Job Growth Rises
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What's Happening Today Good Morning, it's Kristin with your daily morning digest.
The U.S. labor market is picking up strength, as private companies hired at the fastest pace since May, adding 807,000 jobs last month, according to a monthly employment report from payroll company ADP. The figures were more than double what economists expected (360,000) and come just days before the Labor Department releases its December jobs figures on Friday.
The number of workers quitting also hit a record 4.5 million in November, according to the Labor Department's latest JOLTS report. The number of jobs available declined to 10.6 million. With so many workers quitting, the labor market is tightening, leaving more power in the hands of the workers. So if you're looking for a job, you're in luck: Not only will you likely find one, but you can probably negotiate a nice pay raise for yourself.
Markets are mixed after the Dow clinched a record close Tuesday, while investors look to the government's jobs report on Friday for a fuller picture of the U.S. job market.
- Kristin Editors' Picks Supply Managers Hint at Inflation Relief Ahead (The Balance) Omicron School Disruptions Stress Already-Frayed Parents—Again (Wall Street Journal) Off the Charts In order to keep and attract talent amid a national labor shortage, companies are budgeting for the biggest increases in salaries since 2008, according to a recent survey by the Conference Board. The survey showed companies plan to raise their pay structures by 2.5%—meaning they're aiming to increase pay ranges across the board to account for changes in the cost of living and salary markets within their industries. Number of the Day 30% - That's the share of the S&P 500's value held by the 10 largest stocks, the highest since at least 1980, showing how just a few companies are increasingly dominating the market.
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