News 

WeWork sends non-compete letters to laid-off workers

“WeWork has been sending “aggressive” legal letters to employees affected by global layoffs earlier this year, sources told Business Insider” writes Nell Mackenzie for businessinsider.com. WeWork has already outsourced its cleaning staff, laid off dozens of employees from its coding school Flatiron, and reportedly cut staff at its subsidiary Meetup.The letters warn the former employees to stick to the terms of their contracts, or the company will pursue legal action.Employees often forget that they are bound by many of the terms of their employment contract for up to 12 months,…

Read More
News 

Australian jobs suffer biggest drop in 3 years, argue for more stimulus

“Annual jobs growth ran at a solid 2.0%, comfortably above the latest U.S. performance of 1.4%” writes Midwest Communications Inc for 95kqds.com. The unemployment rate also nudged up to 5.3%, reversing a promising dip in September.That position will be harder to defend given net new jobs fell 19,000 in October, the largest drop since late 2016.All the growth in employment was met by an increased supply of labor, thus keeping the jobless rate up.The trouble, ironically, is that the labor market has proved too flexible in providing the workers needed…

Read More
News 

Biden aides were concerned with optics of son’s position with Ukrainian gas company

“Aides to former Vice President Joe Biden were reportedly worried about the appearance of his son’s employment with a Ukrainian gas company while his father was still in office” reports washingtonexaminer.com. Most viewed Hunter Biden’s position as an issue that was “simply not worth risking a scolding from Mr.President Trump has accused the 2020 Democratic front-runner of corruption for his son’s involvement with the Ukrainian company during his vice presidency.Sources described as “people who worked with his office” told the New York Times that his staffers were concerned about the…

Read More
News 

Job growth is great but consider what might have been

“Notice that employment growth (and here we are speaking of growth rates, not a simple count of jobs added) has been sliding since January 2019” reports washingtonexaminer.com. In October, leisure and hospitality services was the leading growth sector with 61,000 additional workers.Instead, President Trump tweeted that if the count had been done fully there would have been more than 300,000 jobs added in October.As Wall Street Journal writer James Mackintosh put it, we are observing an unbalanced economy that is infected by trade war difficulties. Source: washingtonexaminer.com

Read More
News 

Unemployment Rate at 3.6% as Labor Force Participation Rises

“Professional jobs rose by 22,000, social-assistance providers added 20,000 jobs and financial companies increased employment by 16,000” writes Jeffry Bartash for marketwatch.com. Wall Street had expected a six-week GM GM, +2.30%  strike to result in a much smaller increase in employment last month.Yet even though hiring and the economy have softened, companies are still filling jobs and few have resorted to widespread job cuts.Updated figures for September and August, meanwhile, show that the economy added 95,000 more jobs than the government previously reported.Employment might have grown by close to 200,000…

Read More
News 

Trump’s ‘blowout’ jobs number looks like fuzzy math

“Then, the Labor Department revised up previous reports for August and September by 95,000 jobs, so the White House included that” reports politico.com. First, they started with the 128,000 net jobs for October — a solid figure that beat expectations.Meanwhile, Trump’s economists added another 60,000 jobs that they said were lost, directly and indirectly, due to the strike by General Motors workers during the survey period.Finally, they ignored the 20,000 temporary Census employees who were let go after they finished their work — though those Census employees have helped boost…

Read More
News Stocks 

Stocks surge to record high on blockbuster jobs report

“For the jobs report, the Bureau of Labor Statistics said the US economy added 128,000 nonfarm payrolls in October, compared to estimates of 85,000” writes Finanzen Net Gmbh for businessinsider.com. October’s healthy jobs report reassured traders facing uncertainty around the trade dispute between the US and China, and mounting signs of slowing economies around the world.US stocks climbed to an all-time intraday high Friday after better-than-expected employment data reassured investors amid the ongoing US-China trade war and talk of an economic slowdown.According to Labor Department data, about 50,000 jobs were…

Read More
News 

U.S. adds 128,000 new jobs in October in stronger-than-expected employment report

“Professional jobs rose by 22,000, social-assistance providers added 20,000 jobs and financial companies increased employment by 16,000” writes Jeffry Bartash for marketwatch.com. Wall Street had expected the GM GM, -1.98%  strike to result in a much smaller increase in employment last month.Employment might have grown by close to 200,000 absent the GM strike and the end of 20,000 temporary Census jobs.The numbers: The economy created a better-than-expected 128,000 new jobs in October despite a six-week GM strike and decline in temporary Census workers that held down overall hiring gains. Source: marketwatch.com

Read More