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Business Standard
4 days ago
- Business
- Business Standard
US adds 139,000 jobs in May despite trade war, growing recession fear
US employers slowed hiring last month, but still added a solid 1,39,000 jobs amid uncertainty over Trump's trade wars. Hiring fell from a revised 1,47,000 in April, the Department of Labour said Friday. The unemployment rate stayed at 4.2 per cent. Trump's aggressive and unpredictable policies – especially his sweeping taxes on imports – have muddied the outlook for the economy and the job market and raised fears that the American economy could be headed toward recession. But so far the damage hasn't shown up clearly in government economic data. Economists expect Trump's policies to take a toll on America's economy, the world's largest. His massive taxes on imports — tariffs — are expected to raise costs for US companies that buy raw materials, equipment and components from overseas and force them to cut back hiring or even lay off workers. Billionaire Elon Musk's Department of Government Efficiency (DOGE) has slashed federal workers and cancelled government contracts. Trump's crackdown on illegal immigration is expected to make it harder for businesses to find enough workers. For the most part, though, any damage has yet to show up in the government's economic data. The US economy and job market have proven surprisingly resilient in recent years. When the inflation fighters at the Federal Reserve raised their benchmark interest rate 11 times in 2022 and 2023, the higher borrowing costs were widely expected to tip the United States into a recession. Instead, the economy kept growing and employers kept hiring. But former Fed economist Claudia Sahm warns that the job market of 2025 isn't nearly as durable as the two or three years ago when immigrants were pouring into the US job market and employers were posting record job openings. 'Any signs of weakness in the data this week would stoke fears of a recession again,' Sahm, now chief economist at New Century Advisors, wrote in a Substack post this week. 'It's too soon to see the full effects of tariffs, DOGE, or other policies on the labour market; softening now would suggest less resilience to those later effects, raising the odds of a recession.' Recent economic reports have sent mixed signals. The Labour Department reported Tuesday that US job openings rose unexpectedly to 7.4 million in April — seemingly a good sign. But the same report showed that layoffs ticked up and the number of Americans quitting their jobs fell, a sign they were less confident they could find something better elsewhere. Surveys by the Institute for Supply Management, a trade group of purchasing managers, found that both American manufacturing and services businesses were contracting last month. And the number of Americans applying for unemployment benefits rose last week to the highest level in eight months. Jobless claims — a proxy for layoffs — still remain low by historical standards, suggesting that employers are reluctant to cut staff despite uncertainty over Trump's policies. They likely remember how hard it was to bring people back from the massive but short-lived layoffs of the 2020 COVID-19 recession as the US economy bounced back with unexpected strength. Still, the job market has clearly decelerated. So far this year, American employers have added an average 1,44,000 jobs a month. That is down from 1,68,000 last year; 2,16,000 in 2023; 3,80,000 in 2022, and a record 6,03,000 in 2021 in the rebound from COVID-19 layoffs. Trump's tariffs — and the erratic way he rolls them out, suspends them and conjures up new ones — have already buffeted the economy. America's gross domestic product — the nation's output of goods and services — fell at a 0.2 per cent annual pace from January through March this year. A surge of imports shaved 5 percentage points off growth during the first quarter as companies rushed to bring in foreign products ahead of Trump's tariffs. Imports plunged by a record 16 per cent in April as Trump's levies took effect. The drop in foreign goods could mean fewer jobs at the warehouses that store them and the trucking companies that haul them around, wrote Michael Madowitz, an economist at the left-leaning Roosevelt Institute.
The Sun
27-05-2025
- Business
- The Sun
MyLabourHub strengthens Malaysia's status as global leader in open data inventory assessment
PUTRAJAYA: The integrated digital analytics platform, MyLabourHub, launched today by the Department of Statistics Malaysia (DOSM), will strengthen Malaysia's position as a global leader in the world's Open Data Inventory (ODIN) assessment. Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin said that MyLabourHub integrates institutions, data and technology to provide the latest labour market information to improve the country's score in the upcoming official Open Data Warehouse (ODW) report. He added that the portal, fully developed by DOSM, will benefit various stakeholders, including policymakers, industry players, training institutions and the public. 'In line with the aspiration to move towards a resilient statistical system in the era of digital innovation, this portal provides relevant, accurate and easily accessible information, thus enhancing the empowerment of citizen-centric statistical service delivery that is inclusive, integrated, transparent and secure,' Uzir said in his speech at the launch of MyLabourHub today. Additionally, MyLabourHub enables in-depth research for evidence-based policymaking by helping stakeholders understand labour market dynamics while strengthening action plans, impactful interventions and responses to economic changes. The official ODW report, released on April 29, marked a historic achievement for Malaysia, ranking first in the ODIN 2024/25 assessment, surpassing 198 other countries with an overall score of 90 and an outstanding data openness score of 99. This represents a significant leap from its 67th position in the 2022/23 assessment. Uzir also said that MyLabourHub offers key functionalities, including a labour market analytics platform that provides insights into employment trends, salary rates and skill requirements aligned with contemporary job markets. He highlighted that data updates within the platform occur in three categories: monthly, quarterly and annually, with all data sourced from relevant agencies, including the Department of Labour. Meanwhile, DOSM said in a statement today that MyLabourHub gathers more than 101 key indicators and 128 supporting indicators. 'It is structured under eight main themes, including labour supply and demand, labour productivity, graduates, the informal sector, labour costs, micro, small, and medium enterprises (MSMEs) and Sustainable Development Goals (SDGs),' it said. It added that the portal launch is a strategic initiative under the 12th Malaysia Plan (12MP), aiming to realign the national labour market towards inclusive, sustainable and competitive economic growth.
The Sun
27-05-2025
- Business
- The Sun
MyLabourHub boosts Malaysia's global open data ranking
PUTRAJAYA: The integrated digital analytics platform, MyLabourHub, launched today by the Department of Statistics Malaysia (DOSM), will strengthen Malaysia's position as a global leader in the world's Open Data Inventory (ODIN) assessment. Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin said that MyLabourHub integrates institutions, data and technology to provide the latest labour market information to improve the country's score in the upcoming official Open Data Warehouse (ODW) report. He added that the portal, fully developed by DOSM, will benefit various stakeholders, including policymakers, industry players, training institutions and the public. 'In line with the aspiration to move towards a resilient statistical system in the era of digital innovation, this portal provides relevant, accurate and easily accessible information, thus enhancing the empowerment of citizen-centric statistical service delivery that is inclusive, integrated, transparent and secure,' Uzir said in his speech at the launch of MyLabourHub today. Additionally, MyLabourHub enables in-depth research for evidence-based policymaking by helping stakeholders understand labour market dynamics while strengthening action plans, impactful interventions and responses to economic changes. The official ODW report, released on April 29, marked a historic achievement for Malaysia, ranking first in the ODIN 2024/25 assessment, surpassing 198 other countries with an overall score of 90 and an outstanding data openness score of 99. This represents a significant leap from its 67th position in the 2022/23 assessment. Uzir also said that MyLabourHub offers key functionalities, including a labour market analytics platform that provides insights into employment trends, salary rates and skill requirements aligned with contemporary job markets. He highlighted that data updates within the platform occur in three categories: monthly, quarterly and annually, with all data sourced from relevant agencies, including the Department of Labour. Meanwhile, DOSM said in a statement today that MyLabourHub gathers more than 101 key indicators and 128 supporting indicators. 'It is structured under eight main themes, including labour supply and demand, labour productivity, graduates, the informal sector, labour costs, micro, small, and medium enterprises (MSMEs) and Sustainable Development Goals (SDGs),' it said. It added that the portal launch is a strategic initiative under the 12th Malaysia Plan (12MP), aiming to realign the national labour market towards inclusive, sustainable and competitive economic growth.
The Sun
08-05-2025
- The Sun
Modern-day slavery uncovered at Perak furniture factory
BATU GAJAH: Forced to live without wages since December last year, 55 foreign workers at a furniture factory near Lahat here were compelled to borrow from a nearby sundry shop to survive, while their passports were held by their employer. Their ordeal, along with that of six Malaysian workers, came to an end today when they were rescued by police in a joint operation with the Department of Labour (JTK) and the Department of Environment. Perak Police Chief Datuk Noor Hisam Nordin said the foreign workers, all men aged between 19 and 45, were from Bangladesh, Myanmar and Nepal while the six Malaysians, aged between 35 and 60, comprised three men and three women. 'A 58-year-old Malaysian man, believed to be the factory manager and employer, has been arrested. The factory, which processes wood for furniture, has been in operation for 28 years,' he said when met at the site. Noor Hisam said several of the victims had informed authorities that they were forced to borrow money from a nearby shop owner to purchase daily necessities, especially food. 'We were also told that all the (foreign) victims' passports were being held by the employer to prevent them from fleeing,' he added. All victims will be taken to the Perak Contingent Police Headquarters (IPK) for documentation before being transferred today to the Fourth Protection Centre (RP4) in Tanjung Kling, Melaka. The case is being investigated under the Anti-Trafficking in Persons and Anti-Smuggling of Migrants Act (ATIPSOM) 2007. Meanwhile, Perak JTK director Mohd Nizar Zakaria said the employer was found to have committed several violations under the Employment Act 1955 and Section 24(D) of the Minimum Standards of Housing, Accommodations and Employee Facilities Act 1990 [Act 446]. 'The offences include failure to pay wages, delayed salary payments, unlawful deductions, absence of valid employment contracts, and failure to provide suitable accommodation for workers,' he said. Mohd Nizar emphasised that such enforcement is vital as a proactive measure to address non-compliance with labour laws.
eNCA
05-05-2025
- Business
- eNCA
DA responds to anti-transformation accusations
PRETORIA - The Democratic Alliance has responded to criticism of their recent court case against the Department of Labour. The DA has filed papers at the High Court in Pretoria. It's challenging the constitutionality of the Employment Equity Amendment Act. The act changes introduce sector-specific hiring quotas. ⚖️ Stay informed about the latest updates to the Code of Good Practice on Dismissal and recent Labour Law Amendments. 📌 Swipe through the infographics below for essential facts and updates. #GovZAUpdates South African Government (@GovernmentZA) May 5, 2025 A statement released by the Department of Labour read, "The Minister of Employment and Labour, Ms. Nomakhosazana Meth has noted with dismay, the Democratic Alliance (DA) stance against transformation by challenging the amendments to the Employment Equity Act 55 of 1998, introduced by the Employment Equity Amendment Act 4 of 2022. This move is a clear attempt to reverse the progress made since 1994 and maintain the unfair status quo." Challenging the Employment Equity Amendments: The DA's Anti- Transformation Stance #Yazini #ServicedeliveryZA #GovZAUpdates #WorkersMonth — Department of Employment and Labour (@deptoflabour) May 5, 2025 The Department of Labour said, "'unlike rigid mandatory quotas, which must be achieved at all costs, the Amendment Act introduces flexible employment equity targets." "Designated employers can set their annual numerical targets in their employment equity plans, which must comply with sectoral targets. However, employers can justify their failure to meet these targets on reasonable grounds." The DA announced they would be briefing the media on the motivations for their case, saying the party believes in merit. 🎥 Watch live at 13h30: #DApresser — Democratic Alliance (@Our_DA) May 5, 2025 DA spokesperson Willie Aucamp said high unemployment and sluggish economic growth is an indicator that progress in the labour sector has not taken place. On International Worker's Day, President Cyril Ramaphosa said, "I would say to them they must go read our Constitution very clearly and very carefully." [WATCH] "I would say to them they must go read.." President Cyril Ramaphosa on GNU partner, DA taking the Minister of Employment and Labour to court over the the Employment Equity Amendment Act. @eNCA — Pule Letshwiti-Jones (@pule_jones) May 1, 2025
