Two jobs reports released yesterday showed the labor market remaining stubbornly robust. But layoffs rose and wage growth decelerated.
, which only invests in companies led by women — and is expected to rise by 20% this year, beating the S&P 500.At a Congressional hearing yesterday, Fed Chair Jerome Powell called the jobs market "extremely tight." It was a prescient comment.
Two jobs reports released yesterday showed the labor market remaining stubbornly robust. First, the U.S. Labor Department's, or JOLTS. While it indicated that job openings fell in December, the absolute number's still uncomfortably high : there were 1.9 job openings per available worker. Indeed, according to ADP, private payrolls in February increased, led by an 83,000 addition in the leisure and hospitality sector.
There's some good news buried in the reports, however. The JOLTS report showed that workers quitting — a sign of confidence in mobility — fell to the lowest level since May 2021. Layoffs rose sharply, hitting 241,000, a 16% month-over-month increase. Wage growth decelerated in February, too. Workers remaining in their jobs saw a 7.2% annual increase, down 0.1 percentage points from January; job changers saw a more drastic fall of 0.6 percentage points.
Markets chewed on that mixed bag of data and made little movement. The Dow dipped 0.18%, while the S&P 500 edged 0.14% higher and the Nasdaq Composite rose 0.4%. They also paused yesterday's selloff after hearing Powell's fresh comments on Wednesday that the Fed has not decided what to do during its March meeting.
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