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Rick Plant:
This thread is for discussion on United States politics: which includes local, state, and federal elections, important political issues, political news, and the Biden Administration.   

Rick Plant:
President Biden is moving the country forward and is cleaning up the Trump economic disaster that devastated America.

ADP: Employers Added 571,000 Jobs in October, Beating Expectations:
Large companies in the services sector powered the strong monthly performance.

November 3, 2021

Employers added 571,000 jobs in October, above expectations, according to a monthly survey released Wednesday by private payroll firm ADP.

Gains were strongest among large companies, with increases of 342,000, and heavily concentrated in the services sector of the economy, with 458,000 new hires. The leisure and hospitality industry added 185,000 jobs.

Economists had been looking for 400,000 jobs to be created following September's increase of 568,000.

"The labor market showed renewed momentum last month, with a jump from the third quarter average of 385,000 monthly jobs added, marking nearly 5 million job gains this year," said Nela Richardson, chief economist, ADP. "Service sector providers led the increase and the goods sector gains were broad based, reporting the strongest reading of the year. Large companies fueled the stronger recovery in October, marking the second straight month of impressive growth."

Mark Zandi, chief economist of Moody's Analytics, which helps ADP prepare the report, said, "The job market is revving back up as the Delta-wave of the pandemic winds down. Job gains are accelerating across all industries, and especially among large companies. As long as the pandemic remains contained, more big job gains are likely in coming months.

The report comes two days before the Labor Department issues the monthly jobs numbers for October, with economists expecting close to 400,000 new jobs added in the month following September's disappointing 194,000 reading.

The labor market has been recovering, albeit unevenly, from the effects of the coronavirus which saw 22 million Americans lose their jobs in April of last year. The unemployment rate, meanwhile, has fallen to 4.8%.

But companies say they find it difficult to find workers and are having to pay higher wages and offer flexible schedules to attract jobseekers. Nonetheless, companies continue to post jobs and say they expect robust hiring ahead.

Data from HireVue, a firm that provides businesses with virtual interviewing technology, says interviews picked up in October, with tech companies seeing the biggest increase, completing 66.3% more interviews than in September, with retailers completing 64.7% more interviews.

A separate report from ADP found that wage growth, which picked up sharply following the pandemic, is now returning to more normal levels. Wages grew 3.3% during the third quarter overall, but for job switchers the pace was double at 6.6%.

The health of the job market is one of two factors the Federal Reserve Board is considering as it decides when to begin "tapering" its $120-billion-per-month purchases of Treasuries and mortgage-backed securities. The central bank is widely expected to announce later Wednesday that it will cut that amount by $15 billion a month with a goal of ending the pandemic-era program by the middle of next year.

The other factor is inflation and there the news is not as sanguine. Consumer prices have been running about 5% higher year over year in 2021 and there are indications an inflation mindset has begun to set in that could make the Fed's job more difficult going forward.

It also complicates the political situation in Washington as President Joe Biden seeks to pass twin infrastructure bills with a razor-thin margin in Congress, which now seems even more in peril following Tuesday's election results which saw a Republican take the Virginia governor's race and a closer-than-expected contest for governor in the reliably Democrat state of New Jersey.

"An unmorring of inflation expectations can be self-fulfilling and self-perpetuating," economists Joseph LaVorgna and Troy Ludtka of Natixis CIB wrote Tuesday. "University of Michigan 5-year ahead inflation expectations have risen to a 10-year high but are still within their long-term range."

"However, the New York Fed's consumer price series has bounded higher," they added. "Is the U of M series headed for an upside breakout? We think so."

https://www.usnews.com/news/economy/articles/2021-11-03/adp-employers-added-571-000-jobs-in-october-beating-expectations


Companies add 571,000 jobs in October thanks to a big boost in hospitality hires, ADP says

Companies added 571,000 jobs for the month, beating the 395,000 Dow Jones estimate.

Leisure and hospitality led the way with 185,000 new positions.

Large businesses were by far the biggest creators, adding 458,000

Private sector job creation popped higher in October thanks to a burst in hiring in the hospitality sector, payroll processing firm ADP reported Wednesday.

Companies added 571,000 for the month, beating the 395,000 Dow Jones estimate and just ahead of September’s downwardly revised 523,000. It was the best month for jobs since June.

Leisure and hospitality, a category that includes bars, restaurants, hotels and the like, saw a gain of 185,000 for a sector that remains well below its pre-pandemic employment level. The sector is seen as a proxy for an economic recovery that stalled over the summer due to a rise in the Covid delta variant and a massive clog in supply lines.

“The job market is revving back up as the delta wave of the pandemic winds down,” said Mark Zandi, chief economist at Moody’s Analytics, which aids ADP in compiling the report. “Job gains are accelerating across all industries, and especially among large companies. As long as the pandemic remains contained, more big job gains are likely in coming months.”

Growth in the sector helped fuel an overall 458,000 gain in services jobs.

Professional and business services also contributed 88,000 hires, trade transportation and utilities added 78,000, and education and health services jobs were up 56,000.

On the goods-producing side, which added 113,000 positions, construction was up 54,000 and manufacturing contributed 53,000.

From a size standpoint, businesses with more than 500 employees by far led the way with 342,000 new hires. Businesses with fewer than 50 workers added 115,000 and medium-sized firms increased by 114,000.

The ADP report comes two days before the Labor Department’s more closely watched nonfarm payrolls count, which is projected to show an increase of 450,000, according to Dow Jones.

While ADP can serve as a precursor to the government’s count, the two can differ widely.

In September, ADP’s tally of private payroll creation – initially at 568,000 before being revised lower by 45,000 – was well above the Labor Department’s 317,000. The total nonfarm payrolls count for September was just 194,000, well below estimates and held back by a loss of 123,000 government jobs.

https://www.cnbc.com/2021/11/03/private-payrolls-up-571000-in-october-on-jump-in-hospitality-hires-topping-395000-estimate-.html

Rick Plant:
An excellent October jobs report confirms President Biden is moving America forward by exceeding expectations with more news jobs created in a month with 531,000 and a better than expected unemployment number dropping to 4.6%.

Job creation roars back in October as payrolls rise by 531,000

November 5, 2021

Nonfarm payrolls increased by 531,000 in October, beating the estimate of 450,000.

The unemployment rate fell to 4.6%, a new pandemic low and better than expectations.

Wages rose 0.4% for the month and were up 4.9% from a year ago.

Leisure and hospitality led job creation, followed by professional and business services and manufacturing.

The U.S. job market snapped back in October, with nonfarm payrolls rising more than expected while the unemployment rate fell to 4.6%, the Labor Department reported Friday.

Nonfarm payrolls increased by 531,000 for the month, compared with the Dow Jones estimate of 450,000. The jobless rate had been expected to edge down to 4.7%.

Private payrolls were even stronger, rising 604,000 as a loss of 73,000 government jobs pulled down the headline number. October’s gains represented a sharp pickup from September, which gained 312,000 jobs after the initial Bureau of Labor Statistics estimate of 194,000 saw a substantial upward revision in Friday’s report.

The numbers helped allay concerns that rising inflation, a severe labor shortage and slowing economic growth would tamp down jobs creation.

“This is the kind of recovery we can get when we are not sidelined by a surge in Covid cases,” said Nick Bunker, economic research director at job placement site Indeed. “If this is the sort of job growth we will see in the next several months, we are on a solid path.”

Markets rallied strongly on the news, with the Dow up nearly 350 points in early trading and government bond yields mostly lower.

The critical leisure and hospitality sector led the way, adding 164,000 as Americans ventured out to eating and drinking establishments and went on vacations again as Covid numbers fell during the month. For 2021, the sector has reclaimed 2.4 million positions lost during the pandemic.

Other sectors posting solid gains included professional and business services (100,000), manufacturing (60,000), and transportation and warehousing (54,000). Construction added 44,000 positions while health care was up 37,000 and retail added 35,000.

Wages increased 0.4% for the month, in line with estimates, but rose 4.9% on a year-over-year basis, reflecting the inflationary pressures that have intensified through the year. The average work week edged lower by one-tenth of an hour to 34.7 hours.

The unemployment rate drop came with the labor force participation rate holding steady at 61.6%, still 1.7 percentage points below its February 2020 level before the pandemic declaration. That represents just shy of 3 million fewer Americans considered part of the workforce and is reflective of ongoing concerns about staffing levels.

“While the strength of employment was an encouraging sign that labor demand remains strong, labor supply remains very weak. The labor force rose by a muted 104,000, which is not even enough to even keep pace with population growth,” said Michael Pearce, senior U.S. economist at Capital Economics.

However, one metric that the Federal Reserve watches closely, the participation rate among so-called prime age workers 25 to 54, ticked higher to 81.7%.

Treasury Secretary Janet Yellen weighed in on the report with a Twitter thread Friday afternoon in which she said the administration’s aggressive fiscal policies that have pumped in more than $5 trillion to the economy helped stave off more dire consequences from the pandemic.

“Bold fiscal policy works,” Yellen wrote. “A rebound like this was never a foregone conclusion. When our administration took office back in January, there was a real risk that our economy was going to slip into a prolonged recession. Now our recovery is outpacing other wealthy nations’.”

https://www.cnbc.com/2021/11/05/jobs-report-november-2021.html


Big rebound in jobs: America adds 531,000 jobs to the economy in October

November 5, 2021

America's jobs recovery gathered some steam last month as US employers added 531,000 positions in October.

The unemployment rate fell to 4.6%, the lowest level since the economic recovery started in May 2020.
The number of jobs added in October easily outpaced economists' prediction of 450,000 jobs. It marked the first month since July that the official number didn't undercut the consensus estimate.

The US economy gained jobs across the board last month, with leisure and hospitality, manufacturing and transportation and warehousing leading the job gains. The leisure and hospitality sector was hit hardest during the pandemic recession and is still 1.4 million jobs short of its pre-pandemic level.

October's jobs report marks a turning point after two months of sluggish job gains, slowed by rising coronavirus cases as the Delta variant raged across the globe.

"This is the kind of recovery we can get when we are not sidelined by a surge in Covid cases," said Nick Bunker, economic research director at Indeed.

"The labor market is not yet fully recovered from the coronavirus-induced recession. But today's report is a sign that recovery could be closer than many thought," he said.

The nation has come a long way since the height of the pandemic. More than 18 million jobs have been added back since the recovery started, still leaving America short 4.2 million jobs compared with February 2020.

And the late summer months weren't quite as bad as they initially appeared: The Labor Department revised August and September's reports higher by a combined 235,000 jobs. The US economy added 795,000 jobs in August and September -- not bad for a so-called lull.

https://www.cnn.com/2021/11/05/economy/october-jobs-report/index.html

October jobs report: Payrolls grew by 531,000 as unemployment rate fell to 4.6%
https://news.yahoo.com/october-2021-jobs-report-labor-department-hiring-covid-shortages-180531280.html

Rick Plant:
Great news all around as the stock market soars to a record high level.

Dow jumps 200 points to a record on strong jobs report, S&P 500 notches 7th straight day of gains

November 5, 2021



U.S. stocks rallied to record levels on Friday after the October jobs report came in better than expected, boosting optimism about the economic recovery.

A major development from Pfizer regarding its easy-to-administer Covid-19 pill fueled hope for a smooth reopening further, sending shares of airlines and cruise line operators soaring.

The Dow Jones Industrial Average rose 203.72 points, or nearly 0.6%, to 36,327.95. The S&P 500 gained 0.4% to 4,697.53 for its seventh straight positive day. The tech-heavy Nasdaq Composite edged up 0.2% to 15,971.59. All three major averages reached their respective record closing highs.

The move for stocks came as data showed job gains for the month of October totaled 531,000. Consensus estimates called for 450,000 jobs added, according to Dow Jones. The report also revised September’s disappointing number up to 312,000 job gains from 194,000 previously, and increased its August number by a similar amount.

“Markets are cheering a much better than expected jobs report this morning as nonfarm payrolls smashed expectations,” said Cliff Hodge, chief investment officer at Cornerstone Wealth. “Gains were broad-based across industries, and manufacturing was a real bright spot.”

All three major averages notched a winning week. The S&P 500 gained 2% this week, pushing its 2021 gains to 25%. The Dow rose 1.4% this week, while the Nasdaq rallied nearly 3.1% for its best weekly performance since early April.

Pfizer shares surged nearly 11% after the company said its Covid-19 drug, used with an HIV drug, cut the risk of hospitalization by 89%. Pfizer board member Dr. Scott Gottlieb said Friday that the pandemic could be over in the U.S. by the time President Biden’s workplace vaccine mandates take effect in early January.

The news boosted classic reopening plays. United Airlines shares jumped more than 7%, while American Airlines popped 5.7%. Carnival and Royal Caribbean rallied more than 8% each, while Norwegian Cruise Line advanced 7.8%.

Recovery stock Expedia saw its shares roar higher by 15.6% a day after the company said renewed travel demand boosted its top and bottom lines higher than analysts had expected.

“The labor market recovery is back on track, but it will still take several months to get to maximum employment,” said Edward Moya, senior market analyst at Oanda. “Alongside the Pfizer COVID pill news, this strong [jobs] report should ease some of the supply chain problems and that will make some investors embrace the reopening trade.”

Peloton shares cratered more than 35% after the fitness platform and maker of interactive treadmills and exercise bikes reported a much larger loss than expected and cut its full-year outlook as fitness buffs headed back to the gym and away from at-home workouts.

The company also cited ongoing supply chain challenges for its “challenged visibility” over the near term that CEO John Foley said is causing the company to lower its expectations.

Earlier this week, investor digested the Federal Reserve’s plan to begin tapering its pandemic aid by the end of November, putting the central bank on track to end its asset purchase program by the middle of next year.

https://www.cnbc.com/2021/11/04/stock-market-futures-open-to-close-news.html

Rick Plant:
The GOP once again proves just how racist they are.

Newly elected New Jersey Republican posted photo of himself in blackface — and isn't sorry



On Friday, The Daily Beast reported that Vincent Kelly, a Republican who was just elected to the town council of Pitman, New Jersey, is facing outrage over a newly surfaced Facebook post of him in blackface — and that he is declining to apologize for it.

"Vincent Kelly, a white GOP candidate who won the Pitman city council elections, had posted a photo depicting him dressed as rapper Flavor Flav at what appeared to be a Halloween party on his Facebook page," reported Corbin Bolies. "The 2015 photo, which still remains on Kelly's page, drew condemnation from the Pitman Anti-Racist Collective, which called for an apology from Kelly Thursday night."

According to the report, Kelly is pushing back on the criticism.

"I didn't put blackface on," said Kelly to the Daily Journal. "I went to a costume party. And it came … with it. This is what you got with it. That's what I did. There was no intention to do blackface, or to belittle African Americans, or anything like that. It was a simple Halloween party."

This controversy comes amid multiple other incidents of local politicians being caught wearing blackface in old pictures. A Republican school board candidate in Monroe, Connecticut, insisted that there was "nothing racist about" his costume depicting Miami Vice Detective Ricardo Tubbs, and a white town councilman in Richmond County, Virginia compared himself to recently controversial Black comedian Dave Chappelle after criticism for a photo of him dressed as musician Randy Watson.

https://www.rawstory.com/republican-blackface/

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