Important Takeaways:
- As many as a million jobs could vanish from US jobs data in revised numbers released this week.
- Jobs growth in the year through March was likely much lower than initially estimated, top bankers are warning.
- This could refuel concerns that the US economy is not as robust as it has appeared, and that the Federal Reserve is falling behind in its aim to lower interest rates.
- The government will release its first revisions of jobs growth data on Wednesday, and then the final numbers are due early next year.
- Goldman Sachs economists expect jobs growth for the year will be at least 600,000 weaker than current estimates – and the decline could be as much as a million.
- A downward revision of more than 501,000 would be the largest in 15 years, Bloomberg reported, and would suggest the labor market has been cooling for longer than was originally thought.
- The unemployment rate also edged higher to 4.3 percent – the highest level since October 2021.
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Biggest US rail union rejects labor deal, sparking holiday strike concerns
- Train conductors represented by the Sheet Metal, Air, Rail and Transportation Workers-Transportation Division, or SMART-TD, narrowly rejected the proposed deal. The vote drew record turnout among the union’s membership of more than 28,000 conductors and other workers.
- Due to a preexisting agreement to honor respective picket lines, all 12 unions must sign off on the deal to prevent a strike before the current status quo agreement expires on Dec. 8.
- The rail industry’s labor unions are pushing for more lenient attendance policies and upgraded sick leave policies to ease pressure on workers. Rail companies argue expanded policies would force them to bring on more staffers.
- A special board of arbitrators appointed by President Biden outlined the proposed five-year deal, which includes 24% pay raises and a $5,000 bonus for workers.
- A nationwide rail workers strike could cost the US economy more than $2 billion in lost output per day, according to a September analysis by the Association of American Railroads.
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