“Yesterday Challenger reported 82.3K layoffs in Jan., the worst January since 2009, excluding 2023. Wed. ADP reported just 107K #jobs created in Jan. Today the Govt. reported 353K jobs created in Jan,. smashing expectations of 170K. Do you believe the Govt. or the private sector?”
Challenger Job cuts in January were still slowing on a YoY basis, Pete. pic.twitter.com/9466fNjmg7
— Market Radar (@themarketradar) February 2, 2024
Dec CPI 🧵…
Inflation rips the stake out of its chest, looses a blood-chilling scream, and tells the Fed it's ready for another round; real weekly earnings are down 4.5% since Jan '21 and things are poised to get worse… pic.twitter.com/NMSoS0riak— E.J. Antoni, Ph.D. (@RealEJAntoni) January 11, 2024
The hiring slowdown of 2023 spilled into January, and pressure on wages continues to ease. The pay premium for job-switchers shrank to a new low last month.
Another Soft Landing Proclamation
“Progress on inflation has brightened the economic picture despite a slowdown in hiring and pay. Wages adjusted for inflation have improved over the past six months, and the economy looks like it’s headed toward a soft landing in the U.S. and globally,” says Nela Richardson, Chief Economist, ADP.