💼 Financial Jobs Dipped Slightly
Despite the layoff headlines, # jobs in finance and insurance largely held steady in September.
🟦 BLS reported a decrease of 13K jobs in the month.
That is -0.2% from the previous month’s 6.6 million jobs.
▪️ Insurance carriers and related activities -9.3K
▪️ Nondepository credit intermediation -7.1K
▪️ Depository credit intermediation +4.5K
🟧 Each bank has its own situation.
In September, Goldman Sachs was reported to lay off hundreds of positions - close to the lower end of a typical 1%-5% cut.
JP Morgan's COO cautioned against layoff, as it will hurt the growth opportunity.
Bank of America CEO believed the bank’s staffing level is okay..
The upcoming Q3 reports will paint a more clear picture.
🟩 US overall unemployment rate -0.2% M/M to 3.5%.
Canada saw a similar trend: -0.2% M/M to 5.2%.
Sources: BLS, Reuters, StatsCan.
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