, Samsung, BAE Systems, and Microchip Technology have been the direct beneficiaries of the law. This was supposed to be one of the “Crown Jewels” of the Biden-Harris admin. A massive...

The US labor market cooled significantly last month as unemployment unexpectedly rose, sparking fears of a slowdown across the world’s largest economy. American employers added 114,000 jobs in July – short of the 180,000 additions expected by economists, and a marked decrease from the 179,000 added in June. The headline unemployment increased to 4.3%, its highest level since October 2021, up from 4.1% the previous month. Wall Street fell sharply following the official release. The S&P 500 declined 1.8% to a two-month low, as the technology-focused Nasdaq fell 2.4% and entered “correction” territory, having retreated 10% from the record high...

During an interview with Bloomberg on Friday, acting Labor Secretary Julie Su reacted to the July jobs report by stating that the July jobs number is “still over 100,000 jobs. It’s still broad-based.” And “generally, this is an indicator of continued strength in the economy.” Host Katie Greifeld asked, “You actually spoke to us back in June and said that we were looking at the definition of a soft landing. As you parse through these numbers, would you still say that today?”

Vice President Kamala Harris’s campaign on Friday blamed former President Donald Trump for the recent spike in the unemployment rate — under her and President Joe Biden’s administration. “Donald Trump failed Americans as president, costing our economy millions of jobs, and bringing us to the brink of recession,” James Singer, a Harris for President spokesperson, said in a statement, continuing: Now, he’s promising even more damage with a Project 2025 agenda that will decimate the middle class and increase taxes on working families, while ripping away health care, raising prescription drug costs, and cutting Social Security and Medicare — all...

US stocks tumbled across the board on Friday after the July jobs report showed more cooling in the labor market, fueling concerns the Federal Reserve's "higher for longer" interest-rate stance might end in recession. The Nasdaq Composite (^IXIC) dropped 2.9% after the jobs report's release. That plunged the tech-heavy index into correction territory, more than 10% below its recent high in early July. The Dow Jones Industrial Average (^DJI) slumped nearly 2.4%, or close to 1000 points, as a flight from stocks accelerated. The S&P 500 (^GSPC) sank 2.5%. Stocks kicked off August with a sell-off after a clutch of...

The U.S. added 114,000 jobs in July and the unemployment rate rose to 4.3 percent, according to data released Friday by the Labor Department. Economists expected the U.S. to add 175,000 jobs and keep the jobless rate steady at 4.1 percent, according to consensus estimates. The July jobs report comes two days after Federal Reserve officials hinted that they could begin cutting interest rates as soon as September. As both inflation and the U.S. job market keep cooling off, the Fed is aiming to bring rates down quickly enough to avoid a deeper slowdown, but slowly enough to keep prices...

The number of Americans filing new applications for unemployment benefits increased to an 11-month high last week, suggesting some softening in the labor market, though claims tend to be volatile around this time of the year. Initial claims for state unemployment benefits increased 14,000 to a seasonally adjusted 249,000 for the week ended July 27, the highest level since August last year, the Labor Department said on Thursday. Economists polled by Reuters had forecast 236,000 claims for the latest week. Claims have been on an upward trend since June, with part of the rise blamed on volatility related to temporary...

Editor’s note: This is a lightly edited transcript of the accompanying video from professor Peter St. Onge. Big Tech is slashing jobs—half a million and counting. And it’s blaming artificial intelligence. A new study by Layoffs.fyi reports that layoffs in the tech industry have exceeded 100,000 so far this year —and keep in mind that the year’s only half over. That’s on top of 212,000 tech layoffs last year. And 165,000 in 2022. Recent layoffs include Microsoft and Facebook, which each cut 10,000 jobs. Cisco dropped 4,000, Intuit 1,800. Even Amazon and Apple are laying off. Part of this is...

The other day, I was tooling around at the grocery store and, in line to check out, I noticed a clothes hamper in the shopping cart in front of me. I thought it was pretty nice. I said so to the person pushing the cart.Yes, I know it is awkward to strike up such conversations but I’m glad I did. I quickly found that the shopper was not buying for himself but for a customer of Instacart, an online ordering service. He was working and shopping as a customer himself.Intrigued, I asked other questions. He has a university degree, recently...

The United States and our allies have a waning opportunity to preserve peace through strength. But we must be willing to do something that was just some years ago unthinkable: combat the true engine of our enemies’ power, the Chinese economy. Chinese Communist Party Secretary General Xi Jinping has undertaken "the largest military buildup since World War II," in the words of former Indo-Pacific Command head Adm. John Aquilino. Xi has also fortified the Chinese economy against international sanctions and told his generals to prepare for war. Simultaneous with a robust policy of military deterrence, America and our allies must...

As many as 4 in 10 companies say they have posted a job listing this year that doesn't exist, while 3 in 10 say they're currently advertising for a role that isn't real, according to a May survey of over 600 hiring managers from the career site Resume Builder. Tim Paradis, future-of-work correspondent for Business Insider, joins CBS News to explain why some companies are doing this, and how you can spot the fake postings.

The uptick in the June unemployment rate along with significant downward revisions in the job additions for April and May are the latest signs that the economy may be slowing down under high Federal Reserve interest rates. The Friday numbers from the Labor Department showed the unemployment rate increasing to 4.1 percent in June from 4 percent in April, the third month in a row of 0.1-percentage point increases. Jobs added to the economy in May were revised down to 218,000 from 272,000 and in April to 108,000 from 165,000. While the economy added a healthy 206,000 jobs in the...

Billionaire Illinois Gov. JB Pritzker failed to deliver jobs promised for black workers in the emerging cannabis and green energy industries, an economic advocacy group said in a scathing report. Pritzker – considered a potential replacement for President Joe Biden at the top of the Democratic ticket – will be hosting the Democratic National Convention on his Chicago turf in August. “Governor Pritzker wants the DNC to celebrate his leadership of the state. However, it would be an injustice to do so without acknowledging the deteriorating state of affairs for Black communities, especially in Chicago,” said Darius Jones, senior advisor...