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Mon Oct 28, 2019, 09:33 AM

Survey: US business hiring falls to a 7-year low

Source: Associated Press

Survey: US business hiring falls to a 7-year low
By CHRISTOPHER RUGABER
today

WASHINGTON (AP) -- A measure of hiring by U.S. companies has fallen to a seven-year low and fewer employers are raising pay, a business survey has found. ... Just one-fifth of the economists surveyed by the National Association for Business Economics said their companies have hired additional workers in the past three months. That is down from one-third in July. Job totals were unchanged at 69% of companies, up from 57% in July. A broad measure of job gains in the survey fell to its lowest level since October 2012.

The hiring slowdown comes as more businesses are reporting slower growth of sales and profits. Business economists also expect the economy's growth to slow in the coming year, partly because tariffs have raised prices and cut into sales for many firms. ... "The U.S. economy appears to be slowing, and respondents expect still slower growth over the next 12 months," said Constance Hunter, NABE president and chief economist at the accounting firm KPMG.

Perhaps because of concerns over a weakening economy, businesses are less likely to offer higher pay, even with unemployment at a 50-year low. Just one-third of economists said their firms had lifted pay in the past three months, down from more than half a year ago. ... Companies are also cutting back on their investments in machinery, computers, and other equipment. The proportion of firms increasing their spending on such goods is at its lowest level in five years, the survey found.
....

Two-thirds of the economists surveyed now forecast that the economy will grow just 1.1% to 2% from the third quarter of 2019 through the third quarter of 2020. A year ago, they were more bullish: Nearly three-quarters forecast growth of 2.1% to 3% from the third quarter of 2018 through the third quarter of 2019. ... The NABE surveyed 101 economists at companies and trade associations from Sept. 26 through Oct. 14.

Read more: https://apnews.com/b0324178356449d4ba750fc1d3565b44

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Response to mahatmakanejeeves (Original post)

Mon Oct 28, 2019, 09:41 AM

1. If we are a "full employment" now. ....

that is, there is no real job rate growth. Another reason why immigrants are important to our economic growth. Putin's plan for our economy is going well.

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Response to OAITW r.2.0 (Reply #1)

Mon Oct 28, 2019, 09:51 AM

2. Well of course Putin's plan is working as he has Moscow Mitch

and other Republicans helping him.

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Response to OAITW r.2.0 (Reply #1)

Mon Oct 28, 2019, 09:52 AM

3. Not Only is Hiring Slowing Companies are Beginning to Lay Off Employees

My Fortune 50 company is offering an voluntary early retirement plan that will be followed by a RIF for exempt employees.

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Response to Indykatie (Reply #3)

Mon Oct 28, 2019, 10:04 AM

4. Isn't this how the last "economic downturn" started?

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Response to mahatmakanejeeves (Original post)

Mon Oct 28, 2019, 10:18 AM

5. Where's all the winning, all the huge boost from the tax cuts (for the rich only)?

Everything drumpf touches dies and we have got to get his tiny grasping hands off the neck of our government and get him out of the stolen office.

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Response to mahatmakanejeeves (Original post)

Mon Oct 28, 2019, 10:20 AM

6. I Was Just Fired After 34 Years On MY Job

I was a 34 year Associate at Wal Mart. My job was nightime Customer Service Manager. I was tasked with doing all of the change outs for the day's take. I handled all of the money and felt secure in my position even though I had capped out at my pay level. I haven't received a pay raise in nearly a decade other than increases given to those long term employees after the company twice raised starting pay levels. I was making around 50K per year and had great benefits. Myself and another long time Associate were fired for stepping off of the sidewalk one night in September to try to obtain a license plate number from a shoplifter who stole 2 tvs. We are trained to not try and stop them from leaving the store. We were accompanied by a salaried member of management who was not fired because he was deemed eligible to apprehend the shoplifter. No coachings, no warnings, just termination. And I appealed it and was denied. The reason given was a personal safety issue. I have received many calls from other Associates and co workers who all know that I was fired because I was making twice what they can hire someone off the street for. I was told that I was eligible for rehire after 60 days but would have to take a pay cut and start from scratch as far as benefits go. My husband is disabled and his medications would now now cost us over 3 thousand dollars per month. There is no way that we can afford them. We have no idea what he is going to do. This is the world that we now live in. Those who can make a living at their jobs are walking on eggshells waiting for this to happen to them.

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Response to BirdandSquirrel (Reply #6)

Mon Oct 28, 2019, 11:20 AM

9. So sorry - Welcome to DU!

been there; done that since the '80s - we are ruined and unlikely to ever recoup as we live in day-to-day limbo that looks safe from the outside but the stress of the resultant complex PTSD isn't ever likely to abate. I hope you can find some measure of "safety."

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Response to Backseat Driver (Reply #9)

Mon Oct 28, 2019, 12:38 PM

10. Thank You For Your Kind Words

Luckily, having been there for 30 years, I have a significant 401K retirement nest egg built up. I have to either take it and pay a 10% penalty, or roll it over. We are going to split it and take out enough to pay everything off and reduce our monthly debt. My husband gets Disability, and I am eligible to return after the first of the year. We will have to survive until then, pay COBRA to retain our healthcare insurance, and I will get unemployment benefits until I return to work. This was just a way to cut me off at the knees and reduce their employment costs. I understand all too well what it is all about and I am actively seeking employment elsewhere. We will survive.

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Response to BirdandSquirrel (Reply #10)

Mon Oct 28, 2019, 02:55 PM

12. IANAL

But, I think you should consider a consultation.

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Response to snort (Reply #12)

Mon Oct 28, 2019, 04:13 PM

14. I Am Trying To Find Another Job So That I Don't Have To Go Back There.

And if I do, that is already on the to do list. All of my supervisors up to, and including the store manager, have appealed on my behalf to get me back to work. This was a corporate decision and will not be reversed. An unlawful termination case may not help me much, but if others have experienced the same treatment and this practice is brought out into the light of day, things may change, at least for others.

I was in the store today and every employee with any time in, is running scared because of how I was treated.

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Response to BirdandSquirrel (Reply #10)

Mon Oct 28, 2019, 03:49 PM

13. FYI, INAL stands for "I am not a lawyer."

Welcome to DU. I am so sorry for what has been done to you. It is absolutely reprehensible.

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Response to mahatmakanejeeves (Original post)

Mon Oct 28, 2019, 10:22 AM

7. So along with the tariffs, how are those tax cuts doing............for everyone................

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Response to mahatmakanejeeves (Original post)

Mon Oct 28, 2019, 10:59 AM

8. .....and fewer employers are raising pay, a business survey has found.

double whammy.


A measure of hiring by U.S. companies has fallen to a seven-year low and fewer employers are raising pay, a business survey has found.

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Response to mahatmakanejeeves (Original post)

Mon Oct 28, 2019, 02:28 PM

11. I do not understand

 

The Stock Market set a new record because according to CNBC "company earning have come in better than expected." Yet all the leading indicators of the economy over the last three months have been pointing down. Can anyone tell me how this is possible? Are the lambs (the small stock market investors) being set up for the slaughter?

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Response to Teach-only-love (Reply #11)

Mon Oct 28, 2019, 04:33 PM

15. +1. I don't get it either, we're supposed to have a "strong economy", what's going on?

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Response to ck4829 (Reply #15)

Mon Oct 28, 2019, 06:05 PM

16. No, according to all the leading indicators

 

the economy is, or will be getting, very weak. The Fed has been pouring money into the economy to boost it, but the indicators are still going down. All that money is causing inflation only in the Stock Market which many people wrongly believe reflects the economy. There is a fundamental problem that will catch up with us, I believe after the election. What I want to know is why is the economy itself not responding to the flood of money along with the rock bottom interest rates, and what is that fundamental problem.

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