Following hopeful survey data and ADP data, today's Challenger, Gray, and Christmas job cuts data is deplorable. A 30.1% surge year-over-year is the worst November since 2012...
The sectors with the largest job cuts in November were Healthcare, Consumer products, and Services.
A day after labor unions warned that General Electric was planning thousands of job cuts in its troubled power-generation unit, GE confirmed that it’s planning to cut 12,000 jobs globally in its power business as the company’s new leadership tries to revive the company’s moribund stock price.
US labor productivity rose 3.0% QoQ in Q3, the biggest rise since Q3 2014.
Great news, right?
Not so much, as the rise in productivity comes at the expense of the wages of the American worker who saw unit labor costs (wages) decline 0.2% (against expectations of a 0.2% gain) - down for 2 straight quarters for the first time since 2014.
Real compensation declined 1.1% YoY - falling for the fourth straight quarter...
Following October's better-than-expected surge in ADP employment data (as goods-producing jobs soared), November was expected to see some slowdown, and it did, printing right on expectations at +190k (close to NFP's 195k exp).
“The labor market continues to grow at a solid pace,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.
UK Pensions Risk - Time to Rebalance and Allocate to Cash and Gold