April 21, 2024
Economy

Job Openings Remain Above Pre-Pandemic Levels


Gen Z Paying More Rent Than Millenials, But Less for Homebuying By Age 30

55 minutes ago

A study shows Gen Z is already paying more to rent than earlier generations. 

Members of Generation Z, defined by this study as those born between 1994 and 2000, will spend $144,557 on rent by the time they’re 30, according to a survey from RentCafe, a rental market research site. That’s almost $20,000 more than the adjusted costs for Millennials, born starting in 1981, when they were the same age.

However, it’s not all bad for Gen Z, as the study showed they would face lower costs for home ownership, totaling $165,206, about $7,000 less than what Millenials paid to own a home. Gen Z is also expected to do better on pay than their Millennial predecessors, earning 14% more on average by age 30. 

“The good news for Gen Z is that the gap between renting and owning is smaller than it was for Millennials while incomes are higher,” the report found. 

For affordability, the study found that California was the worst state for rental costs for either generation, led by San Jose and San Francisco, while Ann Arbor, Mich., and Bloomington, Ind. were among the cities where homeownership costs were less than renting. 

-Terry Lane

Factory Orders Up on More Durable Goods, Transportation Sales

3 hr 42 min ago

Factory orders rose 1.4% in February, bouncing back after falling nearly 4% in January, according to Census Bureau data. Economists were expecting more modest growth of 1% in the report. 

Durable goods orders and transportation equipment orders rose for the first time in two months, helping push new orders for manufactured goods to $576.8 billion in February. The report showed total shipments also reversed a two-month losing streak to deliver 1.4% growth in the quarter.

The better-than-expected factory order data comes after other indicators showed U.S. manufacturing could be on the upswing, including an Institute of Supply Management (ISM) manufacturing index reading that showed expansion in the sector.

-Terry Lane

Job Openings Stayed Plentiful In February

3 hr 54 min ago

The labor market churned a little bit faster in February, as the number of job openings increased—and so did the number of people who quit their jobs or were laid off.

The number of job openings rose to 8.8 million in February from a downwardly revised 8.7 million in January, the Bureau of Labor Statistics said Tuesday, matching forecasters’ expectations. That meant for every unemployed worker, there were 1.4 job openings, the same as in January and well above the pre-pandemic level of 1.2 openings per jobless worker.

More people left their jobs, whether voluntarily or not, with the number of quits edging up to 3.5 million from 3.4 million in January, and layoffs rising to 1.7 million from 1.6 million, hitting its highest level since March 2023 although still low by historical standards. Higher quitting suggested workers got a little more bargaining power since people typically quit their jobs for better pay and working conditions at another position.

Overall, the changes were relatively modest, with little signal that the dynamic in the labor market has changed much. The job market has stayed healthy for workers despite the Federal Reserve’s anti-inflation interest rate hikes, which have fought inflation and weighed on the economy by pushing up borrowing costs on all kinds of loans.



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