Connect with us

Economics

Here’s where the jobs are for October 2024 – in one chart

Published

on

The jobs report for October came in much weaker than expected, and employment growth across different industries painted a mixed picture for the U.S. economy.

The biggest contribution last month came from health care and social assistance, with 51,300 new positions added in that area, per data from the Bureau of Labor Statistics. If private education is included with the health care group, like some economists do, the category would have shown even more growth at 57,000.

Government had the second-highest gains in the period, seeing jobs surge by 40,000. That’s close to the group’s average monthly gain of roughly 43,000 in the prior 12 months.

Meanwhile, wholesale trade and construction also saw some gains, recording growth of 10,400 and 8,000, respectively.

Other industries recorded massive losses, however. Professional and business services led the way, posting declines of 47,000. Manufacturing was right behind that category, declining by 46,000.

Notably, the Bureau of Labor Statistics cited strike activity as a driver of the declines in manufacturing. Boeing’s machinist strike has been going on for more than seven weeks. On Thursday, though, Boeing and the union reached a sweetened contract offer that will be voted on on Monday.

Julia Pollak, ZipRecruiter’s chief economist, said that while this report “largely” reflects the impacts of the strike and storms such as Hurricanes Helene and Milton, it isn’t necessarily a “blip.”

“It is quite consistent with the big picture and the ongoing labor market slowdown that we’ve seen over the past two years,” she told CNBC. “The main issue in the labor market is still restricted monetary policy, not strikes and storms, and that actually is sort of a consistent narrative that we’ve seen.”

Leisure and hospitality – the leader of employment growth in the September report – and retail trade were two other key areas marred by declines. The former shrank by 4,000 jobs, while the latter shrank even more at 6,400.

Economics

Donald Trump chooses hedge fund executive Scott Bessent for Treasury Secretary

Published

on

Scott Bessent, founder and chief executive officer of Key Square Group LP, during an interview in Washington, DC, US, on Friday, June 7, 2024.

Stefani Reynolds | Bloomberg | Getty Images

President-elect Donald Trump has signaled his intention to nominate hedge fund executive Scott Bessent as his Treasury secretary, sources tell CNBC and NBC News.

The founder of Key Square Group had been considered a strong favorite for the position along with a few other close contenders.

As head of Treasury, Bessent, 62, will be both the U.S. fiscal watchdog as well as a key official to help Trump enact his ambitious economic agenda. Both a Wall Street heavyweight and advocate for many of the incoming president’s economic goals, he would come to office at a critical time as the U.S. wrestles with a growing economy alongside long-festering debt and deficit issues.

Like Trump, Bessent favors gradual tariffs and deregulation to push American business and control inflation. In addition, Bessent has advocated for a revival in manufacturing as well as energy independence.

The prospective nominee also has deep philanthropic ties through Yale University along with Rockefeller University and Classical American homes Preservation Trust.

One obstacle Bessent will have to overcome is his past affiliation with billionaire investor and global gadfly George Soros. Bessent served as chief investment officer for Soros’ fund.

Continue Reading

Economics

Trump might name Kevin Warsh as Treasury chief then Fed chair later, report says

Published

on

Kevin Warsh

Jin Lee | Bloomberg | Getty Images

President-elect Donald Trump is considering naming Kevin Warsh as Treasury secretary then ultimately sending him off to serve as Federal Reserve chair, according to a Wall Street Journal report.

A former Fed governor himself, Warsh would move over to the central bank after current Chair Jerome Powell’s term expires in 2026, according to the Journal, which cited sources familiar with Trump’s thinking.

The speculation comes with Treasury being the last major Cabinet position for which Trump has yet to state his intention.

Various reports have put Warsh as one of the finalists with Apollo Global Management CEO Marc Rowan and hedge fund manager Scott Bessent. Among the potential scenarios would be one where Bessent would lead the National Economic Council initially then go over to Treasury after Warsh takes over at the Fed.

However, Trump is known for the propensity to change his mind, and the report noted that nothing has been finalized.

Read the full Wall Street Journal story here.

Continue Reading

Economics

Matt Gaetz withdraws from consideration as America’s attorney-general

Published

on

MATT GAETZ, Donald Trump’s choice for America’s attorney-general, spent November 20th meeting senators and telling reporters it had been “a great day of momentum”. The next day, however, Mr Gaetz withdrew his name from consideration, acknowledging that “my confirmation was unfairly becoming a distraction.” This was not self-effacement from a MAGA firebrand, but a reflection of reality: Mr Gaetz had little chance of being confirmed even by a Republican-controlled Senate. The Republican Party may belong to Mr Trump, but his power is not absolute.

Continue Reading

Trending