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A global Energy and Power business consulting firm, Maximize Market Research, has published a market intelligence and competitive landscape report on the
Pick one data point to be happy about and the data point i think they're looking at isn't the unemployment rate because the unemployment rate went the other way, chairman jerome powell wanted it to go the opposite direction. it was the average hourly earnings that continued to kind of soften and that's what you saw the market react, hoping it will be a softer landing. that word to me is not in the vocabulary. soft landing would be ideal but there's more variables than just one data point. we're talking about 1.7 job openings for every available worker, the labor force participation is 62.3%, a...
62.3%. that is strength. >> brian: that's definitely strength, and the worry people have is on housing. we don't have those numbers yet. interest rates, people are not going to go buy a house if the interest rates are high and everything stops. >> this is a strong labor market despite the housing slump, despite the layoffs of some of the big tech companies. we got a report yesterday from adp, private sector employment is really powering ahead, well over 200,000 private sector jobs reported. i will sum it up, it's a strong economy. in terms of the labor market. >> brian: stewart, who are you go...
See strength across the board in this hiring, leisure and hospitality, 83,000 net jobs added, health care now back to prepandemic levels for health care employment. professional and business systems 46,000 there and manufacturing, you and i talked about this earlier this morning, 22,000 jobs added there. these tend to be highly skilled, highly paid jobs, we're seeing a manufacturing boom in this country right now. the labor force participation rate didn't change very much, still 62.3%. you want to see that get back to prepandemic levels. that would be a good thing. if more people came into the...
Years. average salaries increased by by .3%. meaning that at the same time last year, versus now, you're now likely earning about 5.2% more. the labor force participation rate which is being viewed by a lot of economists as being an indicator of whether the overall job market is getting better. well that ticked slightly higher to 62.3%. that is the number of people who are actually out there in the work force right now, compare that to the pre-covid participation rate among americans in the work force which was about 63.4%. so year not that far away from a work force standpoint from where we w...