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Mixed Jobs Report Leaves Fall Labor Market Strength In Question

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The other noteworthy aspect of the report was that average hourly earnings rose by 0.4% Bloomberg reports that much of the job growth was concentrated in the private-sector services including leisure, education, and health services. in August — surpassing the estimated 0.3% increase and marking a year-over-year rise of 3.8%.

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September Surprise! ADP Labor Report Raises Economic Concerns

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Another noteworthy observation from ADP’s report is the continuous decline in annual wage growth, which has now reached its 12th consecutive month, standing at 5.9%. A deeper dive into the report reveals that the majority of job gains came from the services sector, contributing 81,000 to the total. The post September Surprise!

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Despite Continued Layoff News, Latest Data Shows Resilient U.S. Job Market

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nonfarm payrolls far exceeded economists’ predictions of 185,000 jobs. Job gains were recorded in professional and business services, health care, retail trade, and social assistance, according to the BLS report. Additionally, December’s payrolls were revised to 333,000 from 216,000. ADP reported 5.2%

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Ensuring payroll compliance in 2024: What’s new?

BMT Office Administration

Maintaining payroll compliance is a must for accounting departments, but it’s often easier said than done. That’s especially true whenever new changes come about, and 2023 was a year rife with new payroll regulations, trends, and initiatives. These incentives are fully taxable and are subject to W-2 reporting.

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5 things you should do now to prepare for year-end payroll reporting

BMT Office Administration

However, Payroll teams are busy preparing for a different season — year-end reporting. You can be penalized for filing W-2s, 1099s, and 1095s on which you report incorrect Social Security numbers. For 1095 reporting by self-insured group health plans, you can also be penalized for not reporting employees’ dependents’ SSNs.

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Job Openings Hit Lowest Level Since 2021, Reflecting Problematic Labor Markets

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CNBC reports that the drop in job openings represents a decline of 237,000 positions from June’s revised figures. Layoffs have also risen, reaching 1.762 million — the highest since March 2023. The data reflects a consistently cooling labor market and only adds to worries about economic stability and the broader challenges facing the U.S.

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Job Openings Drop to Three-Year Low, Indicating Cautious Hiring in 2024

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million in the previous month. According to a report published by Bloomberg , the March 2024 figures came in lower than economists’ expectations, with the 8.49 The largest gains were made in high-demand fields like construction, trade, transportation, and utilities, leisure and hospitality, and education and health services.

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