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Palomar Press Briefing | November 10, 2021



 INDUSTRY NEWS

November 10, 2021

 

JOB CREATION ROARS BACK IN OCTOBER AS PAYROLLS RISE BY 531,000

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 LABOR MARKET’S RECOVERY, IN ONE CHART

Comparing the rebound in jobs in the most recent recession (red) to the financial crisis of 2007-2008 (blue). Data via Calculated Risk. Percent Job Losses in Post WWII Recessions, Percent Job Losses Relative to Peak Employment Month, and Number of Months After Peak Employment.

‘WOW HUUGE’: ECONOMISTS REACTO TO OCTOBER JOB REPORTS ON TWITTER

The U.S. economy topped expectations and added 531,000 jobs in October, the U.S. Bureau of Labor Statistics reported Friday. The unemployment rate fell to 4.6%, a significant drop from January when the unemployment rate was 6.3%.

FED WARNS THAT CHINESE PROPERTY IMPLOSION COULD ROIL U.S. ECONOMY

In China, business and local government debt is large, and the financial sector’s leverage is high, especially at small and midsized banks. Adding to the risk, real estate valuations are stretched, according to the latest biennial Financial Stability Report, which was published by the Federal Reserve System on Monday.

KORN FERRY: EMPLOYEE TURNOVER AT DCS SKYROCKETS

As the launch of the holiday shopping season approaches, U.S. retailers are having significant issues in ramping up distribution center staffing. Nearly two-thirds (64%) of respondents said turnover at distribution centers has recently increased.

WELCOME TO THE RESTAURANT INFLATION STORY OF COVID-19

After a lengthy stretch of soft results, the restaurant industry is enjoying some upward movement again. In the week ending October 17, restaurants posted their strongest sales and traffic growth in four weeks, according to Black Box Intelligence. But there is an underlying driver worth tracking — year-over-year check growth of 5.7 percent.

 

 

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