Companies in the U.S. are relying on existing workers and temporary employees instead of hiring, helping to explain why payrolls grew less than forecast in June.
The average workweek rose for the first time since February and temporary staffing climbed for a third consecutive month, according to Labor Department figures issued in Washington yesterday. The report also showed payrolls advanced by 80,000 workers,
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The average workweek climbed by six minutes to 34.5 hours in June, the report showed. Temporary staffing rose by 25,200, the biggest increase since February.
The increase in the average workweek would be equivalent to a 325,000 gain in payrolls, according to estimates by economists at Nomura Securities International Inc. headed by Lewis Alexander.
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Automobiles are one area where demand is holding up. Cars and light trucks sold at a 14.1 million annual rate in June, up from May’s 13.7 million pace.
Manufacturers were among those asking existing employees to put in a longer workweek last month. Factory overtime climbed to 4.7 hours in June on average, the most in five years, yesterday’s report showed.
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In another bright spot, workers’ average hourly earnings rose to $23.50 in June from $23.44 in the prior month, yesterday’s report showed.
“For the 92 percent of folks who have jobs, their incomes are rising, raises are still happening,” said Chris Varvares, senior managing director of Macroeconomic Advisers LLC in St. Louis.
Employers Get More From U.S. Workers as Jobs Gain Lags Forecast - Bloomberg
The average workweek rose for the first time since February and temporary staffing climbed for a third consecutive month, according to Labor Department figures issued in Washington yesterday. The report also showed payrolls advanced by 80,000 workers,
---------------------------------------------------------------------------
The average workweek climbed by six minutes to 34.5 hours in June, the report showed. Temporary staffing rose by 25,200, the biggest increase since February.
The increase in the average workweek would be equivalent to a 325,000 gain in payrolls, according to estimates by economists at Nomura Securities International Inc. headed by Lewis Alexander.
---------------------------------------------------------------------------
Automobiles are one area where demand is holding up. Cars and light trucks sold at a 14.1 million annual rate in June, up from May’s 13.7 million pace.
Manufacturers were among those asking existing employees to put in a longer workweek last month. Factory overtime climbed to 4.7 hours in June on average, the most in five years, yesterday’s report showed.
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In another bright spot, workers’ average hourly earnings rose to $23.50 in June from $23.44 in the prior month, yesterday’s report showed.
“For the 92 percent of folks who have jobs, their incomes are rising, raises are still happening,” said Chris Varvares, senior managing director of Macroeconomic Advisers LLC in St. Louis.
Employers Get More From U.S. Workers as Jobs Gain Lags Forecast - Bloomberg